“Pankaj Pandey maintains a constructive stance on Tata Steel, preferring it over JSW Steel, and expects margins to improve in the coming quarter (Q4). This improvement is anticipated due to a 12% safeguard duty, which should boost net realization by ₹2,300 per tonne, with Indian operations driving the bulk of EBITDA growth and helping its EV/EBITDA multiple catch up to JSW.”

Pankaj Pandey’s track record: 10 graded calls · 95% CI 2–40%