Tata Steel Ltd 144A (TATLY) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, good day and welcome to the Tata Steel analyst call. Please note that this meeting is being recorded. The attendees audio and video has been disabled from the back end and will be enabled subsequently. I would now like to hand the conference over to Ms. Samita Shah. Thank you and over to you ma'am. Thanks, Kanshuk. Good afternoon, good morning, and good evening to all our viewers who have dialed into this call. On behalf of Tata Steel, I'm delighted to welcome you to this call where we will discuss our results for the quarter one of FY26. The call is being led by Mr. T.D. Narendran, CEO and MD, and Mr. Kaushik Chatterjee, ED and CFO of Tata Steel. As is the norm, we will make some opening comments before we open the floor for questions. Before I hand it over to them, I just wanted to remind all our participants that the entire discussions will be governed by the disclaimer, which is on page two of the presentation, which discusses our results. Thank you and over to you, Narendra. Hi, good afternoon, everyone. As Samita mentioned, I'll make a few comments and then pass on to Kaushik. At an overall level, the US policy, the geopolitical tensions and the macroeconomic situation in China are certainly shaping steel trade flows leading to volatility in regional prices. And steel prices increased in April in India, aided by the expectations around safeguard measures. But with China's steel exports averaging at over 9 to 10 million tons per month, the pricing trend softened a bit by June and in July as well. More recently in China, we've seen the prices go up in the last few days, but the impact of that is yet to be seen. So while the raw material prices continue to moderate, steel spot spreads peaked mostly in April and since then have faced some pres...