Tata Steel slides 2.75% at open despite in-line Q2 results; analysts divided

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Sell orders accounted for 71.18 per cent of total order flow against 28.82 per cent buy interest, with over 2.45 crore shares changing hands worth ₹459.92 crore by 11.33 pm.

By Anupama Ghosh

Updated - November 09, 2026 at 11:54 AM.

The sell-off comes despite Tata Steel reporting a broadly in-line set of numbers for the July-September quarter. Consolidated EBITDA rose 18 per cent year-on-year and 14 per cent quarter-on-quarter to ₹10,665 crore, with India operations delivering a 25 per cent EBITDA margin. | Photo Credit: REUTERS/PHIL NOBLE

Shares of Tata Steel fell sharply on Monday morning, dropping 2.75 per cent to ₹184.97 by mid-session after opening at ₹192.50, as heavy selling dominated early trade following the company’s quarterly results announced over the weekend. Sell orders accounted for 71.18 per cent of total order flow against 28.82 per cent buy interest, with over 2.45 crore shares changing hands worth ₹459.92 crore by 11.33 pm. The stock touched a session low of ₹184.58, well below its previous close of ₹190.20, and remains about 17.5 per cent off its 52-week high of ₹224.40 hit in May.

The sell-off comes despite Tata Steel reporting a broadly in-line set of numbers for the July-September quarter. Consolidated EBITDA rose 18 per cent year-on-year and 14 per cent quarter-on-quarter to ₹10,665 crore, with India operations delivering a 25 per cent EBITDA margin. Tata Steel Netherlands swung sharply to ₹790 crore EBITDA from just ₹39 crore in the preceding quarter, aided by the restart of the Direct Sheet Plant in August. UK operations, however, remained a drag, posting an EBITDA loss of ₹719 crore as deliveries fell 22 per cent quarter-on-quarter amid weak demand and supply-chain inventory build-up.

Brokerages are split on the stock’s near-term prospects. Elara Securities maintained a Buy with a ₹235 target, flagging guided India realisation improvement of ₹3,500-3,600 per tonne in Q3. CLSA retained an Outperform rating with a ₹225 target, while Nuvama and Kotak upgraded their stances to Buy and Add with targets of ₹219 and ₹200, respectively. Motilal Oswal kept its Buy call with a ₹220 target. Goldman Sachs held a Neutral view with a ₹215 target, citing unresolved European regulatory uncertainties and challenging market conditions as offsetting factors.

Management guided for a stronger second half, anchored by higher domestic volumes, rising steel realisations, and the Netherlands plant targeting quarterly deliveries of around 1.7 million tonnes. The UK is expected to approach breakeven by Q4FY27. Net debt stood at ₹91,423 crore, translating to a net debt-to-EBITDA ratio of 2.4x.

Published on November 9, 2026

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• Tata Steel Ltd

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