External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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

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Equity Bottom-Up

<ul><li>Strong Indian Operations: India EBITDA reached Rs 9,409 Cr (+30% YoY but flat QoQ), translating to an industry-leading EBITDA/t of Rs 18,198/t (vs Rs 15,257/t in Q4FY26), driven by a strong QoQ realisation increase of Rs 5,990/t and continuous focus on value-added products offsetting a seasonal drop in steel deliveries (down 16% QoQ but up 9% YoY at 5.2 MT).</li><li>Netherlands Uncertainty an Overhang: EBITDA contracted to Rs 39 Cr (Rs 624 Cr in Q4FY26) due to the full-quarter closure of the Direct Sheet Plant (DSP) following emission exceedances. TSN lost ~20% of its volume capability (~200 kt of DSP) during Q1.</li><li>The DSP unit (1.4 MTPA capacity, ~20% of TSN volume) was idle in Q1 due to tunnel furnace roller chromium emissions. A 4-week trial run will commence from 5 th August, 2026 after roller modifications, with full normalisation expected by Q2FY27</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.

Strong Indian Operations: India EBITDA reached Rs 9,409 Cr (+30% YoY but flat QoQ), translating to an industry-leading EBITDA/t of Rs 18,198/t (vs Rs 15,257/t in Q4FY26), driven by a strong QoQ realisation increase of Rs 5,990/t and continuous focus on value-added products offsetting a seasonal drop in steel deliveries (down 16% QoQ but up 9% YoY at 5.2 MT).Netherlands Uncertainty an Overhang: EBITDA contracted to Rs 39 Cr (Rs 624 Cr in Q4FY26) due to the full-quarter closure of the Direct Sheet Plant (DSP) following emission exceedances. TSN lost ~20% of its volume capability (~200 kt of DSP) during Q1.The DSP unit (1.4 MTPA capacity, ~20% of TSN volume) was idle in Q1 due to tunnel furnace roller chromium emissions. A 4-week trial run will commence from 5 th August, 2026 after roller modifications, with full normalisation expected by Q2FY27Content 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.

Tata Steel: Muted Q1, EBITDA Matches Consensus; Outlook Cautious

<ul><li>Strong Indian Operations: FY26 India EBITDA rose to Rs 33,036 Cr, up 17% YoY, with margins rising to 24% from 21% YoY, aided by record volumes.</li><li>Q4 EBITDA/t stood robust at Rs 15,245/t (4% ahead of our estimate, up 20%/16% YoY/QoQ), driven by higher NSRs and volume ramp-up at Kalinganagar Phase II (fully commissioned now).</li><li>Netherlands Uncertainty an Overhang: Netherlands EBITDA grew by 9% QoQ (+373% QoQ on the impacted base) to Rs 624 Cr, led by higher steel deliveries, partly offset by lower NSRs. </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.

Strong Indian Operations: FY26 India EBITDA rose to Rs 33,036 Cr, up 17% YoY, with margins rising to 24% from 21% YoY, aided by record volumes.Q4 EBITDA/t stood robust at Rs 15,245/t (4% ahead of our estimate, up 20%/16% YoY/QoQ), driven by higher NSRs and volume ramp-up at Kalinganagar Phase II (fully commissioned now).Netherlands Uncertainty an Overhang: Netherlands EBITDA grew by 9% QoQ (+373% QoQ on the impacted base) to Rs 624 Cr, led by higher steel deliveries, partly offset by lower NSRs. 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.

Tata Steel Ltd - Robust Q4, EBITDA Beats Consensus; Outlook Positive

<ul><li>India volumes strong; pricing recovery underway post trough: Despite record sales of 6 MT and Rs 890 Cr in cost savings, Indian operations' EBITDA fell 5% QoQ due to steel prices hitting a 5-year low.</li><li>However, Q3 likely marked the cycle's floor; management expects a recovery in spreads in Q4 with NSRs rising Rs 2,300/t, partly offset by a $15/t bump in coking coal consumption costs.</li><li>With a strong downstream mix and volume growth from Ludhiana and a full furnace schedule (no relining) in FY27, the outlook remains resilient. </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.

India volumes strong; pricing recovery underway post trough: Despite record sales of 6 MT and Rs 890 Cr in cost savings, Indian operations' EBITDA fell 5% QoQ due to steel prices hitting a 5-year low.However, Q3 likely marked the cycle's floor; management expects a recovery in spreads in Q4 with NSRs rising Rs 2,300/t, partly offset by a $15/t bump in coking coal consumption costs.With a strong downstream mix and volume growth from Ludhiana and a full furnace schedule (no relining) in FY27, the outlook remains resilient. 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.

Tata Steel Ltd - Q3: Largely Inline; Europe Policy Reset Structurally Supportive

<ul><li>NINL Expansion (Core Upstream Growth in Long Products): Management received in-principle Board approval to proceed with detailed engineering for the 4.8 MTPA expansion at Neelachal Ispat Nigam Ltd (NINL), with final capex numbers to be disclosed by Mar’26 after full engineering validation.</li><li>Environmental clearance is expected within 3-4 weeks, and execution will take 3 to 4 years post-final approval.</li><li>The configuration is fully long-products oriented: Two rebar mills (~1 MTPA each), one rebar coil mill (~0.5 MTPA), and a high-end wire rod mill. </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.

NINL Expansion (Core Upstream Growth in Long Products): Management received in-principle Board approval to proceed with detailed engineering for the 4.8 MTPA expansion at Neelachal Ispat Nigam Ltd (NINL), with final capex numbers to be disclosed by Mar’26 after full engineering validation.Environmental clearance is expected within 3-4 weeks, and execution will take 3 to 4 years post-final approval.The configuration is fully long-products oriented: Two rebar mills (~1 MTPA each), one rebar coil mill (~0.5 MTPA), and a high-end wire rod mill. 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.

Company Update: Tata Steel Ltd - 12 Th December, 2025

<ul><li>Indian operations EBITDA grew by 25%/16% YoY/QoQ, led by higher sales volume at 5.6 MT (up 9%/17% YoY/QoQ) as the KPO-II ramps up towards its rated capacity of 5 mtpa and completion of the relining of the BF-G.</li><li>Adj. EBITDA/t in India stood at Rs 14,863/t, up 13% YoY (down 2% QoQ, 2% miss vs our estimate).</li><li>The miss was led by a 10% QoQ rise in RM costs on higher production and higher purchases of rebars from NINL.</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.

Indian operations EBITDA grew by 25%/16% YoY/QoQ, led by higher sales volume at 5.6 MT (up 9%/17% YoY/QoQ) as the KPO-II ramps up towards its rated capacity of 5 mtpa and completion of the relining of the BF-G.Adj. EBITDA/t in India stood at Rs 14,863/t, up 13% YoY (down 2% QoQ, 2% miss vs our estimate).The miss was led by a 10% QoQ rise in RM costs on higher production and higher purchases of rebars from NINL.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.

Tata Steel Ltd - Strong Operational Performance in Tough Quarter

India

Tata Steel Limited is an Indian multinational steel company that manufactures and distributes a wide range of steel products, including hot-rolled, cold-rolled, and galvanized steel, tubes, and wire rods. The company serves diverse sectors such as automotive, construction, engineering, and consumer goods. Tata Steel is headquartered in Mumbai, India, and was founded on August 26, 1907.

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Tata Steel (TATA IN)

Tata Steel: Muted Q1, EBITDA Matches Consensus; Outlook Cautious

We use SoTP and ascribe a 1-year Fwd EV/EBITDA multiple of 7.0x (from 7.5x), 6.0x, and 6.0x to India standalone, other operations, and Europe,...

Axis Direct

Tata Steel Ltd - Robust Q4, EBITDA Beats Consensus; Outlook Positive

Strong Indian Operations: FY26 India EBITDA rose to Rs 33,036 Cr, up 17% YoY, with margins rising to 24% from 21% YoY, aided by record volumes.

Axis Direct

Tata Steel Ltd - Q3: Largely Inline; Europe Policy Reset Structurally Supportive

Despite record sales of 6 MT and Rs 890 Cr in cost savings, Indian operations' EBITDA fell 5% QoQ due to steel prices hitting a 5-year low.

Axis Direct

Company Update: Tata Steel Ltd - 12 Th December, 2025

Management received in-principle Board approval to proceed with detailed engineering for the 4.8 MTPA expansion at Neelachal Ispat Nigam Ltd (NINL)...

Axis Direct

Tata Steel Ltd - Strong Operational Performance in Tough Quarter

Indian operations EBITDA grew by 25%/16% YoY/QoQ, led by higher sales volume at 5.6 MT (up 9%/17% YoY/QoQ) as the KPO-II ramps up towards its rated...

Axis Direct

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