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>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

<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

<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

Thematic (Sector/Industry)

<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

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)

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

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 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

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

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