For Tata Steel’s India Business, the management directed NSR to be flat QOQ in Q4 FY25. The announcement of any security duties will support pricing in the near period.
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Motilal Oswal Report
India Business of Tata Steel Limited posted a decent performance, which was inspired by low cost. With the growing government, Domestic demand is expected to improve in Q4. Expenditure and construction activities. The management hopes to reduce the quarters coming from the UK operations as well as to reduce the capacity ramp-up and low fixed costs in the Netherlands, promoting the overall Ebitda performance of its European operations.
Although there are close-term challenges related to high imports and low feeling, the long-term approach to Tata Steel is strong. While India’s business is expected to continue its strong performance, the improvement in performance in European business will support overall earnings.
We have reduced our revenue/ebitda estimates 4%/5% for both FY25/26 and 5%/10% for FY26/FY27. Tata Steel is trading at 5.6x FY27E Enterprise Value/Ebitda and 1.6X FY27E P/B. We repeat our neutral ratings with a revised SOTP-based target price of Rs 140.
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Rejuvenation
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