Tata Steel announced its financial results for the quarter ended September 30, 2026. The company reported a consolidated EBITDA of Rs 10,665 crores, representing a 16% margin. Consolidated revenues stood at Rs 65,436 crores. Key highlights include strong performance in India, with EBITDA up 14% QoQ and 17% YoY. The company also detailed its ongoing capital expenditure projects and strategic initiatives.
Tata Steel Reports Strong Q2 FY27 Financials
Tata Steel has announced its financial results for the second quarter and half year ended September 30, 2026. The company reported a consolidated EBITDA of Rs 10,665 crores for the quarter, with a margin of approximately 16%. This represents a 14% increase quarter-on-quarter (QoQ) and a 17% increase year-on-year (YoY). Consolidated revenues for the quarter were Rs 65,436 crores.
India Operations Drive Growth
The company’s India operations continue to be a cornerstone of its performance. For the quarter, India revenues stood at Rs 42,653 crores with an EBITDA of Rs 10,634 crores, translating to a margin of 25%. Crude steel production in India increased by 7% QoQ to 6.18 million tons, and deliveries were up 16% QoQ to 5.98 million tons.
Half-Year Performance
For the half year ended September 30, 2026, consolidated revenues reached Rs 1,26,231 crores, with consolidated EBITDA at Rs 20,035 crores, maintaining a margin of around 16%. EBITDA for the half year improved by 21% YoY. India revenues for the half year were Rs 79,641 crores with an EBITDA of Rs 20,541 crores, reflecting a 26% EBITDA margin and a 27% YoY improvement.
Capital Expenditure and Liquidity
Tata Steel invested approximately Rs 3,280 crores in capital expenditure during the quarter, and Rs 6,860 crores for the half year. Significant capex projects include a 4.8 MTPA capacity expansion at Neelachal Ispat Nigam Limited and downstream growth projects. The company’s net debt stood at Rs 91,423 crores, with a net debt to EBITDA ratio of 2.4x. Group liquidity remains strong at Rs 40,076 crores.
Management Commentary
Mr. T V Narendran, CEO & Managing Director, highlighted strong growth in deliveries and earnings driven by a resilient supply chain and customer engagement. Mr. Koushik Chatterjee, ED & CFO, noted the resilient performance amidst a volatile operating environment, with higher volumes in India and operational normalization in the Netherlands offsetting elevated input costs.
Key Financial Highlights (in Rs. crores)
| 2QFY27 | 1QFY27 | 2QFY26 | |
|---|---|---|---|
| Production (mn ton) | 8.07 | 7.69 | 7.73 |
| Deliveries (mn ton) | 7.92 | 7.27 | 7.91 |
| Total revenue from operations | 65,436 | 60,794 | 58,689 |
| EBITDA | 10,665 | 9,370 | 9,106 |
| Reported Profit after Tax | 3,700 | 2,385 | 3,183 |
Note: India includes Tata Steel Standalone and Neelachal Ispat Nigam Limited on proforma basis adjusted for intercompany purchase and sale. Production numbers for consolidated financials are calculated using crude steel for India, liquid steel for UK & Netherlands and saleable steel for South East Asia.
Source: BSE
