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. 

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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 in line with our estimate: NALCO’s consolidated EBITDA at Rs 1,492 Cr (up 60%, but down 46% QoQ) stood in line with our estimate (19% miss against consensus).</li><li>The QoQ drop in EBITDA was expected as both LME Aluminium and Alumina prices and sales volume moderated over the strong base of Q4FY25.</li><li>Although Alumina and Aluminium prices were down by 16%/3% YoY in Q1FY26, EBITDA grew by 60% YoY, mainly due to higher Alumina sales volume at 304 kt (up 204% YoY). </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 in line with our estimate: NALCO’s consolidated EBITDA at Rs 1,492 Cr (up 60%, but down 46% QoQ) stood in line with our estimate (19% miss against consensus).The QoQ drop in EBITDA was expected as both LME Aluminium and Alumina prices and sales volume moderated over the strong base of Q4FY25.Although Alumina and Aluminium prices were down by 16%/3% YoY in Q1FY26, EBITDA grew by 60% YoY, mainly due to higher Alumina sales volume at 304 kt (up 204% YoY). 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) - Largely Inline Q1...