• Europe turnaround timeline: Tata Steel expects the UK and Netherlands combined to reach positive EBITDA in Q2, with the UK unit turning EBITDA positive on a standalone basis by Q4.
• India output and realizations: Full-year domestic production volume is projected to grow by 2 million tons year-on-year, though overall Q2 realizations are guided to fall by ₹1,500 per ton compared to Q1 due to monsoon softness in long products.
• NINL expansion capex: The 4.8 million-ton expansion at NINL is scheduled for completion within 48 months, with capex outflow spread over 5 to 6 years and funded through internal cash generation.
• UK transformation schedule: Facing an estimated 12-month power delay from the National Grid, management expects the UK plant to be ready by 2028 and commence production in 2029.
• Debt and leverage: The sequential 5% rise in net debt was driven by temporary working capital requirements, and management intends to keep the net debt-to-EBITDA ratio within the target range of 2.3 to 2.5.