Tata Steel share price soars 4%, hits fresh all-time high as post-earnings rally extends to second day — Time to buy?

Tata Steel share price surged another 4.5% in the intraday session on February 10, reaching a new all-time high of ₹211 apiece. Investors continued to express optimism following the company’s better-than-expected performance in Q3FY26.

In the previous trading session, the company’s shares closed 2.5% higher after the release of its December quarter performance on Friday. The numbers not only excited the Street but analysts, too, who revised their target prices for the stock, supporting the momentum for a second straight session.

Expectations of an improvement in the company’s European business in the coming quarters, supported by ongoing cost takeout plans, have prompted analysts to raise their target multiples for the stock.

Though there are near-term uncertainties related to price volatility due to trade barriers (CBAM, tariffs, and import quota reductions), analysts remain positive on Tata Steel's long-term outlook.

Brokerages expect Tata Steel's share price to rise as high as ₹240

Domestic brokerage firm Motilal Oswal said Tata Steel posted a decent performance in Q3FY26 as anticipated, primarily driven by healthy volumes, which were partially offset by muted net sales realisation (NSR) in India.

The brokerage expects EBITDA performance in the company’s European operations to improve in the coming quarters on account of its cost-restructuring measures. Capacity ramp-up in the Netherlands and lower fixed costs should also support overall EBITDA performance going forward.

Accordingly, the brokerage raised its FY26E earnings estimates, with EBITDA increased by over 2% and PAT by over 3%, driven by better volume and NSR outlook. It also marginally raised its FY27E EBITDA by 2% to reflect the improved outlook on pricing and costs. Thus, it maintained its ‘Buy’ rating on the stock with a target price of ₹240 apiece.

Axis Securities also raised its valuation multiple for Europe from 4x to 6x, citing a structural shift in Europe’s steel landscape due to CBAM and potential tariff hikes, which it expects could drive higher steel prices for the company.

Amid this, the brokerage lifted its FY27 and FY28 EBITDA estimates, factoring in slightly higher steel HRC prices and improved downstream premiums. Consequently, Axis Securities raised Tata Steel share price target to ₹220 from an earlier target of ₹195 apiece, while retaining its ‘Buy’ rating.

Another brokerage firm, JM Financial, also revised its earnings estimates upward for FY27 and FY28 by 12–13% and raised its fair value to ₹240 per share to factor in an improved steel price outlook across regions, while maintaining its ‘Buy’ rating on the stock.

Tata Steel Q3 results 2026

The company’s consolidated net profit jumped manifold to ₹2,731 crore in the December quarter, supported by higher revenues, which rose to ₹57,504 crore during the quarter from ₹53,870 crore in the year-ago period.

Sharing a break-up of the revenue numbers, the company said Tata Steel India and Neelachal Ispat Nigam earned revenue of ₹37,142 crore, higher than ₹34,219 crore in Q3FY25. Tata Steel UK registered revenue of ₹5,536 crore, down from ₹5,665 crore in the October–December FY25 quarter.

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