Tata Steel (TATA) has been a key beneficiary of rising steel prices. As expected, it reported a strong 4QFY21, with consolidated EBITDA rising 205% YoY to INR142b (its highest ever) on the back of higher prices. Net debt fell INR123b QoQ to INR826b (lowest since Mar'18). We expect steel prices and margin to stay strong on tightening demandsupply in Asia and raise our FY22E/FY23E EBITDA estimate by 77%/36% and our TP by 35% to INR1,205/share. Net debt is expected to decline by a further INR188b in FY22E to INR638b, despite the resumption of capex for the 5mtpa expansion of the Kalinganagar plant....