External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflation</li><li>The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies</li><li>The focus is to improve field force productivity with new divisions for launches and expand market reach</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflationThe company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapiesThe focus is to improve field force productivity with new divisions for launches and expand market reachContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

<ul><li>We continue to remain positive on the Indian steel sector, as it has grown faster than most major economies</li><li>While Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and spreads</li><li>Coking coal prices also remain soft, adding to gross margin improvement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We continue to remain positive on the Indian steel sector, as it has grown faster than most major economiesWhile Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and spreadsCoking coal prices also remain soft, adding to gross margin improvement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Metals (Q1FY26 Results Preview): Steel Prices and Spreads Continue to Trend Up

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>In Q1FY26, we foresee divergence in EBITDA margin trends for Steel and Non-Ferrous companies.</li><li>While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong base of Q4FY25.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to lower coking coal consumption costs and higher sales price realsiations (led by improvement in HRC prices which got support from the safeguard duty), partially offset by a drop in steel sales volumes QoQ over a seasonally strong Q4FY25. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q1FY26, we foresee divergence in EBITDA margin trends for Steel and Non-Ferrous companies.While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong base of Q4FY25.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to lower coking coal consumption costs and higher sales price realsiations (led by improvement in HRC prices which got support from the safeguard duty), partially offset by a drop in steel sales volumes QoQ over a seasonally strong Q4FY25. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1FY26 Earnings Preview - Metals & Mining

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Read Business Not Stock Prices

<ul>
<li>China's steel industry faces significant oversupply and weak domestic demand, driving aggressive exports and financial losses amidst rising global trade barriers</li>
<li>India's steel growth remains robust, driven by domestic demand, government support, product diversification, cost control, and ESG focus</li>
<li>Indian steelmakers note easing import pressure, leveraging quality norms and value-added products, expanding capacity, with <a href="https://www.smartkarma.com/entities/jsw-steel-ltd" target="_blank" data-smartkarma-citation="entities:18561:1" rel="noopener">JSW Steel Ltd (JSTL IN)</a> targeting 50 MT by 2030 from 27 MT currently.</li>
</ul>


China's steel industry faces significant oversupply and weak domestic demand, driving aggressive exports and financial losses amidst rising global trade barriers
India's steel growth remains robust, driven by domestic demand, government support, product diversification, cost control, and ESG focus
Indian steelmakers note easing import pressure, leveraging quality norms and value-added products, expanding capacity, with JSW Steel Ltd (JSTL IN) targeting 50 MT by 2030 from 27 MT currently.


Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?

India

Steel Authority of India Limited is an integrated steel manufacturing company. The Company's products include pig iron, steel ingots, liquid steel, alloy steel, special steel, stainless steel, ferro alloys, ERW pipes, spirally welded pipes, and calcium ammonium nitrate.  The Government of India is currently a majority shareholder in the company.

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Steel Authority of India (SAIL IN)

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

Metals (Q1FY26 Results Preview): Steel Prices and Spreads Continue to Trend Up

While Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and...

HDFC Securities

Q1FY26 Earnings Preview - Metals & Mining

While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong...

Axis Direct

Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?

China's steel industry struggles with oversupply and weak demand, while India's steel growth remains strong with government support and focus on...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

Metals (Q1FY26 Results Preview): Steel Prices and Spreads Continue to Trend Up

While Chinese steel prices and spreads have failed to recover, the recently-imposed safeguard duties have driven both domestic steel prices and...

HDFC Securities

Q1FY26 Earnings Preview - Metals & Mining

While Steel companies' EBITDA margins are expected to expand QoQ, Non-ferrous stocks are likely to witness QoQ margin contraction over the strong...

Axis Direct

Thematic Report : Why China Won’t Derail India’s Steel Growth Plans?

​China's steel industry struggles with oversupply and weak demand, while India's steel growth remains strong with government support and focus on...

Nimish Maheshwari

China's steel industry struggles with oversupply and weak demand, while India's steel growth remains strong with government support and focus on...