Tata Steel: Macquarie lifts target to ₹241 in 2026

Nifty Metal snaps losing streak

The Nifty Metal index rebounded on Friday, March 20, 2026, rising 2% and ending a two-day losing streak. The move was driven by heavy buying in steel shares, with Tata Steel and JSW Steel among the biggest gainers in the pack. The rally came as investors tracked shifting global trade policies and how they could influence steel flows and pricing. Broader metal counters were also active, keeping the sector in focus through the session.

Tata Steel leads the Friday rally

Tata Steel Ltd. led the advance, climbing 4.64% to ₹199.40. JSW Steel also rose sharply, gaining 4.85% to ₹1,186.90. The session showed how quickly sentiment in steel names can turn when sector cues improve. Market participants linked the rally to changing global trade policy signals, which have been a recurring driver for metal stocks.

Macquarie raises Tata Steel target to ₹241

Macquarie reiterated an ‘Outperform’ rating on Tata Steel and, as per the provided update, increased its target price to ₹241 from ₹222. The stock was described as trading below this level, implying potential upside if the thesis plays out. Macquarie also took a more cautious stance on non-steel names in the same context. For Hindalco Industries, Macquarie raised the target price to ₹1,080 but kept the rating at ‘Neutral’.

HSBC turns more bullish on Tata Steel

HSBC raised its rating on Tata Steel to ‘Buy’ and increased its price target to ₹250 from ₹235. HSBC also projected a 31% potential upside based on its target and the reference price used in its note. The brokerage’s view added momentum to a stock already participating in the broader steel-led rebound.

Divergent broker calls keep the picture mixed

Despite bullish upgrades from some houses, the overall analyst view remains mixed, though the tone is described as cautiously optimistic. Motilal Oswal set a price target of ₹240 for Tata Steel, citing strong Indian demand while flagging risks such as the EU’s Carbon Border Adjustment Mechanism (CBAM) and high competition. Motilal Oswal also noted that Tata Steel’s P/E has fluctuated between 27x and 38x. JM Financial identified Tata Steel and Jindal Steel as top picks, expecting higher EBITDA supported by domestic price support.

More target prices across steel and metals

Centrum Broking highlighted that Indian producers benefit from healthier demand and government intervention, but raw material costs and regional production trends continue to influence performance. It assigned a mix of buy and neutral views across metal names, reflecting how varied the risk-reward looks within the same sector cycle. YES Securities, meanwhile, said pricing momentum was the key earnings driver for non-ferrous metals heading into Q4FY26, with performance expected to diverge by pricing support and operational resilience. Notably, YES Securities said it has no ‘buy’ rating in the metals coverage list it referenced.

Global cues: China, US recession risk, and safeguard duty

CLSA said the steel outlook improved, while global news flow would likely continue to dominate the Indian metals sector. It pointed to faster reopening in China and stimulus as supportive, even as on-ground demand improvement remained elusive. CLSA also flagged that a US recession looked imminent but could be shallower than earlier expectations, and said domestic demand was resilient even as capacity additions could keep export dependence high. HSBC, in its sector view, said India’s 12% safeguard duty provides earnings support for domestic steel makers, while it prefers aluminium given China’s capacity cap and steady global demand.

Market check: indices and stock moves

The S&P BSE Metals index was up 1.66% at 10:38 am, led by gains from Hindustan Zinc, APL Apollo Tubes, Jindal Steel & Power, and Tata Steel, each up 2-3%.

Key brokerage ratings and targets snapshot

The sector has also seen sharp differences in target prices and ratings for the same stock, underlining how assumptions on spreads, global demand, and policy support are driving valuations.

Technical levels cited for Tata Steel and other names

A separate technical check put Tata Steel at a current price of ₹167, with upside potential of 10.2%, support at ₹167 and ₹157, and resistance at ₹179. It said the stock was testing the 100-day moving average support at ₹167, a level it had held since April 2025, and that a close below could open a move to ₹157. For Hindalco, the technical levels cited were current price ₹786, support ₹784 and ₹743, and resistance ₹810 and ₹830. The same set of levels cited Nalco at ₹252 and Coal India at ₹375, with Coal India flagged for a downside risk of 16% in that framework.

Why the upgrades matter for investors

The latest round of upgrades and target hikes comes at a time when metal stocks have outperformed the Nifty 50 over the past six months, according to the provided note. Still, the targets show a wide dispersion, from bullish steel calls to preferences shifting toward aluminium and diversified exposure through names like Hindalco. For Tata Steel specifically, commentary also highlights near-term pressure from muted European steel spreads and cautious global demand, while pointing to cost optimisation and expectations of a gradual recovery in steel prices.

Conclusion

Metal stocks remain sensitive to global cues, policy signals, and domestic demand trends, and Friday’s rebound underscored that linkage. Tata Steel is at the centre of the current debate, with Macquarie lifting its target to ₹241 and HSBC raising its target to ₹250. Investors are likely to track further brokerage updates and sector signals around China demand cues, safeguard duty developments, and pricing momentum into Q4FY26.