Tata Steel Results: Latest Quarterly Results & Analysis

Iron & Steel Products company Tata Steel announced Q3FY26 results

• Consolidated Revenues for the Oct – Dec 2025 quarter were Rs 57,002 crore and EBITDA was Rs 8,309 crore with a margin of around 15%. EBITDA improved by 39% YoY.
  • India revenues were Rs 35,725 crore and EBITDA was Rs 8,291 crore, which translates to a margin of 23%. Crude steel production was up 12% YoY to 6.34 million tons. Improved production led to ‘bestever quarterly’ deliveries to the tune of 6.04 million tons, up 14% YoY.
  • Netherlands revenues were EUR 1,354 million and EBITDA was EUR 55 million. Liquid steel production was 1.68 million tons and deliveries were 1.40 million tons./
  • UK revenues were GBP 468 million and EBITDA loss stood at GBP 63 million. Deliveries stood at 0.52 million tons and were impacted by subdued demand and steady imports.
• The company has spent Rs 3,291 crore on capital expenditure during the quarter and Rs 10,370 crore in 9MFY26.
• Net debt declined by Rs 5,206 crore QoQ to Rs 81,834 crore.
• PAT: Rs 2,730 crore against Rs 295 crore during Q3FY25.

T V Narendran, Chief Executive Officer & Managing Director, said: “Our global operating environment continues to be shaped by tariffs, geopolitical shifts and policy divergence. Steel markets were impacted by elevated finished steel exports from China, which at 119 million tons surpassed the 2015 peak. Against this backdrop, Tata Steel delivered a strong performance in this quarter, with India crude steel production rising 12% while deliveries grew faster at 14% YoY, surpassing the 6 million tons mark in a quarter for the first time. We continued to strengthen our market leadership across chosen segments, supported by capacity expansion and a focused downstream strategy. Automotive volumes grew 20% YoY, while our retail vertical gained further momentum. Tata Tiscon continued its growth, and our e-commerce platforms, Aashiyana and DigECA, achieved Gross Merchandise Value of Rs 2,380 crore for the quarter, up 68% YoY. Within the downstream portfolio, our tubes and wires businesses delivered their best-ever quarterly performance, supported by capacity additions, a richer product mix and dominant share in high-value infrastructure projects. We also strengthened our colour-coated portfolio through the majority acquisition in Tata Bluescope Steel Private Limited, which has now transitioned to Tata Steel Colors Private Limited. Looking ahead, the proposed 4.8 MTPA expansion at NINL and the 0.75 MTPA EAF at Ludhiana will significantly enhance our long products portfolio. At the same time, our strategic partnership in Maharashtra will fortify raw material needs beyond 2030 and help cater to the growing demand in western and southern India. In our overseas operations, deliveries stood at 0.52 million tons in the UK and 1.40 million tons in the Netherlands. Supportive policy frameworks are vital to transition to a more sustainable operating model. While the recent progress in Europe has supported sentiment, the UK market continues to be depressed, and the quota framework needs to be revised to reflect underlying market conditions.”

Koushik Chatterjee, Executive Director & Chief Financial Officer, said: “Tata Steel delivered consistent performance despite a challenging operating environment. For the nine months ended 31st December 2025, EBITDA margin improved by around 300 bps YoY, reflecting strong operational execution and sustained cost discipline. Our cost transformation program, focused on multiple levers including operating KPIs, supply chain efficiencies and procurement, has delivered savings of around Rs 3,000 crore for the quarter and around Rs 8,600 crore for the first nine months of the financial year. During the quarter, consolidated EBITDA was Rs 8,309 crore, translating to a margin of around 15%. In India, domestic steel prices were at multiyear lows weighing on the steel spot spreads. Despite this, our India operations delivered an EBITDA margin of ~23% aided by value led growth and cost optimisation. Both in UK and Netherlands, volumes moderated on QoQ basis. UK performance was adversely impacted by subdued demand dynamics while the Netherlands delivered an EBITDA of EUR 55 million. Overall, operating cash flows before capex were Rs 10,345 crore for the quarter. Our consolidated Net debt declined to Rs 81,834 crore. Our group liquidity remains strong at Rs 44,062 crore, which includes cash & cash equivalents of Rs 10,765 crore. In India, we remain focused on volume growth, investments in downstream and strengthening our raw material linkages. UK market conditions continue to be pressured by subdued demand, while policy interventions are taking longer than anticipated to materialise. We are closely monitoring the situation and the evolving tariff framework and CBAM in EU, which are pivotal for rebalancing EU market dynamics. We remain focused on prioritising, optimising and sequencing our capital allocation to balance investment needs with returns, while maintaining financial discipline and long?term value creation for stakeholders.”

Result PDF

Iron & Steel Products company Tata Steel announced Q2FY26 results

• Consolidated Revenues for the half year were Rs 1,11,867 crore and EBITDA was Rs 16,585 crore with a margin of around 15%. EBITDA improved by 27% YoY despite the challenging operating environment.
  • India revenues were Rs 65,924 crore and EBITDA was Rs 16,140 crore, which translates to an EBITDA margin of 24%. EBITDA improved by 16% YoY.
  • Netherlands revenues were EUR 3,070 million and EBITDA was EUR 155 million. EBITDA doubled on YoY basis.
  • UK revenues were GBP 1,041 million and EBITDA loss was GBP 107 million. EBITDA loss halved on YoY basis.
• Consolidated Revenues for the Jul – Sep 2025 quarter were Rs 58,689 crore and EBITDA was Rs 9,106 crore with a margin of around 16%. EBITDA improved by 22% QoQ and 46% YoY.
  • India revenues were Rs 34,787 crore and EBITDA was Rs 8,654 crore, which translates to a margin of 25%. Crude steel production was up 8% QoQ to 5.65 million tons and deliveries were up 17% QoQ to 5.55 million tons aided by rise in domestic deliveries.
  • Netherlands revenues were EUR 1,551 million and EBITDA was EUR 92 million vs. EUR 64 million in Q1FY26. Liquid steel production was 1.67 million tons and deliveries were 1.54 million tons.
  • UK revenues were GBP 505 million and EBITDA loss stood at GBP 66 million vs. loss of GBP 41 million in Q1FY26. Deliveries stood at 0.57 million tons and were marginally lower due to subdued demand.
• The company has spent Rs 3,250 crore on capital expenditure during the quarter and Rs 7,079 crore for the half year. Net debt stands at Rs 87,040 crore.
• In September 2025, Tata Steel signed a non-binding Joint Letter of Intent with the Government of the Netherlands and the province of North-Holland on an integrated health measures & decarbonisation project.

T V Narendran, Chief Executive Officer & Managing Director, said: “The global operating environment remained challenging with persistent overhang of tariffs, geopolitical tensions and elevated steel exports. Despite this, Tata Steel delivered a resilient performance with the EBITDA margin improving for the second consecutive quarter. In India, while the crude steel production rose 8%, deliveries grew at a higher rate of 17% QoQ as our marketing franchise enabled us to scale effectively. We continue to strengthen our market leadership across key segments, underpinned by capacity expansion and a focused downstream strategy. Kalinganagar’s continuous annealing line and galvanising line have expanded our hi-end product offerings to Automotive. Our new 0.5 MTPA combi mill will further amplify this advantage and strengthen our presence in specialty steel segment. Our well-established retail brand, Tata Tiscon grew by 27% QoQ and we continue to consolidate our position in engineering and construction solutions. On the digital front, our e-commerce platforms such as Aashiyana and DigECA achieved Gross Merchandise Value of Rs 1,980 crore for the quarter and more than tripled on YoY basis. As for overseas operations, UK deliveries were 0.57 million tons and Netherlands deliveries were 1.54 million tons. We remain focused on transitioning our UK and Netherlands businesses to economically and environmentally viable operations. In September 2025, we signed a non-binding Joint Letter of Intent with the Government of Netherlands and Province of North-Holland on an integrated health measures and decarbonisation project. I am happy to share that Tata Steel became the only Indian company to be recognised by worldsteel for Safety and Health excellence, in process safety management, for three years in a row.”

Koushik Chatterjee, Executive Director & Chief Financial Officer, said: “Tata Steel has continued to perform despite the challenging operating environment. For the quarter ended 30th September 2025, EBITDA margin improved by 145 bps QoQ and 280 bps for the half year, reflecting operational strength and cost discipline. Consolidated revenues for the quarter stood at Rs 58,689 crore, while EBITDA was Rs 9,106 crore, translating to a margin of ~16% or Rs 11,518 per ton. This performance was underpinned by sharp focus on cost transformation program, which delivered around Rs 2,561 crore for the quarter and around Rs 5,450 crore for the half year. India performance has been aided by strong growth in volumes. NINL, our strategic lever to expand in long products business, generated EBITDA, of around Rs 260 crore. Netherlands EBITDA was higher by EUR 28 million QoQ, as we make progress on restoring competitiveness. However, UK EBITDA declined by GBP 24 million on QoQ basis due to subdued prices on account of UK safeguard quotas exceeding prevalent demand. We remain focused on volume growth in India, strengthening our raw material linkages and optimising capital allocation. We are closely monitoring policy developments in EU and UK and will look to prioritise, optimise and sequence the decarbonisation capex spend such that it is affordable to all stakeholders. Overall, operating cash flows before capex and dividend were ~Rs 7,000 crore and we have spent Rs 3,250 crore towards capital expenditure in the quarter and Rs 7,079 crore during the half year. In line with efforts to optimise debt portfolio, we have reduced TSUK debt by GBP 540 million during the quarter and our consolidated gross debt has decreased by around Rs 3,300 cores QoQ to Rs 95,643 crore. On 12th November, Tata Steel executed a share purchase agreement with BlueScope Steel to acquire the balance 50% stake in Tata BlueScope Steel Private Limited. This is in line with our objective to grow the downstream portfolio. Following the acquisition, TBSPL will become a 100% subsidiary of Tata Steel. We remain committed to operational excellence, cost optimisation, and disciplined working capital management to maximise cash flows.”

Result PDF

Iron & Steel Products company Tata Steel announced Q1FY26 results

• Consolidated Revenues for the April – June 2025 quarter were Rs 53,178 crore and EBITDA was Rs 7,480 crore with a margin of around 14%. EBITDA improved by 11% QoQ and 10% YoY, aided in part by ongoing strategic initiatives.
• India revenues were Rs 31,137 crore for the quarter and EBITDA was Rs 7,486 crore, which translates to a margin of 24%. India EBITDA per ton improved by Rs 2,510 per ton QoQ to Rs 15,760 per ton.
• UK revenues were GBP 536 million for the quarter and EBITDA loss stood at GBP 41 million vs. loss of GBP 80 million in 4QFY25. Deliveries stood at 0.60 million tons and were marginally lower due to subdued demand.
• Netherlands revenues were EUR 1,519 million for the quarter and EBITDA was EUR 64 million vs. EUR 14 million in 4QFY25. Liquid steel production was 1.70 million tons and deliveries were 1.50 million tons.
• The company has spent Rs 3,829 crore on capital expenditure during the quarter
• Net debt stands at Rs 84,835 crore. Our group liquidity remains strong at Rs 43,578 crore, which includes cash & cash equivalents of Rs 14,118 crore.

T V Narendran, Chief Executive Officer & Managing Director: “Tata Steel has demonstrated robust profitability across geographies despite volatile global macro conditions and heightened uncertainty. The strong improvement in our 1Q performance on QoQ as well as YoY basis was driven by an increase in our net steel realisations and the planned cost-take outs. In India, our large distribution network with 25,000 dealers & distributors and our focus on delivering customer requirements helped us in selling higher value-added products and in creating value from the new facilities we commissioned. The volume ramp up at Kalinganagar is progressing smoothly and within six months of the start-up of the continuous annealing line facility, we have been successful in receiving grade approvals for high strength and ultra-high strength steel. Tata Steel now stands at par with global leaders in providing next generation lightweighting solutions and catering to advanced mobility applications. We are also leveraging the growing digital marketplace by expanding presence through e-commerce platforms such as Aashiyana and DigECA. The Gross Merchandise Value through these platforms now stands at Rs 5,400 crore on annualised basis, an increase of 52% YoY. Our mining operations complement steelmaking by providing secure and reliable supply of raw materials. I am happy to share that our Noamundi Iron ore mine was adjudged with 7-star rating by the Ministry of Mines for scientific and sustainable mining, one of only three such mines in India. In UK, we recently had the groundbreaking ceremony for the EAF at Port Talbot which marks yet another milestone in our journey to become a sustainable green steel operations. In Netherlands, our liquid steel production was 1.7 million tons and was close to rated capacity and performance was aided by favourable sales mix and higher realisations in the downstream business.”

Koushik Chatterjee, Executive Director and Chief Financial Officer: “Tata Steel has delivered resilient performance and sequentially improved margins by around 200 bps despite challenging demand and uncertainty on trade & tariffs. Consolidated revenues for the quarter were Rs 53,178 crore and EBITDA was Rs 7,480 crore, which translates to a margin of around 14% and Rs 10,503 per ton. Higher steel realisations offset the decline in volumes across geographies. Our cost transformation program, focused on multiple levers including operating KPIs, supply chain and procurement, has delivered around Rs 2,900 crore during the quarter. We remain focused on cost optimisation, operational improvements and working capital management to maximise cashflows. India revenues were Rs 31,137 crore and EBITDA was Rs 7,486 crore for the quarter. India EBITDA improved from Rs 13,250 per ton in 4Q to Rs 15,760 per ton in 1Q. Continuing our efforts to further consolidate the India footprint, we successfully acquired the residual equity stake in Neelachal Ispat Nigam Limited and with this, NINL is now a wholly owned subsidiary. NINL generated an EBITDA of Rs 224 crore in 1Q and is our strategic lever to expand in long products business. Among our overseas operations, Netherlands EBITDA improved by EUR 35 per ton while UK EBITDA improved by GBP 58 per ton on QoQ basis. We are committed to capacity growth in structurally attractive India market and have spent around Rs 3,829 crore towards capital expenditure during the quarter. As of 30th June 2025, Net debt stood at Rs 84,835 crore and our group liquidity position remains strong at Rs 43,578 crore with cash & cash equivalents of Rs 14,118 crore. Site activity has officially commenced at Port Talbot, UK for the Electric Arc Furnace. In India, we are progressing on the construction of the Electric Arc Furnace at Ludhiana with commencement of equipment erection activities. The G blast furnace relining in Jamshedpur is at an advanced stage of completion and with Kalinganagar ramping up, India volumes are expected to be sequentially higher in the next quarter.”

Result PDF

Iron & Steel/Interm.Products company Tata Steel announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

• Turnover: Rs 56,218 crore compared to Rs 58,687 crore during Q4FY24.
• EBITDA: Rs 6,762 crore compared to Rs 6,631 crore during Q4FY24.
• PBT: Rs 2,588 crore compared to Rs 2,403 crore during Q4FY24.
• PAT: Rs 1,201 crore compared to Rs 555 crore during Q4FY24.

FY25 Financial Highlights:

• Turnover: Rs 2,18,543 crore compared to Rs 2,29,171 crore during FY24.
• EBITDA: Rs 25,802 crore compared to Rs 23,402 crore during FY24.
• PBT: Rs 9,267 crore compared to Rs 6,667 crore during FY24.
• PAT: Rs 3,174 crore compared to Rs -4,910 crore during FY24.

T V Narendran, Chief Executive Officer & Managing Director, said: “FY25 has been an important transition year for Tata Steel with significant developments across operating geographies. We commissioned India’s largest blast furnace at Kalinganagar, safely decommissioned two blast furnaces in UK and achieved production levels near rated capacity in Netherlands. India deliveries were best ever at around 21 million tons and were up 5% YoY aided by a smooth ramp up of the new blast furnace at Kalinganagar and capacity utilisation close to 100% at the remaining operations. At the segment level, Tata Steel continues to be the preferred supplier for automotive steel, with high share of business in new model launches. Tata Tiscon achieved ‘best ever’ volumes and grew by 19% YoY to around 2.4 million tons. We have invested more than Rs 1,600 crore on R&D in the last 5 years, enabling us to become the first Indian steel supplier to have end-to-end capabilities in hydrogen transportation and to localise CP780 automotive grade demonstrating our customer centricity. In yet another step towards growing in chosen segments in India, we have begun catering to commercial shipbuilding. Deliveries in the UK were ~2.5 million tons as we smoothly transitioned to supplying our customers on the basis of imported substrate processed at our downstream mills while fixed costs have reduced by around Pound 230 million, the benefit was not visible due to surging imports. In Netherlands, our deliveries were ~6.25 million tons and for the quarter were 1.75 million tons, highest in the last six years. The QoQ improvement in profitability at Netherlands includes efforts to reduce controllable costs while a transformation program to restore long term competitiveness has been launched in April 2025. This year also marked landmark achievement in the form of a century of mining at Noamundi and in FY25, we mined around 40 million tons of iron ore across our mines in India. I am also happy to share that we have been recognised by worldsteel as Sustainability champion for the eighth time in a row.”

Koushik Chatterjee, Executive Director and Chief Financial Officer, said: “Tata Steel Consolidated revenues for FY25 were around USD 26 billion and EBITDA was USD 3.1 billion. Consolidated EBITDA improved by 10% YoY aided by higher volumes and reduction in controllable costs despite the drop in realisations. Neelachal Ispat Nigam Limited achieved annual EBITDA of around Rs 1,000 crore with a margin of 19% and free cash flow in excess of Rs 1,000 crore. This demonstrates the turnaround of the company which was closed at the time of acquisition almost three years ago. Operating cash flows after interest and adjustments improved by 37% or ~Rs 4,800 crore YoY to Rs 17,700 crore aided by working capital release of ~Rs 3,600 crore. We spent Rs 15,671 crore on capital expenditure during the year. For the quarter, Consolidated revenues stood at Rs 56,218 crore and EBITDA was Rs 6,762 crore, which translates to a margin of around 12%, with India EBITDA margin being higher at 21%. Consolidated EBITDA margin was 100 bps higher on QoQ basis. We are focused on cost takeouts to enhance competitiveness and have already achieved ~Rs 6,600 crore during the year vs. FY2024 levels, of which Pound 230 million or Rs 2,600 crore was in UK, Rs 2,800 crore was in India and Rs 1,150 crore was in Netherlands and the cost transformation program will continue in the future. Our Electric Arc Furnace project in UK is also progressing as per plan with award of key OEM contracts, receipt of planning permissions with construction likely to begin by July 2025. Tata Steel Netherlands annual EBITDA has improved to €90 million as production returned to near rated capacity and operating cash flows after interest were around €450 million through significant cash and cost focused actions. The discussion with the Government of Netherlands on the integrated decarbonisation and environmental measures project continues to be intense and we are also engaged with the provincial and environmental authorities on the above.”

Result PDF

Iron & Steel Products company Tata Steel announced Q3FY25 results

Financial Highlights:

• Consolidated Revenues for 9MFY25 were Rs 1,62,324 crore. EBITDA improved by 14% YoY to Rs 19,040 crore, with an EBITDA margin of 12%.
• Consolidated Revenues for Q3FY25 were Rs 53,648 crore and EBITDA was Rs 5,994 crore, with an EBITDA margin of around 11%.
• The company has spent Rs 3,868 crore on capital expenditure during the quarter and Rs 12,450 crore between April – December 2024.
• Net debt stands at Rs 85,800 crore. Our group liquidity remains strong at Rs 28,219 crore, which includes cash & cash equivalents of Rs 13,119 crore.

Business Highlights:

• India revenues were Rs 32,930 crore for the quarter and EBITDA was Rs 7,921 crore, which translates to an EBITDA margin of 24%. Crude steel production was around 5.69 million tons and was up 6% on YoY basis. Deliveries stood at 5.29 million tons and were up 8% YoY, driven by steady domestic deliveries and strategic presence in exports.
• Our recently commissioned 5 MTPA blast furnace at Kalinganagar is presently operating at around 8,500 tpd and ramp up to rated capacity is underway. We have also commissioned 0.9 MTPA Continuous Annealing Line (CAL) in December.
• UK revenues were EURO 523 million and EBITDA loss stood at GBP 67 million. Deliveries were 0.57 million tons and were lower QoQ due to subdued demand dynamics.
• Netherlands revenues were EURO 1,282 million and nil EBITDA for the quarter. Liquid steel production was 1.76 million tons and deliveries were 1.53 million tons, up QoQ as well as YoY.

T V Narendran, Chief Executive Officer & Managing Director, said: “The global operating landscape continues to be shaped by geopolitics and continued economic slowdown in key regions. Steel exports from China, which has averaged 9 million tons per month in 2024, has dampened steel prices globally including in India. Growth in deliveries in India and focus on operational efficiency have aided our performance on EBITDA improvement. Our deliveries in India grew 8% YoY to 5.29 million tons for the quarter and 6% YoY to 15.3 million tons for 9MFY25. Our growth plans in Kalinganagar are on course. The new blast furnace has produced ~0.56 million tons during the quarter and is ramping up to rated capacity. The Continuous Annealing Line (CAL), which is a part of the 2.2 MTPA CRM complex, has been commissioned in December and has received facility approvals from some of the major automotive OEMs. We continue to build our position in our chosen segments. We registered a growth in high end product deliveries in the automotive segment and in retail, Tata Tiscon achieved best ever quarterly deliveries with a 20% YoY increase in 9MFY25. In the UK, we are progressing on the transition to low carbon steelmaking. The closure of heavy end assets has started yielding benefits with improvement in the overall cost and emissions profile. In the Netherlands, our deliveries stood at ~1.5 million tons. Subdued steel prices continued to weigh on our performance. We are progressing on enhancing sustainability in our operations at all our sites and on our commitment to diversity and inclusion. Recently, we operationalised an all-women shift at our Noamundi iron ore mine, a first in India.”

Koushik Chatterjee, Executive Director and Chief Financial Officer, said: “Tata Steel Consolidated revenues for the first nine month of the financial year were Rs 1,62,324 crore and EBITDA was Rs 19,040 crore. Consolidated EBITDA has improved by 14% YoY aided by steady performance in India and improved profitability at Netherlands. UK business is amidst a transition to economically and environmentally viable operations. Consolidated revenues for the quarter stood at Rs 53,648 crore and EBITDA was Rs 5,994 crore, which translates to a margin of 11%. India revenues were around Rs 32,930 crore and with a margin of 24%, the EBITDA works out to around Rs 7,921 crore. Both in UK and Netherlands, our performance has been adversely impacted by multi-year low market spreads, last seen in 2015-16. Despite this, UK EBITDA improved by GBP 115 per ton QoQ primarily driven by fixed cost takeout upon closure of the heavy end assets by September 2024. There was an improvement in fixed costs, on absolute basis, of GBP 70 million in 3Q vs. 2Q and for the nine-month period, the same was around GBP 140 million on YoY basis. Overall, cash flow from operations for the quarter stood at around Rs 8,253 crore and was aided by tight working capital management. We have spent around Rs 3,868 crore on capital expenditure and net debt has declined by around Rs 3,000 crore QoQ to Rs 85,800 crore. Our group liquidity position remains strong at Rs 28,219 crore, with cash and cash equivalents of Rs 13,119 crore. We have placed equipment orders for the ~3 MTPA Electric Arc Furnace in UK. Separately, we have started receiving equipment on site for our 0.85 MTPA Electric Arc Furnace in Ludhiana and are progressing with civil works. The ramp up of operations in Kalinganagar will help improve India cost profile upon fixed cost absorption. In Netherlands, we continue to engage with the government on support for the decarbonisation of our operations.”

Result PDF

Iron & Steel Products company Tata Steel announced H1FY25 & Q2FY25 results

• Consolidated Revenues for H1FY25 were Rs 1,08,676 crore. EBITDA improved by 25% YoY to Rs 13,046 crore with an EBITDA margin of 12%.
• Consolidated Revenues for the July – Sep 2024 quarter were Rs 53,905 crore and EBITDA was Rs 6,224 crore with an EBITDA margin of around 12%.
• The company has spent Rs 4,806 crore on capital expenditure during the quarter and Rs 8,583 crore for the half year.
• Net debt stands at Rs 88,817 crore. Our group liquidity remains strong at Rs 26,028 crore, which includes cash & cash equivalents of Rs 10,575 crore.
• India revenues were Rs 32,660 crore for the quarter and EBITDA was Rs 6,912 crore, which translates to an EBITDA margin of 21%. Crude steel production was 5.28 million tons and was up 5% on YoY basis. Deliveries stood at 5.11 million tons and were up on YoY basis, driven by 6% rise in domestic deliveries.
  • On half year basis, Revenues were Rs 65,853 crore and EBITDA was Rs 13,946 crore.
• In September 2024, we successfully commissioned India’s largest blast furnace at Kalinganagar. With ramp up of Kalinganagar facilities, India crude steel capacity will increase to 26.6 MTPA.
• In UK, the remaining blast furnace at Port Talbot was closed to pave the way for next generation of green steelmaking. During the quarter, revenues were EUR 600 million and EBITDA loss stood at EUR 147 million. Liquid steel production was 0.39 million tons while deliveries were 0.63 million tons.
  • On half year basis, Revenues were EUR 1,246 million and EBITDA loss was EUR 238 million.
• Netherlands revenues were EUR 1,300 million and EBITDA for the quarter was EUR 22 million. Liquid steel production at 1.66 million tons and deliveries at 1.50 million tons, were up on YoY basis.
  • On half year basis, Revenues were EUR 2,644 million and EBITDA was EUR 65 million.

T V Narendran, Chief Executive Officer & Managing Director, said: “Global operating environment remained complex, with key regions facing subdued growth. Macro-economic conditions in China continued to weigh on commodity prices including steel. In India, steel demand continued to improve but domestic prices were under pressure due to cheap imports. Despite this, Tata Steel has delivered broadly consistent performance, with India deliveries at 5.1 million tons for the quarter and 10.1 million tons for the half year. Domestic deliveries rose by 6% for the quarter and 5% for the half year on YoY basis. Among business verticals, automotive deliveries were aided by growth in hi-end products. Tata Tiscon achieved ‘best ever 2Q’ deliveries and was up 20% YoY. In September 2024, we successfully commissioned the 5 MTPA blast furnace at Kalinganagar. This coupled with the 2.2 MTPA CRM complex will further improve our product mix. 2Q also marked the closure of our blast furnaces in UK. We have signed the grant funding agreement with the UK government and are progressing on the proposed transition to green steel. We remain fully committed to supporting affected employees and have offered the best ever package of support in Tata Steel UK. In Netherlands, our deliveries stood at 1.5 million tons and subdued steel prices weighed on performance. We are undertaking pilot projects to avoid or convert captured carbon emissions. I am happy to share that we have achieved 20% diversity for the first time in India and have also been recognised by worldsteel for process safety management.”

Koushik Chatterjee, Executive Director and Chief Financial Officer, said: “Tata Steel Consolidated revenues for the half year were Rs 1,08,676 crore and EBITDA was Rs 13,046 crore. Consolidated EBITDA margin witnessed an improvement of around 300 bps to 12%, aided by higher volumes in India and improved profitability at Netherlands. This was despite challenging operating environment across geographies. Consolidated revenues for the quarter stood at Rs 53,905 crore and EBITDA was Rs 6,224 crore, which translates to a margin of 12%. India revenues were around Rs 32,660 crore and margin of 21% works out to an EBITDA of Rs 6,912 crore. Our second blast furnace at Kalinganagar is ramping up well and associated facilities such as Continuous Annealing Line and Air Separation Unit will be commissioned in the later part of the year. Separately, we have placed equipment orders for our 0.85 MTPA Electric Arc Furnace plant in Ludhiana. Our performance in UK and Netherlands was adversely impacted by the compression in steel spreads. Further, UK was also weighed by the transitory nature of operations as the blast furnaces were safely decommissioned and steel stock was built up to operate downstream. We spent around Rs 8,583 crore on capital expenditure during the half year, mostly in India. Our net debt stands at Rs 88,817 crore and the group liquidity position remains strong at Rs 26,028 crore, with cash and cash equivalents of Rs 10,575 crore. We are focused on cost optimisation, operational improvements and working capital management to maximise cashflows. With respect to the UK transition, we have signed a contract with Tenova to deliver a state-of the-art Electric Arc Furnace. We have completed public consultation on the planning application and anticipate commencing large scale site work around July 2025. During our transition to green steel, we will operate our downstream operations by sourcing substrate. This will help us sustain our significant market presence across steel end use segments in UK. In Netherlands, we are engaged with the government on support for the decarbonisation of our operations.”

Result PDF

Iron & Steel Products company Tata Steel announced Q1FY25 results:

Financial Highlights: 

• Consolidated Revenues for the Apr – June 2024 quarter were Rs 54,771 crore and EBITDA was Rs 6,822 crore with an EBITDA margin of around 12.5%.
• The company has spent Rs 3,777 crore on capital expenditure during the quarter. The phased commissioning of the 5 MTPA expansion at Kalinganagar is progressing well towards blast furnace start-up in September 2024.
• Net debt stands at Rs 82,162 crore. Our group liquidity remains strong at Rs 36,460 crore, which includes cash & cash equivalents of Rs 10,799 crore.
• India revenues were Rs 33,194 crore for the quarter and EBITDA was Rs 7,029 crore, which translates into an EBITDA margin of 21%
• Crude steel production was around 5.27 million tons and was up 5% on YoY basis. Deliveries stood at 4.94 million tons and were up on YoY basis, driven by 4% rise in domestic deliveries.
• At segment level, Automotive witnessed ‘best ever Q1’ sales and Tata Tiscon deliveries were up 15% YoY leading to best ever quarterly sales.
• UK revenues were GBP 646 million and EBITDA loss stood at GBP 91 million. Liquid steel production as well as deliveries were 0.68 million tons.
• Netherlands revenues were GBP 1,344 million and EBITDA for the quarter was GBP 43 million. On per ton basis, EBITDA improved by GBP 48 per ton on QoQ basis. Liquid steel production was 1.69 million tons and deliveries were at 1.47 million tons, up QoQ and YoY basis.
• Tata Steel commenced the closure of heavy end assets at Port Talbot with shutdown of BF #5 in early July 2024. The closure of BF #4 is scheduled for September 2024.

T V Narendran, Chief Executive Officer & Managing Director: “During the quarter, subdued steel demand across most regions weighed on global steel prices. In India, steel demand was broadly stable despite some impact due to elections and heat waves. In India, our crude steel production was up 5% YoY to around 5.3 million tons. Deliveries at around 4.9 million tons were the ‘best ever 1Q’ sales aided by 4% YoY growth in domestic deliveries. Among business verticals, automotive witnessed 9% YoY growth aided by higher than market growth in select sub segments. Tata Tiscon continued to grow aided by enhanced reach and scale-up of consumer connect programs. We are focusing on innovative solutions to shape market practices and enhance customer experience to retain leadership in chosen segments. We continue to expand our footprint via new dealer appointments, e-commerce portals and influencers. The 5 MTPA expansion project at Kalinganagar is on track for the blast furnace to start in September 2024. The heating process for blast furnace stoves and coke oven batteries has commenced as planned. Additionally, the commissioning activities for Continuous Annealing Line of the 2.2 MTPA CRM complex at Kalinganagar are progressing well for start up in August 2024. In UK, we have safely ceased operations at one of the blast furnaces (BF #5) at Port Talbot and are on track to close the remaining blast furnace by September 2024. We are committed to supporting affected employees alongside providing multiple training and community support schemes. In Netherlands, our production has risen on QoQ as well as YoY basis, upon return to normal operating levels. Sustainable operations are integral to our strategic goals and Tata Steel has launched the first carbon bank in India. Further, Tata Steel remains dedicated to enhancing diversity and am happy to share that we recently deployed the first-ever crew of female firefighters in the Indian steel industry.”

Koushik Chatterjee, Executive Director and Chief Financial Officer: “Tata Steel Consolidated revenues for the quarter were Rs 54,771 crore and EBITDA was Rs 6,822 crore. Consolidated EBITDA margin was around 12.5%, with an improvement of more than 100 bps on QoQ basis. India revenues were around Rs 33,194 crore and EBITDA was Rs 7,029 crore, which translates to an EBITDA per ton of Rs 14,227 and an EBITDA margin of 21%. Netherlands revenues were broadly stable despite subdued demand dynamics but cost profile continued to improve with stabilisation of operations leading to EBITDA improving from - ve GBP 27 million in 4Q to ve GBP 43 million in 1Q. This was partly offset by EBITDA loss at UK operations which is in the midst of restructuring and transition. Given the planned closure of blast furnaces in UK, there has been steel stock build-up for the downstream operations which impacted working capital. We continue to focus on growth in India and have spent Rs 3,777 crore on capital expenditure during the quarter. Net debt stands at Rs 82,162 crore. Group liquidity position remains strong at Rs 36,460 crore, which includes Rs 10,799 crore of cash and cash equivalents. We also remain focused on cost optimisation, operational improvements and working capital management to maximise cashflows. With respect to the UK transition, we are proceeding as per previously announced timelines for the closure of the heavy end, a step which is critical to address the deep cash burn associated with the upstream end of life assets. We are also on track with regard to supply chain preparedness for imports of semi-finished steel which will be utilized by the downstream assets to continue to service customers, after the closure of the blast furnaces. We are fully committed to supporting affected employees, have offered the best ever package of support in Tata Steel UK, and continue to engage deeply with the Unions in this respect. The Voluntary Redundancy Aspiration process was launched on 10th July and will close on 07th August. We are working closely with the recently elected UK government on finalisation of grant funding process for the new Electric Arc Furnace project. We have also started active engagement with the government in Netherlands on support for the decarbonisation project.”

Result PDF

Iron & Steel Products company Tata Steel announced Q4FY24 & FY24 results:

• Consolidated Revenues for Q4FY24 stood at Rs 58,687 crore, up 6% QoQ on improved volumes across geographies. EBITDA was at Rs 6,631 crore with an EBITDA margin of ~11%.
• Consolidated Revenues for FY2024 were at Rs 2,29,171 crore. EBITDA stood at Rs 23,402 crore and has been primarily driven by improved performance at India operations.
• The company has spent Rs 4,850 crore on capital expenditure during the quarter and Rs 18,207 crore for the full year. The phased commissioning of the 5 MTPA expansion at Kalinganagar is progressing.
• Net debt stands at Rs 77,550 crore. Our group liquidity remains strong at Rs 31,767 crore, which includes cash & cash equivalents of Rs 9,532 crore.
• India revenues were Rs 1,42,902 crore for the full year and were marginally higher on YoY basis
• Achieved highest ever crude steel production of ~20.8 million tons as well as deliveries of ~19.9 mn tons.
• Domestic deliveries were up 9% YoY leveraging India steel demand growth and agile business model.
• EBITDA was higher by 10% YoY to Rs. 31,057 crore, which translates into an EBITDA margin of 22%.
• In Q4FY24, India deliveries were up 5% YoY to 5.42 million tons. Revenues were at Rs 36,864 crore and EBITDA was at Rs 8,261 crore with an EBITDA margin of around 22%.
• UK annual revenues were GBP 2,706 million and EBITDA loss stood at GBP 364 million. Liquid steel production was 2.99 million tons while deliveries stood at 2.80 million tons. For the quarter, revenues were GBP 647 million and EBITDA loss stood at GBP 34 million.
• Netherlands annual revenues were GBP 5,276 million and EBITDA loss stood at GBP 368 mn, largely due to the reline of BF6 which was completed in early February. Liquid steel production was 4.81 mn tons and deliveries were 5.33 mn tons. For the quarter, revenues were GBP 1,324 mn and EBITDA loss was at GBP 27 mn.
• Following seven months of formal and informal national level discussions with the UK trade unions, Tata Steel will commence closure of heavy end assets in June and proceed with its plan to invest in a state-ofthe-art Electric Arc Furnace at Port Talbot.
• The Board of Directors recommends a dividend of Rs. 3.60 per fully paid-up equity share of face value of Rs 1/- each.

T V Narendran, Chief Executive Officer & Managing Director: “FY2024 has been a year of progress for Tata Steel with transition towards stated goals in India and abroad despite the challenging operating environment. In India, which is a structurally attractive market, we have delivered improved margins and continued to expand our footprint in terms of volumes as well as product portfolio. Our domestic deliveries were best ever at around 19 million tons and were up 9% YoY with broad based improvement across chosen market segments. Automotive volumes were aided by higher deliveries of hot-rolled and cold-rolled steel to auto OEMs while our well-established retail brand Tata Tiscon crossed 2 million tons on an annual basis. We have consistently filed 100 patents per annum, on average, in the last 5 years. Overall, India deliveries now make up 68% of total deliveries and will continue to grow with incremental volumes from 5 MTPA capacity expansion at Kalinganagar. With respect to the UK operations, we have decided to proceed with the proposed restructuring of heavy end UK assets and transition to greener steelmaking after due consideration of all the options over the last 7 months in consultation with union representatives. We are committed to creating a low-CO2 steel business that preserves the majority of the jobs in UK while also creating economic opportunities. In Netherlands, our production was lower due to the relining of BF6. The relining was completed in early February and we have stabilised the operations. We continue to undertake multiple initiatives across geographies to progress on our sustainability journey. I am happy to share that we have achieved zero effluent discharge at our Kalinganagar site in India and have been recognised by worldsteel as Sustainability champion for the seventh time in a row.”

Koushik Chatterjee, Executive Director and Chief Financial Officer: “Tata Steel Consolidated revenues for FY2024 were around $27.7 billion aided by higher volumes in India. Consolidated EBITDA was Rs 23,402 crore, which translates to an EBITDA margin of around 10%. India EBITDA increased by 10% YoY to Rs 31,057 crore, with margin improvement of around 200 bps to 22%, translating to Profit after tax (excluding exceptional items) of Rs 17,514 crore. For the quarter, Consolidated revenues were Rs 58,687 crore and EBITDA was marginally higher at Rs 6,631 crore on QoQ basis. Consolidated cash flow from operations was around Rs 7,400 crore for the quarter and Rs 20,300 crore for the full year. Our capital expenditure was Rs 4,850 crore for the quarter and Rs 18,207 crore for the full year, up 29% YoY. Our Group liquidity remains strong at Rs 31,767 crore. The Board has recommended a dividend of Rs 3.60 per share. Moving to strategic initiatives, we have been carefully considering the alternative proposal from the representative body of the UK trade unions and have concluded that maintaining one blast furnace till the transition would have incurred at least GBP 1.6 billion of additional costs, created significant operational and safety risk, and delayed the EAF by two years. We have therefore discussed with the Unions and concluded national level consultation on the asset plan. We will proceed with our proposal to shut down heavy end assets this year, and setup the EAF by 2027. This is a difficult period of change for our people and we will do our upmost to support the affected employees. With respect to the Electric Arc Furnace, we will place equipment orders by Sep 2024 and have signed the agreement with the UK National Grid securing the high voltage connection, which will be available on schedule. We have as part of discussions with the unions, offered the best ever package of support for affected employees in Tata Steel UK. We have also agreed the final and detailed terms of the proposed grant package with the UK government to support the GBP 1.25 billion investment.”

Result PDF

Tata Steel announced Q3FY24 results:

• Consolidated Revenue: For 9MFY24, the consolidated revenues stood at Rs 1,70,483 crore.
• EBITDA: The Consolidated EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the same period was reported at Rs 16,771 crore, with a margin of approximately 10%.
• Quarterly Revenue: The revenues for Q3FY24 were at Rs 55,312 crore.
• EBITDA for the Quarter: EBITDA saw an increase of 47% QOQ (quarter over quarter) to Rs 6,334 crore, and the EBITDA margin was at 11%.
• Capital Expenditure: The company spent Rs 4,715 crore on capital expenditure during the quarter and a total of Rs 13,357 crore for the 9MFY24.
• Net Debt: Stood at Rs 77,405 crore.
• Liquidity: The group's liquidity remains strong at Rs 23,349 crore, including cash and cash equivalents of Rs 10,825 crore.
• India Revenues and Production: India’s revenues were Rs 35,011 crore and stable on a QoQ basis. Crude steel production was around 5.35 million tons, up 7% both QoQ and YoY (year over year).
• India Deliveries and EBITDA: Deliveries at 4.88 million tons were marginally higher QoQ, driven by a rise in domestic deliveries. EBITDA for India was Rs 8,302 crore, translating into an EBITDA margin of 24%.
• Kalinganagar Expansion: The commencement of the 5 MTPA (million tons per annum) expansion at Kalinganagar has begun.
• UK Performance: Revenue was £603 million with an EBITDA loss of £159 million. Liquid steel production was 0.72 million tons, and deliveries stood at 0.64 million tons.
• Netherlands Performance: Revenue was £1,239 million with an EBITDA loss of £117 million. Liquid steel production was stable at 1.19 million tons, and deliveries were up 5% QoQ.

T V Narendran, Chief Executive Officer & Managing Director: “The global operating environment has been complex, with the economic slowdown in China and geopolitics weighing on commodity prices in general. During this quarter, China has exported between 7 to 8 million tons of steel every month, which is the highest since 2015 and this has adversely impacted global steel prices as well as profitability. Despite this context, Tata Steel India has delivered better margins aided by higher deliveries as well as realizations on a QoQ basis. Our domestic deliveries for the quarter stood at 4.78 million tons and were up 3% QoQ and 10% YoY. Among the key segments, Automotive and well-established brands such as Tata Tiscon, Tata Steelium, and Tata Astrum had the best 3Q sales. The consistent growth in India deliveries has been aided by crude steel production being close to 5 million tons across the quarters in this financial year. The phased commissioning of our 5 MTPA capacity expansion at Kalinganagar is underway. Moving to Europe, our deliveries in the Netherlands were up while the UK moved lower QoQ due to subdued demand as well as operational issues given the aging assets. We will commence statutory consultations with the unions in the UK as a step towards our transition to an EAF-based sustainable business. We continue to undertake multiple initiatives across geographies to progress on our sustainability journey. I am happy to share that the Tata Steel Meramandali and Tata Steel Kalinganagar sites have now received ResponsibleSteelTM certification and we now have three certified sites in India including Jamshedpur.

Koushik Chatterjee, Executive Director, and Chief Financial Officer: “Tata Steel Consolidated revenues for the quarter stood at Rs 55,312 crore and EBITDA was Rs 6,334 crore, an increase in margins by around 300 bps QoQ. India's EBITDA was Rs 8,302 crore, a QoQ margin increase of 400 bps while subdued demand dynamics weighed on margins in the UK and Netherlands. The UK business continues to face production shortfalls arising from the end-of-life condition of several of its heavy-end assets. In the Netherlands, we expect BF#6 to restart by the end of January. Cash flow from operations in India rose sharply to Rs 9,016 crore while consolidated cash flow from operations was lower at Rs 7,879 crore. Our Net debt stands at Rs 77,405 crore and the group liquidity position remains strong at Rs 23,349 crore. Moving to strategic initiatives, we have largely fulfilled our plan to simplify our India footprint, having now completed the merger of Tinplate Company of India and Tata Metaliks into Tata Steel. Our announcement on 19th January about Tata Steel UK follows detailed discussions with and careful consideration of the alternative proposal from the representative body of the UK trade unions and their advisor. The company’s analysis shows that partial continuity of blast furnaces until completion of transition to the EAF is not affordable and engineering studies have found that building the EAF in an already operating steel melt shop is not feasible. Tata Steel is acutely aware of the impact of its proposal to wind down the heavy end in Port Talbot on individuals and the local community associated with our steel works, we will meaningfully consult with our employees and work to provide them with a fair, dignified, and considerate outcome. Tata Steel proposes to commit more than £130 million to a comprehensive support package for affected employees. This is in addition to the £100 million funding for the Transition Board set up by the company along with the UK and Welsh governments. Tata Steel has begun engineering design work on the EAF and discussions with National Grid for supporting infrastructure with a target to commission the EAF by 2027.”

Result PDF