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

<ul><li>Strong Indian Operations: India EBITDA reached Rs 9,409 Cr (+30% YoY but flat QoQ), translating to an industry-leading EBITDA/t of Rs 18,198/t (vs Rs 15,257/t in Q4FY26), driven by a strong QoQ realisation increase of Rs 5,990/t and continuous focus on value-added products offsetting a seasonal drop in steel deliveries (down 16% QoQ but up 9% YoY at 5.2 MT).</li><li>Netherlands Uncertainty an Overhang: EBITDA contracted to Rs 39 Cr (Rs 624 Cr in Q4FY26) due to the full-quarter closure of the Direct Sheet Plant (DSP) following emission exceedances. TSN lost ~20% of its volume capability (~200 kt of DSP) during Q1.</li><li>The DSP unit (1.4 MTPA capacity, ~20% of TSN volume) was idle in Q1 due to tunnel furnace roller chromium emissions. A 4-week trial run will commence from 5 th August, 2026 after roller modifications, with full normalisation expected by Q2FY27</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 Indian Operations: India EBITDA reached Rs 9,409 Cr (+30% YoY but flat QoQ), translating to an industry-leading EBITDA/t of Rs 18,198/t (vs Rs 15,257/t in Q4FY26), driven by a strong QoQ realisation increase of Rs 5,990/t and continuous focus on value-added products offsetting a seasonal drop in steel deliveries (down 16% QoQ but up 9% YoY at 5.2 MT).Netherlands Uncertainty an Overhang: EBITDA contracted to Rs 39 Cr (Rs 624 Cr in Q4FY26) due to the full-quarter closure of the Direct Sheet Plant (DSP) following emission exceedances. TSN lost ~20% of its volume capability (~200 kt of DSP) during Q1.The DSP unit (1.4 MTPA capacity, ~20% of TSN volume) was idle in Q1 due to tunnel furnace roller chromium emissions. A 4-week trial run will commence from 5 th August, 2026 after roller modifications, with full normalisation expected by Q2FY27Content 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.

Tata Steel: Muted Q1, EBITDA Matches Consensus; Outlook Cautious