Tata Steel Ltd. share price target

Tata Steel’s (TATA) standalone revenue stood at INR369b (+19% YoY and -4% QoQ) against our estimate of INR348b. The growth was largely driven by strong NSR, offsetting the muted volume during the quarter.

Tata Steel's performance during the strong quarter reinforced its strategic transformation and operational resilience amid a challenging environment. The company focused on controlling costs, optimising capacity and shifting its product mix towards higher-value segments, which gradually strengthened its earnings. Strategic investments in new projects and ongoing cost transformation have helped the company absorb input cost pressures, while boosting operational margin. Efforts to improve supply chain efficiency and proactive engagement with regulators further support the company's long-term growth potential. Progress in optimising both downstream and brownfield operations is...

topline stood at 63,270 crore (up 13% YoY) with steel sales volume of 8.7 MT (up 5% YoY). Reported EBITDA stood at 9,829 crore with EBITDA margins at 15.5% (up ~115 bps QoQ). Indian operation EBITDA/ton stood at ~15.9k vs 13.4k in...

We downgrade our rating to HOLD from BUY.

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...

FY27 guidance of ~24.5mt volumes led by KPO & Ludhiana. Cost transformation program to save INR71bn in FY27E. Q1 NSR to be higher by INR6k/t at TSI and GBP/EUR80/t at TSUK/TSN; coking coal higher by USD10/15/t at TSN/TSI. Tata Steel (TATA) reported a strong cons. operating performance led by India. Tata Steel India (TSI) EBITDA grew 36% YoY driven by robust 10.5% volume growth and sharp rise in steel prices, which led realizations increasing by ~INR3,200/t QoQ. Despite higher coking coal costs during the quarter, TSI delivered EBITDA/t of...

Tata Steel’s (TATA) standalone revenue stood at INR385b (+12% YoY and +8% QoQ) in 4QFY26, in line with our estimate. The growth was largely driven by better domestic volumes and strong NSR recovery.

Revenue grew by 12.5%YoY, on volumes and pricing growth in India. EBITDA growth was 49.8%YoY, driven by cost savings

Driven by safeguard duty-led price hikes, we believe Tata Steel’s domestic business should deliver a better performance in the near to medium term. With imports declining after the duty, domestic steel players could see strong volume.

India's steel demand is projected to grow by ~8-10% over FY26-30, backed by a robust demand environment, policy support, and ongoing recovery in industry fundamentals.

Tata Steel's Q3FY26 performance was above our expectations. Revenue fell 3% QoQ to Rs570bn, driven by 4% QoQ increase in volumes, aided by strong growth in India operations. This was offset by a 6% QoQ decrease in realizations owing to weak steel prices. Consolidated EBITDA declined 11% QoQ to Rs82bn, with EBITDA/t declining 11% QoQ to Rs9,987. UK operations saw EBITDA loss widen to Rs14,199/t in Q3FY26 from Rs13,510/t in Q2FY26 owing to subdued demand and pricing. The Netherland business posted EBITDA of Rs4,068/t, down from Rs5,948/t in Q2FY26 amid pressure from regulatory burdens. The cost...

We maintain our BUY rating on the stock.

With safeguard duty led steel price hike, favourable demand tailwind, and strategic capacity expansion, TSL's Indian operation is well positioned for sustained long term growth. Moreover, EU import-control measures are expected to strengthen profitability at Netherland operation. On that note, we maintain BUY rating on Tata Steel with SOTP-based revised target...

We maintain a BUY rating on the stock.

Revenue & EBITDA grew by 6.4%YoY and 38.9%YoY respect. driven by India volume gr of 14.2% & cost savings offset by price decline

Tata Steel delivered a strong performance, driven by higher deliveries in India and the Netherlands. Margins and profitability saw a significant improvement owing to cost reduction measures. The Indian business is expected to remain supportive, with volumes likely to improve owing to the ramp-up of the Kalinganagar facility. Meanwhile, the Netherlands business is well-positioned to capitalise on the European Union steel policy, which is expected to aid the overall performance. The proposed divestment of the ferro alloys plant and the acquisition of the remaining 50% stake in Tata BlueScope Steel Private Limited are in line with the company's long-term growth strategy. Additionally, the implementation of safeguard duties...

About the stock: Tata Steel (TSL), part of the TATA group, is one of the world's most geographically diversified steel producers with operations across regions. Annual Crude Steel Production Capacity: India- 26.6 million ton (MT), Netherland- 7 MT, UK- 3.2 MT (upcoming), and Thailand- 1.7 MT. Event Update: Tata Steel has outlined long term growth strategy for its Indian operations. It includes: 1) 4.8 MTPA expansion at Neelachal Ispat Nigam (NINL) 2) Signing a MOU with Llyod Metals to collaborate in iron ore mining infrastructure and steel making 3) Setting up 6 MTPA greenfield capacity in Maharashtra 4)...

We retain our BUY rating on the stock.

Tata Steel on 10th Dec’25 has agreed to acquire a 50.01% stake in Thriveni Pellets (TPPL) from Thriveni Earthmovers (TEMPL) for a cash consideration of INR6.36b.

TSL's Indian operations will benefit from capacity expansion and the likely extension of the 12% safeguard duty, supporting domestic prices. Moreover, the EU import-control measures should also aid European steel pricing and strengthen Netherlands performance. On that note, we maintain BUY rating on Tata Steel with SOTP-based target price of 210...