Tata Steel Q2 Results 2026: Net Profit, Revenue and EBITDA Details
Tata Steel has announced its financial results for the July–September quarter of FY27. The company reported consolidated revenue of ₹65,436 crore and EBITDA of ₹10,665 crore for Q2 FY27. Its reported consolidated profit after tax (PAT) reached approximately ₹3,700 crore.
The results, announced on 7 November 2026, show improvement in revenue, earnings and deliveries compared with the previous year. However, the performance was not uniform across all regions. Tata Steel’s India business recorded strong operating numbers, while its UK operations continued to report an EBITDA loss.
In this article, we examine the Tata Steel Q2 Results 2026, including net profit, revenue, EBITDA, India operations, international performance, capital expenditure and debt position. We also explain an important difference between reported consolidated profit and profit attributable to the company’s owners.
Tata Steel Q2 Results 2026: Key Financial Highlights
Tata Steel reported growth in its consolidated financial performance during the September quarter.
The following table compares Q2 FY27 with the June 2026 quarter and the corresponding quarter of the previous financial year.
| Financial Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| Revenue from operations | ₹65,436 cr | ₹60,794 cr | ₹58,689 cr |
| EBITDA | ₹10,665 cr | ₹9,370 cr | ₹9,106 cr |
| Reported Profit After Tax | ₹3,700 cr | ₹2,385 cr | ₹3,183 cr |
| Crude/liquid steel production* | 8.07 MT | 7.69 MT | 7.73 MT |
| Deliveries | 7.92 MT | 7.27 MT | 7.91 MT |
The consolidated production figure uses crude steel production for India, liquid steel production for the UK and Netherlands, and saleable steel for South East Asia, as explained in the company’s release.
The figures indicate that consolidated revenue increased approximately 11.5% year-on-year (YoY). Meanwhile, EBITDA grew around 17% compared with Q2 FY26.
Additionally, reported consolidated PAT increased from approximately ₹3,183 crore to ₹3,700 crore.
Tata Steel Net Profit in Q2 FY27
Tata Steel reported consolidated profit after tax of approximately ₹3,700 crore for the September 2026 quarter, compared with ₹3,183 crore in the corresponding quarter of the previous financial year.
This represents an increase of approximately 16.2% year-on-year.
However, readers may notice another profit figure in some financial reports: ₹3,666.41 crore. This figure represents consolidated profit attributable to owners of the company.
The two numbers measure different things. Reported consolidated PAT includes the group’s total profit after tax, while profit attributable to owners excludes the portion belonging to non-controlling interests.
Therefore, both figures can appear in financial coverage without contradicting each other.
What Supported the Profit Growth?
The company’s financial performance reflected higher revenue and operating earnings. It also recorded a net exceptional gain of approximately ₹349 crore during the quarter.
For comparison, Tata Steel recorded an exceptional loss of approximately ₹420 crore in Q2 FY26.
An exceptional item is a significant income or expense that companies disclose separately because of its nature or impact on reported financial performance.
Consequently, readers should examine both reported profit and profit before exceptional items to understand the underlying performance more clearly.
Tata Steel Revenue and EBITDA Performance
Consolidated revenue from operations reached ₹65,436 crore in Q2 FY27, compared with ₹58,689 crore in Q2 FY26.
This represents growth of approximately 11.5%.
At the same time, consolidated EBITDA increased to ₹10,665 crore from ₹9,106 crore in the year-ago quarter.
EBITDA stands for Earnings Before Interest, Taxes, Depreciation and Amortisation. It helps readers understand operating earnings before these expenses.
Tata Steel reported an EBITDA margin of approximately 16% during the quarter.
The company also recorded a 14% sequential improvement in EBITDA compared with Q1 FY27.
These figures indicate stronger consolidated operating earnings. Nevertheless, EBITDA does not represent the company’s final net profit or available cash flow.
India Business Remains a Major Contributor
Tata Steel’s India business delivered strong operating performance during Q2 FY27.
The company reported India revenue of ₹42,653 crore and EBITDA of ₹10,634 crore. Its India EBITDA margin stood at approximately 25%.
Steel production in India increased 7% quarter-on-quarter to 6.18 million tonnes. Meanwhile, deliveries rose 16% quarter-on-quarter to 5.98 million tonnes.
The company also highlighted strong performance in its Automotive and Special Products business. Its automotive and special products volumes reached approximately 1.1 million tonnes during the quarter.
Additionally, Tata Steel reported growth in downstream products and sales through its digital platforms.
These numbers show the importance of the Indian market to the group’s overall financial performance.
Tata Steel’s Netherlands and UK Business Performance
Tata Steel operates across several international markets. Its European operations reported different results during Q2 FY27.
Netherlands Business
The Netherlands business reported revenue of €1,395 million and EBITDA of €72 million.
The company linked the improvement in operations partly to the restart of its Direct Sheet Plant in early August 2026.
Liquid steel production stood at 1.52 million tonnes, while deliveries reached 1.30 million tonnes.
UK Business
The UK operations continued to face challenging market conditions.
Tata Steel reported UK revenue of £411 million and an EBITDA loss of £56 million during the quarter. Deliveries stood at 0.38 million tonnes.
The company also referred to elevated imports and inventory build-up across parts of the UK steel value chain.
Therefore, although the India business recorded strong earnings, the international operations continued to face different market and operating conditions.
Tata Steel Capital Expenditure and Expansion Plans
Tata Steel spent approximately ₹3,280 crore on capital expenditure during Q2 FY27.
Its total capital expenditure for the first half of FY27 reached approximately ₹6,860 crore.
The company is progressing with several capacity expansion and downstream projects.
Important projects include:
- A 4.8 MTPA capacity expansion at Neelachal Ispat Nigam Limited.
- A 0.7 MTPA Hot Rolled Pickling and Galvanising Line.
- An expansion project involving 300 kilotonnes of additional Tinplate capacity.
These projects form part of Tata Steel’s broader efforts to expand production capacity and strengthen its downstream product portfolio.
However, capacity expansion requires significant investment. Its financial impact depends on execution, market demand, operating costs and the time required for new facilities to reach their intended production levels.
Tata Steel Net Debt and Liquidity Position
Tata Steel reported consolidated net debt of ₹91,423 crore at the end of September 2026.
The company’s net debt-to-EBITDA ratio stood at 2.4 times.
Group liquidity reached ₹40,076 crore, including approximately ₹10,300 crore in cash and cash equivalents.
Net debt is an important financial measure because it helps readers understand the company’s debt position after considering available cash and cash equivalents.
Meanwhile, the net debt-to-EBITDA ratio compares net debt with operating earnings. Readers often use this ratio to understand a company’s debt relative to its earnings capacity.
However, this ratio should not be considered in isolation. Interest costs, repayment schedules, cash flow and future capital expenditure also matter when examining a company’s financial position.
Important Board Update: Noel Naval Tata’s Retirement
Along with its quarterly results, Tata Steel disclosed a board-related development.
Noel Naval Tata will retire as the company’s Non-Executive, Non-Independent Director and Vice-Chairman, effective at the close of business on 11 November 2026.
The company stated that the retirement follows Tata Group governance guidelines.
This is a separate corporate governance update. It should not be confused with the company’s operating performance or quarterly financial figures.
What Do Tata Steel Q2 FY27 Results Indicate?
The September quarter results show improvement in Tata Steel’s consolidated revenue and EBITDA compared with the corresponding period last year.
India operations remained a major contributor, supported by higher production, deliveries and operating earnings.
At the same time, the UK business continued to report an EBITDA loss, while the company maintained substantial capital expenditure and a net debt position of ₹91,423 crore.
Another point worth noting is the exceptional gain included in reported profit. Readers should consider this alongside the company’s profit before exceptional items when examining the quarterly performance.
Overall, the results provide a mixed regional picture: stronger operating performance in India, continued challenges in the UK and ongoing expansion investment across the business.
Disclaimer: This article is published by UNCHAEE for informational and educational purposes only. It does not constitute investment advice, stock recommendations, or a solicitation to buy or sell any financial instrument. Readers should conduct their own research and consult a qualified financial professional where appropriate.
