Tata Steel Q2 results: Net profit soars nearly four-fold YoY to ₹3,102 crore, revenue rises 9%

It had logged a profit of ₹833.45 crore in the same period of the previous fiscal year, it said in a regulatory filing.

During the quarter under review, the steel manufacturer witnessed an 8.9% YoY jump in its total revenue from operations to ₹58,689.29 crore, compared to ₹53,904.71 crore in the second quarter of the 2024-25 financial year (Q2FY25).

Sequentially, its revenue increased by 10% from ₹53,178 crore in the previous quarter, primarily driven by higher deliveries in India and the Netherlands despite a drop in realisations.

Its revenue from the Indian market stood at ₹34,787 crore, with an EBITDA of ₹8,654 crore and a margin of 25%. Its crude steel production rose 8% QoQ to 5.65 million tons, and deliveries were up 17% QoQ to 5.55 million tons, driven by a rise in domestic deliveries.

The Netherlands market contributed €1,551 million to the revenue, and its EBITDA stood at €92 million, from €64 million in Q1FY26. Its liquid steel production was 1.67 million tons, and deliveries were 1.54 million tons.

The UK market clocked a revenue of £505 million, while its EBITDA loss stood at £66 million, compared to £41 million in the previous quarter. Its deliveries stood at 0.57 million tons and were marginally lower due to subdued demand.

At an operational level, its EBITDA (earnings before interest, tax, depreciation, and amortisation), also known as operating profit, stood at ₹9,106 crore, marking a 46% annual increase from ₹6,224 crore in the year-ago period. Its EBITDA margin improved by 145 basis points (bps) QoQ to 16% in Q2FY26.

Commenting on the earnings, T V Narendran, Chief Executive Officer & 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 September 2025, Tata Steel signed a non-binding Joint Letter of Intent with the Government of the Netherlands and the province of North-Holland on an integrated health measures & decarbonisation project, the company said in a press release.

Koushik Chatterjee, Executive Director and Chief Financial Officer, said that operating cash flows before capex and dividend were about ₹7,000 crore. He added that the company spent ₹3,250 crore on capital expenditure during the quarter and ₹7,079 crore during the half year.

Chatterjee further said, “In line with our efforts to optimise the debt portfolio, we have reduced TSUK debt by £540 million during the quarter, and our consolidated gross debt has decreased by around ₹3,300 crore quarter-on-quarter to ₹95,643 crore.”

Tata Steel to acquire 50% stake in JV for ₹1,100 crore

Its board of directors also considered and approved the acquisition of a 50% equity stake in Tata BlueScope Steel Private Ltd (TBSPL) from BlueScope Steel Asia Holdings for a consideration of up to ₹1,100 crore.

TBSPL is a 50:50 joint venture between Tata Steel through its wholly owned subsidiary - Tata Steel Downstream Products Limited, and BlueScope Steel Ltd through its wholly owned subsidiary, BlueScope Steel Asia Holdings Pty Ltd (BSAH).

Pursuant to the board’s approval, Tata Steel executed the share purchase agreement with TBSPL, BSAH, and BlueScope Steel on November 12.

The transaction will be subject to customary conditions precedent, approvals from regulatory authorities, including the Competition Commission of India (CCI), and other stakeholders as applicable.

Tata Steel stock performance

Shares of Tata Steel closed 1.29% lower at ₹178.70 apiece on the National Stock Exchange (NSE) on Wednesday. However, the earnings were declared after the markets closed.

The stock has declined nearly 1% over the last five days and but gained more than 3% over the month. It has advanced about 18% in the past six months. On a year-to-date basis, it has risen nearly 31%.

Tata Steel has a total market capitalisation of ₹2.23 lakh crore, as of November 12, 2025, according to data on the NSE.