Tata Steel - Well Poised For Capacity Expansion With Healthy Balance Sheet: Prabhudas Lilladher
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Prabhudas Lilladher Report
We attended Tata Steel Ltd.’s analyst day. Management shared capacity allocation policy focusing on:
expanding upstream steel capacity in India by 15 million tonne beyond FY25 to 40 million tonne,
augmenting downstream capacity with investment in cold rolling, ductile iron pipes, tinplate, tubes and wires,
entering businesses like electric arc furnace based steel, niche new materials business with product offerings of composites and graphene and
expanding infrastructure and logistics to support the movement of expanded steel capacity.
Capex intensity would almost double based on annual capex guidance of Rs 100 billion-120 billion for next five years.
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