Tata Steel Expansion: Clear Growth Path, Debt Not a Concern, Says Anand Rathi

• Tata Steel's expansion plan, including increasing NINL capacity to 4.5 MT and a low-carbon pilot project, offers a clear growth path.
• Anand Rathi Institutional Equities believes Tata Steel's debt is not a concern, with strong EBITDA enabling financing of the expansion.
• The projected capital expenditure for Tata Steel's expansion is significantly lower than typical greenfield projects, at ₹2,500-3,000 crore per million tonne.
• Domestic steel prices are expected to rise by ₹1,500-₹2,000 per tonne by early January, driven by Chinese price hikes and higher import costs.
• Copper is identified as the top pick in the metals space for the next 2-3 years due to a global crunch, followed by aluminium and zinc.

Why It Matters: Investors gain insight into Tata Steel's growth and future metal market trends.