Tata Steel 1QFY27: India Leads, Europe Works Through Disruptions

Consolidated revenue from operations was Rs 60,794 crores and consolidated EBITDA was Rs 9,370 crores for the quarter ended June 30, 2026.

India1 reported revenues of Rs 36,989 crores and EBITDA of Rs 9,908 crores (27% margin). India EBITDA per ton was reported at Rs 19,162.

Netherlands revenues were €1,445 million and EBITDA was €4 million, impacted by the temporary shutdown of the Direct Sheet Plant and lower volumes.

UK revenues were £484 million and EBITDA loss narrowed to £27 million in 1QFY27, improving from the previous quarter as per management commentary.

The Board approved a 4.8 MTPA steelmaking capacity expansion at NINL with estimated capex of Rs 33,873 crores; management stated a 48-month timeline with zero date of 01 Aug 2026.

Net debt was Rs 84,173 crores and net debt to EBITDA was 2.3x. Group liquidity was Rs 45,950 crores including cash and cash equivalents of Rs 13,221 crores.

Management guided India net realisations to be about Rs 1,500 per ton lower in 2Q vs 1Q, UK realisations up £70-£80 per ton in 2Q vs 1Q, and coking coal consumption cost higher by about $5 per ton in India and $10 per ton in Netherlands in 2Q.