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 Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.</li><li>Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.</li><li>We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. </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 Q4FY25, for Steel companies under our coverage (Tata Steel and SAIL), we expect EBITDA to improve QoQ mainly due to higher sales volume and lower coking consumption costs, partially offset by a slight drop in steel price realisations.Average HRC price benchmark fell in Q4FY25, down 11%/1% YoY/QoQ, with price recovery taking place only towards the end of Q4FY25.We expect Tata Steel and SAIL’s EBITDA to increase on a QoQ basis by 6% and 35% respectively. 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.

Q4FY25 Earnings Preview - Metals and Mining