Tata Steel Ltd 144A

Ladies and gentlemen, we thank you for your patience. A good day and welcome to the Tata Steel Analyst Call. Please note that this meeting is being recorded. All the attendees' audio and video has been disabled from the back end and will be enabled subsequently. I would now like to hand over the conference to Ms. Samit Asha. Thank you and over to you, ma'am.

Thank you, Kinshuk. Good evening, everyone joining us from India and the Far East. And good afternoon to those of you joining us from the West. We're starting a few minutes late, and thank you for your patience. I'm delighted to welcome you all to this call on behalf of Tata Steel, where we will discuss our results for the third quarter of FY26. I hope you had a chance to go through our press release as well as the presentation, which is up on our website. And to help you better understand her performance, we will walk you through some of the details and obviously take any questions you may have. We have with us today Mr. T.V. Narendran, our CEO and Managing Director, and Mr. Kaushik Chatterjee, our Executive Director and CFO. Before I hand it over to them, I would just like to remind you all that this call will be governed by the Safe Harbor Clause, which is on page two of the presentation. Thank you and over to you, Nadia.

Good evening everyone. Sorry about the delay. So let me start with a few comments before I hand over to Kaushik. The global operating environment remains complex with policy uncertainty and resource prioritization reshaping the interplay between geopolitics, social and market dynamics. At the same time, Chinese, Finnish steel exports crossed 110 million tons for the second time in a row. which had a significant impact on the regional trade in steel as well as the global trade in steel. Steel prices diverged across the regions during the quarter and amidst this, Stata Steel has delivered a consistent performance with a consolidated EBITDA margin improving by about 300 basis points year-on-year for the nine months ended 31st December 2025. India is a core market and the crude steel production rose about 12% quarter on quarter and year on year it went up to 6.34 and year on year as well and went up to about 6.34 million tonnes. And the sales ramped up in line with the production and outpaced the domestic demand, taking quarterly deliveries past 6 million tonnes for the first time for Tara Steel. in India. Along with the ongoing cost optimization, this helped offset the drop in net steel realizations on a quarterly, quarter to quarter basis and delivered a 23% EBITDA margin during the quarter. Some of the segmental highlights are the automotive and special products business delivered the best ever quarterly and nine month volumes driven by rapid OEM approvals for the advanced steel grades from our Kalinga Nagar plant. The cold rolling mill and the galvanizing lines are ramping up very well. The auto downstream mix is now more than 50% at the 9-monthly sales level, reinforcing our leadership and preferred supplier position. We continue to strengthen our position in branded in the retail segment. Our well-established retail brand, Tata Tiscone, achieved the best ever third quarter volumes, while our cold-rolled brand for MSMEs, Tata Stelium, grew 20% quarter-on-quarter, again helped by cold-rolling mill in Kalinga Nagar. Our omni-channel model is deepening customer engagement. And with Asiana and Digica, we achieved a gross merchandise value of almost 2,380 crores, which is 68% up year-on-year. Our commitment to product development and innovative solutions has helped secure internationally certified steel gates for oil and gas and shipbuilding. And we introduced mobile boat pile cages for the first time in India, offering a ready-to-use solution that enhances productivity and lowers project costs in challenging terrains. Our tubes business achieved the best of our quarterly volumes on account of 0.3 million ton capacity addition and a dominant share of the high-value infrastructure projects. We remain committed to the India growth strategy by investing in capacity, downstream facilities and sustainable steelmaking. And in relation to our recent announcements, I'm happy to share that we've consolidated our stake in the colour-coded business and completed the acquisition of the 50.01% stake in Triveni Pellets Pvt Ltd. Moving to UK, our delivery stood at 0.5 million tonnes lower quarter on quarter due to the subdued demand and the UK steel safeguard measures due to expired In June 26, the framework needs to be revised to reflect the market conditions and narrow the policy gap with the EU. In Netherlands, the liquid steel production was broadly stable at 1.7 million tonnes, while deliveries were 1.4 million tonnes. Lower steel realisations were partly offset by better controllable costs, and the sentiment in the EU is improving, supported by the CBAM rollout and the expected safeguard revisions from June 2026. We also commissioned a new production line for packaging steel using patent travel and chromium coating technology to enable sustainable and regulation-ready manufacturing. I will now hand over to Kaushik for his comments.