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Axis Securities Report
The brokerage firm Axis Securities anticipates a QoQ Ebitda decline for steel companies (Tata Steel and SAIL) driven by lower sales volumes coming off a seasonally strong Q4 base and elevated coking coal consumption costs.
Earnings will expand YoY on robust domestic HRC pricing (+9% YoY) and higher volumes. Similarly, for the aluminium companies (Hindalco and NALCO) under its coverage, the brokerage anticipates moderation in QoQ Ebitda growth due to raw material inflation.
On a YoY basis, both the companies will deliver strong YoY Ebitda growth - led by a 46% surge in London Metal Exchange aluminium prices following Middle East supply disruptions in Q1 FY27.
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