Tata Steel Ltd. Brokerage/Research Reports, analyst Research Reports (2024)

Broker Report

Tata Steel (BUY): India growth to take centre stage; maintain BUY

BOB Capital Markets Ltd.

Profit has likely bottomed in Q2 as operations in Netherlands return to breakeven and India's H2 demand outlook looks up

Broker Report

Tata Steel

SMC online

Broker Report

Result Update:Tata Steel

Axis Direct

We maintain our BUY rating on the stock post the removal of the overhang of the UK business restructuring.

Broker Report

Tata Steel (BUY): UK transition to dispel overhang, reiterate BUY

BOB Capital Markets Ltd.

Decarbonisation of UK operation can sharpen competitiveness and add potential value of Rs 6-7/sh for TATA

Broker Report

Company Update:Tata Steel

Axis Direct

We revise our rating on the stock from HOLD to BUY.

Broker Report

TATA STEEL LIMITED

Prabhudas Lilladhar

Broker Report

Turning over a new leaf

ICICI Securities Limited

Tata Steel (TSL) has announced deep restructuring of its UK operations (TSUK) with twin objectives of business continuity and sustainability. Key points: 1) Existing blast furnaces to be replaced by 3mtpa Electric Arc Furnace (EAF); 2) 40% of GBP 1.25bn investment to be funded through the grant by the UK government; 3) cost differential of GBP 150-170/te compared to current operations.

Broker Report

TATA STEEL

Geojit BNP Paribas

Broker Report

Tata Steel (BUY): Thrust on expansion capex, Europe breakeven key positives

BOB Capital Markets Ltd.

Q1 EBITDA broadly in line as standalone operations continued to clock a high EBITDA margin of Rs 14k/t

Broker Report

Meets estimates; UK operations in focus

ICICI Securities Limited

Tata Steel’s (TSL) Q1FY24 EBITDA of INR 51.7bn (down 65% YoY) met consensus estimates on the back of higher realisation in domestic operations. Key points: 1) standalone EBITDA/te at INR 14,528 was ahead of our estimates owing to existing contracts and better export realisations; 2) EBITDA/te loss at Tata Steel Europe (TSE) at USD 96 was broadly in line; 3) working capital build-up of INR 25bn QoQ led to net debt increase of INR 35.8bn QoQ; and 4) capex was at INR 41bn as KPO-II expansion stays on course.

Broker Report

Result Update:Tata Steel

Axis Direct

We maintain a HOLD rating on the stock on account of overhang of the restructuring of UK assets.

Broker Report

Tata Steel: Q1FY24 Result Review

IDBI Capital

Broker Report

Tata Steel

SMC online

Broker Report

Strong domestic growth story; capacity expansion underway

Motilal Oswal

Broker Report

TATA STEEL

Geojit BNP Paribas

Broker Report

Capacity expansion to drive growth

Motilal Oswal

Broker Report

Tata Steel (BUY): Project visibility improving, maintain BUY

BOB Capital Markets Ltd.

Q4 demonstrated a strong comeback from a low point in India; Europe likely to recover gradually from Q2FY24

Broker Report

Result Update:Tata Steel

Axis Direct

We maintain a HOLD rating on the stock on account of macro headwinds and the outcome overhang of the restructuring of UK assets.

Broker Report

Ticks all boxes

ICICI Securities Limited

Tata Steel’s (TSL) Q4FY23 consolidated EBITDA of Rs.72.2bn (down 52% YoY) was significantly ahead of the street’s estimates, mainly due to robust standalone performance. Highlights: 1) lower coal cost and higher realisation QoQ lifted standalone EBITDA/te to Rs16,236

Broker Report

Tata Steel

ICICI Direct