Tata Steel share price hits all-time high after Motilal Oswal bullish call; brokerage sees 14% upside

Shares of Tata Steel Ltd hit an all-time high of Rs 211.39 on Thursday after Motilal Oswal Financial Services reiterated a bullish stance on the stock and maintained its ‘buy’ rating. The stock opened at Rs 211 and rose to a record high of Rs 211.39 during the session.

However, the stock later witnessed profit booking at higher levels. At the time of writing, Tata Steel shares were trading at Rs 207.96, down Rs 1.07 or 0.51 per cent for the day. The company’s market capitalisation stood at Rs 2.59 lakh crore. The stock has rallied sharply from its 52-week low of Rs 125.30.

Motilal Oswal maintains ‘buy’ with Rs 240 target

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Motilal Oswal has retained its constructive outlook on Tata Steel and maintained a ‘buy’ rating with a target price of Rs 240, implying an upside of about 14 per cent from current levels.

The brokerage said its positive view is driven by strong domestic steel demand, safeguard duty-led price support, ongoing capacity expansion, and signs of gradual recovery in the European business.

It expects steel demand in India to grow at 8–10 per cent compound annual growth rate between FY26 and FY30. Tata Steel’s expansion plans are also expected to support growth, with capacity projected to increase from 26.5 million tonnes per annum in FY25 to 40 million tonnes per annum by FY31.

The brokerage also highlighted improving steel prices. Hot rolled coil prices have risen from Rs 47,500 per tonne in Q3FY26 to around Rs 53,500 per tonne in February 2026. Higher prices are expected to improve realisations and profitability.

Motilal Oswal said Tata Steel’s European business is showing signs of turnaround. Losses are reducing, and the UK unit is nearing breakeven. It expects EBITDA per tonne to reach around Rs 13,000 by FY28.

JPMorgan also bullish, names Tata Steel top metal pick

JPMorgan has also maintained a positive outlook on Tata Steel and rated the stock ‘overweight’. The brokerage said the near- to medium-term steel price outlook remains supportive. Tata Steel is among JPMorgan’s top picks in the metal sector.

Strong quarterly and nine-month financial performance

Tata Steel reported strong earnings in Q3FY26. Consolidated net profit surged 723 per cent year-on-year to Rs 2,689 crore, compared with Rs 327 crore in the same quarter last year. Revenue rose 6 per cent to Rs 57,002 crore.

EBITDA increased 39 per cent year-on-year to Rs 8,309 crore, with margins at around 15 per cent. In India, EBITDA margin stood at a strong 23 per cent.

Operational performance also improved. Crude steel production in India rose 12 per cent year-on-year to 6.34 million tonnes, while deliveries increased 14 per cent to a record 6.04 million tonnes.

For the nine-month period ended December 2025, total income rose 3.7 per cent to Rs 1,70,402 crore. Net profit jumped 301 per cent to Rs 7,921 crore.