External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s Q3FY26 earnings beat estimates on the back of healthy growth on both sides of the balance sheet, stable margins, in-line asset quality, and interim dividend from SBI Funds management (~INR2.2bn)</li><li>Loan growth (+15% YoY) continued to outpace the system, led by pick-up in the corporate segment, even as growth in RAM segments remained strong</li><li>Deposit growth (+9% YoY, 2% QoQ) was relatively soft, while the CASA ratio declined to 37.5% (-46bps QoQ), with softer traction in CA balances</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.

State Bank of India: SBIN’s Q3FY26 earnings beat estimates on the back of healthy growth on both sides of the balance sheet, stable margins, in-line asset quality, and interim dividend from SBI Funds management (~INR2.2bn)Loan growth (+15% YoY) continued to outpace the system, led by pick-up in the corporate segment, even as growth in RAM segments remained strongDeposit growth (+9% YoY, 2% QoQ) was relatively soft, while the CASA ratio declined to 37.5% (-46bps QoQ), with softer traction in CA balancesContent 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: State Bank of India, Tata Steel, Shree Cement, Repco Home Finance

<ul><li>While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY, compared with ~8.4% in H1FY26</li><li>October and November witnessed lower growth of ~4.5% YoY each, but demand firmed up in December 2025 to ~10%, as per the Ministry of Steel</li><li>Consumption remained flattish on a QoQ basis</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.

While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY, compared with ~8.4% in H1FY26October and November witnessed lower growth of ~4.5% YoY each, but demand firmed up in December 2025 to ~10%, as per the Ministry of SteelConsumption remained flattish on a QoQ basisContent 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 (Q3FY26 Results Preview): Robust volume growth, prices firming 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 Q3FY26, we expect moderation in absolute EBITDA and margins across steel and Aluminium names under our coverage.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price realisations and higher coking coal consumption costs, partly offset by higher sales volumes.</li><li>Average domestic HRC prices in Q3FY26 decreased by 1.5%/5% YoY/QoQ post extended monsoon, due to uncertainty over the imposition of final safeguard duty, and as steel production remained adequate to meet steel consumption. </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 Q3FY26, we expect moderation in absolute EBITDA and margins across steel and Aluminium names under our coverage.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price realisations and higher coking coal consumption costs, partly offset by higher sales volumes.Average domestic HRC prices in Q3FY26 decreased by 1.5%/5% YoY/QoQ post extended monsoon, due to uncertainty over the imposition of final safeguard duty, and as steel production remained adequate to meet steel consumption. 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.

Q3FY26 Earnings Preview - Metals and Mining

<ul><li>In Q2FY26, we foresee an increase in absolute EBITDA across both Steel and Aluminium players.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ, mainly led by higher sales volume aided by lower/flat coking coal consumption costs, partly offset by lower sales realisation due to a drop in HRC prices in the quarter.</li><li>Average domestic HRC prices in Q2FY26 decreased by 2.4%/4% YoY/QoQ due to the extended monsoon; the prices declined despite Chinese HRC prices moving up 3% QoQ.</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 Q2FY26, we foresee an increase in absolute EBITDA across both Steel and Aluminium players.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ, mainly led by higher sales volume aided by lower/flat coking coal consumption costs, partly offset by lower sales realisation due to a drop in HRC prices in the quarter.Average domestic HRC prices in Q2FY26 decreased by 2.4%/4% YoY/QoQ due to the extended monsoon; the prices declined despite Chinese HRC prices moving up 3% QoQ.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.

Q2FY26 Earnings Preview - Metals & Mining

<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

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)

HSIE Results Daily: State Bank of India, Tata Steel, Shree Cement, Repco Home Finance

State Bank of India: SBIN’s Q3FY26 earnings beat estimates on the back of healthy growth on both sides of the balance sheet, stable margins, in...

HDFC Securities

Metals (Q3FY26 Results Preview): Robust volume growth, prices firming up

While domestic demand growth moderated, India turned net exporter in Q3FY26: In Q3FY26, finished steel consumption moderated slightly to 6.5% YoY,...

HDFC Securities

Q3FY26 Earnings Preview - Metals and Mining

For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price...

Axis Direct

Q2FY26 Earnings Preview - Metals & Mining

We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 14% and 20%, respectively. Both the Indian and European operations of Tata...

Axis Direct

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

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