Tata Steel Q2 Results: Profit rises 16% YoY to Rs 3,700 crore, revenue up 11%; Noel Tata to retire as director

Tata Group's Tata Steel on Friday reported a 16.2% year-on-year (YoY) increase in consolidated profit after tax (PAT) to Rs 3,699.59 crore in the September quarter of FY27, compared with Rs 3,183.09 crore in the corresponding quarter of the previous fiscal.

Consolidated revenue from operations rose 11.5% YoY to Rs 65,436.24 crore in Q2FY27, against Rs 58,689.29 crore reported in the year-ago period.

Meanwhile, Noel Naval Tata will retire as Non-Executive, Non-Independent Director and Vice Chairman of the Board, effective close of business hours on November 11, 2026.


Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at Rs 10,665 crore, with a margin of around 16%. EBITDA improved 14% quarter-on-quarter (QoQ) and 17% YoY.

In India, revenues stood at Rs 42,653 crore, while EBITDA came in at Rs 10,634 crore, translating into an EBITDA margin of 25%. Crude steel production increased 7% QoQ to 6.18 million tonnes, while deliveries rose 16% QoQ to 5.98 million tonnes.

In the Netherlands, revenues stood at 1,395 million euros and EBITDA was 72 million euros, aided by the restart of the Direct Sheet Plant in early August. Liquid steel production stood at 1.52 million tonnes, while deliveries were 1.30 million tonnes.

In the UK, revenues stood at 411 million pounds, while the EBITDA loss was Rs 56 million pounds. Deliveries stood at 0.38 million tonnes during the quarter.

For the first half of FY27, consolidated revenue stood at Rs 1,26,231 crore, while EBITDA came in at Rs 20,035 crore, with a margin of around 16%. EBITDA increased 21% YoY despite the challenging operating environment.

India revenues stood at Rs 79,641 crore, while EBITDA was Rs 20,541 crore, translating into a margin of 26%. EBITDA improved 27% YoY. In the Netherlands, revenues stood at 2,840 million euros and EBITDA was 76 million euros. In the UK, revenues came in at 895 million pounds, while the EBITDA loss narrowed 22% YoY to 83 million pounds.

The company incurred capital expenditure of around Rs 3,280 crore during the quarter and Rs 6,860 crore during the first half of the fiscal. Key projects underway include the 4.8 MTPA capacity expansion at Neelachal Ispat Nigam Limited, the 0.7 MTPA Hot Rolled Pickling & Galvanising Line and the 300 kt Tinplate expansion.

Net debt stood at Rs 91,423 crore, with the net debt-to-EBITDA ratio at 2.4 times. Group liquidity stood at Rs 40,076 crore, including cash and cash equivalents of around Rs 10,300 crore.

Management commentary

T V Narendran, Chief Executive Officer and Managing Director, said the company continued to make progress on its volume and value growth agenda in India, supported by customer engagement and a resilient supply chain, despite geoeconomic uncertainty and elevated raw material costs.

He highlighted the strong performance of the Automotive and Special Products business, along with growth in downstream sales and expanding presence in emerging segments such as shipbuilding, data centres and containers. He also said the company was making steady progress on its capacity expansion and downstream growth projects.

On international operations, Narendran said the restart of the Direct Sheet Plant in the Netherlands had supported improvements in product mix and cost profile. In the UK, the company continued to face challenging market conditions due to elevated imports and inventory build-up across parts of the value chain.

Koushik Chatterjee, Executive Director and Chief Financial Officer, said higher volumes in India and operational normalisation in the Netherlands helped offset elevated input costs amid a volatile operating environment.

He said the amalgamation of Neelachal Ispat Nigam Limited with Tata Steel remained on track for completion during the financial year, subject to final NCLT approval. The company was also progressing with its UK electric arc furnace (EAF) project, with construction activities gathering pace.

Chatterjee added that Tata Steel remained focused on cost optimisation, operational improvements and working capital management to strengthen cash flows.

Ahead of the results announcement, Tata Steel shares ended Friday's trading session at Rs 186 apiece on the BSE, rising 2.20% from the previous close of Rs 182.