External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Nalco posted a solid quarterly performance given EBITDA of Rs23.3bn (+21.1% vs Consensus; +26.1% vs Emkay; +50.3% QoQ), with the earnings beat led by higher alumina export volumes, while benefitting from elevated alumina prices.</li><li>We note that progress on the alumina refinery project has slowed, with the company delaying it by three months.</li><li>While we did not build in any volume growth for FY26 to allow for any delays/teething issues, our sense is that the delay could be seen as slightly negative by the market.</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>

Nalco posted a solid quarterly performance given EBITDA of Rs23.3bn (+21.1% vs Consensus; +26.1% vs Emkay; +50.3% QoQ), with the earnings beat led by higher alumina export volumes, while benefitting from elevated alumina prices.We note that progress on the alumina refinery project has slowed, with the company delaying it by three months.While we did not build in any volume growth for FY26 to allow for any delays/teething issues, our sense is that the delay could be seen as slightly negative by the market.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 - Strong Q3 Print; Reiterate BUY