Tata Steel Ltd

- Tata Steel Ltd. has a significant outstanding ECB (External Commercial Borrowing) of $750 million, which is fully hedged (Page 22). - There is mention of ongoing project financing and capex plans, including an estimated Rs. 12,000 crore capex in India with allocations for downstream expansion and the NINL project (Page 13). - No explicit mention of new equity fundraising. - The company prepaid around Rs 9,100 crores of debt in the last 12 months using internal cash, contributing to deleveraging (Page 5). - Overseas debt is planned to reduce further by FY2028 as dollar bonds mature; only working capital lines overseas will remain (Page 5). - Discussions and final decisions on large investments hinge on regulatory clarity before further capital deployment (Page 9, 18).

- FY2027 consolidated capex expected around Rs 20,000 crores, with over 60% spent in India. - Ongoing India projects include downstream expansions: tinplate, wires, Hot Rolled Pickling and Galvanising Line (HRPGL) in Tarapur, coke oven projects in Jamshedpur, sustainable projects, and some allocation for NINL. - NINL (Neelachal) expansion progressing with site prep and approvals; Final Investment Decision (FID) expected between July–September, targeting completion around 2029-30. - Focus on downstream value-added products like tubes (targeting growth from 1.2 million to 4 million tons), wires (600,000-700,000 to 1 million tons), packaging, and color-coated steels (doubling capacity in next 12-24 months). - Investing in logistics via increased stake in TM International Logistics Ltd (TMILL), enhancing control over value chain and exploring waterways movement near Kalinganagar. - Plans for a commercial scale HIsarna plant (~1 million tons) in India in collaboration with Nucor to improve raw material flexibility and reduce costs. - Strategic bidding for iron ore leases near Eastern India and Maharashtra; exploring iron ore imports to feed new capacities closer to the coast.

- India steel volume expected to grow by at least 2 million tons in the current financial year, mainly due to ramp-up at Kalinganagar. - Brownfield expansions underway with projects like NINL (5 million tons) and Bhushan (1.5 million tons expansion), targeting growth by 2029-30. - Growth in downstream businesses (tubes, wires, colors, packaging) planned, aiming to increase volumes and EBITDA by 5-10% through value-added products. - Retail platform (including Tata Tiscon) expanding rapidly, enhancing reach especially in the retail segment and international diaspora customers. - Steel demand in India expected to remain strong, driven largely by infrastructure growth; previous 8-10% demand growth expectations may be recalibrated based on macroeconomic conditions. - In UK and Netherlands, price hikes and policy support expected to improve margins; Netherlands impacted short term due to production loss but recovery planned. - Overall, Tata Steel plans higher EBITDA and volume growth supported by capacity expansions, value-added product mix, and market demand.

- Tata Steel expects EBITDA improvement in 1Q and 2Q FY2027 driven by price increases in India, UK, and Netherlands, despite some cost pressures from energy and raw materials. - India’s EBITDA is projected to expand with realisations expected to be Rs. 6,000/t higher in 1QFY27 compared to 4QFY26. - UK’s EBITDA losses are narrowing, with adjusted pricing and new safeguard tariffs supporting margin expansion. - Netherlands’ margins will be under some pressure in the near term due to production loss but expected to improve as operations normalize. - Downstream businesses (tubes, wires, packaging, Colors) are targeted to grow significantly, enhancing EBITDA contribution by 5-10%. - Capacity expansion in India, including downstream and sustainable projects, supports long-term volume and earnings growth. - Overall consolidated EBITDA in FY2027 is planned to be higher than FY2026, with continued focus on margin improvement and cost transformation savings (~Rs 7,100 crores targeted). - Volume growth in India beyond FY2027 is expected to be moderate; focus is more on value-added products and margin quality rather than pure volumetric expansion.

The provided pages (9, 11, 16-22) from the Tata Steel Limited transcript do not explicitly mention current or expected order book status or pending orders in numeric or specific terms. However, related insights include: - The retail business Gross Merchandise Value (GMV) is growing fast, around Rs. 5,000 crores, reflecting strong order intake via online channels. - Demand in India for flat products remains strong, partly supported by robust auto industry demand. - Long product orders faced some softness in May due to construction sector challenges. - There is increased export opportunity due to weak rupee and rising international prices. - The company is strategically increasing downstream value-added product volumes to protect profitability and manage demand cyclicality. - No explicit mention of total order book value or pending orders given in these pages. If you require specific order book data, it appears not to be disclosed in the shared transcript sections.