Hold Tata Steel; target of Rs 110: ICICI Direct

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26 Aug, 2025 12:21

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ICICI Direct's research report on Tata Steel

Tata Steel Group is among the top global steel companies with an annual steel production capacity of ~34 million tonnes per annum (MTPA). Tata Steel (TSL) is one of the world’s most geographically diversified steel producers, with operations and commercial presence across the world • TSL has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked among top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.

Outlook

On the back of significant increase in consolidated net debt levels sequentially coupled with an expected decline in EBITDA/tonne of Tata Steel European operations during H2FY23E (when compared with H1FY23), we downgrade the stock from BUY to HOLD. We value TSL at Rs 110, based on SoTP valuation.

For all recommendations report, click here

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Tata Steel - 03-11-2022 - icici