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.

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.</li><li>This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).</li><li>Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke prices.</li></ul><p><em>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.</em></p>

Upstream Aluminium resilient: Upstream EBITDA/t grew by 15% YoY (down 13% QoQ) to $1,467/t, despite lower LME Aluminium (averaged at $2,444/t, down 3%/7% YoY/QoQ) and third-party shipments at 219 kt, down 6%/9% YoY/QoQ.This was driven by lower CoP, which fell by 3% QoQ in Q1FY26 due to higher linkage coal usage (63% in fuel mix).Q2FY26 CoP is expected to rise 3% QoQ on monsoon impact and higher CP Coke prices.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.

Hindalco Industries Ltd - Indian Operations Continue to Outperform