Tata Steel Ltd. share price target

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...

Tata Steel recorded a disappointing quarter on a YoY basis owing to lower price realisation across regions. However, profitability increased on account of cost optimisation measures and higher other income. Other helpful factors were the company's strong liquidity, strategic investments, cost-competitive measures launched across all regions, the upgradation of IT infrastructure to improve corporate expenses and the rationalisation of downstream operations are expected to drive future growth. Additionally, with relation to the US-UK trade deal, steel and aluminium tariffs on the goods of UK origin have now been eliminated, and this is...

Tata Steel’s Q4FY25 performance met our and consensus estimates. Consolidated EBITDA at INR 65.6bn (up 11% QoQ) was in line with our estimates, standalone EBITDA/te was up INR 1,000 QoQ.

TSUK breakeven by Jul'25, ongoing TSN restructuring and planned cost transformation at all Indian units to drive savings of Rs115bn in FY26. Tata Steel (TATA) delivered strong sequential cons operating performance aided by inline standalone and improved other subsidiaries. TSI EBITDA declined 13% YoY on sharp 9% YoY decline in NSR and muted 3.3% YoY volume growth. European subs continued to make EBITDA losses led by UK. Domestic prices have inched up post February in anticipation of safeguard duty and...

we maintain our BUY rating on the stock

Tata Steel (TSL) has embarked on a major transformation plan at Tata Steel Netherlands (TSN) – built on a multi-pronged approach to maximise production efficiencies, lower fixed costs, optimise product mix and margins.

Tata Steel Nederland (TSN) has adopted a comprehensive transformation program to maximize production efficiencies, reduce fixed costs, and optimize product mix and margins.

We maintain the BUY rating.

Tata Steel (TATA)’s 3QFY25 revenue came in line at INR328b, -5% YoY (+1% QoQ), primarily due to a weak ASP, which dipped 13% YoY and 2% QoQ to INR61,929/t.

We upgrade to BUY from HOLD as we roll forward our valuation to Sep'26.

Q2 call highlighted transient issues like delay in break-even at TSK, weaker margin outlook extending to Q3 and lower profitability at TSN

2QFY25 revenue stood at INR324b (-5% YoY/-2% QoQ), in line with our estimate of INR326. The QoQ decline was due to weak realization.

We downgrade to HOLD from BUY rating on the stock.

Q1 results confirmed a rebound in Netherlands for recovery from losses in Europe and stable profitability in India operations

Tata Steel’s (TSL) Q1FY25 performance was ahead of our and consensus estimates. Standalone EBITDA/te was ahead of our estimates mainly due to lower raw material (RM) cost.