Transcript of ''Tata Steel 4QFY2026 and FY2026 Earnings Discussion''

[Motilal Oswal Conference] AI summary - FY26 consolidated EBITDA rose 35% YoY to Rs 34,848 Cr; margin expanded 320 bps to ~15% - India crude steel production up 8% YoY to ~23 MT; downstream volumes at record levels - UK EBITDA losses narrowed to -£217M; Netherlands EBITDA tripled to €267M; combined UK & NL EBITDA positive - FY27 capex guided at Rs 20,000 Cr, 60%+ in India; NINL merger approved, completion targeted FY27 - UK EAF project delayed 6-8 months due to power infrastructure; working with govt for resolution - Tata Steel Netherlands plans safe closure of coke and gas plants; material uncertainty flagged due to regulator letter - FY27 India volume growth expected +2 MT; downstream to be 50-60% of volume mix - FY27 price hikes: India +Rs 6,000/t, UK +£80/t, Netherlands +€80/t; margin expansion expected in India and UK - Net debt reduced; FY26 free cash flow Rs 10,738 Cr; dividend Rs 4/share proposed