TATASTEEL
Tata Steel share price & financials
- Price
- ₹198.96
- Market cap
- ₹2.3L Cr
- Sector
- Metals & Mining
- Calls analysed
- 5
Tata Steel Q4 FY26
What went well
- Consolidated EBITDA for FY26 grew 35% YoY to ₹34,848 crores, with margins expanding 320 bps to ~15%.
- Achieved significant cost savings of ₹10,868 crores through cost transformation programs across geographies.
- Generated strong free cash flows of ₹10,738 crores and improved working capital efficiency, releasing ₹6,000 crores cash.
What to watch
- Material uncertainty regarding Tata Steel Netherlands (TSN) due to potential permit revocation for Coke and Gas Plants, impacting future investments.
- Delay of 6-8 months (potentially higher) in electrical backup and infrastructure for the UK Electric Arc Furnace commissioning.
What Tata Steel does
Tata Steel is one of the world's most geographically diversified steel producers, manufacturing crude and finished steel at integrated plants in India, the Netherlands, the UK and Thailand. It earns by selling flat and long steel products to automotive, construction, packaging, engineering and other industrial customers, and is backward-integrated in India through captive iron ore mines and collieries. The group also runs downstream businesses in tubes, tinplate, wires and coated steel, plus a ferroalloy business fed by captive chromite and manganese mines.
Segments
- India
- Netherlands (Tata Steel Nederland)
- United Kingdom (Tata Steel UK)
- Thailand
- Total crude steel capacity
- ~35 MTPA (group)
- India domestic crude steel capacity
- 26.1 MTPA
- Operating geographies
- India, Netherlands, UK and Thailand; commercial presence across five continents
- India manufacturing sites
- Jamshedpur & Gamharia (Jharkhand), Kalinganagar & Meramandali (Odisha), Ludhiana EAF (Punjab)
- European & Thai plants
- IJmuiden (7 MTPA, Netherlands), Port Talbot (3.2 MTPA, UK), three EAF plants in Thailand (1.7 MTPA)
- Captive raw materials
- Iron ore mines and collieries in India, plus chromite and manganese mines for ferroalloys
Guidance record · Q4 FY26
what the last two calls moved 8 tracked 3 delivered 1 missed 4 open- Cost Transformation Savings delivered, diluted said Q1 FY26 Promised: Rs 11,500 crores over 12-18 months Q4 FY26: Full year (12 months) savings achieved were Rs 10,868 crores, slightly below the Rs 11,500 crore target for the 12-18 month period.
- UK EBITDA Breakeven delayed said Q1 FY26 Promised: Breakeven by end of FY26 Q4 FY26: Timeline pushed out: 'hope to be EBITDA positive during this year (FY27)'.
- India Net Realisation Change (QoQ) missed said Q2 FY26 Promised: about Rs 1,500 per ton lower in Q3 vs Q2 Q3 FY26: Actual drop was Rs 2,100/t, worse than the guided Rs 1,500/t.
All 8 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 19.0%, net profit up 28.8% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 32,399 | 32,760 | 34,399 | 31,014 | 34,680 +7% | 35,578 +9% | 38,448 +12% | 36,897 +19% |
| EBITDA | 6,610 | 7,500 | 6,979 | 7,119 | 8,148 +23% | 7,731 +3% | 9,473 +36% | 9,183 +29% |
| Net profit | 3,591 | 3,879 | 3,169 | 3,523 | 4,060 +13% | 3,822 −1% | 4,660 +47% | 4,536 +29% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +8.0% 1Y
1Y: ₹169.43 on 10 Sept 2025 → ₹183. High ₹221.13 (14 May 2026), low ₹160.67 (9 Dec 2025).
How the price took the results
close before → close after
- Q4 FY26
- −3.3%
- 16 May
- Q3 FY26
- −0.4%
- 6 Feb
- Q2 FY26
- −1.1%
- 13 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 16.9% a year over 3 years, FY23 to FY26. Operating margin widened to 23.2%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹243.4k Cr | ₹140.9k Cr | ₹132.5k Cr | ₹139.7k Cr |
| Operating profit | ₹32.3k Cr | ₹30.0k Cr | ₹27.9k Cr | ₹32.5k Cr |
| Operating margin | 13.3% | 21.3% | 21.0% | 23.2% |
| Interest | ₹6.3k Cr | ₹4.1k Cr | ₹4.2k Cr | ₹5.1k Cr |
| Depreciation | ₹9.3k Cr | ₹6.0k Cr | ₹6.3k Cr | ₹7.1k Cr |
| Net profit | ₹8.1k Cr | ₹5.5k Cr | ₹14.0k Cr | ₹16.1k Cr |
| Net margin | 3.3% | 3.9% | 10.5% | 11.5% |
| Cash from operations | ₹13.5k Cr | ₹27.3k Cr | ₹23.5k Cr | ₹32.0k Cr |
| Free cash flow | ₹4.5k Cr | ₹16.7k Cr | ₹13.2k Cr | ₹24.3k Cr |
| ROCE | 14.0% | 14.0% | 13.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Reserves | ₹90.1k Cr | ₹124.2k Cr | ₹135.4k Cr | ₹140.0k Cr | ₹93.7k Cr | ₹134.3k Cr |
| Borrowings | ₹28.3k Cr | ₹36.5k Cr | ₹43.3k Cr | ₹43.8k Cr | ₹95.6k Cr | ₹69.0k Cr |
| Other liabilities | ₹45.4k Cr | ₹60.0k Cr | ₹62.8k Cr | ₹62.9k Cr | ₹95.0k Cr | ₹68.2k Cr |
| Total liabilities | ₹165.0k Cr | ₹222.0k Cr | ₹242.7k Cr | ₹247.9k Cr | ₹285.6k Cr | ₹272.7k Cr |
| Fixed assets | ₹68.8k Cr | ₹94.3k Cr | ₹97.4k Cr | ₹98.4k Cr | ₹166.1k Cr | ₹115.9k Cr |
| Capital work in progress | ₹10.5k Cr | ₹14.5k Cr | ₹22.2k Cr | ₹28.1k Cr | ₹33.2k Cr | ₹20.0k Cr |
| Investments | ₹57.5k Cr | ₹43.5k Cr | ₹42.4k Cr | ₹66.8k Cr | ₹6.9k Cr | ₹94.5k Cr |
| Other assets | ₹28.3k Cr | ₹69.7k Cr | ₹80.7k Cr | ₹54.6k Cr | ₹79.4k Cr | ₹42.3k Cr |
| Total assets | ₹165.0k Cr | ₹222.0k Cr | ₹242.7k Cr | ₹247.9k Cr | ₹285.6k Cr | ₹272.7k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public trimmed −1.79 pp while FIIs added +1.68 pp. The shareholder count shrank 11% to 51,79,576.
- Promoters
- 32.9%
- FIIs
- 18.9%
- DIIs
- 26.4%
- Government
- 0.2%
- Public
- 21.5%
Since Jun 2025
- Public −1.79 pp
- FIIs +1.68 pp
- DIIs +0.37 pp
How it drifted, 12 quarters
Over this window DIIs went from 22.2% to 26.4% — +4.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 33.9%, FIIs 20.3%, DIIs 22.2%, Government 0.2%, Public 23.4%.Dec '23: Promoters 33.7%, FIIs 20.0%, DIIs 23.1%, Government 0.2%, Public 23.0%.Mar '24: Promoters 33.2%, FIIs 19.6%, DIIs 23.5%, Government 0.2%, Public 23.5%.Jun '24: Promoters 33.2%, FIIs 19.7%, DIIs 23.3%, Government 0.2%, Public 23.6%.Sep '24: Promoters 33.2%, FIIs 19.3%, DIIs 22.7%, Government 0.2%, Public 24.7%.Dec '24: Promoters 33.2%, FIIs 18.5%, DIIs 23.5%, Government 0.2%, Public 24.6%.Mar '25: Promoters 33.2%, FIIs 18.3%, DIIs 24.5%, Government 0.2%, Public 23.8%.Jun '25: Promoters 33.2%, FIIs 17.2%, DIIs 26.1%, Government 0.2%, Public 23.3%.Sep '25: Promoters 33.2%, FIIs 17.3%, DIIs 26.9%, Government 0.2%, Public 22.4%.Dec '25: Promoters 33.2%, FIIs 17.5%, DIIs 27.0%, Government 0.2%, Public 22.1%.Mar '26: Promoters 33.2%, FIIs 18.6%, DIIs 26.7%, Government 0.2%, Public 21.4%.Jun '26: Promoters 32.9%, FIIs 18.9%, DIIs 26.4%, Government 0.2%, Public 21.5%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- ICICI Prudential Value Fund Mutual fund newly disclosed 2.31% held
- UTI Nifty 50 ETF Mutual fund +0.17 pp 1.46% held
- NPS Trust- A/C LIC Pension Fund Scheme - State Govt Pension / PF +0.12 pp 1.89% held
- Solutions Infini FZ LLC newly disclosed 0.00% held
- Tata Africa Holdings (Ghana) Ltd newly disclosed 0.00% held
- Tata Asset Management Private Limited newly disclosed 0.00% held
- Tata ClassEdge Limited newly disclosed 0.00% held
- Tata Communications (Belgium) Srl newly disclosed 0.00% held
The same filing shows 3 holders trimming and 2 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Tata Steel above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Tata Sons Private Limited | 31.76% | unchanged |
| Life Insurance Corporation Of India Insurer | 6.37% | −0.55 pp |
| SBI Nifty 50 ETF Mutual fund | 3.98% | −0.74 pp |
| ICICI Prudential Value Fund Mutual fund | 2.31% | newly disclosed |
| HDFC Trustee Company Limited-HDFC Flexi Cap Fund Mutual fund | 2.12% | unchanged |
| NPS Trust- A/C LIC Pension Fund Scheme - State Govt Pension / PF | 1.89% | +0.12 pp |
| UTI Nifty 50 ETF Mutual fund | 1.46% | +0.17 pp |
| Tata Motors Passenger Vehicles Limited (formerly known as Tata Motors Limited) | 0.44% | unchanged |
| Tata Investment Corporation Ltd | 0.34% | unchanged |
| Ewart Investments Limited | 0.18% | unchanged |
| Rujuvalika Investments Limited | 0.09% | unchanged |
| Tata Industries Limited | 0.08% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in TATASTEEL
Filings to Aug 2026
1 new, 17 added, 12 trimmed, 0 sold out — net +36.96 L shares (+0.5%).
- Held by funds
- ₹14.5k Cr
- 54 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹3.0k Cr · 1.4% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹3.0k Cr | +8.43 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹2.0k Cr | +10.92 L | Aug '21 |
| HDFC Flexi Cap Fund HDFC Mutual Fund | ₹1.2k Cr | held | Feb '24 |
| SBI Contra Fund SBI Mutual Fund | ₹960 Cr | held | Jul '22 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹928 Cr | +10.11 L | Jan '19 |
| SBI Balanced Advantage Fund SBI Mutual Fund | ₹745 Cr | held | Sep '21 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹719 Cr | held | Dec '22 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹495 Cr | +152.76 L | Aug '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
17 added, 12 trimmed — net +36.96 L shares (+0.5%)
- Funds are sitting on
- +13%
- vs est. average cost
- Held by funds
- ₹14.5k Cr
- 54 schemes · ≈ 6.8% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹3.0k Cr · 1.4% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y · since Sep '12
Shares held by these funds +60%
Aug '23 77.66 cr shares Jul '26
All earnings calls (5)
Read the Q4 FY26 call →Learn to analyse Tata Steel
Guides on how to read this kind of business and the numbers that matter.