Tata Steel's Q4FY26 performance exceeded our expectations. Revenue increased by 11% QoQ to Rs633bn, driven by robust volume growth in Netherlands and strong realizations in India due to elevated steel prices. Consolidated EBITDA increased 20% QoQ to Rs98bn, with EBITDA/t improving 13% QoQ to Rs11,271. UK operations saw EBITDA loss contraction to Rs11,409/t in Q4FY26 from Rs14,199/t in Q3FY26 driven by recovery in realisations and management expect UK business to turn EBITDA positive in FY27. Netherland business posted EBITDA of Rs3,671/t, down from Rs4,068/t in Q3FY26 amid...