Tata Steel Raises Operating Profit 17% Year on Year to 10,665 Crore Rupees
Key Facts
Tata Steel said on November 7, 2026, that earnings before interest, taxes, depreciation and amortization were 10,665 crore rupees in the July-to-September 2026 quarter, up 17% year on year and 14% from the previous quarter. Consolidated revenue was 65,436 crore rupees, with an operating profit margin of about 16%. The company said deliveries rose 9% quarter on quarter to around 7.92 million tonnes, and that volume and profit growth came despite continued geo-economic uncertainty and higher raw material costs. The chief executive attributed the performance to supply chain resilience and close customer engagement. The results showed a divergence among units, with India leading profitability while the UK posted an operating loss.
Consolidated net profit after tax was 3,700 crore rupees, compared with 2,385 crore in the first quarter of fiscal 2027 and 3,183 crore in the year-earlier quarter. In the first quarter, the group reported revenue of 60,794 crore rupees and operating profit of 9,370 crore rupees, putting the second-quarter improvement in the context of the quarter-on-quarter increase in operating profit reported by the company. For the first half of the fiscal year, consolidated revenue reached 126,231 crore rupees and operating profit was 20,035 crore rupees, up 21% year on year. India recorded revenue of 79,641 crore rupees and operating profit of 20,541 crore in the first half. These figures show that the Indian market generated operating profit exceeding the group’s total for the same period, while Europe’s results reflect the divergence among its units.
In India, crude steel production rose 7% quarter on quarter to 6.18 million tonnes, and deliveries increased 16% to 5.98 million tonnes in the second quarter. The unit’s revenue was 42,653 crore rupees, while operating profit was 10,634 crore rupees, with a margin of 25%. The automotive and special products segment also posted its best second-quarter sales volume, at around 1.1 million tonnes. The company said sales of high-specification products grew 26%, supporting the segment’s volume during the quarter. Alongside the rise in Indian deliveries, the group as a whole recorded deliveries of around 7.92 million tonnes, up 9% from the previous quarter. The results put India at the center of the group’s operating improvement, with a margin above the consolidated level.
The Dutch unit’s results improved, with revenue of 1,395 million euros and operating profit of 72 million euros in the second quarter, compared with operating profit of 4 million euros in the first quarter. Management attributed the improvement to favorable prices and the restart of the direct sheet plant in early August. By contrast, the UK unit reported revenue of 411 million pounds sterling and an operating loss of 56 million pounds sterling. The company said weak demand and higher inventory across the supply chain affected UK volumes and performance. The UK unit’s deliveries were also 0.38 million tonnes, affected by inventory buildup ahead of the start of new safeguard measures on July 1, 2026. Management said higher volumes in India and operational normalization in the Netherlands helped offset higher input costs.
Net debt was 91,423 crore rupees on September 30, 2026, and the net debt-to-operating profit ratio was 2.4 times. Liquidity stood at 40,076 crore rupees, including about 10,300 crore rupees in cash and cash equivalents. On investment, the company spent 14,559 crore rupees on capital expenditure in fiscal 2025-2026 and plans to spend around 20,000 crore rupees in fiscal 2026-2027, with 60% allocated to India. Together, these figures show investment expansion in the Indian market alongside the debt and liquidity position at the end of September. In the UK, the company said the electric arc furnace project continued to progress as construction activity accelerated, despite the pressures facing the unit from weak demand and inventory buildup. The next Indian economic release cited in the data is the October 2026 consumer price index reading on November 12, or the next business day if the date falls on a holiday.