New Delhi, Feb. 5 -- The question of when Tata Steel's UK operations will finally break even has come to overshadow nearly every quarterly interaction the company has with analysts. What was earlier guided as a Q2FY26 milestone has already slipped to the end of FY26, with the company attributing the delay to global trade disruptions and the spillover effects of US tariff wars.

Investor unease has been heightened by a blunt warning from chief financial officer Koushik Chatterjee. "If there are no actions from the government, it will be difficult to get Ebitda breakeven by 4QFY26," he said during a post-earnings call in November. By "actions", Chatterjee was referring to the need for tougher import restrictions from the UK government to sh...