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Quarterly results

consolidated · as filed with NSE · Q1 FY27 back to Q4 FY18

₹ crore	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24	Q2 FY24	Q1 FY24	Q4 FY23	Q3 FY23	Q2 FY23	Q4 FY22	Q3 FY22	Q2 FY22	Q1 FY22	Q4 FY21	Q3 FY21	Q2 FY21	Q1 FY21	Q4 FY20	Q3 FY20	Q2 FY20	Q1 FY20	Q4 FY19	Q3 FY19	Q2 FY19	Q1 FY19	Q4 FY18
Revenue from operations	60,794	63,270	57,002	58,689	53,178	56,218	53,648	53,905	54,771	58,687	55,312	55,682	59,490	62,962	57,084	59,878	69,324	60,783	60,283	53,372	49,977	39,594	37,154	24,289	33,770	35,520	34,579	35,947	42,424	41,220	43,544	37,833	36,132
Other income	233	248	501	364	289	461	221	599	260	176	228	228	1,177	170	271	329	292	59.6	271	162	272	215	222	193	1,316	92.9	184	251	490	211	354	347	275
Total expenses	56,940	58,502	53,599	54,461	50,347	54,168	52,118	52,332	52,389	56,497	53,351	55,853	58,553	59,918	57,172	57,684	57,636	48,666	47,135	41,397	40,052	34,183	35,245	27,892	33,272	35,850	34,758	34,459	38,729	38,362	38,686	34,841	32,626
EBITDA	9,264	9,829	8,200	8,897	7,428	6,559	5,903	6,141	6,694	6,601	6,264	4,268	5,174	7,219	4,048	6,060	15,030	15,894	16,456	16,111	14,184	9,464	6,111	506	4,647	3,620	3,820	5,377	7,513	6,723	8,920	6,468	6,499
EBITDA margin	15.2%	15.5%	14.4%	15.2%	14.0%	11.7%	11.0%	11.4%	12.2%	11.2%	11.3%	7.7%	8.7%	11.5%	7.1%	10.1%	21.7%	26.1%	27.3%	30.2%	28.4%	23.9%	16.4%	2.1%	13.8%	10.2%	11.0%	15.0%	17.7%	16.3%	20.5%	17.1%	18.0%
Finance costs	1,771	1,792	1,747	1,775	1,852	1,789	1,804	1,971	1,777	1,842	1,881	1,959	1,825	1,794	1,768	1,519	1,099	1,532	1,020	1,811	1,866	1,778	1,940	1,998	1,925	1,931	1,871	1,806	1,938	1,940	2,153	1,670	1,481
Depreciation	3,640	3,268	3,049	2,893	2,744	2,720	2,569	2,597	2,535	2,568	2,422	2,480	2,412	2,382	2,368	2,348	2,243	2,244	2,289	2,325	2,392	2,275	2,261	2,111	2,224	2,019	2,127	2,083	1,881	1,926	1,908	1,806	1,512
Profit before tax	3,741	4,676	3,765	4,172	2,987	2,123	1,625	2,190	2,284	1,772	1,855	−6,842	2,127	3,225	342	2,503	11,706	11,983	13,934	11,954	9,206	5,472	2,175	−3,353	−1,592	−565	−29	1,755	4,196	3,102	5,377	2,996	15,157
Tax	1,452	1,845	1,138	1,039	1,060	999	1,377	1,405	1,458	1,254	1,406	−228	1,331	1,755	2,905	1,308	2,030	2,567	1,572	2,308	2,195	1,572	613	1,272	−263	621	−4,050	1,124	1,899	1,401	2,326	1,104	576
Net profit	2,385	2,965	2,730	3,183	2,007	1,201	295	759	919	555	522	−6,511	525	1,566	−2,502	1,297	9,835	9,598	12,548	9,768	7,162	4,011	1,665	−4,648	−1,615	−1,229	3,302	702	2,295	1,753	3,116	1,934	14,688
Net margin	3.9%	4.7%	4.8%	5.4%	3.8%	2.1%	0.6%	1.4%	1.7%	0.9%	0.9%	-11.7%	0.9%	2.5%	-4.4%	2.2%	14.2%	15.8%	20.8%	18.3%	14.3%	10.1%	4.5%	-19.1%	-4.8%	-3.5%	9.5%	2.0%	5.4%	4.3%	7.2%	5.1%	40.7%
EPS (₹)	1.86	2.34	2.16	2.49	1.67	1.04	0.26	0.67	0.77	0.49	0.42	-5.08	0.52	1.40	-1.82	1.24	79.91	79.10	99.16	74.24	57.53	31.69	13.07	-38.64	-10.00	-9.43	35.71	5.68	20.86	19.57	31.11	16.69	96.40
Net profit YoY	+18.8%	+146.9%	+824.0%	+319.5%	+118.5%	+116.5%	−43.4%	+111.7%	+75.0%	−64.6%	+120.9%	−602.0%	–	−84.1%	−126.1%	−89.7%	+37.3%	+139.3%	+653.6%	+310.2%	+543.4%	+426.5%	−49.6%	−762.2%	−170.4%	−170.1%	+6.0%	−63.7%	−84.4%	–	–	–	–

Annual results

financial years ending March · from the fourth-quarter filings

₹ crore	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Revenue from operations	2,32,140	2,18,543	2,29,171	2,43,353	2,43,959	1,56,294	1,39,817	1,57,669	1,33,016
Other income	1,402	1,541	1,809	1,037	785	896	1,843	1,421	909
Total expenses	2,16,909	2,11,006	2,24,255	2,26,686	1,95,032	1,42,630	1,38,328	1,43,288	1,22,589
EBITDA	34,352	25,298	22,306	32,300	63,490	30,504	17,463	29,383	21,891
EBITDA margin	14.8%	11.6%	9.7%	13.3%	26.0%	19.5%	12.5%	18.6%	16.5%
Finance costs	7,167	7,341	7,508	6,299	5,462	7,607	7,533	7,660	5,502
Depreciation	11,955	10,421	9,882	9,335	9,101	9,234	8,441	7,342	5,962
Profit before tax	15,600	8,222	−1,089	17,817	49,578	13,516	−420	15,681	20,936
Tax	5,083	5,239	3,763	10,160	8,478	5,654	−2,568	6,718	3,405
Net profit	10,886	3,174	−4,910	8,075	41,749	8,190	1,172	9,098	17,763
Net margin	4.7%	1.5%	-2.1%	3.3%	17.1%	5.2%	0.8%	5.8%	13.4%
EPS (₹)	8.65	2.74	-3.62	7.17	332.35	63.78	22.02	88.32	127.56
Net profit YoY	+243.0%	+164.6%	−160.8%	−80.7%	+409.8%	+598.5%	−87.1%	−48.8%	–

EPS is as filed for each period and is not restated for later bonus issues or splits.

Cash flow

annual · ₹ crore

₹ crore	FY26	FY25	FY24	FY23	FY22
Operating cash flow	35,064	23,512	20,301	21,683	44,381
Investing cash flow	−14,905	−14,173	−14,251	−18,680	−10,881
Financing cash flow	−21,387	−7,002	−11,097	−6,981	−23,401
Capital expenditure	14,559	15,671	18,207	14,142	10,522
Free cash flow (CFO − capex)	20,505	7,841	2,094	7,541	33,859

Net profit trend

annual, ₹ crore

FY21

₹8,190

FY22

₹41,749+410%

FY23

₹8,075−81%

FY24

₹−4,910−161%

FY25

₹3,174+165%

FY26

₹10,886+243%

Result filings

as filed with NSE · PDF and XBRL

Period	Basis	Filed	Documents
Q1 FY27	Consolidated	30 Jul 2026	PDF on NSE XBRL
Q1 FY27	Standalone · audited	30 Jul 2026	PDF on NSE XBRL
Q4 FY26	Consolidated	15 May 2026	PDF on NSE XBRL
Q4 FY26	Standalone · audited	15 May 2026	PDF on NSE XBRL
Q3 FY26	Consolidated	6 Feb 2026	PDF on NSE XBRL
Q3 FY26	Standalone · audited	6 Feb 2026	PDF on NSE XBRL
Q2 FY26	Consolidated	12 Nov 2025	PDF on NSE XBRL
Q2 FY26	Standalone · audited	12 Nov 2025	PDF XBRL
Q1 FY26	Consolidated	30 Jul 2025	PDF XBRL
Q1 FY26	Standalone · audited	30 Jul 2025	PDF XBRL

Annual reports

NSE archive

FY2618.79 MB FY25 FY24 FY23 FY22 FY21 FY20 FY19 FY18 FY17

Key ratios

P/E (TTM)5Y avg 32.9×20.8×

P/B5Y avg 1.92×2.30×

ROEFY26, on average equity11.3%

Net margin4.7%

Debt / equity0.90×

Revenue CAGR (3Y)-1.6%

Profit CAGR (3Y)10.5%

EPS (TTM)₹9.03

Market cap₹2.34L Cr

Computed from the filings and the last close. Market cap uses the latest share count from the balance sheet.

P/B vs history

2.30×

vs 8-point avg 1.92× (+20%)

1.15× low1.92× avg2.34× high

History points are balance-sheet dates (2022 → 2026), priced at the adjusted close on each date.

Balance sheet 31 Mar 2026

Total assets₹3.01L Cr+8%

Net worth₹1.02L Cr+12%

Total borrowings₹92,382 Cr−3%

Cash & bank balances₹8,885 Cr−7%

Investments₹4,145 Cr+29%

Inventories₹47,249 Cr+6%

Trade receivables₹4,917 Cr−7%

Trade payables₹34,810 Cr+19%

Change vs the same date a year earlier.

Revenue mix FY26

Tata Steel India47.8%result ₹33,036 Cr

Tata Steel Netherlands Operations21.0%result ₹2,722 Cr

Other Trade Related Operations13.5%result ₹611 Cr

Tata Steel UK Operations8.0%result ₹−2,569 Cr

Other Indian Operations4.4%result ₹707 Cr

South East Asian Operations2.9%result ₹775 Cr

Neelachal Ispat Nigam Limited1.8%result ₹1,236 Cr

Rest of the World0.6%result ₹−837 Cr

Segment revenue as reported, before inter-segment eliminations.

Shareholding 30 Jun 2026

%	Jun 26	Mar 26	Dec 25	Sept 25	Jun 25	Mar 25	Dec 24	Sept 24	Jun 24	Mar 24	Feb 24	Jan 24
Promoter	32.94	33.19	33.19	33.19	33.19	33.19	33.19	33.19	33.19	33.19	33.19	33.46
FII	19.37	19.05	17.96	17.78	17.72	18.78	19.04	19.95	20.32	20.28	20.05	20.25
DII	26.62	26.85	27.16	27.09	26.25	24.67	23.70	22.84	23.52	23.66	23.21	23.00
of which MF	14.71	14.47	14.64	14.37	13.25	–	–	–	–	–	–	–
Retail	17.86	17.73	18.44	18.69	19.60	20.05	20.73	20.66	19.63	19.54	19.95	19.81
Other public	3.21	3.18	3.25	3.25	3.24	3.31	3.34	3.36	3.34	3.33	3.60	3.48

51,79,576 shareholders · NSE shareholding pattern filings.