Tata Steel Q1 FY26 Earnings Results: Reported ₹7,480 Crore EBITDA with Strong Growth in India Operations

Tata Steel reported consolidated revenues of ₹53,178 crore for the quarter ending June 30, 2025, with EBITDA at ₹7,480 crore, reflecting a healthy EBITDA margin of 14%. This marks an 11% increase quarter-on-quarter (QoQ) and a 10% rise year-on-year (YoY), driven by ongoing strategic efforts and better realisations.

Tata Steel Q1 FY26 Earnings: Strong India Business Performance

• India operations recorded revenues of ₹31,137 crore and EBITDA of ₹7,486 crore, translating to a strong EBITDA margin of 24%.
• EBITDA per ton improved by ₹2,510 QoQ, reaching ₹15,760 per ton.
• Crude steel output was 5.24 million tons, and deliveries were 4.75 million tons. These were slightly lower due to planned maintenance at Jamshedpur and Neelachal Ispat Nigam Limited (NINL), but normalisation is expected soon.

Global Operations Update

• UK: Revenues came in at £536 million, with an EBITDA loss of £41 million—lower than last quarter’s £80 million loss. Deliveries stood at 0.60 million tons, slightly impacted by soft demand.
   
• Netherlands: Revenue rose to €1,519 million with an EBITDA of €64 million, up significantly from €14 million in Q4FY25. Liquid steel production reached 1.70 million tons, while deliveries were 1.50 million tons.

Capital Investment and Projects

• Tata Steel invested ₹3,829 crore in capex during the quarter.
   
• Key developments include:
  • Continued ramp-up of the 5 MTPA blast furnace at Kalinganagar.
  • Commissioning of one Continuous Galvanising line at the 2.2 MTPA Cold Rolling Mill.
  • Construction is underway for the Electric Arc Furnace (EAF) in Ludhiana.
  • Groundbreaking of the UK’s largest low-carbon steel facility on July 14, 2025.

Key Developments

• Tata Steel completed the full acquisition of Neelachal Ispat Nigam Limited (NINL) on July 24, 2025.
• The company maintains a strong liquidity position, with ₹14,118 crore in cash and equivalents.

T.V. Narendran, CEO & MD, stated that the company delivered strong performance despite global challenges, crediting better steel prices, cost control, and a vast distribution network of over 25,000 dealers. The focus on value-added products and new facilities played a key role in profitability.

About Tata Steel

Tata Steel is among the world’s top steelmakers, with an annual steel capacity of 35 million tonnes. The company operates across five continents and employs over 76,000 people. In FY25, it posted a consolidated turnover of ~US$26 billion and is committed to reaching net zero carbon emissions by 2045.

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Tata Steel Share Price Movement

As of July 30, 2025, Tata Steel share price (NSE: TATASTEEL) is trading at ₹161.30 on the NSE, with a market capitalisation of ₹2.01 lakh crore. The stock has a P/E ratio of 58.81 and offers a dividend yield of 2.23%, with a quarterly dividend amount of ₹0.90. During the day, it touched a high of ₹162.79 and a low of ₹161.05, after opening at ₹161.69. The stock's 52-week high is ₹170.18, and the 52-week low is ₹122.62.

Conclusion

Tata Steel delivered a robust Q1 FY26 performance, with strong gains in EBITDA led by India operations. While global demand remains uneven, the company’s focus on cost management, high-value product sales, and infrastructure expansion is expected to support continued growth.

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