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Tata Steel Ltd.
NSE: TATASTEELBasic MaterialsSteel
- Last close
- ₹167.60
- Day change
- −₹1.86 (−1.10%)vs
- Market cap
- ₹2.20 lakh crIndian rupees
- Research updated
- 3 reports
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About Tata Steel
Tata Steel Ltd. is a notable entity in the global steel industry, recognized for its comprehensive production and distribution of various steel products. As an integrated steel manufacturing company, its primary function is the production of a wide range of steel products, including automotive steel, construction steel, and specialty products for various industrial applications. With a focus on innovation and sustainability, Tata Steel influences major sectors such as automotive, construction, and infrastructure, contributing to the development of durable and environmentally responsible materials. Headquartered in Mumbai, India, Tata Steel holds significant market importance due to its widespread operations and influence in steel markets across Asia, Europe, and beyond. Established in 1907, the company is part of the Tata Group, which is one of India's largest and oldest industrial conglomerates, underscoring its longstanding contribution to both national and international markets.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: TATASTEEL
- Next results
- Chief executive
- Mr. Thachat Viswanath Narendran
- Employees
- 1,15,788
- Headquarters
- Mumbai, India
- ISIN
- INE081A01020
- Website
- tatasteel.com
Public research · Report of
Business model & financial foundation
Tata Steel (NSE: TATASTEEL), Steel - integrated (India, Netherlands, UK, Thailand): revenue of ₹2,32,140 crore in FY26 (+6.2% on FY25), an EBITDA margin of 15.0%, net profit of ₹10,794 crore and net debt of ₹80,144 crore.
- Revenue, FY26 (₹ crore)
- 2,32,140
- consolidated
- Revenue growth, FY26
- +6.2%
- on FY25
- EBITDA margin, FY26
- 15.0%
- EBITDA (company reported, total segment results) / revenue
- Net profit, FY26 (₹ crore)
- 10,794
- to owners
- Return on equity, FY26
- 11.1%
- on average equity
- Net debt, FY26 (₹ crore)
- 80,144
- Company reported net debt
- Market capitalisation (₹ crore)
- 2,20,047
- at the close of 15 Oct 2026
Company profile
Tata Steel is India's second-largest steel producer with ~36 mtpa group crude steel capacity: ~27.4 mtpa in India (Jamshedpur, Kalinganagar, Meramandali, NINL), ~7 mtpa at IJmuiden in the Netherlands, UK downstream assets transitioning to an EAF, and Thailand. India earns essentially all of group EBITDA; Europe is near breakeven and absorbing decarbonisation capex.
| Item | Value |
|---|---|
| Legal name | Tata Steel Limited (formerly The Tata Iron and Steel Company Limited) |
| Exchange and ticker | NSE: TATASTEEL; BSE: 500470 |
| ISIN | INE081A01020 |
| Sector | Basic Materials |
| Industry | Steel - integrated (India, Netherlands, UK, Thailand) |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse & Co Chartered Accountants LLP |
| Market capitalisation | ₹2,20,047 crore (15 Oct 2026) |
| Shares outstanding | 1,248 crore shares (FY26) |
| Price | ₹174.5 (close, 15 Oct 2026) |
| 52-week range | ₹160.1 - ₹224.4 (to 15 Oct 2026) |
| Website | https://www.tatasteel.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited (31.76%).
| Entity | Holding | Business |
|---|---|---|
| Tata Steel Nederland BV | 100% | IJmuiden integrated steel plant (~7 mtpa), Netherlands |
| Tata Steel UK Ltd | 100% | Port Talbot/Llanwern downstream processing; 3 mtpa EAF under construction |
| T Steel Holdings Pte Ltd (Singapore) | 100% | Holding company for European operations |
| Neelachal Ispat Nigam Ltd | 100% | 1.1 mtpa Odisha plant; 4.8 mtpa expansion approved Jul 2026; merger into Tata Steel approved Mar 2026 |
| Tata Steel Thailand PCL | 67.9% | Long products, Thailand |
| Tata Steel Colors (ex-Tata BlueScope Steel) | 99.99% | Coated/colour steel; consolidated from 31 Dec 2025 |
| Rujuvalika Investments Ltd | 100% | Dormant wholly-owned NBFC; NCLT order certified 15 Oct 2026. Scheme remains pending ROC effectiveness; then subsidiary will dissolve and its 11,68,393 Tata Steel shares will cancel. |
India business reported as Tata Steel India = standalone + NINL on proforma basis.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 33.19% | 33.19% | 33.19% | 32.94% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 17.29% | 17.49% | 18.58% | 18.90% |
| Domestic institutions | 27.60% | 27.60% | 27.30% | 27.10% |
| of which mutual funds | 14.37% | 14.64% | 14.47% | 14.71% |
| Retail | 21.93% | 21.67% | 20.88% | 21.05% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebitda, FY26 (₹ crore) | Share | revenue eur, FY26 (€ million) | Share |
|---|---|---|---|---|---|---|
| Tata Steel India (Standalone + NINL proforma, adj. intercompany) | 1,40,302 | 30.2% | 34,272 | 49.2% | ||
| Tata Steel Netherlands (prior to inter value chain eliminations) | 6,028 | 100.0% | ||||
| Tata Steel consolidated | 2,32,140 | 50.0% | 34,848 | 50.0% | ||
| Rest of group (Netherlands, UK, Thailand, others, eliminations) - derived | 91,838 | 19.8% | 575.7 | 0.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| JSW Steel (JSWSTEEL) | Largest Indian integrated flat-steel peer; same domestic HRC price exposure |
| Steel Authority of India (SAIL) | Integrated Indian producer, long-product and coking coal exposure |
| Jindal Steel (JINDALSTEL) | Integrated Indian producer ramping capacity; similar BF route |
| Jindal Stainless (JSL) | |
| ArcelorMittal | European integrated peer for Tata Steel Nederland/UK economics |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total revenue from operations (incl. other operating revenues) | 2,42,327 | 2,41,636 | 2,29,171 | 2,18,543 | 2,32,140 |
| Cost of revenue (vendor classification) * | 1,16,777 | 1,47,730 | 1,37,493 | 1,23,099 | 1,23,092 |
| Other operating costs (vendor classification) * | 39,314 | 41,327 | 43,120 | 42,214 | 45,597 |
| EBITDA (vendor classification) * | 64,601 | 33,249 | 22,888 | 26,496 | 35,775 |
| EBIT * | 55,689 | 24,534 | 6,361 | 15,754 | 23,136 |
| Finance cost | 5,462 | 6,299 | 7,508 | 7,341 | 7,167 |
| Profit before tax (after exceptional items) | 50,227 | 18,235 | -1,147 | 8,413 | 15,969 |
| Total tax expense | 8,478 | 10,160 | 3,763 | 5,239 | 5,083 |
| Reported PAT (incl. non-controlling interests) | 41,749 | 8,075 | -4,910 | 3,174 | 10,886 |
| Diluted EPS after exceptional items (INR) | 33.21 | 7.17 | -3.62 | 2.74 | 8.65 |
| Raw material cost incl. purchases of stock-in-trade and change in inventories | 1,01,916 | 95,001 | 93,618 | ||
| Employee benefits expense | 24,510 | 24,889 | 25,999 | ||
| Other expenses | 80,440 | 73,354 | 78,171 | ||
| EBITDA (company reported, total segment results) | 23,402 | 25,802 | 34,848 | ||
| Other income | 1,809 | 1,541 | 1,402 | ||
| Depreciation and amortisation | 9,882 | 10,421 | 11,955 | ||
| Share of profit/(loss) of JVs and associates | -58.0 | 190.8 | 368.5 | ||
| Profit before exceptional items and tax (after JV/associate share) | 6,667 | 9,268 | 17,001 | ||
| Exceptional items, P&L effect (loss negative, gain positive) | -7,814 | -854.6 | -1,032 | ||
| Profit/(loss) attributable to non-controlling interests | -472.2 | -246.7 | 92.0 | ||
| Profit attributable to owners of the company | -4,437 | 3,421 | 10,794 | ||
| Finance income (excluded from company EBITDA) - derived | 713.1 | 1,037 | 906.5 | ||
| Diluted weighted shares (derived: PAT to owners / diluted EPS) | 1,226 | 1,248 | 1,248 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 1,17,098 | 1,05,175 | 92,433 | 91,353 | 1,03,780 |
| Borrowings | 75,561 | 84,893 | 87,082 | 94,801 | 92,382 |
| Cash and cash equivalents | 15,605 | 12,130 | 7,081 | 9,605 | 8,885 |
| Trade receivables | 12,246 | 8,257 | 6,264 | 5,260 | 4,917 |
| Inventories | 48,824 | 54,415 | 49,158 | 44,590 | 47,249 |
| Trade payables | 36,765 | 37,833 | 35,435 | 29,314 | 34,810 |
| Net property, plant and equipment | 10,902 | 1,46,239 | 1,49,536 | 1,25,215 | 1,49,878 |
| Capital work in progress | 21,228 | 30,308 | 33,370 | 40,602 | 27,510 |
| Total assets | 2,85,446 | 2,88,022 | 2,73,424 | 2,79,395 | 3,01,254 |
| Equity attributable to owners | 91,170 | 1,02,168 | |||
| Current borrowings excluding leases | 20,412 | 21,203 | |||
| Non-current borrowings excluding leases | 68,552 | 63,754 | |||
| Current lease liabilities | 1,005 | 1,192 | |||
| Non-current lease liabilities | 4,833 | 6,233 | |||
| Company reported net debt | 77,550 | 82,579 | 80,144 | ||
| Current investments | 442.7 | 1,004 | |||
| Other balances with banks | 2,042 | 1,173 | |||
| Total current assets | 68,392 | 72,265 | |||
| Total current liabilities | 86,094 | 96,918 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 46,536 | 20,183 | 20,301 | 23,138 | 35,064 |
| Free cash flow (vendor definition) * | 33,859 | 7,541 | 2,094 | 7,841 | 20,505 |
| Dividends paid (the provider's sign: an outflow is negative) | -3,020 | -6,293 | -4,429 | -4,490 | -4,490 |
| Capital expenditure, sign as reported | -9,953 | -13,815 | -17,731 | -15,671 | -14,559 |
| Net investing cash flow | -14,252 | -13,799 | -14,905 | ||
| Net financing cash flow | -11,097 | -7,002 | -21,387 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding | 1,221 | 1,221 | 1,227 | 1,248 | 1,248 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Total revenue from operations (incl. other operating revenues) | 53,905 | 53,648 | 56,218 | 53,178 | 58,689 | 57,002 | 63,270 | 60,794 |
| Cost of revenue (vendor classification) * | 23,943 | 23,930 | 52,802 | 20,579 | 24,426 | 22,442 | 26,171 | 22,954 |
| Other operating costs (vendor classification) * | 17,494 | 17,742 | -26,536 | 18,573 | 19,018 | 20,008 | 20,572 | 21,350 |
| EBITDA (vendor classification) * | 6,714 | 6,172 | 6,564 | 7,796 | 9,311 | 8,805 | 10,211 | 9,593 |
| EBIT * | 4,136 | 3,476 | 3,988 | 4,920 | 5,997 | 5,616 | 6,603 | 5,608 |
| Finance cost | 1,971 | 1,804 | 1,789 | 1,852 | 1,775 | 1,747 | 1,792 | 1,771 |
| Profit before tax (after exceptional items) | 2,164 | 1,672 | 2,200 | 3,067 | 4,222 | 3,869 | 4,810 | 3,838 |
| Total tax expense | 1,405 | 1,377 | 998.8 | 1,060 | 1,039 | 1,138 | 1,845 | 1,452 |
| Reported PAT (incl. non-controlling interests) | 758.8 | 295.5 | 1,201 | 2,007 | 3,183 | 2,730 | 2,965 | 2,385 |
| Diluted EPS after exceptional items (INR, not annualised) | 0.67 | 0.26 | 1.04 | 1.67 | 2.49 | 2.16 | 2.34 | 1.86 |
| Raw material cost incl. purchases of stock-in-trade and change in inventories | 23,943 | 23,930 | 24,704 | 20,579 | 24,426 | 22,442 | 26,171 | 22,954 |
| Employee benefits expense | 6,327 | 6,072 | 6,023 | 6,599 | 6,349 | 6,353 | 6,698 | 7,226 |
| Other expenses | 17,494 | 17,742 | 18,932 | 18,573 | 19,018 | 20,008 | 20,572 | 21,350 |
| EBITDA (company reported, total segment results) | 6,224 | 5,994 | 6,762 | 7,480 | 9,106 | 8,309 | 9,953 | 9,370 |
| Other income | 598.6 | 221.0 | 461.0 | 288.7 | 363.6 | 501.1 | 248.5 | 232.7 |
| Depreciation and amortisation | 2,597 | 2,569 | 2,720 | 2,744 | 2,893 | 3,049 | 3,268 | 3,640 |
| Share of profit/(loss) of JVs and associates | -25.5 | 47.0 | 76.8 | 79.7 | 50.8 | 104.0 | 134.1 | 96.2 |
| Profit before exceptional items and tax (after JV/associate share) | 2,146 | 1,798 | 2,588 | 3,199 | 4,643 | 4,009 | 5,150 | 4,183 |
| Exceptional items, P&L effect (loss negative, gain positive) | 18.1 | -126.2 | -388.6 | -132.1 | -420.4 | -139.9 | -340.1 | -345.5 |
| Profit/(loss) attributable to non-controlling interests | -74.6 | -31.2 | -99.9 | -70.3 | 81.3 | 41.7 | 39.3 | 66.9 |
| Profit attributable to owners of the company | 833.5 | 326.6 | 1,301 | 2,078 | 3,102 | 2,689 | 2,926 | 2,318 |
| Finance income (excluded from company EBITDA) - derived | 515.7 | 130.9 | 258.4 | 236.6 | 154.3 | 391.8 | 123.8 | 126.8 |
| Diluted weighted shares (derived: PAT to owners / diluted EPS) | 1,244 | 1,256 | 1,251 | 1,244 | 1,246 | 1,245 | 1,250 | 1,246 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 56.6% | -0.3% | -5.2% | -4.6% | 6.2% |
| EBITDA margin | 10.2% | 11.8% | 15.0% | ||
| Net margin | -1.9% | 1.6% | 4.6% | ||
| Return on equity | -4.5% | 3.7% | 11.1% | ||
| Return on capital employed | 31.1% | 12.8% | 3.4% | 8.6% | 12.1% |
| Return on assets | -1.6% | 1.2% | 3.7% | ||
| Net debt (₹ crore) | 77,550 | 82,579 | 80,144 | ||
| Net debt / EBITDA | 3.31x | 3.20x | 2.30x | ||
| Interest cover | 10.2x | 3.90x | 0.85x | 2.15x | 3.23x |
| Asset turnover | 0.91x | 0.84x | 0.82x | 0.79x | 0.80x |
| Receivable days | 18 | 12 | 10 | 9 | 8 |
| Inventory days (on revenue) | 74 | 82 | 78 | 74 | 74 |
| Payable days (on revenue) | 55 | 57 | 56 | 49 | 55 |
| Cash conversion | -4.57x | 6.76x | 3.25x | ||
| Capex intensity | 4.1% | 5.7% | 7.7% | 7.2% | 6.3% |
| Free cash flow (₹ crore) | 36,583 | 6,369 | 2,570 | 7,467 | 20,505 |
| Dividend payout | -99.8% | 131.3% | 41.6% | ||
| EPS, diluted (₹) | 33.21 | 7.17 | -3.62 | 2.74 | 8.65 |
| Book value per share (₹) | 95.90 | 86.14 | 75.34 | 73.18 | 83.13 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company reported, total segment results) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company reported net debt; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (company reported, total segment results).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS after exceptional items (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 15 Oct 2026); market data at the close of 15 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tata Steel includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tata Steel
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