Tata Steel Limited has reported a consolidated EBITDA of ₹10,665 crores for the quarter ending September 30, 2026, marking a 14% increase quarter-on-quarter (QoQ) and a 17% rise year-on-year (YoY). For the half-year period, the company achieved an EBITDA of ₹20,035 crores, reflecting a 21% YoY growth despite challenging market conditions. The company’s consolidated revenues for the quarter stood at ₹65,436 crores, with an EBITDA margin of approximately 16%.
In India, Tata Steel’s operations continued to drive performance, with revenues reaching ₹42,653 crores and an EBITDA of ₹10,634 crores, translating to a robust margin of 25%. The Indian segment saw a 7% QoQ increase in crude steel production to 6.18 million tonnes, while deliveries rose by 16% QoQ to 5.98 million tonnes. The Netherlands operations contributed €1,395 million in revenues and €72 million in EBITDA, supported by the restart of the Direct Sheet Plant. However, the UK segment faced challenges, recording a revenue of £411 million and an EBITDA loss of £56 million.
Tata Steel’s capital expenditure amounted to ₹3,280 crores for the quarter and ₹6,860 crores for the half year, with significant projects underway, including a 4.8 MTPA capacity expansion at Neelachal Ispat Nigam Limited. The company also reported a net debt of ₹91,423 crores, maintaining a net debt to EBITDA ratio of 2.4x, while group liquidity remained strong at ₹40,076 crores.
According to T V Narendran, CEO & Managing Director of Tata Steel, the company delivered strong growth in deliveries and earnings, driven by a resilient supply chain and customer engagement. Koushik Chatterjee, Executive Director & CFO, highlighted the strength of the India business in offsetting elevated input costs and maintaining operational stability. Analysts note that Tata Steel’s performance reflects its strategic focus on cost optimisation and operational improvements, positioning the company well amidst ongoing geoeconomic uncertainties.
