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.

Thematic (Sector/Industry)

India Materials / Thematic (Sector/Industry)

<ul><li>In Q3FY26, we expect moderation in absolute EBITDA and margins across steel and Aluminium names under our coverage.</li><li>For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price realisations and higher coking coal consumption costs, partly offset by higher sales volumes.</li><li>Average domestic HRC prices in Q3FY26 decreased by 1.5%/5% YoY/QoQ post extended monsoon, due to uncertainty over the imposition of final safeguard duty, and as steel production remained adequate to meet steel consumption. </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>

In Q3FY26, we expect moderation in absolute EBITDA and margins across steel and Aluminium names under our coverage.For the Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to decline QoQ, mainly led by lower steel sales price realisations and higher coking coal consumption costs, partly offset by higher sales volumes.Average domestic HRC prices in Q3FY26 decreased by 1.5%/5% YoY/QoQ post extended monsoon, due to uncertainty over the imposition of final safeguard duty, and as steel production remained adequate to meet steel consumption. 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.

Q3FY26 Earnings Preview - Metals and Mining