Tata Steel Limited has informed the Exchange about transcript of Tata Steel 4QFY2026 and FY2026 Earnings Discussion

Tata Steel delivered a strong FY2026 with consolidated EBITDA up 35% YoY to Rs 34,848 crores and margin expansion of 320 bps to ~15%. India operations grew 17% YoY to Rs 34,272 crores EBITDA with 24% margin, while UK losses narrowed by £168 million and Netherlands EBITDA nearly tripled to €267 million. The company achieved Rs 10,868 crores in cost transformation savings against a target of Rs 11,500 crores, with Rs 7,100 crores targeted for FY2027. Free cash flows were Rs 10,738 crores and Net Debt/EBITDA improved to 2.3x from 3.3x. However, Netherlands faces regulatory uncertainty with auditors flagging material uncertainty due to a letter from environmental agencies regarding coke and gas plants, while the UK EAF project faces 6-8 month delays due to electricity infrastructure issues. The Board approved NINL merger and proposed Rs 4/share dividend.