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

Steel Authority of India / Equity Bottom-Up

<ul><li>Q1 Miss Led by de-valuation of the steel Inventory: SAIL’s EBITDA (excluding rail provision), at Rs 2,595 Cr (up 17% YoY but down 7% QoQ), missed our and consensus estimate by 34%/23%.</li><li>The miss was led by a true-up exercise on the valuation of finished and in-process steel stocks, as lower imported coking coal prices led to lower production costs in Q1FY26.</li><li>It took a one-time true-up impact of Rs 950 Cr QoQ (Rs 1,050 Cr YoY) on this inventory in NSRs (Net sales realisation). </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>

Q1 Miss Led by de-valuation of the steel Inventory: SAIL’s EBITDA (excluding rail provision), at Rs 2,595 Cr (up 17% YoY but down 7% QoQ), missed our and consensus estimate by 34%/23%.The miss was led by a true-up exercise on the valuation of finished and in-process steel stocks, as lower imported coking coal prices led to lower production costs in Q1FY26.It took a one-time true-up impact of Rs 950 Cr QoQ (Rs 1,050 Cr YoY) on this inventory in NSRs (Net sales realisation). 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.

SAIL - Q1 Miss Driven by Inventory De-Valuation and Higher Other Expenses