Tata Steel reported consolidated revenue of ₹65,436 crore and EBITDA of ₹10,665 crore for the quarter ended September 30, 2026, with an EBITDA margin of around 16%. EBITDA increased 14% sequentially and 17% year-on-year, supported by higher deliveries, stronger performance in India and operational improvements in the Netherlands.
For the quarter, India operations recorded revenue of ₹42,653 crore and EBITDA of ₹10,634 crore, translating into a margin of 25%. Crude steel production increased 7% sequentially to 6.18 million tonnes, while deliveries rose 16% to 5.98 million tonnes. In the Netherlands, revenue stood at €1,395 million and EBITDA at €72 million, supported by the restart of the Direct Sheet Plant in early August. Liquid steel production was 1.52 million tonnes and deliveries were 1.30 million tonnes. The UK business reported revenue of £411 million and an EBITDA loss of £56 million, with deliveries of 0.38 million tonnes.
For H1 FY27, consolidated revenue stood at ₹1,26,231 crore and EBITDA was ₹20,035 crore, with a margin of around 16%. EBITDA improved 21% year-on-year. India operations contributed revenue of ₹79,641 crore and EBITDA of ₹20,541 crore, registering a 27% increase in EBITDA. Netherlands revenue was €2,840 million, with EBITDA of €76 million, while the UK reported revenue of £895 million and narrowed its EBITDA loss by 22% to £83 million.
Tata Steel incurred capital expenditure of ₹3,280 crore during the quarter and ₹6,860 crore during the half year. Major projects include the 4.8 MTPA capacity expansion at Neelachal Ispat Nigam Limited, a 0.7 MTPA Hot Rolled Pickling and Galvanising Line, and a 300 kt Tinplate expansion. Net debt stood at ₹91,423 crore, with a net debt-to-EBITDA ratio of 2.4x. Group liquidity was ₹40,076 crore, including cash and cash equivalents of approximately ₹10,300 crore.
TV Narendran, Chief Executive Officer and Managing Director, said the company delivered higher volumes and earnings despite geopolitical uncertainty and elevated raw material costs. Deliveries increased 9% sequentially to approximately 7.92 million tonnes. India’s performance remained strong, with Automotive and Special Products recording its best-ever second-quarter volumes of approximately 1.1 million tonnes, supported by 26% growth in high-end sales.
He added that the Neelachal expansion had entered the execution phase, while construction of the downstream projects was progressing. The Direct Sheet Plant restart in the Netherlands supported product mix and cost improvements. In the UK, subdued demand and elevated imports continued to affect market conditions.
Koushik Chatterjee, Executive Director and Chief Financial Officer, highlighted the contribution of higher Indian volumes and improved Netherlands operations. He said the company remained focused on cost optimisation, operational improvements and working capital management to strengthen cash flows. Tata Steel delivered savings of approximately ₹1,793 crore during the half year and remains on track to achieve its full-year savings target of ₹7,140 crore.
To support its growth trajectory, Tata Steel has significantly expanded its production capacity in recent years through strategic acquisitions, including Bhushan Steel (5.6 MTPA), NINL (1 MTPA), and Usha Martin’s steel business (1 MTPA). In September, Tata Steel commissioned India’s largest blast furnace at its Kalinganagar plant in Odisha, increasing the facility’s capacity to 8 MTPA.
Beyond capacity expansion, Tata Steel has outlined a strong sustainability agenda, committing to achieving Net Zero by 2045. Its plants in Jamshedpur, Kalinganagar, and Meramandali have received ResponsibleSteel™ certification, with over 90% of the company’s Indian steel production now sourced from certified sites.
Globally, Tata Steel is among the top steelmakers with a presence across five continents and an annual crude steel capacity of 35 MTPA. In FY24, the company reported a consolidated turnover of $27.7 billion. It has also earned accolades for its digital transformation initiatives, environmental stewardship, and commitment to diversity, equity, and inclusion.
Tata Steel’s efforts to strengthen its raw material supply chain reflect its proactive approach to maintaining growth momentum while aligning with India’s sustainability goals and the evolving demands of industries such as automotive, infrastructure, and renewable energy. Tata Steel Group is a global steel powerhouse with an annual crude steel capacity of 35 million tonnes per annum. It is one of the most geographically diversified steel producers in the world, with operations and a commercial presence spanning five continents. In FY24, the group achieved a consolidated turnover of approximately USD 27.7 billion and boasts an employee base of over 78,000. Recognised as a Great Place to Work-Certified™ organisation, Tata Steel is committed to excellence in its workforce practices and sustainability initiatives, including its ambitious goal of achieving Net Zero by 2045.
Tata Steel has been a pioneer in leveraging digital technologies to redefine steelmaking. It has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar, and IJmuiden plants, along with the ‘Digital Enterprise of India – Steel’ Award 2024 from Economic Times CIO. The company has also been recognised for its diversity and inclusion efforts, earning the Global Diversity Equity & Inclusion Lighthouse accolade in 2023. Tata Steel is a leader in sustainable practices, being part of the DJSI Emerging Markets Index since 2012 and ranking consistently among the top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016. Notably, more than 90% of its steel production in India now comes from ResponsibleSteel™ certified sites.
Over the years, Tata Steel has received numerous accolades, reflecting its commitment to excellence across various domains. Its Jamshedpur plant was the first in India to receive ResponsibleSteel™ certification, followed by its Kalinganagar and Meramandali plants. Among its many honours are the Prime Minister’s Trophy for the best-performing integrated steel plant, the Steel Sustainability Champion recognition from worldsteel for seven consecutive years, and the 2023 Climate Change Leadership Award by CDP. Other notable awards include the Global ERM Award of Distinction at the RIMS ERM Conference 2023, the ‘Masters of Risk’ recognition for the eighth consecutive year, and the ICSI Business Responsibility and Sustainability Award 2023 for its pioneering Business Responsibility and Sustainability Report.
