Tata Steel Ltd has received largely positive views from analysts post its September quarter results, while the stance on Tata Chemicals Ltd ranges from neutral to negative and that on Voltas from neutral to positive. Among 19 Tata Steel recommendations post its Q2 results, most are 'Buy', with just one 'Sell', two 'Reduce' and one 'Neutral'. The highest 12-month target on the stock is by IIFL at Rs 250, implying 9 per cent potential downside. The lowest target is by Dolat Capital at Rs 170.

Voltas has received at least nine 'Hold' or 'Neutral' recommendations in November, including those from Investec, DAM Capital, Nomura, MOFSL and CLSA. The lowest 12-month target on the stock is by MOFSL at Rs 1,000, implying 9 per cent potential downside. The highest target is by Citi at Rs 1,450.

Post Q2 results, Tata Chemicals has the highest target of Rs 880 from Axis Capital, the only brokerage with a 'Buy' call on the stock. The lowest target is by Morgan Stanley at Rs 529.

Tata Steel Jefferies retained 'Buy; on Tata Steel with a target of Rs 240, as it raised FY27-29 earnings estimates by 2-5 per cent, which are 6-14 per cent above Street estimates. Jefferies said September quarter Ebitda rose 14 per cent sequentially, which was 4 per cent above its estimate.

"We expect India margins to expand as the 10 per cent higher steel prices vs Sep-Q avg more than offsets higher costs. With the next 5mtpa expansion coming up only by FY31, Tata Steel will deliver lackluster volume growth over FY28-30E. Its 6.3x 1Y forward EV/EBITDA is in line with last 10-year average," it said while prefering JSW Steel over Tata Steel.

Emkay Global said India volumes offset higher coking coal costs, while UK losses widened further. "We expect India operations to remain resilient in 3QFY27, supported by higher realizations, incremental volumes, and cost efficiencies. European profitability should improve gradually, although UK breakeven remains uncertain amid persistent operational challenges. FY28 earnings growth is likely to accelerate on capacity ramp-up and improved operating leverage. We maintain BUY with an unchanged target of Rs 210," Emkay said.

Tata Chemicals In the case of Tata Chemicals, International weakness was partly offset by India performance. The Q2 performance was muted performance, with consolidated Ebitda declining 29 per cent YoY, thanks to to declines in EBIT at TCNA, TCEHL and Rallis by 96 per cent, 77 per cent and 20 per cent and TCAHL reporting an operating loss following the suspension of its Kenya operations. Indian standalone business reported healthy performance (EBITDA up 22 per cent YoY), driven by higher volumes in salt and higher realizations across products.

"Domestic demand remains healthy, supported by solar glass capacity additions and infrastructure investments, although pricing remains under pressure due to imports and higher domestic supply. International operations remained weak due to global soda ash oversupply, Chinese export pressure and elevated energy and logistics costs. Near-term realizations are expected to remain range-bound, with recovery dependent on supply rationalization and demand growth," MOFSL said as it suggested 'Neutral' and a target of Rs 600 on the stock. Voltas Voltas’s Q2FY27 was marred by challenges. Cost inflation hurt profitability and estimates were trimmed. Its Ebitda missed Street’s estimates by 58 per cent, largely due to weak UCP and EMP margins. RAC volume surged 32 per cent YoY, but steep RM cost drove into an EBIT loss. Nuvama noted that Voltas' market share expanded to 17.4 per cent with 4.2 percentage points lead to next competitor and Voltas remains focused on market share gains while driving absolute profit growth. Channel inventories are suboptimal and likely to lead to strong Q4, as per Voltas.

"We are trimming FY27E/28E EPS by 4 per cent/6 per cent to reflect margin headwinds. Maintain ‘HOLD’ with a rolled forward Dec-27E target of Rs 1,250 (Rs 1,220 earlier), based on 38x/25x Dec-28 EPS of UCP/EMP. At CMP, the stock trades at 41.6x FY28E EPS," Nuvama said.