Tata Steel's Q1FY26 performance was above our expectations on all fronts. Revenue declined 5% QoQ to Rs532bn, impacted by a 5% QoQ drop in volumes due to maintenance shutdowns at Jamshedpur and NINL. However, this was partially cushioned by a 11% QoQ increase in realizations. Consolidated EBITDA increased by 13% QoQ to Rs74bn, with EBITDA/t improving 32% QoQ to Rs10,432. The UK operations significantly reduced their EBITDA loss to Rs7,772/t in Q1FY26 from Rs13,758/t in Q4FY25 while Netherland business reported EBITDA of Rs4,080/t up from Rs712/t in Q4FY25, supported by global cost...