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Tata Steel share rally extended for a second consecutive session as investors cheered the company’s better-than-expected Q3FY26 performance
Metal Share Price
Tata Steel Share Price: Tata Steel shares climbed 4.5 per cent in intraday trade on February 10, hitting a fresh all-time high of Rs 211 apiece. The rally extended for a second consecutive session as investors cheered the company’s better-than-expected Q3FY26 performance.
In the previous session, the stock had ended 2.5 per cent higher following the announcement of its December quarter results on Friday. The earnings impressed not only the Street but also analysts, many of whom revised their target prices upward, sustaining the positive momentum.
Analysts cited expectations of an improvement in Tata Steel’s European business over the coming quarters, aided by ongoing cost-reduction initiatives, as a key reason for raising their valuation multiples.
While near-term uncertainties persist due to price volatility stemming from trade barriers such as CBAM, tariffs and import quota reductions, brokerages remain constructive on the company’s long-term prospects.
Brokerages See Upside Up to Rs 240
Motilal Oswal said Tata Steel delivered a steady Q3FY26 performance, largely driven by healthy volumes, though partially offset by muted net sales realisation (NSR) in India. The brokerage expects EBITDA from European operations to improve in the coming quarters, supported by restructuring measures, capacity ramp-up in the Netherlands and lower fixed costs.
It raised its FY26E earnings estimates, increasing EBITDA by over 2 per cent and PAT by more than 3 per cent on the back of better volume and NSR outlook. FY27E EBITDA was also nudged up by 2 per cent to reflect improved pricing and cost assumptions. The brokerage maintained its ‘Buy’ rating with a revised target price of Rs 240 per share.
Axis Securities also turned more optimistic, increasing its Europe valuation multiple from 4x to 6x. It highlighted a structural shift in Europe’s steel market due to CBAM and potential tariff hikes, which could result in higher steel prices. Factoring in marginally higher hot rolled coil (HRC) prices and improved downstream premiums, the brokerage raised its FY27 and FY28 EBITDA estimates. It lifted the target price to Rs 220 from Rs 195, while retaining a ‘Buy’ rating.
JM Financial also revised its FY27 and FY28 earnings estimates upward by 12–13 per cent and increased its fair value to Rs 240 per share, citing an improved steel price outlook across regions. The brokerage reiterated its ‘Buy’ call on the stock.
Tata Steel Q3FY26 Results
Tata Steel reported a sharp jump in consolidated net profit to Rs 2,731 crore in the December quarter, aided by higher revenues. Revenue rose to Rs 57,504 crore from Rs 53,870 crore in the year-ago period.
Breaking down the numbers, Tata Steel India and Neelachal Ispat Nigam generated revenue of Rs 37,142 crore, up from Rs 34,219 crore in Q3FY25. However, Tata Steel UK posted revenue of Rs 5,536 crore, slightly lower than Rs 5,665 crore recorded in the corresponding quarter of the previous fiscal.
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February 10, 2026, 13:51 IST
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