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Tata Steel (TATASTEEL) investor relations material
Tata Steel Q1 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 25/26 earnings summary31 Jul, 2025
Executive summary
Consolidated EBITDA for Q1FY26 rose to Rs 7,480 crores, up 11% QoQ and 10% YoY, with margin improvement despite lower volumes from maintenance and global headwinds.
India operations saw higher net realizations and robust retail and value-added segment growth, though production was constrained by blast furnace relining.
Major decarbonization and capacity expansion projects advanced, including groundbreaking of a new Electric Arc Furnace in the UK and commissioning at Kalinganagar.
Cost transformation programs delivered Rs 2,900 crores in improvements versus FY25 baseline.
Acquisition of 100% equity in Neelachal Ispat Nigam Limited completed, strengthening the India footprint.
Financial highlights
Consolidated Q1 revenue: Rs 53,178 crores; EBITDA: Rs 7,480 crores; margin at 14%, up 200 bps QoQ.
India standalone Q1 revenue: Rs 31,137 crores; EBITDA: Rs 7,486 crores, margin at 24%.
Adjusted EBITDA per ton for India improved to Rs 15,760.
Net debt at Rs 84,835 crores; group liquidity at Rs 43,578 crores, including Rs 14,118 crores in cash.
Capex for the quarter was Rs 3,829 crores, mainly for Kalinganagar expansion.
Outlook and guidance
India Q2 net realizations expected to be Rs 2,000/ton lower than Q1; UK and Netherlands to remain flat or slightly higher.
Coking coal costs expected to decline by $10/ton across geographies; Netherlands iron ore cost to drop by $7–8/ton in Q2.
India volumes anticipated to be sequentially higher next quarter with ramp-up at Kalinganagar and completion of Jamshedpur relining.
Ongoing transition to low-carbon steelmaking in the UK, with new EAF expected to go live in 2027.
Continued focus on cost optimization, operational improvements, and working capital management.
What's the U.K. EAF project's scrap sourcing plan?
When will NINL expansion FID occur?
How does CBAM impact Tata Steel's European strategy?
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Q2 20267 Nov, 2025
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Q2 20267 Nov, 2025
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Frequently asked questions
Tata Steel Limited manufactures and distributes steel products. The company's portfolio includes flat rolled products, long products, and precision engineering products. It also offers value-added service through its National Supply Chain Management System, based in Mumbai; Tata Steel Manufacturing Services Ltd.; and a network of Integrated Service Centers (ISCs) across the country. In addition, the company invests in manufacturing projects outside of India and allied services entities. Tata Steel Limited operates through three segments: India, Europe, and Other Regions. Tata Steel Limited is headquartered in Mumbai, India.
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