Mumbai, November 12, 2025: Tata Steel today announced its financial results for the quarter and half year ended September 30, 2025. The Company’s consolidated Profit After Tax (PAT) jumped 319% to Rs 3,183 crores during Q2FY26 as compared to Rs 759 crores in Q2FY25. PAT of Tata Steel India, which includes Tata Steel Standalone and Neelachal Ispat Nigam Limited, rose to Rs 4,215 crores, as compared to Rs. 3,460 crores in Q2FY25.
During Q2FY26, consolidated revenues rose to Rs 58,689 crores from Rs 53,905 crores in the same quarter last year, and India revenues rose to Rs 34,787 crores as compared to Rs 32,660 crores a year ago. For the quarter, consolidated EBITDA stood at Rs 9,106 crores with a margin of around 16%, while India EBITDA was Rs 8,654 crores, which translates to a margin of 25%. Crude steel production in India 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.
Consolidated Revenues for the half year were Rs 1,11,867 crores and EBITDA was Rs 16,585 crores with a margin of around 15%. EBITDA improved by 27% YoY despite the challenging operating environment. India revenues were Rs 65,924 crores and EBITDA was Rs 16,140 crores, which translates to an EBITDA margin of 24%.
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.
As part of growing the India downstream portfolio, Tata Steel has executed a share purchase agreement with BlueScope Steel to acquire the balance 50% stake in Tata BlueScope Steel Private Limited. The sale is subject to regulatory approvals. Earlier, Tata Steel Limited signed an Asset Transfer Agreement with Indian Metals & Ferro Alloys Ltd. for the sale of Ferro Alloy Plant at Jajpur, Odisha for a base consideration of Rs. 610 crores.
Mr. T V Narendran, Chief Executive Officer & Managing Director:
“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 crores 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.”
Mr. Koushik Chatterjee, Executive Director and Chief Financial Officer:
“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 crores, while EBITDA was Rs 9,106 crores, 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 crores for the quarter and around Rs 5,450 crores 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 crores. Netherlands EBITDA was higher by €28 million QoQ, as we make progress on restoring competitiveness. However, UK EBITDA declined by £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 crores and we have spent Rs 3,250 crores towards capital expenditure in the quarter and Rs 7,079 crores during the half year. In line with efforts to optimise debt portfolio, we have reduced TSUK debt by £540 million during the quarter and our consolidated gross debt has decreased by around Rs 3,300 cores QoQ to Rs 95,643 crores. 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.”
