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>Capacity Expansion to Support Higher Volume Growth: The company’s capacity expansion programme is progressing as planned.</li><li>Following the acquisition of India Cements’ assets, consolidated grinding capacity in India stands at 200 mtpa.</li><li>The company plans to add 15.9 mtpa in FY27 and 29.8 mtpa in FY28. </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.

Capacity Expansion to Support Higher Volume Growth: The company’s capacity expansion programme is progressing as planned.Following the acquisition of India Cements’ assets, consolidated grinding capacity in India stands at 200 mtpa.The company plans to add 15.9 mtpa in FY27 and 29.8 mtpa in FY28. 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.

UltraTech Cement Ltd - EBITDA Margin Above Expectations; Maintain BUY

Thematic (Sector/Industry)

<ul><li>The macro environment entering Q4FY26 has shifted from relative stability to a more challenging phase, driven by a combination of elevated crude oil prices, currency depreciation, and inflationary pressures.</li><li>India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than peers.</li><li>However, the recent spike in crude prices and global uncertainties has introduced near-term risks to both macroeconomic stability and corporate profitability.</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.

The macro environment entering Q4FY26 has shifted from relative stability to a more challenging phase, driven by a combination of elevated crude oil prices, currency depreciation, and inflationary pressures.India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than peers.However, the recent spike in crude prices and global uncertainties has introduced near-term risks to both macroeconomic stability and corporate profitability.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.

Earnings Preview - Q4FY26 - (Consolidated)

<ul><li>Cement demand momentum remained healthy through Q4FY26, supported by sustained government-led infrastructure execution and resilient rural housing demand.</li><li>For our coverage universe, volume growth is expected at ~10–11% YoY in Q4FY26, aided by strong construction activity during the peak season.</li><li>Rural demand is likely to outperform urban markets, supported by above-average monsoon conditions and wage growth, while sustained infrastructure spending continues to underpin overall volumes.</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.

Cement demand momentum remained healthy through Q4FY26, supported by sustained government-led infrastructure execution and resilient rural housing demand.For our coverage universe, volume growth is expected at ~10–11% YoY in Q4FY26, aided by strong construction activity during the peak season.Rural demand is likely to outperform urban markets, supported by above-average monsoon conditions and wage growth, while sustained infrastructure spending continues to underpin overall volumes.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.

<ul><li>Volume Growth Backed by Robust Capacity Expansion Plans: The company’s capacity expansion is on track.</li><li>Its total grinding capacity in India stands at 187 mtpa after acquiring India Cement’s assets.</li><li>It plans to add 11 mtpa in FY26 and another 15 mtpa in FY27, raising its cement manufacturing capacity to 212 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.

Volume Growth Backed by Robust Capacity Expansion Plans: The company’s capacity expansion is on track.Its total grinding capacity in India stands at 187 mtpa after acquiring India Cement’s assets.It plans to add 11 mtpa in FY26 and another 15 mtpa in FY27, raising its cement manufacturing capacity to 212 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.

UltraTech Cement Ltd - Operating Performance Largely Inline; Retain BUY

<ul><li>Companies under our coverage posted strong year-on-year growth, with volumes up 17%, revenue rising 15%, EBITDA increasing 13%, and PAT growing 25%.</li><li>This compares with our forecasts of 11% volume, 10% revenue, 10% EBITDA, and 38% PAT growth.</li><li>Performance exceeded our expectations across most metrics, except PAT, which fell short due to the adverse impact of the New Labour Code rule.</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.

Companies under our coverage posted strong year-on-year growth, with volumes up 17%, revenue rising 15%, EBITDA increasing 13%, and PAT growing 25%.This compares with our forecasts of 11% volume, 10% revenue, 10% EBITDA, and 38% PAT growth.Performance exceeded our expectations across most metrics, except PAT, which fell short due to the adverse impact of the New Labour Code rule.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.

Top Conviction Ideas - “Consolidated Q3FY26”

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

UltraTech Cement Ltd - EBITDA Margin Above Expectations; Maintain BUY

Following the acquisition of India Cements’ assets, consolidated grinding capacity in India stands at 200 mtpa. The company plans to add 15.9 mtpa...

Axis Direct

Earnings Preview - Q4FY26 - (Consolidated)

India, being structurally strong with resilient domestic demand and healthy corporate balance sheets, continues to remain better positioned than...

Axis Direct

Q4FY26 Earnings Preview - Cement

Cement demand momentum remained healthy through Q4FY26, supported by sustained government-led infrastructure execution and resilient rural housing...

Axis Direct

UltraTech Cement Ltd - Operating Performance Largely Inline; Retain BUY

Volume Growth Backed by Robust Capacity Expansion Plans: The company’s capacity expansion is on track. Its total grinding capacity in India stands...

Axis Direct

Top Conviction Ideas - “Consolidated Q3FY26”

Companies under our coverage posted strong year-on-year growth, with volumes up 17%, revenue rising 15%, EBITDA increasing 13%, and PAT growing 25%.

Axis Direct

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