Tata Steel

₹109.2 -1.9 | 1.8%

WEBSITE BSE:500470 NSE : TATA STEEL 09 Jun, 13:35

Market Cap ₹133397 Cr.

Stock P/E 15.2

P/B 1.3

Current Price ₹109.2

Book Value ₹ 86.1

Face Value 1

52W High ₹124.3

Dividend Yield 3.3%

52W Low ₹ 82.7

Edit Ratio

Tata Steel Research see more...

Equity Research Report: Tata Steel

Tata Steel plunged on the subdued report card, guidance and export duty

Overview Inc. Year: 1907Industry: Steel & Iron Products

Tata Steel Limited is an India-based steel production company. The Company is engaged in the enterprise of steel making, together with raw material and finishing operations. Its merchandise include hot-rolled (HR), cold-rolled (CR), lined coils and sheets, covered metal coils and sheets, precision tubes, tyre bead wires, spring wires, bearings, galvanized iron (gi), wires, agricultural and lawn equipment, conveyance tubes. Its segments comprises Agriculture, Automotive, Steels, Construction, Consumer Goods, Energy and Power, Engineering, Material Handling. The Company operates below these brands Tata Agrico/ Agriculture, Construction & Hand Tools, Tata Astrum, Tata Bearings, Tata Ferro Alloys and Minerals Division, Tata Steel Industrial By-products Management Division (IBMD), Tata Pipes, Tata Precision and others.

Tata Steel Share Price

Volume

Price

Price: NSE50 DMA200 DMAVolume

Quarterly Price

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Peer Comparison

Tata Steel Quarterly Results

#(Fig in Cr.)	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Net Sales	39594	49977	53372	60283	60783	69324	63430	59878	57084	62962
Other Income	215	272	162	271	60	292	268	329	271	170
Total Income	39809	50250	53534	60554	60843	69616	63698	60207	57354	63131
Total Expenditure	30131	35793	37261	43827	44889	54294	48457	53817	53036	55742
Operating Profit	9679	14456	16273	16727	15953	15322	15241	6390	4318	7389
Interest	1778	1866	1811	1020	1532	1099	1218	1519	1768	1794
Depreciation	2275	2392	2325	2289	2244	2243	2237	2348	2368	2382
Exceptional Income / Expenses	-154	-991	-182	516	-193	-274	-39	-19	160	12
Profit Before Tax	5472	9206	11954	13934	11983	11706	11747	2503	342	3225
Provision for Tax	1572	2195	2308	1572	2567	2030	4192	1308	2905	1755
Profit After Tax	3901	7012	9646	12362	9416	9676	7554	1195	-2562	1470
Adjustments	-203	-367	-739	-444	157	80	210	319	339	235
Profit After Adjustments	3697	6644	8907	11918	9573	9756	7765	1514	-2224	1705
Adjusted Earnings Per Share	3.2	5.5	7.4	9.9	7.8	8	6.4	1.2	-1.8	1.4

Tata Steel Profit & Loss

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	TTM
Net Sales	132900	134712	148614	139504	101965	112299	123249	157669	148972	156477	243959	243354
Other Income	1624	623	573	888	524	595	1011	1421	1828	896	785	1038
Total Income	134523	135334	149186	140391	102489	112895	124260	159090	150799	157373	244744	244390
Total Expenditure	120533	122534	132259	127059	94108	95360	101945	128286	131150	125973	180469	211052
Operating Profit	13990	12800	16928	13332	8381	17535	22314	30804	19650	31400	64275	33338
Interest	4250	3968	4337	4848	4221	5072	5455	7660	7581	7607	5462	6299
Depreciation	4517	5575	5841	5944	5306	5673	5742	7342	8708	9234	9101	9335
Exceptional Income / Expenses	3362	-7390	-28	-3929	3990	-4324	9599	-121	-4930	-1043	-134	114
Profit Before Tax	8585	-4133	6722	-1388	2733	2474	20956	15906	-1380	13844	50227	17817
Provision for Tax	3636	3229	3058	2567	690	2778	3392	6718	-2553	5654	8478	10160
Profit After Tax	4949	-7362	3664	-3956	2043	-304	17564	9187	1172	8190	41749	7657
Adjustments	441	305	-69	30	-2426	-3936	-4129	1031	384	-700	-1595	1103
Profit After Adjustments	5390	-7058	3595	-3926	-383	-4241	13434	10218	1557	7490	40154	8760
Adjusted Earnings Per Share	5.3	-6.9	3.5	-3.9	-0.4	-4.2	11.7	8.9	1.4	6.3	32.9	7.2

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	56%	16%	17%	6%
Operating Profit CAGR	105%	28%	30%	16%
PAT CAGR	410%	66%	0%	24%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	4%	49%	13%	15%
ROE Average	45%	19%	22%	10%
ROCE Average	33%	16%	17%	11%

Tata Steel Balance Sheet

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Shareholder's Funds	43061	34552	40884	31531	41458	35544	58596	66650	71301	73464	114443
Minority's Interest	1091	1669	1738	1704	781	1602	937	2364	2587	3270	2655
Borrowings	47513	49133	54641	67950	67148	66297	75064	82618	96380	66473	44764
Other Non-Current Liabilities	8047	9595	10549	12114	19544	18663	18464	20107	17220	29836	29971
Total Current Liabilities	47483	52285	64123	45972	47954	50322	55661	60909	61248	70867	90397
Total Liabilities	147196	147235	171936	159271	176884	172447	208722	232773	249149	243909	282422
Fixed Assets	59287	68002	74907	68100	72200	92007	96105	124442	134551	135775	133288
Other Non-Current Assets	29698	23950	38174	36003	58892	29506	44740	49341	55866	47922	56577
Total Current Assets	56808	54225	57989	53740	45766	51018	67781	57381	58168	60112	92256
Total Assets	147196	147235	171936	159271	176884	172447	208722	232773	249149	243909	282422

Tata Steel Cash Flow

#(Fig in Cr.)	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Opening Cash & Cash Equivalents	10806	10513	9669	8406	8177	6077	4850	7784	3270	7732	5532
Cash Flow from Operating Activities	11385	14035	13146	11880	11455	10824	8023	25336	20169	44327	44381
Cash Flow from Investing Activities	-3705	-13297	-16451	-8422	-9254	-9076	-12026	-29211	-14530	-9323	-10881
Cash Flow from Financing Activities	-8462	-1780	1015	-2617	-4729	-2579	6640	-673	-1695	-37090	-23401
Net Cash Inflow / Outflow	-783	-1042	-2291	840	-2528	-831	2638	-4548	3944	-2086	10099
Closing Cash & Cash Equivalent	10657	9669	8451	8648	6109	4832	7784	3270	7732	5532	15607

Tata Steel Ratios

#	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022
Earnings Per Share (Rs)	5.29	-6.92	3.53	-3.85	-0.38	-4.17	11.74	8.93	1.36	6.26	32.89
CEPS(Rs)	9.29	-1.75	9.32	1.95	7.22	5.27	20.36	14.44	8.63	14.55	41.65
DPS(Rs)	1.2	0.8	1	0.8	0.8	1	1	1.3	1	2.5	5.1
Book NAV/Share(Rs)	40.83	32.84	39.24	29.51	37.82	31.19	51.05	58.15	62.44	61.09	92.99
Core EBITDA Margin(%)	9.09	8.77	10.67	8.62	7.39	14.43	17.17	18.64	11.96	19.49	26.02
EBIT Margin(%)	9.44	-0.12	7.22	2.4	6.54	6.43	21.28	14.95	4.16	13.71	22.83
Pre Tax Margin(%)	6.31	-2.98	4.39	-0.96	2.57	2.11	16.89	10.09	-0.93	8.85	20.59
PAT Margin (%)	3.64	-5.3	2.39	-2.74	1.92	-0.26	14.15	5.83	0.79	5.23	17.11
Cash Profit Margin (%)	6.96	-1.29	6.2	1.38	6.91	4.57	18.78	10.48	6.63	11.13	20.84
ROA(%)	3.5	-5	2.3	-2.39	1.22	-0.17	9.22	4.16	0.49	3.32	15.86
ROE(%)	12.85	-19.61	9.97	-11.29	5.96	-0.87	38.95	14.7	1.7	11.33	44.72
ROCE(%)	12.73	-0.16	9.69	2.92	5.9	6.29	19.57	14.58	3.44	12.44	33.05
Receivable days	39.85	37.96	35.73	37.08	43.55	37.22	35.73	28.75	25.57	20.98	16.3
Inventory Days	66.64	65.32	60.71	65.8	77.51	70.87	79.29	71.17	80.38	76.67	61.42
Payable days	98.22	113.27	122.74	137.72	169.58	173.47	154.79	128.01	126.41	154.1	137.14
PER(x)	8.48	0	10.64	0	0	0	4.86	5.84	19.84	12.98	3.97
Price/Book(x)	1.1	0.91	0.96	1.02	0.8	1.47	1.12	0.9	0.43	1.33	1.41
Dividend Yield(%)	2.55	2.56	2.54	2.52	2.5	2.07	1.75	2.5	3.71	3.08	3.9
EV/Net Sales(x)	0.73	0.68	0.76	0.75	1.07	1.13	1.23	1.01	0.95	1.1	0.87
EV/Core EBITDA(x)	6.94	7.13	6.71	7.88	13.01	7.25	6.8	5.19	7.2	5.51	3.31
Net Sales Growth(%)	11.91	1.36	10.32	-6.13	-26.91	10.14	9.75	27.93	-5.52	5.04	55.91
EBIT Growth(%)	-20.07	-101.28	6808.91	-68.72	101.01	8.51	250.01	-10.77	-73.69	245.96	159.62
PAT Growth(%)	-44.12	-248.78	149.77	-207.96	151.64	-114.9	5870.34	-47.69	-87.24	598.51	409.77
EPS Growth(%)	-40.78	-230.95	150.93	-209.2	90.24	-1007.79	381.75	-23.94	-84.77	360.05	425.73
Debt/Equity(x)	1.49	2.11	2.1	2.76	2.19	2.69	1.62	1.56	1.66	1.11	0.61
Current Ratio(x)	1.2	1.04	0.9	1.17	0.95	1.01	1.22	0.94	0.95	0.85	1.02
Quick Ratio(x)	0.66	0.58	0.49	0.62	0.54	0.51	0.71	0.4	0.42	0.38	0.48
Interest Cover(x)	3.02	-0.04	2.55	0.71	1.65	1.49	4.84	3.08	0.82	2.82	10.2
Total Debt/Mcap(x)	1.36	2.33	2.19	2.7	2.72	1.82	1.37	1.65	3.66	0.83	0.43

Tata Steel Shareholding Pattern

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	34.41	34.41	34.41	34.41	33.92	33.92	33.92	33.92	33.9	33.9
FII	16.87	18.56	21.94	22.38	21.36	22.87	21.95	21.52	21.87	20.62
DII	26.09	25.41	19.38	18.37	18.2	20.5	19.11	18.33	19.79	20.84
Public	21.77	20.78	23.43	23.99	25.71	22.7	24.24	25.46	23.72	23.91
Others	0.85	0.83	0.84	0.84	0.8	0	0.78	0.77	0.72	0.72
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023
Promoter	41.44	41.44	41.44	41.44	41.44	41.44	41.44	414.36	414.36	414.36
FII	20.32	22.35	26.42	26.95	26.1	27.94	26.81	262.82	267.31	252.05
DII	31.42	30.6	23.34	22.12	22.23	25.05	23.34	223.88	241.9	254.68
Public	26.22	25.03	28.21	28.89	31.4	27.73	29.61	311.05	290	292.27
Others	1.03	1	1.01	1.01	0.98	0	0.95	9.42	8.78	8.8
Total	120.41	120.41	120.41	120.41	122.15	122.15	122.15	1221.53	1222.35	1222.15

Pros

Debtor days have improved from 154.1 to 137.14days.
Company has reduced debt.

Cons

Promoter holding is low: 33.9%.
The company has delivered a poor profit growth of 0% over past five years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.