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

Steel Authority of India / Equity Bottom-Up

<ul><li>Strong Q1 Beat Driven by Margin Expansion: Q1 EBITDA (excl. rail price revisions) beat consensus by 11% at Rs 4,462 Cr (up 72% YoY/1% QoQ), despite sales volume falling 9% YoY to 4.16 MT due to advanced maintenance shutdowns at Bhilai, Durgapur, and Bokaro.</li><li>EBITDA/tonne surged 88% YoY to Rs 10,718/t, powered by higher NSRs and captive iron ore sales (Rs 574 Cr revenue vs. Rs 157 Cr in Q1FY26; ~Rs 150 Cr incremental EBITDA), which effectively offset elevated coking coal costs.</li><li>Deleveraging Momentum Maintained: Borrowings remained flat at Rs 21,729 Cr in Q1FY27 (vs. Rs 21,663 Cr in Q4FY26) despite a 0.2 MT inventory buildup, before dropping further to 21,400 Cr. </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>

Strong Q1 Beat Driven by Margin Expansion: Q1 EBITDA (excl. rail price revisions) beat consensus by 11% at Rs 4,462 Cr (up 72% YoY/1% QoQ), despite sales volume falling 9% YoY to 4.16 MT due to advanced maintenance shutdowns at Bhilai, Durgapur, and Bokaro.EBITDA/tonne surged 88% YoY to Rs 10,718/t, powered by higher NSRs and captive iron ore sales (Rs 574 Cr revenue vs. Rs 157 Cr in Q1FY26; ~Rs 150 Cr incremental EBITDA), which effectively offset elevated coking coal costs.Deleveraging Momentum Maintained: Borrowings remained flat at Rs 21,729 Cr in Q1FY27 (vs. Rs 21,663 Cr in Q4FY26) despite a 0.2 MT inventory buildup, before dropping further to 21,400 Cr. 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.

Steel Authority of India Ltd - Q1 EBITDA Beat Powered by Captive Iron Ore Sales