INDIA FIRST TO MARKET

Research evidence excerpt

INDIA FIRST TO MARKET

Sanjay Mookim AC Asia Pacific Equity Research

(91-22) 6157-3600 29 July 2026 J P M O R G A N

sanjay.mookim@jpmorgan.com

on sustaining DD revenue growth in the coming quarters. Our earnings forecasts are broadly unchanged. The share price

correction of ~6% post Q1 print is more than pricing in the slight miss on volume and we find risk/reward favorable at current

levels. OW.

Indus Towers Ltd (Ankur Rudra, CFA) (INDUSTOW IN, N)

Model Update: Tower order book remains strong

We update our model post 1QFY27 earnings. Management highlighted that the order book remains strong for next 3-4

quarters, which should keep tower adds momentum similar or better than 1Q depending on the supply side situation. It has

received regulatory approvals and licenses in Africa and will start rolling out towers from 2Q onwards. The capex for Africa

expansion should be moderate over the next 1-2 years compared to the scale of India capex and will be funded by debt. Hence,

dividend distribution should not be negatively impacted as it is dependent on FCF. We increase towers/revenues/Ebitda by 1-

2% over FY27-29E; however, EPS sees 1-2% cuts due to higher D&A. Remain N.

Steel Authority of India (Vibhav Zutshi, CFA) (SAIL IN, N)

Updating our model post the 1Q earnings call

We are updating our SAIL model following the 1QFY27 earnings call (First Take here). SAIL’s 1QFY27 Adj EBITDA of

~Rs44.6bn (adjusted for the rail price revision) came in broadly in line with our expectations but was 17% ahead of Street

expectations (JPMe Rs45.9bn, BBG Consensus Rs38bn). While sales volumes were weak (-9% YoY, -22% QoQ) due to the

advancement of scheduled maintenance, the benefit of better ASPs and lower cost inventory aided overall profitability

improvement on a per ton basis.