Tata Steel Limited

“Tata Steel's India operations — captive iron ore, coastal integration, and a genuine multi-decade volume runway — are worth owning, but they are buried under chronic European value destruction, ~₹87,000 Cr of consolidated debt, and a UK EAF transition that remains unproven. Consolidated ROCE has averaged below cost of capital for a decade, the Corus acquisition destroyed enormous shareholder value, and at ₹206 the stock prices in near-full execution with no buffer for disappointment. The India story has merit at the right price; this is not that price.”