Guidance ledger · Q4 FY26

Tata Steel Ltd TATASTEEL

3 revisions on record · 1 lowered · 0 raised — the strikethrough is what management used to say

mixed guidance posture · shifted across quarters

Holding view → · latest concall · The pulse

→ narrowed Rs 11,500 cr cost transformation program Q1 FY26 → Q4 FY26

~~Rs 11,500 cr target over 12-18 months; Rs 2,900 cr Q1 traceable delivery at 98% compliance (Q1FY26)~~ → Rs 10,868 cr delivered / 95% compliance to plan; Rs 7,100 cr FY27 next wave

“In terms of execution, the cost transformation program has achieved 95% compliance to the stated plan of Rs 11,500 crores.”

↓ lowered UK 4QFY26 EBITDA breakeven Q1 FY26 → Q4 FY26

~~firm commit - 'we still want to ensure that the FY2026 exit in 4Q is on a breakeven' (Q1FY26)~~ → QoQ improvement only; EBITDA-positive trajectory pushed into FY27 amid National Grid electricity delay

“the EBITDA losses will shrink this quarter compared to last quarter”

→ narrowed FY27 India volume guidance Q3 FY26 → Q4 FY26

~~deferred ('finalising a plan, we'll give you that guidance in the next analyst call') (Q3FY26)~~ → at least +2 million tons YoY led by Kalinganagar ramp + partial Ludhiana

“The volume will be at least 2 million tons better in this financial year compared to the previous financial year”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.