India Materials & Logistics: Peak earnings in metals, strong volume momentum in logistics/batteries – 1QFY27 preview

Research evidence excerpt

India Materials & Logistics: Peak earnings in metals, strong volume momentum in logistics/batteries – 1QFY27 preview

J P M O R G A N Asia Pacific Equity Research

07 July 2026

India Materials & Logistics

Peak earnings in metals, strong volume momentum in

logistics/batteries – 1QFY27 preview

We like Hindalco, Aegis Logistics and Exide going into 1QFY27 earnings, as we India Materials & Logistics

ACanticipate a strong print and expect earnings momentum to continue. Metal stocks Vibhav Zutshi, CFA

should post strong 1Q, with double-digit YoY EBITDA growth for most stocks, (91-22) 6157-3585

however 1Q will likely be peak profitability; we like Hindalco as it should continue vibhav.zutshi@jpmorgan.com

to benefit from the earnings rebound at Novelis (beverage can demand is strong due J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

to the ongoing FIFA World Cup), in our view. We are selective in steel and prefer Registration: INH000001873, (91-22) 6157-3000.

JSW Steel given the strong capacity growth outlook and relatively favorable

domestic exposure (vs a weak domestic rebar market & softness in European

demand/spreads). Within logistics, we anticipate Aegis Logistics to post 175%

PAT growth YoY as it continues to benefit from market-share gains and pricing

tailwinds. Delhivery should post strong volumes (express parcel volume growth of

~55% YoY), but margins should compress QoQ (labor & fuel cost impact). We

expect Exide to post double-digit YoY revenue growth after several quarters, aided

by a favorable base and improving demand trends. We like Exide as commodity

costs have started easing (particularly lead) and we await the commencement of

Exide’s commercial production at the lithium ion gigafactory. Within our