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 stood resilient: Indian Adj EBITDA (excl. one-time benefit of provision) stood at Rs 6,110 Cr (down 26%/9% YoY/QoQ), largely in line with our estimate.</li><li>Sales volume grew 8% YoY to 5.29 MT. Neelachal EBITDA grew impressively by 67% QoQ, and it is currently operating at rated capacity.</li><li>Cost at KPO-II will come as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA. </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 stood resilient: Indian Adj EBITDA (excl. one-time benefit of provision) stood at Rs 6,110 Cr (down 26%/9% YoY/QoQ), largely in line with our estimate.Sales volume grew 8% YoY to 5.29 MT. Neelachal EBITDA grew impressively by 67% QoQ, and it is currently operating at rated capacity.Cost at KPO-II will come as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA. 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 - Resilient Q3 Performance; Europe Losses Narrow

<ul><li>Indian operations strong while Europe drags: In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL, partially offset by the shutdown at one of the BF at Jamshedpur for relining in Q4.</li><li>Indian profitability will improve as the KPO-II ramps up and will add 3.5-4MT/5MT in FY26/27.</li><li>Cost at KPO-II will come down by ~Rs 3-4k/t as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA.</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 strong while Europe drags: In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL, partially offset by the shutdown at one of the BF at Jamshedpur for relining in Q4.Indian profitability will improve as the KPO-II ramps up and will add 3.5-4MT/5MT in FY26/27.Cost at KPO-II will come down by ~Rs 3-4k/t as it ramps up fully by FY27 due to operating leverage with its expansion from 3 to 8 MTPA.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 - Europe Continues to Drag; Caps Material Upside

<ul><li>Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better EBITDA from ex-Europe operations.</li><li>Indian EBITDA/t (down 15%/9% YoY/QoQ) stood at Rs 13,661/t on lower operating leverage.</li><li>European EBITDA/t loss narrowed to $27/t from $96/t YoY and $37/t QoQ led by turnaround at TSN, while TSUK continued to post EBITDA losses. </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.

Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ) stood up by 29%/1% YoY/QoQ, 5% ahead of consensus on better EBITDA from ex-Europe operations.Indian EBITDA/t (down 15%/9% YoY/QoQ) stood at Rs 13,661/t on lower operating leverage.European EBITDA/t loss narrowed to $27/t from $96/t YoY and $37/t QoQ led by turnaround at TSN, while TSUK continued to post EBITDA losses. 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 - Macro Headwinds and Rich Valuations Caps Upside

<ul><li>Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.</li><li>However, Consolidated EBITDA at Rs 6,334 Cr was a significant beat (15% beat against consensus), led by higher EBITDA/t in India. EBITDA/t in India stood significantly ahead of our estimate at Rs 16,903/t (up 63%/26% YoY/QoQ), a 15% beat, led by higher sales realisation on higher volumes and lower consumption costs.</li><li>European EBITDA/t loss stood in line at $178/t, which expanded from a loss of $155/t in Q3FY24 and $95/t in Q3FY23. </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.

Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.However, Consolidated EBITDA at Rs 6,334 Cr was a significant beat (15% beat against consensus), led by higher EBITDA/t in India. EBITDA/t in India stood significantly ahead of our estimate at Rs 16,903/t (up 63%/26% YoY/QoQ), a 15% beat, led by higher sales realisation on higher volumes and lower consumption costs.European EBITDA/t loss stood in line at $178/t, which expanded from a loss of $155/t in Q3FY24 and $95/t in Q3FY23. 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  - Indian Operations Outperform; Europe Continues to Drag

<ul><li>Tata Steel reported a weak set of numbers with an EBITDA miss of 7%/15% against ours and consensus estimate.</li><li>Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).</li><li>Consolidated EBITDA at Rs 4,268 Cr (down 30%/18%YoY/QoQ) missed our estimate by 7%, led by lower EBITDA/t loss at Europe at ~$155/t vs. our estimate of $140/t and India at Rs 13,401/t vs. Rs 14,374/t. As a result of impairment and provisional exceptional charges, reported loss after tax stood at Rs 6,196 Cr. Underlying PAT excluding these items stood at Rs 703 Cr vs. Rs 283 Cr in Q1FY24 and Rs 1,534 Cr in Q2FY23. Net Debt increased to Rs 77,032 Cr from Rs 71,397 Cr as of Q1FY24.</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.

Tata Steel reported a weak set of numbers with an EBITDA miss of 7%/15% against ours and consensus estimate.Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).Consolidated EBITDA at Rs 4,268 Cr (down 30%/18%YoY/QoQ) missed our estimate by 7%, led by lower EBITDA/t loss at Europe at ~$155/t vs. our estimate of $140/t and India at Rs 13,401/t vs. Rs 14,374/t. As a result of impairment and provisional exceptional charges, reported loss after tax stood at Rs 6,196 Cr. Underlying PAT excluding these items stood at Rs 703 Cr vs. Rs 283 Cr in Q1FY24 and Rs 1,534 Cr in Q2FY23. Net Debt increased to Rs 77,032 Cr from Rs 71,397 Cr as of Q1FY24.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 - Weak Q2; Near-Term Cash Flow Pressure but Long-Term Positive

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 Ltd - Resilient Q3 Performance; Europe Losses Narrow

Indian operations stood resilient: Indian Adj EBITDA (excl. one-time benefit of provision) stood at Rs 6,110 Cr (down 26%/9% YoY/QoQ), largely in...

Axis Direct

Tata Steel - Europe Continues to Drag; Caps Material Upside

In FY25, consolidated sales volume is expected to increase by 1-1.4MT, led by 1.1MT from KPO-II, 0.2MT from NINL partially offset by the shutdown...

Axis Direct

Tata Steel - Macro Headwinds and Rich Valuations Caps Upside

Tata Steel reported a mixed set of numbers with consolidated revenue down 8%/7% YoY/QoQ on lower shipments and NSR, while EBITDA (up 29%/1% YoY/QoQ)

Axis Direct

Tata Steel - Indian Operations Outperform; Europe Continues to Drag

Tata Steel reported a decent set of results. Consolidated revenue (down 3%/1% YoY/QoQ) missed consensus and our estimate by 4%.

Axis Direct

Tata Steel - Weak Q2; Near-Term Cash Flow Pressure but Long-Term Positive

Consolidated Revenue at Rs 55,682 Cr (down 7%/6% YoY/QoQ) stood largely in line with consensus (5% beat against our estimate).

Axis Direct

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