Anand Rathi has upgraded Tata Steel to Buy and raised its target price to ₹240, implying about 24% upside from the March 30 closing price. The brokerage expects a stronger earnings cycle driven by firmer European steel prices, healthy domestic demand, an improved product mix, and likely price hikes in automotive contracts from April 2026. It has also raised its Ebitda estimates for FY26, FY27, and FY28, reflecting growing confidence in margin recovery. A key positive is the expected turnaround in Tata Steel’s UK operations, which the brokerage believes could reach Ebitda breakeven in the second half of FY27. On the domestic side, capacity expansion and stronger steel realizations are seen supporting long-term growth as Tata Steel moves toward its 40 million tonne ambition.