NSE: TATASTEEL · BSE: 500470
TATA STEEL LIMITED
Makes crude steel and downstream steel products across India, the Netherlands, the UK and South East Asia, with consolidated FY26 revenue of Rs 2,32,139.94 crore. The Indian business is the largest contributor at 60.2% of segment revenue (Rs 1,39,720.22 crore) with a 23.6% segment EBIT margin, selling flat and long steel plus branded retail lines such as Tata Tiscon rebar and Tata Steelium to automotive, construction and infrastructure customers. Indian crude steel production grew 8% year-on-year to approximately 23 million tons in FY26, anchored by the Kalinganagar 5 MTPA expansion ramp-up. Netherlands operations contributed 26.4% at Rs 61,354.84 crore with only 4.4% EBIT margin and face going-concern uncertainty after a post-balance-sheet regulatory letter on the coke and gas plants; the UK contributed 10.1% at a loss and is transitioning to a 3 MTPA electric arc furnace. Consolidated EBITDA grew 35% to Rs 34,848 crore helped by cost transformation savings of Rs 10,868 crore across geographies. Materials are the biggest cost line at 32.1% of revenue, followed by other operating expenses at 33.7%, with coal and iron ore as key inputs for European operations. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Tata Steel India (60%), Tata Steel Netherlands Operations (26%), Other Trade Related Operations (17%), Tata Steel UK Operations (10%), Other Indian Operations (6%), South East Asian Operations (4%), Neelachal Ispat Nigam Limited (NINL) (2%). Cyclical, asset-heavy integrated steelmaker with Indian operations as the profit engine and European operations (Netherlands, UK) under transition or regulatory stress.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,43,959 | 2,43,353 | 2,29,171 | 2,18,543 | 2,32,140 |
| EBITDA (ex other income) | 63,356 | 32,413 | 14,492 | 24,444 | 33,320 |
| margin % | 26.0 | 13.3 | 6.3 | 11.2 | 14.4 |
| Owners' profit | 40,154 | 8,760 | (4,437) | 3,421 | 10,794 |
| EPS, as reported (₹) | 332.35 | 7.17 | (3.62) | 2.74 | 8.65 |
| ROE % · ROCE % | 35.7 · 28.2 | 7.7 · 12.6 | (5.3) · 3.7 | 3.5 · 8.1 | 10.5 · 11.1 |
| Debt / equity (x) | 0.65 | 0.81 | 0.94 | 1.04 | 0.89 |
| Cash from operations | 44,381 | 21,683 | 20,301 | 23,512 | 35,064 |
| Capex | (10,522) | (14,142) | (18,207) | (15,671) | (14,559) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 53,905 | 53,648 | 56,218 | 53,178 | 58,689 | 57,002 | 63,270 | 60,794 |
| Profit before tax | 2,190 | 1,625 | 2,123 | 2,987 | 4,172 | 3,765 | 4,676 | 3,741 |
| Net profit | 759 | 295 | 1,201 | 2,007 | 3,183 | 2,730 | 2,965 | 2,385 |
| EPS (₹) | 0.67 | 0.26 | 1.04 | 1.67 | 2.49 | 2.16 | 2.34 | 1.86 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Tata Steel India | 1,39,720 | 60.2 |
| Neelachal Ispat Nigam Limited | 5,282 | 2.3 |
| Other Indian Operations | 12,944 | 5.6 |
| Tata Steel Netherlands Operations | 46,736 | 20.1 |
| Tata Steel UK Operations | 17,237 | 7.4 |
| Other Trade Related Operations | 39,562 | 17.0 |
| South East Asian Operations | 8,605 | 3.7 |
| Rest of the World | 1,795 | 0.8 |
| Tata Steel Europe | 19,585 | 8.4 |
| Total, before eliminations | 2,91,467 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| JSW STEEL LIMITED | 3,02,853 | 12.2 | 2.87 | 7.4 | 24.2 | 14.8 | 18.4 | 21.3 |
| TATA STEEL LIMITED ◆ | 2,11,351 | 19.1 | 2.04 | 8.5 | 10.5 | 7.6 | 8.2 | 15.1 |
| JINDAL STEEL LIMITED | 1,07,368 | 39.5 | 2.07 | 14.0 | 6.5 | 5.6 | 6.4 | 17.3 |
| STEEL AUTHORITY OF INDIA | 66,915 | 15.7 | 1.11 | 8.1 | 5.6 | 4.4 | 9.9 | 16.1 |
| JINDAL STAINLESS LIMITED | 56,393 | 17.4 | 2.84 | 10.8 | 16.0 | 15.8 | 28.7 | 13.1 |
| SARDA ENERGY & MIN LTD | 16,029 | 14.2 | 2.14 | 9.1 | 14.8 | 14.0 | 20.9 | 47.4 |
| NMDC STEEL LIMITED | 11,444 | 126.0 | 0.87 | — | 0.4 | 0.5 | — | 12.1 |
| SANDUR MANG & IRON ORES L | 8,360 | 11.7 | 2.56 | 7.4 | 20.1 | 20.9 | — | 26.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 19.1 | 14.2 | 9 of 11 | 20% |
| P/B | 2.0 | 2.0 | 6 of 11 | 50% |
| ROCE | 7.6 | 8.1 | 7 of 11 | 40% |
| ROE | 10.5 | 10.5 | 6 of 11 | 50% |
| Debt / Equity | 0.9 | 0.4 | 9 of 11 | 20% |
| EBITDA margin | 15.1 | 15.1 | 6 of 11 | 50% |
| Revenue growth | 14.3 | 9.8 | 4 of 11 | 70% |
| Profit growth | 18.8 | 18.8 | 6 of 11 | 50% |
| Market cap | 211351 | 16029 | 2 of 11 | 90% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 24 Oct 2026 · Tata Steel postpones board meeting for September quarter results | results | low | — | — |
| 16 Oct 2026 · Board meeting on Oct 27, 2026 to consider Q2 and H1 FY27 results | results | low | — | — |
| 15 Oct 2026 · NCLT approves merger of Tata Steel subsidiary Rujuvalika Investments into Tata Steel | regulatory legal | high | — | — |
| 15 Oct 2026 · Tata Steel files copies of newspaper ads for Q1 FY27 results and shareholder notice | compliance | minimal | — | — |
| 8 Oct 2026 · Tata Steel files dematerialization certificate for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Tata Steel: Strong 2QFY27 volumes, India production grows 10% YoY | business updates | medium | — | — |
| 1 Oct 2026 · NCLT approves amalgamation of wholly owned subsidiary Rujuvalika with Tata Steel | strategic transactions | medium | — | — |
| 29 Sept 2026 · Tata Steel infuses about Rs 3,260 crore into wholly owned subsidiary TSHP | strategic transactions | high | — | — |
| 29 Sept 2026 · Tata Steel wins FY2009 tax appeal, exposure cut by about 427 crore | regulatory legal | high | — | — |
| 23 Sept 2026 · Trading window closed from Sep 24, 2026 for Q2 results | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.