Tata Steel Q4 Results 2026 LIVE: Net profit rises 146% YoY to ₹2,965 crore; announces dividend of ₹4 per share

The company has recommended a dividend of ₹4 per equity share of face value Re 1 each, representing a 400% payout for FY2025-26. The proposed dividend is subject to shareholders’ approval at the company’s 119th Annual General Meeting (AGM), which is scheduled to be held on Thursday, July 2, 2026.

The company said that, if approved at the AGM, the dividend will be paid on or after Monday, July 6, 2026, subject to deduction of applicable tax at source. Meanwhile, the Board has fixed Friday, June 12, 2026, as the record date for determining shareholders eligible to receive the dividend for FY26.

For FY26, Tata Steel reported consolidated revenues of ₹2,32,140 crore, while EBITDA stood at ₹34,848 crore. Despite a challenging operating environment, the company’s EBITDA improved 35% year-on-year, while the net profit jumped 215% to ₹10,793 crore.

The India business reported revenues of ₹1,40,302 crore and EBITDA of ₹34,272 crore, translating into an EBITDA margin of 24%.

EBITDA from the India operations increased 17% YoY, supported by the company’s best-ever crude steel production of around 23.4 million tonnes and deliveries of nearly 22.5 million tonnes during the year.

Meanwhile, the Netherlands business posted revenues of €6,028 million and EBITDA of €267 million, with EBITDA nearly tripling on a year-on-year basis. The UK business reported revenues of £1,978 million, while its EBITDA loss nearly halved to £217 million during FY26.

Tata Steel’s crude steel production in India declined marginally by 2% sequentially to 6.22 million tonnes during the March quarter. However, deliveries rose 2.5% to 6.19 million tonnes, marking the company’s highest-ever quarterly deliveries.

Overall crude steel production stood at 8.23 million tonnes during the quarter, compared to 8.38 million tonnes in the December quarter.

On the profitability front, adjusted EBITDA per tonne for the India business increased sharply to ₹15,894, compared to ₹13,671 in Q3FY26 and ₹13,264 in Q4FY25. Consolidated adjusted EBITDA per tonne also improved significantly to ₹10,069 from ₹7,810 in the preceding quarter, although it declined from ₹10,835 reported in the March quarter of last fiscal.

Tata Steel reported a strong performance for the quarter ended March 2026, with consolidated net profit surging 146% year-on-year to ₹2,965 crore, compared to ₹1,201 crore in the corresponding quarter last year. On a sequential basis as well, net profit improved 8.6%.

Consolidated revenues for the January–March 2026 quarter stood at ₹63,270 crore. India revenues came in at ₹38,654 crore

Meanwhile, the Netherlands business reported revenues of €1,605 million, while the UK business posted revenues of £470 million during the quarter.

The company said it has spent ₹3,655 crores on capital expenditure during the quarter and ₹14,026 crores for the full year. Net debt declined by ₹2,285 crores YoY to ₹80,144 crores.

Tata Steel stock has been on a strong bull run for more than a year, consistently scaling record highs, with the latest peak recorded in today’s trade at ₹224.40 apiece. From its January 2025 low of ₹122.6 apiece, the stock has rebounded nearly 77% to the current level of ₹216.8 apiece.

In terms of annual performance, the stock delivered a strong 30.5% gain in 2025, with the momentum continuing into the current year as well, rising another 20.4% so far. The stock has also emerged as one of the top performers in the metals pack.

In Q3FY26, the company reported a sharp jump in consolidated net profit attributable to the owners, which rose to ₹2,688.7 crore from ₹326.64 crore in Q3FY25.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 38.9% year-on-year to ₹8,199 crore, compared to ₹5,903 crore in the corresponding period last year.

The country’s second-largest domestic steelmaker by capacity also reported a 6% YoY rise in consolidated revenue to ₹57,002.4 crore for the third quarter of FY26, compared to ₹53,648.3 crore in the same period last year. However, revenue was lower sequentially compared to ₹58,689 crore reported in Q2FY26.

The steelmaker’s crude steel production in India rose 12% sequentially to 6.34 million tonnes, while deliveries increased 9% to 6.04 million tonnes.

Ahead of Tata Steel’s Q4FY25 earnings, analysts believe investors should closely monitor commentary around Europe operations, steel demand and margin outlook.

While lower raw material costs may support profitability in India, global steel prices remain under pressure. Brokerages also expect varying performance between Tata Steel’s Netherlands and UK operations.

Another key area will be production guidance following the relining of the Jamshedpur blast furnace and the ramp-up of KPO-II capacity.

Management’s outlook on steel prices, costs and demand

Tata Steel’s India operations are expected to remain relatively resilient in Q4FY25 despite global challenges.

Brokerages believe lower coking coal prices, stable domestic steel prices and healthy delivery volumes may help offset weakness in overseas markets. Several analysts also expect EBITDA per tonne in India to improve sequentially.

However, Europe operations continue to remain a major concern. Weak steel demand, lower prices and ongoing losses in the UK business may drag consolidated profitability.

Investors are likely to focus on management guidance regarding demand outlook, margins and operational performance across European units.

Motilal Oswal Financial Services expects Tata Steel’s PAT to fall 46% YoY to ₹649 crore in Q4FY25.

Revenue is projected at ₹56,038 crore, down 4.5% annually but improving sequentially. EBITDA may come in at ₹6,437 crore.

According to the brokerage, better average selling prices and strong domestic volumes may support margins in India. However, weak global steel prices are expected to keep Europe earnings under pressure.

Motilal Oswal said management commentary on Europe operations and future steel price trends will remain crucial for investors during the earnings call.

ICICI Securities expects Tata Steel to report the highest PAT among major brokerage estimates at ₹1,399 crore for Q4FY25.

Although profit may decline 41% YoY, it could surge 463% sequentially. Revenue is estimated at ₹56,806 crore, down 3.2% annually but up 6% QoQ.

EBITDA is projected at ₹6,509 crore, which would represent a 10% sequential improvement.

ICICI Securities noted that steel production during the quarter was impacted by relining work at the Jamshedpur blast furnace. However, ramp-up at KPO-II and better domestic profitability may support overall earnings.

The brokerage expects Tata Steel Netherlands to remain EBITDA profitable, while UK operations may continue to post losses.

The Tata Group stock ended 1.92% lower at ₹216.90 per share on BSE on Friday, 15 May, ahead of its March quarter results.

It has given positive returns recently, rising 4% in 1 month, 7% in 3 months, 24% in 6 months, and 38% in 1 year.

YES Securities has estimated Tata Steel’s Q4FY25 PAT at ₹459 crore, marking a 17% YoY decline but a 55% sequential improvement.

The brokerage expects revenue at ₹53,212 crore, down 9% annually. EBITDA is projected at ₹6,383 crore, declining 3.3% YoY but improving 8.1% quarter-on-quarter.

Yes Securities said stable HRC prices in India and falling steel prices in Europe may keep the topline largely flat. However, lower coking coal prices and improving operational efficiency in Europe are expected to support margins.

The brokerage also expects consolidated deliveries of 8.02 million tonnes during the quarter, with EBITDA per tonne likely improving sequentially.

Nuvama Wealth Management expects Tata Steel’s adjusted PAT to come in at ₹990 crore in Q4FY25, down 18% year-on-year but rising 119% sequentially.

Revenue is estimated at ₹53,440 crore, reflecting a 9% YoY decline. EBITDA may stand at ₹6,520 crore, falling 6.5% annually and 13.5% QoQ.

According to Nuvama, Tata Steel’s standalone EBITDA per tonne could improve due to lower coking coal costs and stronger volumes. The brokerage expects volumes to rise 6% sequentially to 5.62 million tonnes.

However, Europe operations are likely to remain under pressure. Tata Steel UK may continue reporting losses, while the Netherlands business could post only marginal profitability.

The stock opened flat at ₹221.20. In early deal it gained 1.5% to its day's high of ₹224.40 on BSE. It later pared gains to declined 3.6% from its intra-day high to its day's low of ₹216.20.

At 2:50 pm, it was trading 2.28% lower at ₹216.10 per share.

Nuvama Institutional Equities expects Tata Steel’s standalone adjusted EBITDA per tonne to increase by ₹2,006 QoQ to ₹15,097 owing to an increase in blended steel realisation per tonne, partially offset by an increase in coking coal cost by $15 per tonne QoQ. Sales volume is likely to increase by 2.6% QoQ to 6.2 mt. Tata Steel Europe EBITDA/t is likely to improve to negative $4 per tonne versus negative $10 per tonne in Q3FY26 driven by higher steel prices in the UK and higher volumes in Netherlands. Consolidated adjusted EBITDA to increase by 16% QoQ to ₹9,590 crore.

Tata Steel is expected to report sequentially higher Q4 EBITDA of ₹9,459.5 crore, up ~14% QoQ, driven by a ~ ₹3,000 per tonne increase in NSRs and supported by a ~7% increase in sequential volumes, partly offset by a $18-20 per tonne increase in coking coal costs, according to Emkay Global.

The brokerage firm expects UK EBITDA losses to sequentially narrow, while the Netherlands will see modest margin pressure, with EBITDA declining to ₹560 crore from ₹570 crore in Q3. As a result, it expects European operations to post an EBITDA loss of ₹75 crore versus loss of ₹170 crore in Q3.

Axis Securities models higher consolidated sales volume on a QoQ basis and flat on a YoY basis. Steel HRC prices increased by 11% and 12% YoY and QoQ. Consolidated revenue is expected to increase, led by higher steel sales volumes and HRC prices. EBITDA is estimated to improve, led by higher steel production and NSRs in India. India EBITDA per tonne is seen increasing, led by higher NSRs, partly offset by higher coking coal consumption cost. EBITDA/t at Europe is likely to remain muted, led by lower steel price realisations at TSN, partly offset by lower coking coal cost at TSN.

Kotak Institutional Equities estimates Tata Steel’s standalone steel realizations to increase by 7.9% QoQ and 3.5% YoY on account of price hikes during the quarter. It expects standalone volumes to increase by 10.7% YoY and 2.6% QoQ to 6.2 million tons. India EBITDA per ton to is estimated to increase by 20% QoQ and 22% YoY to ₹15,256 per ton, led by higher realizations, partially offset by higher coal cost.

It estimates Europe to report EBITDA loss of $7 per ton as against a loss of $10 per ton in Q3FY26 with a decline in Dutch EBITDA to $33 per ton and UK losses at $136 per ton.

India EBITDA per tonne is estimated to increase, led by higher NSRs, partly offset by higher coking coal consumption cost. EBITDA per tonne at Europe is likely to remain muted, led by lower steel price realisations at TSN, partly offset by lower coking coal cost at TSN.

EBITDA is expected to rise 40.5% YoY to ₹9,219 crore, led by higher steel production and NSRs in India. EBITDA margin is estimated to improve by 308 bps YoY to 14.7%.