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 Q3FY25, for Steel companies under our coverage, i.e. Tata Steel and SAIL, we expect EBITDA to decline YoY due to a drop in steel prices in Q3FY25 (down 15%/6% YoY/QoQ) partially offset by lower coking coal consumption cost and higher sales volumes.</li><li>We expect Tata Steel’s EBITDA to decline on a QoQ basis due to lower HRC prices. For SAIL we expect EBITDA to recover QoQ over a weak base.</li><li>Higher long steel exposure of SAIL (~35% of SAIL’s volumes vs. ~20% of Tata Steel’s) will also aid in QoQ EBITDA gain, as long steel prices traded at an average premium of ~Rs 5,800/t over HRC prices in Q3FY25. </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 Q3FY25, for Steel companies under our coverage, i.e. Tata Steel and SAIL, we expect EBITDA to decline YoY due to a drop in steel prices in Q3FY25 (down 15%/6% YoY/QoQ) partially offset by lower coking coal consumption cost and higher sales volumes.We expect Tata Steel’s EBITDA to decline on a QoQ basis due to lower HRC prices. For SAIL we expect EBITDA to recover QoQ over a weak base.Higher long steel exposure of SAIL (~35% of SAIL’s volumes vs. ~20% of Tata Steel’s) will also aid in QoQ EBITDA gain, as long steel prices traded at an average premium of ~Rs 5,800/t over HRC prices in Q3FY25. 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.

Q3FY25 Earnings Preview - Metals and Mining