Emkay Global Financial' research report on Tata Steel
TATA logged a strong Q2, with consol adj EBITDA of Rs89.7bn, led by volumedriven improvement in India, while seeing breakeven in Europe – with strength in Netherlands offsetting losses in UK. The mgmt guides for softer realizations, higher coking coal costs, continued UK margin pressure in Q3. Key projects and cost takeout initiatives are on track, though supply/demand surplus limits nearterm pricing upside.
Outlook
Incorporating weaker near-term trends, we expect a muted Q3FY26, but our FY27-28 estimates are unchanged, on expected price normalization as policy inflection plays its part. BUY; TP: Rs200.
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