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Tata Steel
Tata Steel (TATASTEEL) investor relations material
Tata Steel Q3 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 25/26 earnings summary6 Feb, 2026
Executive summary
Delivered consistent performance amid global policy uncertainty, with India achieving record quarterly deliveries and consolidated EBITDA margin improving by 300 bps year-on-year for the nine months ended Dec 2025.
Board approved audited standalone and unaudited consolidated results for the quarter and nine months ended December 31, 2025.
Automotive and special products achieved record volumes, and retail brands saw strong growth, supported by downstream ramp-up.
Continued leadership in technology, sustainability, and cost efficiency, with robust progress in decarbonisation and digital transformation initiatives.
Consolidated stake in color-coated business and completed acquisition of 50.01% in Thriveni Pellets Pvt Ltd.
Financial highlights
Consolidated EBITDA rose 31% year-on-year to ₹24,894 crore for the nine months ended Dec 2025, with margin expanding from 12% to 15%.
Q3 consolidated revenue was ₹57,002 crore, EBITDA ₹8,309 crore (15% margin), and net profit ₹2,730.37 crore.
Standalone revenue for Q3 FY26: ₹35,578.36 crore; standalone EBITDA margin: 22.32%.
Free cash flow for the quarter was ₹7,054 crore, net debt reduced to ₹81,834 crore, and net debt/EBITDA at 2.6x.
Cost transformation program delivered ₹8,600 crore in savings over nine months, offsetting a ₹7,400 crore revenue impact from lower steel realizations.
Outlook and guidance
Expect Q4 EBITDA to improve across India, UK, and Netherlands, driven by higher prices, better mix, and cost takeouts.
Scaling up capacity in India with ongoing and planned expansions, including a 0.75 MTPA EAF at Ludhiana and a 6 MTPA greenfield plant in Maharashtra.
Decarbonisation projects in the UK and Netherlands progressing, with significant government funding and emission reduction targets.
Volume guidance for FY27 to be provided in the next analyst call; Ludhiana plant to start up by March.
Expansion projects sequenced: NINL first (commissioning by FY2029), then Meramandali, followed by Maharashtra or Kalinganagar.
European decarbonization plan progress
Unreviewed/unavailable entity financials impact
TBSPL acquisition fair value gain details
UK operations: path to positive EBITDA?
India capacity expansion sequencing
Europe steel price outlook post CBAM/quotas?
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Next Tata Steel earnings date
Q4 25/268 May, 2026
Tata Steel
Next Tata Steel earnings date
Q4 25/268 May, 2026
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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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