Tata Steel Q4 FY26 results: Profit up 147%, ₹4 dividend

What Tata Steel reported for the March 2026 quarter

Tata Steel reported higher revenue and a sharp rise in profit for Q4 FY26 (quarter ended March 31, 2026), with India operations again driving the bulk of profitability. The company said margin improvement was supported by higher steel prices in India and Europe and gains from cost transformation initiatives. It also continued to highlight restructuring efforts in the UK and operating stabilisation in the Netherlands.

The results were announced on May 15, 2026. Management flagged elevated geoeconomic uncertainty and supply-chain and tariff-led trade disruptions that affected global steel markets during FY26.

Key consolidated numbers: revenue, EBITDA, margin, profit

On a consolidated basis, revenue from operations came in at ₹63,270.13 crore in Q4 FY26, up 12.54% year-on-year and 10.99% quarter-on-quarter. Total income for the quarter was ₹63,518.60 crore.

EBITDA rose to ₹9,828.66 crore, up 49.84% year-on-year, while EBITDA margin improved to 15.53% from 11.67% in Q4 FY25. Another disclosure in the provided material also references consolidated EBITDA of about ₹9,953 crore, implying a margin of around 16%.

Net profit (PAT) for Q4 FY26 was reported at ₹2,965.00 crore, up 146.90% year-on-year and 8.59% sequentially. Separately, profit attributable to owners was reported at ₹2,925.74 crore, a 124.9% year-on-year increase.

What changed in Q4: steel prices, volumes, and cost takeout

The company attributed the quarter’s stronger profitability to improved volumes and mix in India, alongside planned cost takeout across regions. It also cited higher steel prices across India and Europe as a support for margins, along with ongoing cost transformation initiatives.

On a per-tonne basis, one report cited consolidated EBITDA of ₹11,401 per tonne for the quarter. For India, the company indicated a sequential improvement in EBITDA per tonne, supported by higher volumes and steel realisations.

India operations: revenue, EBITDA, deliveries, per-ton profitability

India business revenue for the quarter stood at ₹38,654 crore and EBITDA was ₹9,841 crore, translating to an EBITDA margin of about 25%. India deliveries rose to 6.19 million tonnes in Q4 FY26.

India EBITDA per tonne in Q4 FY26 was reported at ₹15,907 in one section of the provided material. Another reference cited ₹15,885. The quarter also included crude steel production growth in India, up 14% year-on-year to 6.22 million tonnes.

Management also stated that Tata Steel India reported “best ever” deliveries of about 22.5 million tonnes for FY26.

Segment picture: Netherlands improves; UK remains loss-making

In the Netherlands, segment revenue was ₹17,016 crore in Q4 FY26 (versus ₹14,769 crore a year ago in one disclosure). EBITDA in Q4 FY26 was reported at ₹624 crore (versus ₹132 crore in Q4 FY25) in one report, while another section referenced Netherlands EBITDA of €58 million for the quarter, with liquid steel deliveries of 1.70 million tonnes.

The Netherlands operations also faced environmental headwinds. Tata Steel said it received multiple notices alleging non-compliance based on local Environment Agency measurements and paid more than €20 million of penalties in FY26 in relation to its coke and gas plants.

In the UK, Q4 FY26 revenue was ₹5,774 crore in a subdued demand environment. EBITDA loss narrowed to ₹591 crore in Q4 FY26 from an EBITDA loss of ₹869 crore in Q4 FY25 in one report. Another section referenced a quarterly EBITDA loss of £48 million.

FY26 full-year performance: profit recovery and cash flow focus

For FY26, Tata Steel reported consolidated revenue of ₹2,32,139.94 crore, up 6.22% year-on-year. Consolidated net profit for FY26 was ₹10,885.82 crore, up 242.99% year-on-year.

Operating cash flow was ₹35,064.46 crore in FY26. The company also reported that operating cash flow before capex and dividend increased to ₹29,254 crore in FY26 and free cash flows were ₹10,738 crore, significantly higher than the previous year.

The company highlighted cost transformation benefits of about ₹10,868 crore during FY26, with India delivering ₹3,927 crore of benefits.

Debt, liquidity, capex, and capacity expansion updates

Net debt declined by ₹2,285 crore year-on-year to ₹80,144 crore as of March 31, 2026. Liquidity was reported at ₹45,237 crore, including cash and cash equivalents of ₹11,573 crore.

Capital expenditure was ₹3,655 crore in Q4 FY26, taking FY26 capex to ₹14,026 crore.

On capacity expansion, management stated that phase two of Kalinganagar in India is now complete and is being complemented by focused investment in downstream facilities and portfolio simplification.

TM International Logistics deal and dividend details

Tata Steel signed definitive agreements to acquire an additional 23% stake in TM International Logistics Ltd for ₹335 crore. Post completion, the company’s holding in the venture is expected to increase to 74%.

The board recommended a final dividend of ₹4 per equity share (face value ₹1). One schedule cited a record date of June 12, 2026, with AGM on July 2, 2026, and dividend payment from July 6, 2026.

Stock move around results

As of May 15 (3:30 PM), Tata Steel shares closed at ₹217, down 1.87%. The stock was up 19% year-to-date and had risen 38% over the one year from May 15, 2025 to May 15, 2026.

Key data table: quarter snapshot

Segment revenue table: where Q4 FY26 revenue came from

Why the quarter matters for investors

The quarter underscored two themes visible through FY26. First, India remains the earnings anchor, supported by deliveries growth, strong per-ton profitability, and the benefits of a multi-year cost transformation program. Second, Europe is a mixed picture, with operational improvement and restructuring actions, but also regulatory and compliance risk in the Netherlands and continuing losses in the UK.

The balance sheet and cash flow disclosures also matter. FY26 free cash flow of ₹10,738 crore, net debt of ₹80,144 crore, and liquidity of ₹45,237 crore frame how much financial headroom the company has while it continues capex and completes strategic changes across geographies.

Conclusion

Tata Steel’s Q4 FY26 results showed higher revenue, stronger margins, and a sharp jump in profit, led by India volumes and cost transformation gains. Over the next few months, investor focus is likely to remain on execution of India expansion and downstream investments, the Netherlands regulatory overhang, and the UK transition, alongside the company’s stated dividend schedule and pending approvals for announced transactions.