Phillip Capital Research

Y/E Mar, Rs mn	FY11	FY12	FY13	FY14E	FY15E
Price					448
Target					649
Reco					BUY
Net Sales	1,187,531	1,328,997	1,347,115	1,486,136	1,500,889
Growth (%)		12	1	10	1
EBIDTA	167,467	124,168	123,212	164,110	171,520
EBITDA Margin		9	9	11	11
Net Profit	82,470	20,278	3,323	36,225	34,796
Growth (%)		-75	-84	990	-4
EPS, Rs	86	21	3	37	36
PER, x	5.2	21.4	130.9	12.0	12.5
EV/EBIDTA, x	5	8	8	7	7
P/BV, x	1	1	1	1	1
ROE, %	23	5	1	9	8
Total debt/Equity (%)	136.4	117.1	175.8	178.8	156.5

Latest Reports
Date	Description	Country	Analyst	Download

25-Jan-2024	Tata Steel Q3FY24: India business to drive earnings; Europe losses bottomed out (Maintain Buy)	India	Vikash Singh
02-Nov-2023	Tata Steel Q2FY24: Europe dragged performance; India business to drive earnings (Maintain Buy)	India	Vikash Singh
17-Sep-2023	Tata Steel Company update: Tata to stay invested in UK- Near term cash outflow; long term beneficial (Maintain Buy	India	Vikash Singh
25-Jul-2023	Tata Steel Q1FY24: Outlook improving; India continue to drive earnings (Maintain Buy)	India	Vikash Singh
03-May-2023	Tata Steel Q4FY23: Indian operations to remain healthy; Europe has bottomed out (Upgrade to Buy)	India	Vikash Singh
07-Feb-2023	Tata Steel Q3FY23: Performance bottomed out; Europe pain to ease by 2HFY24 (Maintain Neutral)	India	Vikash Singh
01-Nov-2022	Tata Steel Q2FY23: Domestic performance to lag peers; Europe also under pressure (Downgrade Neutral	India	Vikash Singh
28-Jul-2022	Tata Steel Co Update: Stock split 10:1 effective from today; Adjusting target price to Rs 125	India	Vikash Singh
26-Jul-2022	Tata Steel Q1FY23: Performance to bottom out in 2Q; valuation remains attractive (Maintain Buy)	India	Vikash Singh
04-May-2022	Tata Steel Q4FY22: Business self-sustainable now; Strong cash flow to continue (Maintain Buy)	India	Vikash Singh
07-Feb-2022	Tata Steel Q3FY22: Strong cash flow to ensure Balance Sheet strengthening (Maintain Buy	India	Vikash Singh
13-Nov-2021	Tata Steel Q2FY22:Margins may have peaked out but deleveraging to continue (Maintain Buy)	India	Vikash Singh
13-Aug-2021	Tata Steel Q1FY22: Positive outlook intact; Europe set for record profitability (Maintain Buy)	India	Vikash Singh
07-Jul-2021	Tata Steel Company Update - Continue to focus on growing domestic business; strengthening balance sheet (Maintain Buy)	India	Vikash Singh
07-May-2021	Tata Steel Q4FY21: Good getting better; Deleveraging story to continue (Maintain Buy)	India	Vikash Singh
11-Feb-2021	Tata Steel Q3FY21: Positive outlook intact; Deleveraging impact is not fully factored in (Maintain Buy)	India	Vikash Singh
14-Nov-2020	Tata Steel 2QFY21: Strong domestic business to drive earnings; possible deal in Europe to further tame the debt (Maintain Buy)	India	Vikash Singh
14-Aug-2020	Tata Steel Q1FY21 result: Domestic business to bounce back; high debt capping upside potential (Maintain Buy)	India	Vikash Singh
30-Jun-2020	Tata Steel 4QFY20: Broadly in-line; Banking on domestic volume revival	India	Vikash Singh
07-Nov-2019	Tata Steel (TATA IN): Missed EBITDA and Debt target despite better standalone show (Maintain BUY)	India	Vikash Singh
07-Aug-2019	Tata Steel - Near term headwinds…Expect better cash flow management - Maintain buy	India	Vikash Singh