Tata Steel Limited has announced a consolidated EBITDA of ₹10,665 crores for the quarter ending September 30, 2026, marking a 14% increase quarter-on-quarter and a 17% rise year-on-year. For the half-year period, the company reported an EBITDA of ₹20,035 crores, reflecting a 21% improvement compared to the previous year. The company’s performance was bolstered by a robust supply chain and strong customer engagement despite ongoing geopolitical and economic uncertainties.
The company’s Indian operations were a significant contributor, generating revenues of ₹42,653 crores and an EBITDA of ₹10,634 crores for the quarter, with a notable margin of 25%. Crude steel production in India increased by 7% quarter-on-quarter to 6.18 million tons, while deliveries rose by 16% to 5.98 million tons. In contrast, Tata Steel’s UK operations reported a revenue of £411 million but faced an EBITDA loss of £56 million, largely due to subdued demand and high inventory levels.
Tata Steel’s Netherlands operations showed improvement, with revenues of €1,395 million and an EBITDA of €72 million, aided by the restart of the Direct Sheet Plant. The company has also been actively investing in capacity expansion projects, spending approximately ₹3,280 crores on capital expenditure during the quarter and ₹6,860 crores for the half-year. Significant projects include the expansion of Neelachal Ispat Nigam Limited and downstream growth initiatives.
Despite the challenging operating environment, Tata Steel’s net debt stood at ₹91,423 crores, with a net debt to EBITDA ratio of 2.4x. The company’s liquidity remains strong at ₹40,076 crores, including cash and cash equivalents of approximately ₹10,300 crores. Analysts note that Tata Steel’s focus on cost optimisation and operational improvements, coupled with its strategic investments, positions the company well to navigate the current market conditions and sustain its growth trajectory.
