Tata Steel Ltd on Wednesday (November 12) reported a net profit of ₹3,183 crore for the quarter ended September 2025, up 319% year-on-year from ₹759 crore in the same period last year, and exceeding the CNBC-TV18 poll estimate of ₹2,880 crore by 10.5%.
Revenue for the quarter rose 8.9% YoY to ₹58,689 crore from ₹53,904 crore, beating the poll estimate of ₹55,934 crore by 4.9%. EBITDA grew 45% YoY to ₹8,897 crore from ₹6,140 crore in Q2 FY25, above the estimated ₹8,480 crore by 4.9%. The EBITDA margin expanded to 15.2% from 11.4% YoY, matching market expectations of 15.2%.
Tata Steel’s India operations reported revenues of ₹34,787 crore and EBITDA of ₹8,654 crore for the quarter, translating to a margin of 25%. Crude steel production increased 8% quarter-on-quarter to 5.65 million tonne, while deliveries rose 17% QoQ to 5.55 million tonne, supported by higher domestic demand.
In the Netherlands, revenues stood at €1,551 million with an EBITDA of €92 million, up from €64 million in Q1 FY26. Liquid steel production reached 1.67 million tonne, and deliveries were 1.54 million tonne. The UK business reported revenues of £505 million, with an EBITDA loss of £66 million compared to a loss of £41 million in Q1 FY26. Deliveries in the UK were 0.57 million tons, marginally lower due to subdued demand.
Half Yearly
On a consolidated basis, revenues for the half year were ₹1,11,867 crore and EBITDA stood at ₹16,585 crore, representing a margin of around 15%. EBITDA improved 27% YoY despite challenging operating conditions.
India operations contributed ₹65,924 crore in revenues and ₹16,140 crore in EBITDA for the half year, translating to an EBITDA margin of 24%, with EBITDA rising 16% YoY. The Netherlands reported €3,070 million in revenues and €155 million in EBITDA, doubling YoY. The UK recorded revenues of £1,041 million with an EBITDA loss of £107 million, reducing its YoY loss by half.
During the quarter, Tata Steel incurred ₹3,250 crore in capital expenditure, taking half-year capex to ₹7,079 crore. Net debt stood at ₹87,040 crore. In September 2025, Tata Steel signed a non-binding Joint Letter of Intent with the Government of the Netherlands and the province of North-Holland for an integrated health measures and decarbonisation project.
As part of expanding its India downstream portfolio, Tata Steel executed a share purchase agreement with BlueScope Steel to acquire the remaining 50% stake in Tata BlueScope Steel Private Limited, subject to regulatory approvals.
Additionally, Tata Steel signed an Asset Transfer Agreement with Indian Metals & Ferro Alloys Ltd. for the sale of its Ferro Alloy Plant at Jajpur, Odisha, for a base consideration of ₹610 crore.
T V Narendran, Chief Executive Officer and Managing Director, said, “The global operating environment remained challenging with persistent overhang of tariffs, geopolitical tensions and elevated steel exports. Despite this, Tata Steel delivered a resilient performance with the EBITDA margin improving for the second consecutive quarter. In India, while the crude steel production rose 8%, deliveries grew at a higher rate of 17% QoQ as our marketing franchise enabled us to scale effectively.
We continue to strengthen our market leadership across key segments, underpinned by capacity expansion and a focused downstream strategy. Kalinganagar’s continuous annealing line and galvanising line have expanded our high-end product offerings to automotive. Our new 0.5 MTPA combi mill will further amplify this advantage and strengthen our presence in specialty steel segment.”
Shares of Tata Steel Ltd ended at ₹178.65, down by ₹2.35, or 1.30%, on the BSE.
