Highlights

• Tata Steel’s consolidated EBITDA for H1 FY26 rose to ₹16,585 crore, up 27% YoY, with a margin of approximately 15%.
• India operations delivered ₹8,654 crore EBITDA in Q2 FY26 with a 25% margin, supported by higher production and domestic deliveries.
• The company advanced its downstream portfolio through the acquisition of the remaining 50% stake in Tata BlueScope Steel Private Limited.

Tata Steel (NSE:TATASTEEL) has reported robust financial results for the quarter and half-year ended September 30, 2025. The company’s consolidated EBITDA reached ₹9,106 crore for the July–September quarter and ₹16,585 crore for the first half of the fiscal year, reflecting steady growth across its global operations. Revenues and production saw notable improvements, while strategic acquisitions and sustainability initiatives continued to shape the company’s trajectory.

For the half-year ended September 30, 2025, Tata Steel reported consolidated revenues of ₹1,11,867 crore and an EBITDA of ₹16,585 crore, achieving a margin of around 15%. The EBITDA represents a 27% increase compared with the same period last year, despite a challenging market environment.

During the quarter, consolidated revenues were ₹58,689 crore and EBITDA stood at ₹9,106 crore, with a margin of roughly 16%. This marked a 46% increase in EBITDA year-on-year and a 22% increase quarter-on-quarter.

India Operations Drive Earnings

Tata Steel’s India business posted revenues of ₹34,787 crore in Q2 FY26, generating an EBITDA of ₹8,654 crore, translating to a 25% margin. Crude steel production rose 8% quarter-on-quarter to 5.65 million tons, while deliveries increased 17% to 5.55 million tons, reflecting a strong domestic demand environment. For the half-year, India revenues reached ₹65,924 crore with EBITDA of ₹16,140 crore, up 16% YoY.

International Operations Performance

In the Netherlands, revenues for Q2 FY26 were €1,551 million with an EBITDA of €92 million, compared with €64 million in Q1 FY26. Liquid steel production was 1.67 million tons, and deliveries were 1.54 million tons.

In the UK, revenues stood at £505 million, with an EBITDA loss of £66 million, a reduction in losses compared with the previous quarter. Deliveries were 0.57 million tons, slightly lower due to subdued demand.

Strategic Initiatives and Investments

Tata Steel spent ₹3,250 crore on capital expenditure during the quarter, and ₹7,079 crore for the half-year. Net debt remained at ₹87,040 crore. In September 2025, the company signed a non-binding Joint Letter of Intent with the Government of the Netherlands and the province of North-Holland to advance integrated health measures and decarbonization projects.

The company also moved to expand its India downstream portfolio by executing a share purchase agreement to acquire the remaining 50% stake in Tata BlueScope Steel Private Limited for up to ₹1,100 crore, pending regulatory approvals. Additionally, Tata Steel agreed to sell its Ferro Alloy Plant in Jajpur, Odisha, for ₹610 crore.