Tata Steel Ltd.
TATASTEELCommodities filings
We hold this company’s filings and have not read the financial statements out of them yet. Every filing on record is listed under filings, and each one opens.
Earnings calls
11 transcript(s)/analyst meet(s) served; 4 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (0 of 11 documents here); elsewhere sentences render unattributed.
| Kind | Date | Period | Served | Attribution rate |
|---|---|---|---|---|
| COVER_LETTER | 20240202 | 2023-12-31 | no | |
| COVER_LETTER | 20240606 | 2024-03-31 | no | |
| COVER_LETTER | 20240807 | 2024-06-30 | no | |
| COVER_LETTER | 20241113 | 2024-09-30 | no | |
| TRANSCRIPT | 20250204 | 2024-12-31 | yes | |
| TRANSCRIPT | 20250518 | 2025-03-31 | yes | |
| TRANSCRIPT | 20250806 | 2025-06-30 | yes | |
| TRANSCRIPT | 20260212 | 2025-12-31 | yes | |
| TRANSCRIPT | 20251119 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260520 | 2026-03-31 | yes | |
| TRANSCRIPT | 20260806 | 2026-06-30 | yes |
TATASTEEL
files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.
Identity
| Statement division | general |
| Scope served | consolidated |
| Panels on this page | 4 |
Market
The closes are adjusted for every split and bonus on record inside the period this series covers, and each adjustment is checked against the price move on its ex-date.
| Last close | 188.02 |
| 52-week range | 160.67 – 221.13 |
| Return 1M | 0.58% |
| Return 3M | -0.37% |
| Return 1Y | 8.9% |
| Return 3Y | 47.58% |
| Return 5Y | 47.8% |
| Market capitalisation | not shown — we could not confirm it |
| Shares outstanding | not shown — we could not confirm it |
| P/E | not shown — we could not confirm it |
| P/B | not shown — we could not confirm it |
| EV/EBITDA | not shown — we could not confirm it |
Latest quarter filed — period ending 2026-06-30
In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.
| Revenue from operations | 60,794.00 |
| Other income | 233.00 |
| Total income | 61,027.00 |
| Cost of materials consumed | 20,186.00 |
| Purchases of stock-in-trade | 5,182.00 |
| Changes in inventories | -2,414.00 |
| Employee benefit expense | 7,226.00 |
| Finance costs | 1,771.00 |
Ownership — 2026-06-30, and the change from 2026-03-31
| Holder | Per cent | Change |
|---|---|---|
| promoter and promoter group | 0.33 | -0.00 |
| institutions foreign | 0.19 | 0.00 |
| institutions domestic | 0.27 | -0.00 |
| mutual funds | 0.15 | 0.00 |
| public | 0.67 | 0.00 |
Documents on file
| Class | Most recent | On file |
|---|---|---|
| COVER_LETTER | 2024-09-30 | 4 |
| TRANSCRIPT | 2026-06-30 | 7 |
Financial statements
Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.
Quarterly results, as filed
| Line | 2022-09-30 | 2022-12-31 | 2023-03-31 | 2023-06-30 | 2023-09-30 | 2023-12-31 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 59,878.00 | 57,084.00 | 62,962.00 | 59,490.00 | 55,682.00 | 55,312.00 | 58,687.00 | 54,771.00 | 53,905.00 | 53,648.00 | 56,218.00 | 53,178.00 | 58,689.00 | 57,002.00 | 63,270.00 | 60,794.00 |
| Other income | 329.00 | 271.00 | 170.00 | 1,177.00 | 228.00 | 228.00 | 176.00 | 260.00 | 599.00 | 221.00 | 461.00 | 289.00 | 364.00 | 501.00 | 248.00 | 233.00 |
| Total income | 60,207.00 | 57,354.00 | 63,131.00 | 60,666.00 | 55,910.00 | 55,540.00 | 58,863.00 | 55,031.00 | 54,503.00 | 53,869.00 | 56,679.00 | 53,467.00 | 59,053.00 | 57,503.00 | 63,519.00 | 61,027.00 |
| Cost of materials consumed | 27,977.00 | 24,695.00 | 22,679.00 | 22,268.00 | 20,473.00 | 19,115.00 | 20,678.00 | 20,642.00 | 20,187.00 | 19,404.00 | 16,847.00 | 18,028.00 | 17,859.00 | 18,917.00 | 19,665.00 | 20,186.00 |
| Purchases of stock-in-trade | 3,270.00 | 3,536.00 | 3,309.00 | 3,693.00 | 4,674.00 | 3,011.00 | 3,595.00 | 4,351.00 | 4,503.00 | 4,025.00 | 5,139.00 | 3,948.00 | 5,588.00 | 4,070.00 | 4,553.00 | 5,182.00 |
| Changes in inventories | 281.00 | 1,791.00 | 2,668.00 | 1,515.00 | 756.00 | 321.00 | 1,818.00 | -2,570.00 | -747.00 | 501.00 | 2,719.00 | -1,398.00 | 979.00 | -545.00 | 1,953.00 | -2,414.00 |
| Employee benefit expense | 5,318.00 | 5,342.00 | 5,795.00 | 5,925.00 | 5,917.00 | 6,527.00 | 6,141.00 | 6,467.00 | 6,327.00 | 6,072.00 | 6,023.00 | 6,599.00 | 6,349.00 | 6,353.00 | 6,698.00 | 7,226.00 |
| Finance costs | 1,519.00 | 1,768.00 | 1,794.00 | 1,825.00 | 1,959.00 | 1,881.00 | 1,842.00 | 1,777.00 | 1,971.00 | 1,804.00 | 1,789.00 | 1,852.00 | 1,775.00 | 1,747.00 | 1,792.00 | 1,771.00 |
| Depreciation and amortisation | 2,348.00 | 2,368.00 | 2,382.00 | 2,412.00 | 2,480.00 | 2,422.00 | 2,568.00 | 2,535.00 | 2,597.00 | 2,569.00 | 2,720.00 | 2,744.00 | 2,893.00 | 3,049.00 | 3,268.00 | 3,640.00 |
| Other expenses | 16,972.00 | 17,671.00 | 21,291.00 | 20,915.00 | 19,594.00 | 20,075.00 | 19,855.00 | 19,187.00 | 17,494.00 | 17,742.00 | 18,932.00 | 18,573.00 | 19,018.00 | 20,008.00 | 20,572.00 | 21,350.00 |
| Total expenses | 57,684.00 | 57,172.00 | 59,918.00 | 58,553.00 | 55,853.00 | 53,351.00 | 56,497.00 | 52,389.00 | 52,332.00 | 52,118.00 | 54,168.00 | 50,347.00 | 54,461.00 | 53,599.00 | 58,502.00 | 56,940.00 |
| Profit before exceptional items and tax | 2,523.00 | 182.00 | 3,213.00 | 2,113.00 | 57.00 | 2,189.00 | 2,366.00 | 2,642.00 | 2,172.00 | 1,751.00 | 2,512.00 | 3,119.00 | 4,592.00 | 3,905.00 | 5,016.00 | 4,087.00 |
| Exceptional items | -19.00 | 160.00 | 12.00 | 13.00 | -6,899.00 | -334.00 | -594.00 | -358.00 | 18.00 | -126.00 | -389.00 | -132.00 | -420.00 | -140.00 | -340.00 | -345.00 |
| Profit before tax | 2,503.00 | 342.00 | 3,225.00 | 2,127.00 | -6,842.00 | 1,855.00 | 1,772.00 | 2,284.00 | 2,190.00 | 1,625.00 | 2,123.00 | 2,987.00 | 4,172.00 | 3,765.00 | 4,676.00 | 3,741.00 |
| Current tax | 1,045.00 | 755.00 | 1,157.00 | 1,027.00 | 1,105.00 | 1,805.00 | 1,353.00 | 571.00 | 1,142.00 | 457.00 | 1,386.00 | 877.00 | 1,208.00 | 1,267.00 | 1,911.00 | 1,000.00 |
| Deferred tax | 263.00 | 2,150.00 | 598.00 | 304.00 | -1,333.00 | -399.00 | -99.00 | 888.00 | 263.00 | 920.00 | -387.00 | 183.00 | -168.00 | -128.00 | -65.00 | 453.00 |
| Tax expense | 1,308.00 | 2,905.00 | 1,755.00 | 1,331.00 | -228.00 | 1,406.00 | 1,254.00 | 1,458.00 | 1,405.00 | 1,377.00 | 999.00 | 1,060.00 | 1,039.00 | 1,138.00 | 1,845.00 | 1,452.00 |
| Profit for the period | 1,297.00 | -2,502.00 | 1,566.00 | 525.00 | -6,511.00 | 522.00 | 555.00 | 919.00 | 759.00 | 295.00 | 1,201.00 | 2,007.00 | 3,183.00 | 2,730.00 | 2,965.00 | 2,385.00 |
| Profit attributable to owners | 1,514.00 | -2,224.00 | 1,705.00 | 634.00 | -6,196.00 | 513.00 | 611.00 | 960.00 | 833.00 | 327.00 | 1,301.00 | 2,078.00 | 3,102.00 | 2,689.00 | 2,926.00 | 2,318.00 |
| Profit attributable to non-controlling interests | -217.00 | -278.00 | -139.00 | -109.00 | -315.00 | 9.00 | -57.00 | -41.00 | -75.00 | -31.00 | -100.00 | -70.00 | 81.00 | 42.00 | 39.00 | 67.00 |
| Other comprehensive income | -3,414.00 | -3,629.00 | -195.00 | -3,173.00 | -774.00 | 1,041.00 | -322.00 | 176.00 | 732.00 | -857.00 | 221.00 | 2,344.00 | 1,491.00 | 866.00 | 791.00 | -48.00 |
| Total comprehensive income | -2,117.00 | -6,131.00 | 1,371.00 | -2,648.00 | -7,285.00 | 1,564.00 | 232.00 | 1,094.00 | 1,491.00 | -561.00 | 1,422.00 | 4,352.00 | 4,674.00 | 3,597.00 | 3,756.00 | 2,337.00 |
| Earnings per share, basic | 1.24 | -1.82 | 1.40 | 0.52 | -5.08 | 0.42 | 0.49 | 0.77 | 0.67 | 0.26 | 1.04 | 1.67 | 2.49 | 2.16 | 2.34 | 1.86 |
| Earnings per share, diluted | 1.24 | -1.82 | 1.40 | 0.52 | -5.08 | 0.42 | 0.49 | 0.77 | 0.67 | 0.26 | 1.04 | 1.67 | 2.49 | 2.16 | 2.34 | 1.86 |
Annual results, as filed
| Line | 2019-03-31 | 2020-03-31 | 2021-03-31 | 2022-03-31 | 2023-03-31 | 2024-03-31 | 2025-03-31 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 157,669.00 | 139,817.00 | 156,294.00 | 243,959.00 | 243,353.00 | 229,171.00 | 218,543.00 | 232,140.00 |
| Other income | 1,421.00 | 1,843.00 | 896.00 | 785.00 | 1,037.00 | 1,809.00 | 1,541.00 | 1,402.00 |
| Total income | 159,090.00 | 141,660.00 | 157,190.00 | 244,744.00 | 244,390.00 | 230,980.00 | 220,083.00 | 233,542.00 |
| Cost of materials consumed | 54,309.00 | 53,244.00 | 46,188.00 | 75,764.00 | 101,483.00 | 82,534.00 | 77,080.00 | 74,469.00 |
| Purchases of stock-in-trade | 6,568.00 | 4,796.00 | 9,235.00 | 15,313.00 | 15,114.00 | 14,973.00 | 18,018.00 | 18,159.00 |
| Changes in inventories | -97.00 | -565.00 | 1,517.00 | -7,598.00 | -3,359.00 | 4,409.00 | -97.00 | 990.00 |
| Employee benefit expense | 18,759.00 | 18,534.00 | 19,909.00 | 23,264.00 | 22,419.00 | 24,510.00 | 24,889.00 | 25,999.00 |
| Finance costs | 7,660.00 | 7,533.00 | 7,607.00 | 5,462.00 | 6,299.00 | 7,508.00 | 7,341.00 | 7,167.00 |
| Depreciation and amortisation | 7,342.00 | 8,441.00 | 9,234.00 | 9,101.00 | 9,335.00 | 9,882.00 | 10,421.00 | 11,955.00 |
| Other expenses | 48,746.00 | 46,345.00 | 48,941.00 | 73,726.00 | 75,395.00 | 80,440.00 | 73,354.00 | 78,171.00 |
| Total expenses | 143,288.00 | 138,328.00 | 142,630.00 | 195,032.00 | 226,686.00 | 224,255.00 | 211,006.00 | 216,909.00 |
| Profit before exceptional items and tax | 15,802.00 | 3,332.00 | 14,560.00 | 49,712.00 | 17,704.00 | 6,725.00 | 9,077.00 | 16,633.00 |
| Exceptional items | -121.00 | -3,752.00 | -1,043.00 | -134.00 | 113.00 | -7,814.00 | -855.00 | -1,032.00 |
| Profit before tax | 15,681.00 | -420.00 | 13,516.00 | 49,578.00 | 17,817.00 | -1,089.00 | 8,222.00 | 15,600.00 |
| Current tax | 6,728.00 | 2,085.00 | 4,288.00 | 7,050.00 | 5,361.00 | 5,290.00 | 3,556.00 | 5,261.00 |
| Deferred tax | -10.00 | -4,653.00 | 1,366.00 | 1,428.00 | 4,798.00 | -1,528.00 | 1,683.00 | -178.00 |
| Tax expense | 6,718.00 | -2,568.00 | 5,654.00 | 8,478.00 | 10,160.00 | 3,763.00 | 5,239.00 | 5,083.00 |
| Profit for the period | 9,098.00 | 1,172.00 | 8,190.00 | 41,749.00 | 8,075.00 | -4,910.00 | 3,174.00 | 10,886.00 |
| Profit attributable to owners | 10,218.00 | 1,557.00 | 7,490.00 | 40,154.00 | 8,760.00 | -4,437.00 | 3,421.00 | 10,794.00 |
| Profit attributable to non-controlling interests | -1,120.00 | -384.00 | 700.00 | 1,595.00 | -685.00 | -472.00 | -247.00 | 92.00 |
| Other comprehensive income | 8.00 | 4,483.00 | -7,211.00 | 1,305.00 | -13,849.00 | -3,228.00 | 273.00 | 5,492.00 |
| Total comprehensive income | 9,106.00 | 5,655.00 | 979.00 | 43,055.00 | -5,774.00 | -8,138.00 | 3,447.00 | 16,378.00 |
| Earnings per share, basic | 87.75 | 11.86 | 63.78 | 332.35 | 7.17 | -3.62 | 2.74 | 8.65 |
| Earnings per share, diluted | 87.74 | 11.86 | 63.78 | 332.09 | 7.17 | -3.62 | 2.74 | 8.65 |
Balance sheet, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Total assets | 289,207.00 | 288,022.00 | 271,814.00 | 273,424.00 | 280,841.00 | 279,395.00 | 285,565.00 | 301,254.00 |
| Non-current assets | 198,193.00 | 201,356.00 | 196,876.00 | 202,875.00 | 206,817.00 | 211,003.00 | 218,943.00 | 228,734.00 |
| Current assets | 90,958.00 | 86,606.00 | 74,894.00 | 70,504.00 | 73,979.00 | 68,392.00 | 66,623.00 | 72,265.00 |
| Property, plant and equipment | 124,698.00 | 127,919.00 | 123,018.00 | 131,124.00 | 130,721.00 | 133,303.00 | 147,081.00 | 159,951.00 |
| Capital work-in-progress | 25,341.00 | 30,308.00 | 35,761.00 | 33,370.00 | 39,051.00 | 40,602.00 | 33,152.00 | 27,510.00 |
| Goodwill | 5,183.00 | 5,602.00 | 5,606.00 | 5,745.00 | 6,032.00 | 5,959.00 | 6,320.00 | 7,534.00 |
| Other intangible assets | 13,030.00 | 13,101.00 | 12,356.00 | 11,945.00 | 11,723.00 | 11,652.00 | 11,722.00 | 12,423.00 |
| Inventories | 57,582.00 | 54,415.00 | 49,171.00 | 49,158.00 | 51,172.00 | 44,590.00 | 45,589.00 | 47,249.00 |
| Trade receivables | 9,252.00 | 8,257.00 | 6,780.00 | 6,264.00 | 6,041.00 | 5,260.00 | 5,774.00 | 4,917.00 |
| Cash and cash equivalents | 10,020.00 | 12,130.00 | 8,797.00 | 7,081.00 | 8,711.00 | 9,605.00 | 6,695.00 | 8,885.00 |
| Total equity and liabilities | 289,207.00 | 288,022.00 | 271,814.00 | 273,424.00 | 280,841.00 | 279,395.00 | 285,565.00 | 301,254.00 |
| Equity | 110,030.00 | 105,175.00 | 90,802.00 | 92,433.00 | 90,509.00 | 91,353.00 | 95,932.00 | 103,780.00 |
| Equity share capital | 1,221.00 | 1,221.00 | 1,221.00 | 1,247.00 | 1,247.00 | 1,247.00 | 1,247.00 | 1,247.00 |
| Other equity | 106,277.00 | 101,861.00 | 87,976.00 | 90,788.00 | 88,900.00 | 89,922.00 | 93,700.00 | 100,920.00 |
| Total liabilities | 179,177.00 | 182,847.00 | 181,012.00 | 180,991.00 | 190,332.00 | 188,042.00 | 189,633.00 | 197,474.00 |
| Non-current liabilities | 78,601.00 | 85,551.00 | 78,439.00 | 82,587.00 | 98,385.00 | 101,948.00 | 99,875.00 | 100,556.00 |
| Current liabilities | 100,576.00 | 97,295.00 | 102,573.00 | 98,403.00 | 91,947.00 | 86,094.00 | 89,759.00 | 96,918.00 |
| Borrowings, non-current | 49,581.00 | 57,257.00 | 51,658.00 | 56,115.00 | 71,347.00 | 73,385.00 | 70,954.00 | 69,987.00 |
| Borrowings, current | 37,934.00 | 27,636.00 | 38,065.00 | 30,967.00 | 28,044.00 | 21,417.00 | 24,690.00 | 22,395.00 |
| Trade payables | 32,274.00 | 37,833.00 | 33,257.00 | 35,435.00 | 32,502.00 | 29,314.00 | 30,077.00 | 34,810.00 |
Cash flow, as filed
| Line | 2022-09-30 | 2023-03-31 | 2023-09-30 | 2024-03-31 | 2024-09-30 | 2025-03-31 | 2025-09-30 | 2026-03-31 |
|---|---|---|---|---|---|---|---|---|
| Net cash from operating activities | 5,010.00 | 21,683.00 | 6,537.00 | 20,301.00 | 6,116.00 | 23,512.00 | 13,074.00 | 35,064.00 |
| Net cash from investing activities | -11,981.00 | -18,680.00 | -6,978.00 | -14,251.00 | -7,510.00 | -14,173.00 | -6,594.00 | -14,905.00 |
| Net cash from financing activities | 1,762.00 | -6,981.00 | -2,772.00 | -11,097.00 | 2,759.00 | -7,002.00 | -9,848.00 | -21,387.00 |
| Purchase of property, plant and equipment | 6,114.00 | 14,142.00 | 8,642.00 | 18,207.00 | 8,583.00 | 15,671.00 | 7,434.00 | 14,559.00 |
| Net increase in cash | -5,587.00 | -3,477.00 | -3,333.00 | -5,049.00 | 1,630.00 | 2,524.00 | -2,910.00 | -720.00 |
| con:CFO.BEFORE_TAX | 8,052.00 | 27,202.00 | 9,295.00 | 25,620.00 | 6,617.00 | 26,136.00 | 14,678.00 | 39,661.00 |
| con:INTEREST_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INTEREST_PAID.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:DIVIDENDS_RECEIVED.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:TAX_PAID.OPERATING | 3,042.00 | 5,519.00 | 2,758.00 | 5,320.00 | 501.00 | 2,624.00 | 1,604.00 | 4,597.00 |
| con:CF_OTHER.OPERATING | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:INVESTMENTS_PURCHASED | 201.00 | 326.00 | 1.00 | 4.00 | 70.00 | 393.00 | 311.00 | 553.00 |
| con:INVESTMENTS_SOLD | 4,239.00 | 5,191.00 | 1,107.00 | 3,171.00 | 351.00 | 554.00 | 17.00 | 20.00 |
| con:PPE_DISPOSALS | 113.00 | 328.00 | 175.00 | 475.00 | 160.00 | 514.00 | 22.00 | 863.00 |
| con:CF_INVESTING.SUBSIDIARIES_SOLD | 40.00 | 166.00 | 0.00 | 123.00 | 31.00 | 28.00 | 1.00 | 611.00 |
| con:CF_INVESTING.SUBSIDIARIES_ACQUIRED | 10,483.00 | 10,569.00 | 0.00 | 0.00 | 0.00 | 6.00 | 0.00 | 2,846.00 |
| con:CF_INVESTING.JV_SOLD | 0.00 | 0.00 | 50.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| con:CF_INVESTING.JV_ACQUIRED | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Who owns it
The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.
| Holder | 2023-11-22 | 2023-12-31 | 2024-01-21 | 2024-02-08 | 2024-03-31 | 2024-06-30 | 2024-09-30 | 2024-12-31 | 2025-03-31 | 2025-06-30 | 2025-09-30 | 2025-12-31 | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoter and promoter group | 33.70 | 33.70 | 33.46 | 33.19 | 33.19 | 33.19 | 33.19 | 33.19 | 33.19 | 33.19 | 0.33 | 0.33 | 0.33 | 0.33 |
| Domestic institutions | 22.75 | 23.30 | 23.00 | 23.21 | 23.66 | 23.52 | 22.84 | 23.70 | 24.67 | 26.25 | 0.27 | 0.27 | 0.27 | 0.27 |
| Mutual funds | — | — | — | — | — | — | — | — | — | 13.25 | 0.14 | 0.15 | 0.14 | 0.15 |
| Insurance companies | 10.88 | 11.03 | 10.93 | 11.05 | 11.20 | 10.88 | 10.63 | 10.55 | 11.06 | 11.08 | 0.11 | 0.10 | 0.10 | 0.09 |
| Foreign institutions | 20.52 | 20.70 | 20.25 | 20.05 | 20.28 | 20.32 | 19.95 | 19.04 | 18.78 | 17.72 | 0.18 | 0.18 | 0.19 | 0.19 |
| Government | — | — | — | — | — | — | — | — | — | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 |
| Public | 66.30 | 66.30 | 66.54 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 66.81 | 0.67 | 0.67 | 0.67 | 0.67 |
| Non-institutional | 23.02 | 22.30 | 23.28 | 23.52 | 22.86 | 22.96 | 24.01 | 24.07 | 23.35 | 22.83 | 0.22 | 0.22 | 0.21 | 0.21 |
| Shares outstanding | 12213747469 | 12212969699 | 12299462692 | 12399163931 | 12399986151 | 12403816411 | 12396883691 | 12420951151 | 12422376161 | 12422376161 | 12422376161 | 12424453491 | 12424002521 | 12424815191 |
Related parties
Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.
| Counterparty | Relationship | Type | Amount in the period | Transactions |
|---|---|---|---|---|
| Corus Group Limited | Subsidiary | Any other transaction, Interest received, Investment | 1,094,189,700,000.00 | 9 |
| Tata Steel UK Limited | Subsidiary | Any other transaction, Interest received, Investment | 1,033,871,400,000.00 | 108 |
| Tata Steel Netherlands Holdings BV | Subsidiary | Any other transaction, Investment, Sale of goods or | 767,330,100,000.00 | 6 |
| T S Global Procurement Company Pte Ltd | Subsidiary | Any other transaction, Dividend received, Purchase o | 565,876,700,000.00 | 41 |
| Tata Steel Nederland BV | Subsidiary | Any other transaction, Interest received, Investment | 493,034,500,000.00 | 54 |
| T S Global Holdings Pte Ltd | Subsidiary | Any other transaction, Interest paid, Interest recei | 447,450,200,000.00 | 19 |
| T Steel Holdings Pte Ltd | Subsidiary | Any other transaction, Interest received | 323,795,000,000.00 | 7 |
| ABJA Investment Co Pte Ltd | Subsidiary | Any other transaction, Interest received | 316,177,100,000.00 | 3 |
| Tata Steel Ijmuiden BV | Subsidiary | Any other transaction, Investment, Purchase of goods | 188,950,100,000.00 | 9 |
| Tata Steel Europe Limited | Subsidiary | Any other transaction, Sale of goods or services | 185,592,500,000.00 | 11 |
| Tata Steel IJmuiden BV | Subsidiary | Any other transaction, Interest received, Loan, Sale | 104,092,000,000.00 | 43 |
| Tata Steel Minerals Canada Limited | Subsidiary | Any other transaction, Interest received, Loan, Purc | 97,244,900,000.00 | 16 |
| Tata Steel Holdings Pte Ltd | Subsidiary | Any other transaction, Interest received | 83,877,600,000.00 | 4 |
| Corus International Limited | Subsidiary | Any other transaction, Investment | 62,335,200,000.00 | 4 |
| ABJA Investment Co Pte Limited | Subsidiary | Any other transaction, Interest received, Purchase o | 53,117,000,000.00 | 6 |
What management said
Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.
| Date | Quarter | Who spoke | |
|---|---|---|---|
| 2026-08-06 | Q1FY27 | Ashish Jain, Macquarie, Darshan Mehta, Dolat Capital, Pinakin Parekh, HSBC, Satyadeep Jain | Read the call |
| 2026-05-20 | FYFY26 | Alok Deora, Motilal Oswal, Ashish Kejriwal, Nuvama, Pallav Agarwal, Antique, Ritesh Shah, | Read the call |
| 2026-02-12 | Q3FY26 | Ashish Kejriwal, Nuvama, Operator, Pallav Agarwal, Antique, Prateek Singh, IIFL Capital, S | Read the call |
| 2025-11-19 | FYFY26 | Amit Murarka, Axis Capital, Pallav Agarwal, Antique, Rajesh Majumdar, B&K Securities, Saty | Read the call |
| 2025-08-06 | Q1FY26 | Amit Dixit, Goldman Sachs, Ashish Jain, Macquarie, Satyadeep Jain, Ambit Capital | Read the call |
| 2025-05-18 | FYFY25 | Amit Dixit, ICICI Securities, Ashish Jain, Macquarie, Ritesh Shah, Investec, Sumangal Neva | Read the call |
| 2025-02-04 | Q3FY25 | Amit Murarka, Axis Capital, Indrajit Agarwal, CLSA, Satyadeep Jain, Ambit Capital, Vikash | Read the call |
Some earlier announcements under this heading are covering letters only — no transcript was attached.
What they said about it, quarter by quarter
| Topic | FYFY25 | FYFY26 | Q1FY26 | Q1FY27 | Q3FY25 | Q3FY26 |
|---|---|---|---|---|---|---|
| Capex | 15,000 crores of capex in the next financial year, and of this close to 75% is [inaudible] in India, including the last part of Tata Steel Kalinganaga… | So, we've not yet heard any progress on the exact timelines and capex. | Secondly, but let's just say, for NINL, whenever we announced, can you at least given the preparedness, we're talking about at the time of announcing … | 3,579 crores on capital expenditure during the quarter, of which the majority was in India. | Are you going to go ahead with capex till you get more clarity or any support from the government? | Our tubes business achieved the best quarterly volumes on account of a 0.3 million ton capacity addition and a dominant share in the high value infras… |
| Capital allocation | First, when the acquisition, we've done this as guided by the CoC within the timeline of the IBC. | In line with this, we have announced the proposed divestment of our Ferro Alloy Plant located in Jajpur, Odisha. | On 24th July, 2025, we successfully completed the residual acquisition to make NINL now a 100% subsidiary. | The existing newer mines, which is Gandhalpada, MKB, which is the NINL mines, and Kalamang, which we got through the Bhushan acquisition. | The plant was closed for two years at the time of acquisition with some imbalance in asset configuration. | And in relation to our recent announcements, I'm happy to share that we consolidated our stake in the color coated business and completed the acquisit… |
| Costs | This effectively implies 36% of the cost base ex raw material, which effectively could translate to nearly $100 [inaudible]. | And the cost savings that were there in the Rishi Sunak Government on network tariffs and power costs being declined, has it already kicked in? | My first question is on this cost savings that you have spoken about and thanks for quantifying that. | Finally, the developments in West Asia continue to impact energy, freight, and some of the raw materials and some of the consumables that we use. | What kind of cost savings can we look forward to when Phase 2 is fully ramped up? | 7,400 crores, which was mostly offset by higher volumes and declining raw material related costs. |
| Debt and cash | VP CFTRM – Tata Steel Limited What are our deleveraging targets? | During the half year, we generated ~Rs 10,000 crores of operating cashflows after interest, tax and working capital. | There was working capital buildup primarily due to replenishment of stocks in India and in Netherlands after a strong 4Q. | Moving now to cash flows, we spent about Rs. | I would like to now spend some time on our working capital management that has led to cash flow generation. | Overall improve profitability and effective working capital management has enabled us to generate operating cash flows of ~Rs. |
| Demand | Moving to Industrial Products & Projects, Engineering witnessed double digit growth and contributed to construction of around 2,500 kilometres of oil … | So, what's your view on the India demand over the next 2-3 years and if you could just pour some colour on that? | This decision on the transition in UK company took some time back and the safeguard quotas were already in place at that time also the argument could … | Our expectation was that prices will keep narrowing the gap with US Prices, but so far, they have been stuck around €700 per ton, and demand continues… | Would that decision be contingent on how the demand and pricing are around that time? | The sales ramped up in line with the production and outpaced the domestic demand, taking quarterly deliveries past 6 million tons for the first time f… |
| Guidance | Could you please tell us the volume guidance for India and consolidated for FY2026? | And just on UK, would you reiterate the 4QFY26 guidance of EBITDA breakeven? | So, if you can maybe guide as to how do we look at profitability of Ludhiana, once it comes up? | With alternative sources and mitigation plans, we expect the impact to taper down in the coming quarters. | VP CFTRM – Tata Steel Limited Revenue is a combination of steel revenues, we have FAMD revenues, other revenues, etc. What we give as a guidance on is… | And in Europe, while you are guiding reduction in prices because most of our contracts start from January, we have witnessed spot price increases. |
| Margin | If I look at our EBITDA for this year, on a consolidated level it is Rs. | So how much of potential EBITDA per ton can that add, when increasing the proportion of steel pipes or other value added products (VAP) in the mix? | During this transition, we are obviously importing substrate and running it through, the only constraint being the safeguard quota in UK, which is pul… | So, how should we read your overall comments that UK prices are at $100 per ton premium over EU and the safeguard quotas haven't been very effective i… | Has full benefit of pellet plant and CRM been realised in EBITDA in 3Q. | Along with the ongoing cost optimisation, this helped offset the drop in net steel realisations on a QoQ basis and deliver a 23% EBITDA margin during … |
| People | Across our sites, excluding Kalinganagar which is ramping up, we operated close to 100% capacity utilisation. | So, just wanted to get your thoughts on how you see utilisation and prices moving into the next year. | So essentially, in terms of capacity utilization and whether we see the profitability of Neelachal moving in line with India profitability over a peri… | — | — | The effectiveness and timing of the CBAM effect and the trade related quotas will determine how quickly the imports retreat from the EU market and the… |
| Pricing | The primary drivers of the profitability for future businesses will, therefore, change from traditional steel price to iron ore and coal basket spread… | So, when India introduces carbon pricing and we've seen that over a period of time that will come through, then you will also have that benefit due to… | Steel prices increased in April in India aided by expectations around safeguard measures but with China Steel exports averaging between 9-10 million t… | Yeah, just, just to clarify, right, when you say that Tata Steel does not want to be the largest upstream company, and you want to focus on downstream… | There has been a pricing impact of that in terms of NRs in this quarter, which if prices continue to improve, there will be a certain amount of revers… | Now some of the European players have come out with very strong commentary on pricing. |
| Revenue growth | 23,402 crores in FY2024, which is a growth of 10% YoY. | — | — | This is the first phase of growth at NINL, and it will expand the total capacity in NINL to about 6.2 MTPA. | Our capital allocation is very clear that we will not want to have growth at the cost of debt. | — |
What they said they would do
Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.
| Date | Quarter | Who | What they said |
|---|---|---|---|
| 2025-05-18 | FYFY25 | Sumangal Nevatia, Kotak Securities | 4,000 crore number for India, keeping the spreads aside, can we expect Rs. |
| 2025-08-06 | Q1FY26 | Satyadeep Jain, Ambit Capital | What is the timeline we should be looking at for actually commissioning of 5 million tons in the first phase, 24 months or 24 to 30 months from the date of construction, is that the timeline we should look at? |