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>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

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group</li>
<li>Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.</li>
<li>He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group
Fed policymakers are uncertain, due to a lack of crucial data caused by the US government shutdown. Minneapolis Fed President Neel Kashkari said he did not support the central bank’s latest interest-rate cut.
He noted that “the anecdotal evidence and the data we got just implied to me underlying resilience in economic activity, more than I had expected”, and stated that he can make a case to lower or hold rates in December. Mr Kashkari joins other Fed officials who have expressed scepticism over the need for another rate decrease in December, with some arguing for holding rates steady to balance inflation and weaker hiring in the labour market.


Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Tata Steel’s total crude steel production stood at 7.29 million tons in 1QFY26, flat YoY but down 3% QoQ due to upstream maintenance disruptions in India.</li>
<li>In Europe, the Netherlands saw steady output, while the UK is progressing with its 3.2 MTPA EAF transition at Port Talbot, slated to begin construction in July 2025.</li>
<li>With blast furnace relining at Jamshedpur nearing completion and NINL operations normalized, volume recovery is expected from Q2 onward.</li>
</ul>


Tata Steel’s total crude steel production stood at 7.29 million tons in 1QFY26, flat YoY but down 3% QoQ due to upstream maintenance disruptions in India.
In Europe, the Netherlands saw steady output, while the UK is progressing with its 3.2 MTPA EAF transition at Port Talbot, slated to begin construction in July 2025.
With blast furnace relining at Jamshedpur nearing completion and NINL operations normalized, volume recovery is expected from Q2 onward.


Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

<ul>
<li>Tata Steel has released its Q4 and FY 2024-25 numbers.</li>
<li>Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global steel market environment.</li>
<li>Profitability improved, while debt decreased and capital investments were maintained amid headwinds in Europe.</li>
</ul>


Tata Steel has released its Q4 and FY 2024-25 numbers.
Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global steel market environment.
Profitability improved, while debt decreased and capital investments were maintained amid headwinds in Europe.


Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

<ul><li>Indian operations: Adj. EBITDA/t in India declined by 16%/11% YoY/QoQ to Rs 12,705/t due to BF-G related maintenance expenses, which offset benefits from seasonally higher volumes.</li><li>Neelachal Ispat Nigam Ltd (NINL) EBITDA grew by 5% QoQ at a 23% margin.</li><li>NINL turnaround is complete, and it achieved EBITDA of Rs 1,000 Cr and FCF of Rs 1,100 Cr for FY25. </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: Adj. EBITDA/t in India declined by 16%/11% YoY/QoQ to Rs 12,705/t due to BF-G related maintenance expenses, which offset benefits from seasonally higher volumes.Neelachal Ispat Nigam Ltd (NINL) EBITDA grew by 5% QoQ at a 23% margin.NINL turnaround is complete, and it achieved EBITDA of Rs 1,000 Cr and FCF of Rs 1,100 Cr for FY25. 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 - Largely Inline Q4; Focus on Cost Transformation Program

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

Tata Steel's 1QFY26 production flat YoY at 7.29M tons, down 3% QoQ due to maintenance disruptions; Europe steady, UK EAF transition progressing,...

Rahul Jain

Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global...

Lucror Analytics

Tata Steel Ltd - Largely Inline Q4; Focus on Cost Transformation Program

Adj. EBITDA/t in India declined by 16%/11% YoY/QoQ to Rs 12,705/t due to BF-G related maintenance expenses, which offset benefits from seasonally...

Axis Direct

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52-week Range

Market Cap (USDm)

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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

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Tata Steel, Rakuten Group

Lucror Analytics

Tata Steel – 1QFY26: Stable Output, Soft Deliveries Amid Planned Maintenance

​Tata Steel's 1QFY26 production flat YoY at 7.29M tons, down 3% QoQ due to maintenance disruptions; Europe steady, UK EAF transition progressing,...

Rahul Jain

Tata Steel - Earnings Flash - FY 2024-25 Results - Lucror Analytics

Earnings recovery was robust, thanks to operational efficiencies, cost reductions and excellent performance in India despite a challenging global...

Lucror Analytics

Tata Steel Ltd - Largely Inline Q4; Focus on Cost Transformation Program

Adj. EBITDA/t in India declined by 16%/11% YoY/QoQ to Rs 12,705/t due to BF-G related maintenance expenses, which offset benefits from seasonally...

Axis Direct

Tata Steel's 1QFY26 production flat YoY at 7.29M tons, down 3% QoQ due to maintenance disruptions; Europe steady, UK EAF transition progressing,...