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PremiumTata Steel Q3 Results 2025 Highlights: Tata Group-owned Indian steel manufacturing giant Tata Steel announced its October to December quarter results on Monday, January 27, reporting a drop of 43 per cent to ₹295.49 crore, compared with ₹522.14 crore in the same period a year ago. The revenue from operations dropped 2.7 per cent due to the fall in revenues in the core business segment to ₹53,231 crore in the quarter ended December 31, 2024, compared to ₹54,727.30 crore in the same quarter the previous financial year.
Analysts expect Tata Steel’s revenue in Q3FY25 to fall two per cent sequentially and around five per cent year-on-year (YoY). Steel mills across Asia have been grappling with lower prices due to a glut of imports from China, prompting anti-dumping measures and investigations. Even as India’s steel demand is expected to rise, weak domestic prices and a slowing economy have compelled steelmakers to keep prices low.
Stay tuned to Tata Steel Q3 Results 2025 Live Blog for the latest updates.
Tata Steel Q3 Results Live: Tata Steel Ltd shares closed 2.77 per cent lower at ₹126.40, compared to ₹130 at the previous stock market session on Friday. The company released the third-quarter results after market operating hours on January 27.
Shares hit their 52-week high level at ₹184.60 on June 18, 2024, while the 52-week low level was at ₹122.60 on January 13, 2025, according to data collected from BSE. The market capitalisation for the steelmaker stands at Rs1,57,790.72 crore as of January 27, 2025.
Tata Steel Q3 Results Live: The Employee Benefits segment witnessed an almost seven per cent drop to ₹6,072 crore, compared with ₹6,527 crore in the previous financial year. Meanwhile, the company's Other Expenses dropped 11.6 per cent to ₹17,742 crore, compared to ₹20,074.73 crore in the same period a year ago.
Tata Steel Q3 Results Live: The steel major had earlier said that its India crude steel production grew by six per cent to 5.68 million tonnes (MT) in the third quarter of the current fiscal compared to 5.35 MT in the corresponding quarter of the previous fiscal. Deliveries in India reached 5.29 MT for the third quarter, up 8.4 per cent Y-o-Y, due to steady sales in the domestic market and strategic presence in exports.
Tata Steel Q3 Results Live: Tata Steel Netherlands reported liquid steel production of 1.76 million tonnes for the third quarter with deliveries at 1.53 million tonnes. Tata Steel UK’s output stood at zero for the quarter on account of closure of its blast furnaces in Q2FY2025. Deliveries dropped 12.5 per cent YoY to 0.56 million tonnes.
Tata Steel Q3 Results Live: The consolidated income declined to ₹53,869.33 crore in the October-December period from ₹55,539.77 crore in the corresponding quarter of the previous fiscal, according to an exchange filing by Tata Steel. Total expenses of Tata Steel dropped to ₹52,118.09 crore over 53,351.13 in the year-ago period.
Tata Steel Q3 Results Live: The metal giant's revenue from operations in Q3FY25 totaled ₹53,648 crore, marking a 3 per cent decline compared to ₹55,312 crore in the same quarter of the previous fiscal year.
Tata Steel Q3 Results Live: Tata Steel, on Monday, posted a 36 per cent year-on-year (YoY) decline in its net profit to ₹32 crore for the quarter ending on December 31, 2024.
According to Elara Capital, China’s hot-rolled coil (HRC) export prices remained stable in December after experiencing a ~6% decline in November. The Chinese steel market is grappling with challenges stemming from decreasing finished steel demand and an uncertain future, particularly as the Lunar New Year holidays approach. This situation has affected global steel prices, with North Europe, Japan, and the US seeing drops of about ~1% MoM, ~2% MoM, and ~5% MoM, respectively.
In India, both primary long product prices and HRC prices fell by approximately ~3% MoM. The decrease in long product prices was attributed to weak demand and liquidity issues, while flat steel prices faced downward pressure from cheap imports and cautious buying behavior. So far in January, HRC and primary long product prices have both dipped about ~1% compared to December averages. Interestingly, iron ore prices in China and Australia actually rose, with increases of ~1% and ~2% MoM, respectively, in December.
As per data from trendlyne.com, Tata Steel has announced 30 dividends since May 24, 2001. Over the last year, Tata Steel Ltd. has declared an equity dividend totaling ₹3.60 per share. With the current share price at ₹126.5500, Tata Steel Ltd.'s dividend yield stands at 2.84%.
Loss at Tata Steel Europe could narrow to USD 55 (Q2FY25: USD 77 loss) mainly as loss at TS-UK is likely to halve. However, non-cash impact of forex translation needs to be seen.
China domestic HRC prices witnessed growth by ~4% QoQ in 3Q to USD485/t in anticipation of increased steel demand post the China stimulus announcement. Chinese rebar prices too witnessed growth by ~3% QoQ in 3Q to USD508/t after witnessing a fall in 2Q due to subdued China demand. China’s steel exports moderated to 9.3mn tonnes in Nov’24 (down ~17%MoM), according to reports.
Indian steel markets witnessed a divergent price trend with long products prices moving up by ~INR1k/t while flat product prices declined by ~INR2.5k/t. NMDC announced price hike twice in fines by INR400/t each in 3Q. Steel companies guided for a ~USD20-25/t decline in coking coal consumption cost for 3QFY25, according to JM Financial brokerage.
Tata Steel share price today ended 2.77% lower at ₹126.40 apiece on BSE.
Coking coal prices witnessed marginal decline to USD203/t (down by USD8/t QoQ) given stable weather conditions in Australia and reduced risk of supply disruptions with spot prices at USD197/t. China iron ore CFR price witnessed marginal growth by ~2% QoQ to USD95/t. In tandem with rising global iron ore prices, NMDC also increased its prices twice by ₹400/t each in Oct’24, according to JM Financial report.
According to Nuvama, Standalone EBITDA/t is expected to decline by ₹1,760 QoQ to ₹11,375 owing to decrease in blended realisation (down ₹2,500/t QoQ; higher than normal due to lower auto contract price for H2FY25), partially offset by lower coking coal price (down USD20/t QoQ). Tata Steel Europe’s losses are expected to decrease (EBITDA of -USD58/t compared with -USD75/t in Q2FY25) owing to lower RM cost and fixed cost at UK, partially offset by decrease in steel prices in Netherlands. The Netherlands operations are expected to report an EBITDA loss while UK losses are likely to decrease QoQ.
“We expect Q3FY25E Ferrous profitability to be a mixed bag with EBITDA/t ranging from +INR1,100/t to -INR1,800/t QoQ. We observe an average QoQ increase of INR600–700/t in longs prices and a drop in flats of INR2,400–2,500/t QoQ. During Q3FY25, while coking coal cost dipped USD20–25/t QoQ, iron ore cost rose INR300–400/t QoQ," the brokerage said.
According to Axis Securities, China’s steel demand uncertainty continues to linger despite stimulus measures announced in Sep’24. Its property sector showed some signs of improvement with transactions rising in major cities. However, the 3-MMA YoY YTD floor space started continues to remain in negative territory and has declined by 19% in Sept’24. China’s Jan-Nov’24 crude steel production stood at 929 MT down 2.7% YoY. Despite the drop in production, exports remained high over the same period at 101 MT, up 21% YoY, indicating domestic demand weakness.
“ We expect consolidated revenues to fall by 3% QoQ and c.5.5% YoY at ₹522.6b led by falling realizations. We expect TATA to report an EBITDA of c.Rs54.8b with EBITDA margins of 10.5% on a consolidated basis led by reducing realizations being partially offset with higher volumes and savings on coking coal costs vs Q2FY25," said YES Securities.
At 13:19 IST, Tata Steel share price was trading 1.15% lower at ₹128.55 apiece on BSE.
Indian steel producers have been facing significant challenges since the beginning of FY25, primarily due to a consistent decline in global steel prices. According to a report by Yes Securities, the average price of steel in China fell from approximately $524 per ton in Q1 FY25 to around $470 per ton in Q2 FY25. During Q3 FY25, prices have remained range-bound between $480 and $500 per ton.
This pressure on steel prices has adversely affected the earnings of producers in the sector. However, there is a silver lining; the volatility in coking coal prices appears to have stabilized. This stabilization is expected to provide some relief to steel manufacturers and may positively impact their performance in Q3 FY25.
Tata Steel is presently at a pivotal stage, positioned right at the breakout neckline on a broader time frame. While the stock is technically in a corrective phase, it is encountering difficulties in surpassing its short-term moving averages. This struggle indicates a lack of upward momentum. Until it breaks through these moving averages, the general outlook for the stock remains bearish, leaning towards a sideways trend in the market.
On the levels front, 122-118 is likely to act as near-term support, while a sturdy hurdle is placed around the 136-140 zone, and a deceive breakthrough could only portray a counter-trend in the stock price.
Provisional sales volume at India stood at 5.29 MT (up 8.4%/3.5%YoY/QoQ) and at Europe at 2.09 MT (up 7.7%, down 1.9% QoQ). The brokerage expect consolidated revenue to decline YoY/QoQ led by lower steel price realization in India and Europe, partially offset by our higher steel sales volumes estimate.
“We expect EBITDA to decline by ~23% YoY/QoQ each due to lower sales realisation in India and Europe, which offsets benefit from lower coking coal costs and higher sales volumes," the brokerage said.
Tata Steel share price was down nearly 2% ahead of its Q3 results. Riyank Arora, Technical Analyst, Mehta Equities Ltd stated that Tata Steel stock has touched its major anchor vwap support mark of 128 and seen to be rebounding from those levels. A strict stoploss can be kept here at 125 and longs can be initiated for upside move towards 132-133 as some bit of recovery is expected in the metal sector from lower levels.
Tata Steel Ltd showed a significant turnaround in its financials for the quarter ending September 2024, reporting a net profit of ₹833 crore. This stands in stark contrast to the loss of ₹6,196 crore reported during the same quarter last year. However, the company did experience a 3% decline in revenue from operations, which totaled ₹53,905 crore this quarter.
The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the period was recorded at ₹6,141 crore, giving the company an EBITDA margin of 11.4%.
Tata Steel Q3 Results Live: Tata Steel is scheduled to report its Q3 results today. Tata Steel board will meet and approve financial results for the third quarter of FY25 today, January 27.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.
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