Tata Steel's Q2FY26 performance was above our expectations. Revenue increased 10% QoQ to Rs586bn, driven by 11% increase in volumes, aided by strong growth in India operations. However, this was partially offset by a 1% QoQ decrease in realizations owing to weak steel prices. Consolidated EBITDA increased 20% QoQ to Rs89bn, with EBITDA/t improving 8% QoQ to Rs11,247. UK operations saw EBITDA loss widen to Rs13,510/t in Q2FY26 from Rs7,829/t in Q1FY26, while the Netherland business posted improved EBITDA of Rs5,948/t, up from Rs4,074/t in Q1FY26. The improvement was supported by global cost...