Tata Steel Limited · NSE:TATASTEEL
Tata Steel — Q2 FY2027 Earnings Presentation
34 slides from Tata Steel's earnings presentation, Nov 7, 2026
Slide 1: Cover letter to BSE and NSE
Ref.: SEC/1404/2026-27 November 7, 2026 The Secretary, Listing Department The Manager, Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C/1 Dalal Street G Block, Bandra-Kurla Complex, Bandra Mumbai - 400 001. Mumbai
Slide 2: Press release: Consolidated EBITDA of Rs 10,665 crores
Mumbai, November 07, 2026 Tata Steel reports Consolidated EBITDA of Rs 10,665 crores for the quarter and Rs 20,035 crores for the half year ended September 30, 2026 Highlights: ▪ Consolidated Revenues for the Jul – Sep 2026 quarter were Rs 65,436 crores and EBITDA was Rs 10,665 crores with a margin
Slide 3: Management Comments
Management Comments: Mr. T V Narendran, Chief Executive Officer & Managing Director: “We delivered strong growth in deliveries and earnings this quarter, backed by a resilient supply chain and close customer engagement, despite ongoing geoeconomic uncertainty and higher raw material costs. Deliverie
Slide 4: About Tata Steel
About Tata Steel • Tata Steel group is among the top global steel companies with an annual crude steel capacity of 36 million tonnes per annum. • It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world. • The group recorded a
Slide 5: Tata Steel Results Presentation
#Connecting India : Alluri Sitarama Raju Airport at Visakhapatnam built Tata Steel Results Presentation Nov 07, 2026 using Tata Steel’s Tiscon ReadyBuild, Sm@rtFAB and Structura Financial quarter ended 30th September 2026
Slide 6: Safe Harbour Statement
Safe Harbour Statement Statements in this presentation describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Imp
Slide 7: We are committed to 'Zero Harm'
We are committed to ‘Zero Harm’ Journey towards excellence in Safety & Health of employees1 19% Fatalities2 Holistic measures for a safe and healthier workforce 6 6 5 5 4 LTIFR* in the last 15 years FY23 FY24 FY25 FY26 1H FY27 Workplace Safety Behavioral Safety Employee Wellbeing ‘Safety Connect’, a
Slide 8: Improving quality of life of our communities
Improving quality of life of our communities Rural and Urban Education Public Health and Nutrition Tribal Identity 3 lakh+ children covered via foundational 93% redressal rate in high-risk cases among Tribal Leadership program empowers youth literacy and numeracy intervention pregnant women & childr
Slide 9: Strategic Update
Strategic Update Zinc-Aluminum-Magnesium coated coil now produced at Tata Steel Kalinganagar, expanding our advanced coated products portfolio for construction, infrastructure, solar and agriculture applications
Slide 10: Focused on creating Sustainable Value
Focused on creating Sustainable Value Leadership in Leadership in India Sustainability Become Leadership in Future Ready Technology & Digital Robust Consolidate position Financial Health as global cost leader 66
Slide 11: Continuous recalibration to a changing operating environment
Continuous recalibration to a changing operating environment Global Shift Data Strategic levers India is one of the fastest growing India steel demand has grown from 95 mn tons Maximise India volume + value mix markets within our portfolio in FY2021 to 164 mn tons in FY2026 Leadership in chosen segm
Slide 12: India is a structurally attractive market and our core growth engine
India is a structurally attractive market and our core growth engine India : Strong Demand Runway India : Structural drivers & policy Tata Steel : Strong pipeline Steel demand in million tons India steelmaking capacity in million tons 116 kg Scalable to beyond ~40 220 40 MTPA Per-capita steel use vs
Slide 13: Volume play: Calibrated and sequenced flats / longs expansion
Volume play : Calibrated and sequenced flats / longs expansion Existing Capacity India’s premier steelmaker Capacity expansion projects MTPA NINL Ludhiana Site Flats Longs Integrated sites Primary steelmaking with range of Jamshedpur 7.5 3.5 downstream facilities Kalinganagar 8.0 State-of-the-art Ka
Slide 14: Value play: Investment in downstream to drive sector leading returns
Value play : Investment in downstream to drive sector leading returns Existing Portfolio Ramp up / Expansion End use Auto Engineering Packaging Construction Product Key Brands TSK CRM CAL line ~0.9 MTPA and two CGL complex lines ~0.5 MTPA each Cold Rolled Galvanising 0.7 MTPA HRPGL - Engineering & L
Slide 15: Multi-pronged strategy to enable leadership in chosen segments
Multi-pronged strategy to enable leadership in chosen segments Supplier of Choice in Grow in High Margin Shaping Construction Auto Retail Practices Advanced grade Homebuilding experience Integrated solutions → ease of localisation, and co-creation through Aashiyana use and project efficiency Redefin
Slide 16: Sustainability is at the core of our strategy
Sustainability is at the core of our strategy Route and pace of decarbonisation being calibrated across geographies Net Zero by Pursuing Multiple Initiatives in India 2045 to achieve ‘Responsible Growth’ Our ESG goals underpin the Strategic Levers Status focus areas » Breakthrough technologies Setti
Slide 17: Progressing towards sustainable steelmaking in UK and Netherlands
Progressing towards sustainable steelmaking in UK and Netherlands In UK, transition to scrap-based EAF steelmaking to reduce Over €300 million spent towards sustainability linked 50 million tons CO2e over a decade initiatives to reduce emissions EAF project update Roadmap Plus EAF project – Transiti
Slide 18: Embracing Digital and Technology to create and unlock value
Embracing Digital and Technology to create and unlock value Smart Manufacturing Enterprise Agility & Customer Experience 950+ AI models & agents across value chain 1 & Asset Excellence 2 Decision Intelligence 3 & Engagement AI-led remote operations & Hyper-personalized, AI Powered Single SAP and CFI
Slide 19: Enhancing competitiveness through cost and efficiency programs
Enhancing competitiveness through cost and efficiency programs Benefits from cost optimization initiatives Rs 7,140 crores Target for FY2027 Key Drivers Cost Optimization Operational Excellence » Raw material cost » Production yield & reliability » Procurement cost » Fuel rate optimization Value Enh
Slide 20: Financial Management to enable returns across cycle
Financial Management to enable returns across cycle ▪ India EBITDA of Rs 10,634 crores Total Shareholder Returns1 (%) Cash flows ▪ Working capital management Tata Steel Nifty 50 Sensex 19 ▪ Liquidity of Rs 40,076 crores 15 10 10 Balance sheet ▪ Cash & cash eqns. of ~Rs 10,300 crs. 5 4 3 years 10 yea
Slide 21: People-Driven Impact: Engagement, Wellbeing & Digital Excellence
People-Driven Impact: Engagement, Wellbeing & Digital Excellence Awarded the CII-EFI National Awards for Excellence in Building Care for Contract Digital Enablement for Employee Relations in 2026 One Tata Steel Workforce Agility Uniform employee Strengthening financial AI-enabled workforce engagemen
Slide 22: Our journey in key financial credit metrics
Our journey in key financial credit metrices EBITDA Margin (%) EBITDA / ton (Rs.) Interest Coverage Ratio (x)1 Gross & Net Debt (Rs crores) 26.2% 21,626 11.7 1,02,368 94,801 92,382 84,893 87,082 13,192 75,561 15.9% 11,358 10,900 91,423 15.0% 5.2 13.4% 7,962 8,335 5.2 4.9 77,550 82,430 80,144 11.8% 3
Slide 23: 2QFY27 Performance
2QFY27 Performance India’s first BIS-certified octagonal billets and Tata Tiscon rebars now produced at Tata Steel Ludhiana for Construction, Infrastructure and Industrial applications
Slide 24: Tata Steel Consolidated
Tata Steel Consolidated (All figures are in Rs. Crores Key drivers : 2QFY27 1QFY27 2QFY26 unless stated otherwise) Production (mn tons)1 8.07 7.69 7.73 ▪ Revenues: rose by 8% primarily driven by higher Deliveries (mn tons) 7.92 7.27 7.91 volumes in India despite seasonally softer quarter Total reven
Slide 25: Consolidated 2QFY27 EBITDA stood at Rs 10,665 crores
Consolidated 2QFY27 EBITDA stood at Rs 10,665 crores in Rs crores ▪ Market impact relates to improved 275 303 steel realisations partly offset by higher 662 raw material costs - 294 311 ▪ Volume impact primarily relates to higher volumes in India 10,665 10,362 9,975 9,370 ▪ Others primarily relates
Slide 26: Net debt of Rs 91,423 crores
Net debt of Rs 91,423 crores in Rs crores 3,900 209 273 1,02,368 10,301 97,985 644 91,423 Gross Debt Movement in Loan FX Impact Gross Debt Cash, Bank & MTM gain on Net Debt Jun'26 leases movement and Others Sep'26 Current Investments currency hedges Sep'26 2QFY27 Results 22 Presentation
Slide 27: Tata Steel: Key operating parameters
Tata Steel : Key operating parameters India TSN TSUK (Standalonea) Coke Rate (kg/thm) Specific Energy Consumption (GJ/tcs) CO2 Emission Intensity (tCO2/tcs) Good Good Good 2.6 365 2.5 2.5 2.4 2.4 356 354 25.5 24.6 348 24.5 2.2 24.0 2.2 23.6 23.3 23.1 340 339 337 20.9 1.8 1.8 1.8 19.5 18.9 1.7 1.7 18
Slide 28: 2Q India deliveries rose 16% QoQ driven by demand pull across segments
2Q India deliveries rose 16% QoQ driven by demand pull across segments Tata Steel India deliveries (million tons) 2Q end use split (%) Diversified customer segments Auto and Retail : Individual Domestic Exports Sector % ancillaries housebuilders 6.0 5.6 Auto & ancillaries 24% 1.2 1.3 1.3 1.4 1.1 1.1
Slide 29: Auto: New downstream capacities helps consolidate market leadership
Auto: New downstream capacities helps consolidate market leadership Driving the future of mobility ▪ Value play : Ramp up of new facilities 26% YoY growth in hi-end auto sales Sales from TSK CAL and CGL lines 2Q 2Q FY26 FY27 2QFY26 2QFY27 ▪ New product development leveraging downstream facilities TS
Slide 30: Branded Products: Scaling growth via an integrated customer ecosystem
Branded Products: Scaling growth via an integrated customer ecosystem Strong quarterly volumes Established Retail presence Accelerating Digital Sales Volume TISCON Revenue 2Q 17% QoQ 11% YoY 2.75 mn tons ~$1.8 billion 2Q 35% QoQ 50% YoY Gross Merchandise Value 2Q 13% YoY Double-digit growth in ~78%
Slide 31: Tata Steel Standalone
Tata Steel Standalone (All figures are in Rs. Crores Key drivers : 2QFY27 1QFY27 2QFY26 unless stated otherwise) Production (mn tons) 5.91 5.46 5.40 ▪ Deliveries: increased by 16% QoQ supported by broad Deliveries (mn tons) 5.98 5.17 5.55 based demand across segments, outpacing growth in Total reven
Slide 32: Tata Steel Netherlands
Tata Steel Netherlands (All figures are in Rs. Crores Key drivers : 2QFY27 1QFY27 2QFY26 unless stated otherwise) ▪ Revenue: moderated on account of drop in volumes Liquid Steel production (mn tons) 1.52 1.55 1.67 despite higher realisations Deliveries (mn tons) 1.30 1.40 1.54 ▪ Raw material cost: p
Slide 33: Tata Steel UK
Tata Steel UK (All figures are in Rs. Crores Key drivers : 2QFY27 1QFY27 2QFY26 unless stated otherwise) ▪ Deliveries: were down 22% QoQ due to weak demand Liquid Steel production (mn tons) - - - and inventory buildup in UK supply chain ahead of revised trade measures effective 01st July 2026 Delive
Slide 34: Tata Steel Investor Relations
Tata Steel Investor Relations Investor enquiries [email protected]