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Broker Research reports: Buy reports
for Sector - Metals & Mining
Steady prospects at Zinc India; growth building in power & steel: Zinc India remain to be cash cow, contributing ~37% to VEDL's H1FY26 EBITDA. While near-term growth is modest, long-term prospects are robust with mined metal capacity expected to rise to 1.5 MT by FY28 and potential scale-up to 2 MT, alongside a ~250 KT zinc smelter expansion at capex of 12,000 crore. This is further supported by ~2,200 MW of thermal power capacity (Meenakshi & Athena), iron ore expansion to 30 MTPA, and the doubling of steel capacity to 3.5 MT by FY27E. Overall, we expect...
Gravita India (GRAVITA) reported 12% YoY revenue growth in 2QFY26, driven by a 4% YoY rise in total volumes, mainly led by 5% YoY volume growth in Lead.
Having commenced operations at its 3m tonne steel melting shop (SMS), Jindal Steel is on track to expand it by a further 3m tonnes, taking total installed capacity to 15.6m.
H1FY26 revenue Mix: ~73% from exports, ~27% from domestic markets Consolidated revenue of the company has grown by ~27% CAGR in the last 4 years during the period FY21-25 while EBITDA and PAT have grown by ~38% CAGR and ~72% CAGR respectively over the same period. Q2FY26 performance: Aeroflex reported healthy Q2FY26 performance with revenue growth of 17% YoY to 111 crore led by recent Hyd-Air business acquisition which grew to 9 crore from 1.5 crore YoY and strong domestic order execution. Favourable product mix and forex movement helped EBITDA margins to improve...
Marred by extended monsoons coal-based thermal power generation touched a ~30-mth low of 99.29GW in Sep’25, dampening the thermal coal off-take volume.
Tata Steel (TATA) is aggressively expanding its capacity in India to capitalize on rising domestic demand, targeting an increase from 26.5mtpa in FY25 to 40mtpa by FY30.
Jindal Steel (JINDALST) has successfully commissioned a new 3mtpa of crude steel capacity at its Angul plant, expanding the plant’s total steelmaking capacity to 9mtpa.
LMEL enjoys cost advantage due to the low royalty on its pre-MMDR act 2015 (Mines and Minerals (Development and Regulation) Act) allocated mine. Operational efficiency is further enhanced by the acquisition of Thriveni Earthmovers, a leading Mine Developer and Operator...
Hindustan Zinc (HZ) is a key beneficiary of the uptrend in silver prices, which are up 63% YTD. We believe the exposure to silver is underpriced as the consensus expectations trail the strong move in silver in recent months with the metal now trading at USD47/oz (vs USD34/oz in Q1FY26 and USD30/oz in FY25).
We upgrade Hindalco to BUY from Reduce, with an increased TP of Rs900 (Rs650 earlier). After the flatlined stock performance in the past 12M, we see HNDL doing well from here.
The largest fully integrated value-added ferrochrome producer in India, IMFA is raising production capacity ~35%, from ~284,000 tonnes to ~384,000 with a greenfield ferrochrome plant at Kalinganagar expected by mid CY26.
Controlled leverage with improving return ratios insight: JSL has consistently maintained a healthy balance sheet, with Net Debt to EBITDA below 1x, despite executing a significant capex of ~5,400 crore. With the commissioning of new capacities, it is expected to generate annual CFO >4,000 crore, enabling debt reduction in the coming years. Consequently,...
Incorporated in 1958, Hindalco Industries Ltd. is a flagship company of the Aditya Birla Group. The Co and its subsidiaries are primarily engaged in the production of Aluminium and Copper. It is also engaged in the manufacturing of aluminium sheet, extrusion and light gauge products for use in packaging markets like...
