Sat, November 07, 2026
Mumbai, November 7, 2026: Tata Steel has reported a strong financial performance in India for the second quarter of FY27, with its profit after tax (PAT) increasing by around 20% year-on-year to Rs 5,055 crore. The company's India revenue also registered a growth of approximately 23%, reaching Rs 42,653 crore during the July–September 2026 quarter.
India's EBITDA stood at Rs 10,634 crore, with an EBITDA margin of 25%. Crude steel production increased 7% quarter-on-quarter to 6.18 million tonnes, while deliveries rose 16% to 5.98 million tonnes.
At the consolidated level, Tata Steel recorded revenue of Rs 65,436 crore during the second quarter of FY27. EBITDA stood at Rs 10,665 crore, representing a margin of approximately 16%. The figure marked a 14% increase over the previous quarter and a 17% rise compared with the corresponding period last year.
The Netherlands business reported revenue of €1,395 million and EBITDA of €72 million. Improved performance was supported by the resumption of operations at the Direct Sheet Plant in early August. Liquid steel production reached 1.52 million tonnes, while deliveries stood at 1.30 million tonnes.
In the UK, Tata Steel recorded revenue of £411 million, with deliveries of 0.38 million tonnes during the quarter.
For the first six months of FY27, consolidated revenue reached Rs 1,26,231 crore, while EBITDA stood at Rs 20,035 crore, maintaining a margin of around 16%. Consolidated EBITDA increased 21% year-on-year despite challenging market conditions.
India contributed revenue of Rs 79,641 crore and EBITDA of Rs 20,541 crore during the half year, with a margin of 26%. India's EBITDA registered a 27% annual increase.
In the Netherlands, half-year revenue stood at €2,840 million, with EBITDA of €76 million. Meanwhile, the UK's revenue was £895 million, and its EBITDA loss narrowed by 22% year-on-year to £83 million.
Tata Steel invested approximately Rs 3,280 crore in capital expenditure during the quarter. Its total capital expenditure for the first half of FY27 reached Rs 6,860 crore.
Major projects currently underway include the 4.8 MTPA capacity expansion at Neelachal Ispat Nigam Limited (NINL). The company is also advancing downstream projects, including a 0.7 MTPA Hot Rolled Pickling and Galvanising Line and a 300 KT expansion of its Tinplate business.
According to CEO and Managing Director T V Narendran, the company delivered strong growth in volumes and earnings during the quarter, supported by its supply chain and customer relationships despite global economic uncertainties and rising raw material costs.
Overall deliveries increased 9% quarter-on-quarter to approximately 7.92 million tonnes. The Automotive and Special Products segment recorded its highest-ever second-quarter sales volume of around 1.1 million tonnes, supported by a 26% rise in high-end product sales.
Tata Tiscon sales reached approximately 2.7 million tonnes over the last 12 months, generating revenue of around $1.8 billion. The company's digital platforms, Aashiyana and DigECA, recorded a combined Gross Merchandise Value of approximately Rs 2,961 crore, reflecting 50% year-on-year growth.
The company also reported continued growth in downstream products and increased its presence in emerging sectors, including shipbuilding, data centres and containers.
In Europe, the Netherlands business benefited from the restart of the Direct Sheet Plant and its return to rated capacity. In the UK, the Llanwern pickle line became fully operational, although subdued demand, higher imports and inventory accumulation continued to affect market conditions.
As of September 30, 2026, Tata Steel's net debt stood at Rs 91,423 crore, while its net debt-to-EBITDA ratio was 2.4 times. The company maintained group liquidity of Rs 40,076 crore, including approximately Rs 10,300 crore in cash and cash equivalents.
During the first half of FY27, the company generated savings of around Rs 1,793 crore and is targeting total savings of Rs 7,140 crore for the full financial year. Its dividend payout during the period amounted to Rs 4,989 crore.
T V Narendran, CEO and Managing Director of Tata Steel, said the company achieved strong growth in deliveries and earnings despite uncertainty in the global economic environment and increased raw material costs. He highlighted India's contribution to overall performance and the progress made in capacity expansion and downstream projects.
He also noted that the company is focusing on increasing sales volumes, improving product value and strengthening its presence in emerging markets. The NINL expansion project has moved into the execution stage, while construction work on the galvanising line and Tinplate expansion is progressing.
Koushik Chatterjee, Executive Director and Chief Financial Officer, said higher production and deliveries in India, along with improved operations in the Netherlands, helped the company manage increased input costs.
He highlighted that consolidated EBITDA remained above Rs 13,000 per tonne during the quarter. India's EBITDA per tonne stood at Rs 17,790, reflecting the strength of its domestic operations.
In the Netherlands, EBITDA improved from €4 million in the first quarter to €72 million in the second quarter. However, the UK business continued to face pressure from weak demand and higher inventory levels.
Chatterjee added that the company remains focused on cost reduction, operational efficiency and better working capital management to strengthen cash flows. The UK electric arc furnace (EAF) project is also progressing, with construction activities gaining momentum.
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