Tata Steel reports strong Q2 FY2026 earnings driven by Indian operations

Tata Steel reported consolidated revenues of ₹58,689 crores for 2Q FY2026, up 10% quarter-on-quarter, leading to an EBITDA improvement of ₹1,000 per ton. For the first half, consolidated revenues reached ₹1,11,867 crores, with an EBITDA of ₹16,585 crores and an EBITDA margin of approximately 15%, expanding by 280 basis points. Crude steel production in India rose 8% quarter-on-quarter and 7% year-on-year to 5.65 million tons, supported by a 20% quarter-on-quarter increase in domestic deliveries.

The company's global cost transformation program delivered tangible results, achieving around ₹5,450 crores in the first half, representing 94% compliance. India's cost transformation contributed ₹1,036 crores in 2Q FY2026. While average HRC spot prices decreased by ₹2,300 per ton quarter-on-quarter, net realizations dropped by ₹1,700 per ton, with higher volumes and cost efficiency boosting EBITDA margin by 80 basis points to 25%.

In Europe, UK operations faced widened EBITDA losses, from -£41 million in Q1 to -£66 million in Q2 due to market pressures. Netherlands reported stable liquid steel production and deliveries with revenues of approximately €1.5 bn, offset by lower realizations but aided by a €72 million reduction in conversion costs. Tata Steel also acquired the remaining 50% stake in Tata BlueScope Steel Private Limited and signed a non-binding Joint Letter of Intent with the Dutch government for decarbonization.