Tata Steel reported a 16.2% year-on-year rise in consolidated profit after tax to Rs 3,699.59 crore for the quarter ended September 2026, while revenue increased 11.5% to Rs 65,436.24 crore, supported by stronger Indian volumes and improved operating performance in the Netherlands.
Consolidated earnings before interest, taxes, depreciation and amortisation stood at Rs 10,665 crore during the quarter, up 17% from a year earlier and 14% from the previous quarter. The EBITDA margin was around 16%, despite elevated raw material costs and a volatile operating environment.
India remained the company’s strongest operating market. Revenue from the country stood at Rs 42,653 crore, while EBITDA reached Rs 10,634 crore, giving an EBITDA margin of 25%. Crude steel production increased 7% quarter-on-quarter to 6.18 million tonnes, and deliveries rose 16% to 5.98 million tonnes.
The higher volumes are relevant to India’s construction and infrastructure supply chains, which use steel across buildings, transport projects, industrial facilities and downstream engineering products. Tata Steel said its automotive and special products business performed strongly, while downstream sales expanded into emerging segments including shipbuilding, data centres and containers.
The company spent around Rs 3,280 crore on capital expenditure during the quarter, taking expenditure for the first half of FY27 to Rs 6,860 crore. Projects under way include a 4.8 million-tonne-per-annum capacity expansion at Neelachal Ispat Nigam Limited, a 0.7 million-tonne Hot Rolled Pickling and Galvanising Line, and a 300,000-tonne tinplate expansion.
T V Narendran, Tata Steel’s chief executive officer and managing director, said the company was making progress on its volume and value growth agenda in India, supported by customer engagement and a resilient supply chain. He also said capacity expansion and downstream growth projects were progressing.
Operations outside India produced mixed results. In the Netherlands, revenue stood at 1,395 million euros and EBITDA at 72 million euros, helped by the restart of the Direct Sheet Plant in early August. Liquid steel production was 1.52 million tonnes and deliveries stood at 1.30 million tonnes.
In the United Kingdom, revenue was 411 million pounds, while the company reported an EBITDA loss of 56 million pounds. Deliveries stood at 0.38 million tonnes. Tata Steel attributed the difficult UK operating environment to elevated imports and inventory build-up across parts of the value chain.
For the first half of FY27, consolidated revenue was Rs 1,26,231 crore and EBITDA was Rs 20,035 crore, with a margin of around 16%. India revenue reached Rs 79,641 crore and India EBITDA stood at Rs 20,541 crore, representing an EBITDA margin of 26%.
Tata Steel’s net debt stood at Rs 91,423 crore, with net debt to EBITDA at 2.4 times. Group liquidity was Rs 40,076 crore, including around Rs 10,300 crore in cash and cash equivalents. Chief financial officer Koushik Chatterjee said the company was focused on cost optimisation, operational improvements and working capital management to strengthen cash flows.
Chatterjee said the amalgamation of Neelachal Ispat Nigam with Tata Steel remained on track for completion during the financial year, subject to final approval from the National Company Law Tribunal. He also said construction activity on the company’s UK electric arc furnace project was gathering pace.
Separately, Noel Naval Tata will retire as a non-executive, non-independent director and vice chairman of Tata Steel’s board at the close of business on November 11, 2026. Tata Steel shares ended Friday’s trading session on the BSE at Rs 186, up 2.20% from the previous close of Rs 182.
