Tata Steel (TATA) reported Q1FY21 EBITDA below our/consensus estimates by 76%/61% at Rs5.1bn (down 89% QoQ/down 91% YoY), due to lower than expected earnings across operations. Impacted by weak spreads and lower volumes, TATA Steel Europe (TSE) reported EBITDA loss of US$82mn (v/s PLe: Loss of US$45mn and positive EBITDA of US$9mn in Q4FY20). Indian operations earnings missed our/consensus estimates by 32%/18% owing to lower volumes and higher than expected costs. Domestic EBITDA margins fell 53% QoQ/55% YoY to Rs5,900/t (PLe:Rs8,420)....