Tata Steel Limited has submitted its quarterly compliance certificate under SEBI Regulation 74(5) for the quarter ended December 31, 2025, confirming adherence to securities dematerialization reporting requirements. The certificate, dated January 7, 2026, was filed with the National Securities Depository Ltd. and Central Depository Services (India) Ltd.

Regulatory Compliance Details

The certificate confirms that Tata Steel has furnished details of securities dematerialized during Q3 FY26 to the stock exchanges where its ordinary equity shares are listed. The company has met the specified timelines for reporting as mandated under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

Stock Exchange Notifications

The dematerialization details have been submitted to both major Indian stock exchanges where Tata Steel's equity shares are traded. The company maintains listings on BSE Limited with scrip code 500470 and National Stock Exchange of India Limited under the symbol TATASTEEL.

Authorization and Documentation

Parvatheesam Kanchinadham, Company Secretary and Chief Legal Officer, digitally signed the compliance certificate on January 7, 2026. The document serves as formal confirmation to the depositories that all regulatory requirements regarding securities dematerialization reporting have been fulfilled for the specified quarter.

This quarterly filing represents part of Tata Steel's ongoing regulatory compliance obligations as a publicly listed company, ensuring transparency in securities dematerialization processes and maintaining adherence to SEBI guidelines for investor protection and market integrity.

Tata Steel shares are attracting significant attention following the company's strong Q3FY26 operational performance and positive analyst ratings, despite recent stock underperformance. The steel major achieved record quarterly production and deliveries while securing bullish recommendations from leading brokerages.

Record Production and Delivery Performance

Tata Steel India delivered exceptional results with crude steel production rising 11.40% year-on-year to 6.34 million tonnes in Q3FY26, compared with 5.69 million tonnes in the corresponding quarter last year. This marked the company's best-ever quarterly crude steel production, driven by higher output at Jamshedpur and Kalinganagar facilities.

Delivery volumes showed equally impressive growth, with Tata Steel India crossing the 6.00 million ton milestone for the first time. India deliveries reached 6.04 million tonnes, up 14.00% from 5.29 million tonnes in the year-ago quarter, supported by strong domestic market demand.

Mixed International Operations Performance

While Indian operations excelled, the company's international business faced challenges. Tata Steel Netherlands reported a 4.50% decline in production to 1.68 million tonnes, with sales volumes falling 8.50% to 1.40 million tonnes year-on-year due to seasonal factors and subdued market dynamics.

Tata Steel UK saw delivery volumes decline 9.00% to 0.52 million tonnes, with production remaining nil as both blast furnaces have ceased operations. However, Tata Steel Thailand delivered relatively stronger performance with production rising 19.00% year-on-year to 0.31 million tonnes.

Strong Brokerage Support Despite Stock Underperformance

HSBC has maintained a 'Buy' rating on Tata Steel with a price target of ₹215.00, expressing surprise at the stock's underperformance given its sizeable European footprint of around 7.00 million tonnes. The brokerage highlighted that European steel companies have rallied sharply over the past six months, gaining between 29.00% and 63.00%, as the Carbon Border Adjustment Mechanism comes into effect.

Morgan Stanley also remains constructive on the stock, maintaining an 'Overweight' rating with a price target of ₹200.00. The brokerage mentioned strong momentum in the Indian business and noted that while volumes in Netherlands and UK were under pressure sequentially, India operations continue to anchor overall performance.

Business Vertical Excellence and Digital Growth

The company's domestic operations demonstrated outstanding performance across key business verticals. Automotive & Special Products achieved best-ever quarterly volumes of approximately 0.90 million tons, with quarterly volumes rising 20.00% year-on-year. Branded Products & Retail surpassed 2.00 million tons for the first time, driven by established brands including Tata Tiscon, Tata Astrum, and Tata Steelium.

The company's e-commerce platforms showed exceptional growth with Gross Merchandise Value from Tata Steel Aashiyana and DigECA reaching ₹2,380.00 crores for Q3FY26, registering 68.00% year-on-year growth. HSBC expects European steel prices to rise further and sees upside risks to estimates for Tata Steel Netherlands, while Tata Steel shares settled 1.42% lower at ₹183.55.