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Tata Steel Limited Q4 FY26 earnings call summary

NSE: TATASTEEL · BSE: 500470

Earnings call of 16 May 2026, summarised by AI from the filing.

Consolidated EBITDA ₹34,848 cr (FY25: ₹25,802 cr, +35% YoY); margin ~15% (FY25: ~12%).

Key takeaways

  1. FY2026 EBITDA Consolidated EBITDA ₹34,848 cr (FY25: ₹25,802 cr, +35% YoY); margin ~15% (FY25: ~12%).
  2. Netherlands uncertainty Material uncertainty from permit revocation letter; CGP closure planned; EBITDA positive expected.
  3. Volume growth At least 2 million tons volume increase guided for this financial year, mostly India.
  4. UK EAF delay National Grid connectivity delayed by 6-8 months or higher, impacting EAF commissioning.

Original filing on BSE

Tata Steel Limited Q1 FY27 results

As filed: Revenue ₹60,794 cr (+14% year on year), EBITDA ₹9,264 cr (+25% year on year), PAT ₹2,385 cr (+19% year on year), EBITDA margin 15.2% (+127 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹63,270 cr (+13% year on year), EBITDA ₹9,829 cr (+50% year on year), PAT ₹2,965 cr (+147% year on year), EBITDA margin 15.5% (+387 bps). Score 80 of 100, Above trend. Revenue and EBITDA growth were well above the company's own trend; profit growth was in line with it. EBITDA margin rose 387 bps year on year. Tax rate 39%. Profit rose ₹1,764 cr on a year ago, more than the ₹646 cr it added the year before. Share price after the results: −8.8% in 28 days (Nifty 500: +0.3%).
  • Q3 FY26: Revenue ₹57,002 cr (+6% year on year), EBITDA ₹8,200 cr (+39% year on year), PAT ₹2,730 cr (+300% year on year), EBITDA margin 14.4% (+338 bps). Score 70 of 100, Above trend. Revenue and profit growth were well above the company's own trend; EBITDA growth was above it. EBITDA margin rose 338 bps year on year. Consolidated profit +826% but standalone -1%. Profit fell 14% from last quarter. Share price after the results: +0.7% in 28 days (Nifty 500: −4.1%).
  • Q2 FY26: Revenue ₹58,689 cr (+9% year on year), EBITDA ₹8,896 cr (+45% year on year), PAT ₹3,183 cr (+111% year on year), EBITDA margin 15.2% (+377 bps). Score 81 of 100, Above trend. Revenue and EBITDA growth were well above the company's own trend; profit before exceptional items growth was in line with it. EBITDA margin rose 377 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Profit before exceptional items rose ₹2,420 cr on a year ago, more than the ₹2,115 cr it added the year before. Share price after the results: −3.8% in 30 days (Nifty 500: −0.5%).
  • Q1 FY26: Revenue ₹53,178 cr (−3% year on year), EBITDA ₹7,426 cr (+11% year on year), PAT ₹2,007 cr (+118% year on year), EBITDA margin 14.0% (+174 bps). Score 49 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA growth was in line with it; profit growth was well above it. EBITDA margin rose 174 bps year on year. Tax rate 35%. Revenue fell 5% from last quarter. Profit rose ₹1,088 cr on a year ago, more than the ₹394 cr it added the year before. Share price after the results: −4.3% in 30 days (Nifty 500: −2.5%).
  • Q4 FY25: Revenue ₹56,218 cr (−4% year on year), EBITDA ₹6,560 cr (−1% year on year), PAT ₹1,201 cr (+6% year on year), EBITDA margin 11.7% (+42 bps). Score 28 of 100, Below trend. Revenue, EBITDA and profit before exceptional items growth were below the company's own trend. EBITDA margin rose 42 bps year on year. Tax rate 47%. Share price after the results: +3.2% in 30 days (Nifty 500: +3.7%).
  • Q3 FY25: Revenue ₹53,648 cr (−3% year on year), EBITDA ₹5,903 cr (−6% year on year), PAT ₹295 cr (−43% year on year), EBITDA margin 11.0% (−32 bps). Score 23 of 100, Below trend. Revenue growth was below the company's own trend; EBITDA growth was well below it. EBITDA margin fell 32 bps year on year. Tax rate 85%. Profit fell 61% from last quarter.
  • Q2 FY25: Revenue ₹53,905 cr (−3% year on year), EBITDA ₹6,141 cr (+44% year on year), PAT ₹759 cr, EBITDA margin 11.4% (+373 bps). Score 46 of 100, In line with trend. EBITDA margin rose 373 bps year on year. Other income 27% of PBT. Tax rate 64%. Not enough history for a trend yet: scored on growth alone. Profit fell 17% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Tata Steel Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.