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Tata Steel: Mixed Views on Stock After Q2 Results
11 Nov
Summary
- Nomura recommends 'buy' but cuts target price to ₹210.
- UBS maintains 'neutral' rating with a target price of ₹220.
- Company reported consolidated EBITDA of ₹10,500 crore.
As of November 11, 2026, Tata Steel's stock is under scrutiny following its September quarter financial performance, with global investment banks offering divergent perspectives.
Nomura has maintained a 'buy' rating but reduced its price target to ₹210, indicating a potential 13% upside. This adjustment reflects lower EBITDA estimates for the company's European operations in fiscal years 2028 and 2029, influenced by utilization rates, project delays, and the West Asia crisis. Nomura has also lowered its enterprise value to EBITDA multiple for Tata Steel.
UBS, meanwhile, holds a 'neutral' stance with a target price of ₹220, suggesting a 19% potential increase from its previous close. The bank noted that consolidated EBITDA reached ₹10,500 crore, surpassing estimates due to robust realizations. While India's business saw production and sales growth, the Netherlands operations were impacted by a direct sheet plant shutdown.
