Tata Steel earnings calls.

Tata Steel delivered a steady Q3 FY26 with consolidated EBITDA of ₹8,309Current reported value: 8,309. No comparable prior figure is available in the source record. crore (15Current reported value: 15. No comparable prior figure is available in the source record.% margin), supported by record India volumes of 6.34 million tonsCurrent 6.34 million tons. Reported change: +12% QoQ. and cost savings of ₹3,000 croreCurrent reported value: ₹3,000 crore. No comparable prior figure is available in the source record. across geographies. India EBITDA margin remained strong at 23%Current reported value: 23%. No comparable prior figure is available in the source record., while Europe improved but remained under pressure from weak demand and imports. The company expects Q4 EBITDA to improve sequentially on higher volumes and price recovery, with India realizations up ~₹2,300/ton. Key risks include UK policy delays and coking coal cost inflation (~$15/ton QoQ). Management is bullish on Europe's structural turnaround via CBAM and safeguard revisions, but near-term UK losses persist without government action.