09-Nov-2026 07:47:12

GOLDMAN SACHS ON TATA STEEL ; MAINTAINS NEUTRAL, TARGET PRICE ₹215 (CMP ₹190.20)

• Domestic operations remain highly efficient, while European operations continue to face uncertainty. • India steel realisations expected to rise ₹3,500/tonne QoQ, offsetting higher coking coal costs. • FY27 European cost savings could face challenges due to lower production volumes. • Net Debt/EBITDA at 2.4x remains within management's 2.5x guidance. • Domestic profitability expected to increasingly depend on downstream product mix until NINL capacity expansion by FY30.

TATA STEEL LIMITED

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