Metals & Mining

Hindalco India (including Utkal Alumina) reported lower-than-expected Q2FY26 adjusted EBITDA of INR49.04bn (our estimate: INR53.7bn), up ~3% QoQ and aluminium EBITDA/t of USD1,564, up USD14/t QoQ despite LME aluminium

Novelis (Hindalco’s 100% subsidiary) posted weak, but in-line adjusted EBITDA of USD422mn (our estimate: USD419mn), up 1.4% QoQ and EBITDA/t of USD448, up 4% QoQ during Q2FY26. Net tariff impact was USD54mn in Q2FY26

Despite lower volume growth, improved profitability in lead propelled Gravita (GRAV) to post marginally better-than-expected Q2FY26 adjusted EBITDA of INR1.12bn, up 10% YoY (our estimate: INR1.05bn). Interest cost

Vedanta (VEDL) reported Q2FY26 consolidated adjusted EBITDA of INR116.1bn, up 8% QoQ (Nuvama estimate: INR115.9bn) on the back of higher metals prices, partially offset by higher CoP. Aluminium segment contributed ~48%

NMDC reported in-line Q2FY26 EBITDA of INR20bn (our estimate: INR20.5bn), up 39% YoY on the back of higher volume and prices. EBITDA/t increased INR389 YoY to INR1,870. Blended iron ore realisation inched up INR98/t YoY

SAIL reported better-than-expected Q2FY26 adjusted EBITDA of INR25.3bn (our estimate: INR20.8bn), down 3% QoQ, whereas adjusted EBITDA/t fell INR553 QoQ to INR5,142. Higher sales volume and lower cost partially offset

Jindal Steel (JINDALST) reported weak, but in-line Q2FY26 consolidated adjusted EBITDA of INR18.75bn (Nuvama estimate: INR19.37bn), down 37% QoQ, and adjusted EBITDA/t of INR10,027/t, down INR5,652/t QoQ, owing to lower

Nuvama Wealth Management is hosting a conference call with the management of Steel Authority of India Limited to discuss the Company’s Q2FY26 financial results on Thursday, October 30, 2025 at 10.00 AM IST.

During Q2FY26E, steel companies are likely to report a decrease in EBITDA/t (down INR800–4,900/t) led by lower steel prices, partially offset by a fall in coking coal (USD5–10/t) and iron ore cost (~INR200/t). JINDALST’s

Jindal Steel (JINDALST) has commissioned the keenly awaited 4.6mtpa BF and 3mtpa BoF, which has been delayed by almost two years from the initial timeline. This provides volume growth visibility (a volume CAGR of 17%

Vedanta (VEDL) has emerged as the highest bidder to acquire Jaiprakash Associates’ assets under NCLT by agreeing to pay INR170bn. We note that the deal is not yet final as the committee of creditors is likely to take

NMDC reported in-line Q1FY26 EBITDA of INR24.8bn (our estimate: INR24.9bn), up 5% YoY. EBITDA/t comes in at INR2,152, down by INR190/t YoY. Blended iron ore realisation at INR5,353/t inched up 1% YoY, offset by higher

Jindal Steel (JSL) reported better-than-expected Q1FY26 consolidated adjusted EBITDA of INR29.85bn (Nuvama estimate: INR26.2bn), up 20% QoQ, and EBITDA/t of INR15,680, up INR4,027 QoQ, driven by higher prices and lower

Hindalco India (including Utkal Alumina) reported higher-than-expected Q1FY26 adjusted EBITDA of INR47.5bn (our estimate: INR44.3bn), down ~11% QoQ and aluminium EBITDA/t of USD1,550, down USD184/t QoQ driven by lower

Novelis (Hindalco’s 100% subsidiary) posted lower-than-expected adjusted EBITDA of USD416mn (our estimate: USD439mn), down 12% QoQ and EBITDA/t of USD432, down 13% QoQ during Q1FY26 on the back of US tariff, lower scrap

Jindal Stainless (JSL) delivered better-than-expected consolidated Q1FY26 EBITDA of INR13.1bn (our estimate: INR10.4bn), up 24% QoQ, and EBITDA/t of INR20,915, up INR4,407/t QoQ, due to the absence of an inventory loss