India M&M and Cement: Investor meeting takeaways – Aluminium interest remains high; Fatigue on Cement

Research evidence excerpt

India M&M and Cement: Investor meeting takeaways – Aluminium interest remains high; Fatigue on Cement

13 July 2026

India M&M and Cement EquitiesMetals & Mining/Cement

Investor meeting takeaways – Aluminium interest

remains high; Fatigue on Cement India

◆ Investor interest across metals especially Aluminium remains Pinakin Parekh*

high. There is investor fatigue on Cement, especially large cap SeniorHSBC SecuritiesAnalyst, Indiaand CapitalMetalsMarketsand Cement(India) Private

Limited

◆ Aluminium – Investors debating the new normal range for pinakin.parekh@hsbc.co.in

+91 22 40891549

LME and how Middle East supplies would normalise

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

◆ Stocks discussed were HNDL, NALCO, TATA, JSW Steel, not registered/ qualified pursuant to FINRA regulations

Jindal Steel, SAIL, COAL, UTCEM, SRCM, DALMIA

Investor interest remains high in metals, Aluminium remains the most

discussed with focus now shifting to how the deficit would evolve as the

Middle East (ME) supplies normalise: Across meetings with HFs and long-only

funds in Asia, we continue to see relatively high interest in metals. Aluminium as a

commodity and Indian aluminium stocks were the most discussed across meetings.

After LME aluminium’s recent pull back (-19% from June 2026 levels), investor

discussions/ concerns centre around two issues: a) How quickly would the Middle

East supplies normalise and whether there is a risk of a large surplus in aluminium in

CY27 or even CY26, and b) Whether Indonesian supplies can ramp up quicker than

market expectations, driving deficits lower. Overall, investors remain constructive on

aluminium and copper at the commodity level. On steel, the dominant view remains