Transcript of ''Tata Steel 2QFY27 Earnings Discussion''

AI summary - Consolidated 2QFY27 EBITDA margin improved to 16% from 15% in 1QFY27, despite cost inflation - India deliveries grew 16% QoQ; EBITDA per ton ~Rs 17,257; downstream and retail solutions growing fast - Netherlands Direct Sheet Plant restarted; 2Q EBITDA €72m (~€56/ton); second half expected stronger - UK volumes impacted by high imports; breakeven expected by 4QFY27 as inventory flushes out - FY27 cost transformation target Rs 7,000 Cr; Rs 1,800 Cr achieved in H1; program weighted to H2 - India iron ore sales to ramp from ~10 mt in FY27 to 14-15 mt in FY28; downstream growth includes tubes, tinplate - 3QFY27 price guidance: India +Rs 3,500-3,600/ton; UK +£28-30/ton; Netherlands mixed, annual contracts from 1QFY28 - Net debt Rs 91,423 Cr; net debt/EBITDA stable ~2.4x; capital allocation prioritizes India growth - Multiple analyst queries on UK breakeven timing; management expects breakeven by 4QFY27