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>EBITDA Beats Our Estimate: EBITDA stood at Rs 2,179 Cr (down 6% YoY, up 13% QoQ), a 2%/16% beat against our/consensus estimate, led by a sharper than expected Alumina sales volume at 403 kt (up 8%/2% YoY/QoQ, 37% ahead of our estimate), along with lower power and employee expenses.</li><li>Alumina Refinery Expansion: The commissioning date for the 5 th stream Alumina refinery of 1 mtpa is kept unchanged at Jun’26; however, FY27 production guidance from it is now reduced to 3 Lc tonnes from 5 Lc tonnes earlier.</li><li>Management cited 3-4 months of stabilisation phase post commissioning date. </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>

EBITDA Beats Our Estimate: EBITDA stood at Rs 2,179 Cr (down 6% YoY, up 13% QoQ), a 2%/16% beat against our/consensus estimate, led by a sharper than expected Alumina sales volume at 403 kt (up 8%/2% YoY/QoQ, 37% ahead of our estimate), along with lower power and employee expenses.Alumina Refinery Expansion: The commissioning date for the 5 th stream Alumina refinery of 1 mtpa is kept unchanged at Jun’26; however, FY27 production guidance from it is now reduced to 3 Lc tonnes from 5 Lc tonnes earlier.Management cited 3-4 months of stabilisation phase post commissioning date. 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.

National Aluminium Co Ltd (NALCO) - EBITDA Beat on Alumina Volumes; Rich Valuations Caps Upside