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Key Financials Snapshot

TTM · Consolidated · ₹ in Cr
Market Cap
₹262902 Cr.
Stock P/E
82.8
P/B
2.5
Current Price
₹210.6
Book Value
₹ 83.1
Face Value
1
52W High
₹224.4
52W Low
₹ 149.7
Dividend Yield
1.9%

Tata Steel Overview

Business

Tata Steel Ltd. is one of the world's largest and most geographically diversified steel producers. The company primarily manufactures and sells a wide range of steel products, including flat products (hot rolled, cold rolled, coated steel), long products (rebar, wire rods, structural steel), tubes, wires, and specialty steels. Its core business model is that of an integrated steel producer, encompassing the entire value chain from mining of raw materials (iron ore, coal) to finished steel products. The company generates revenue by selling these steel products to various end-user industries such as automotive, construction, engineering, packaging, and agriculture.

Revenue Mix

Tata Steel's operations are broadly categorized by geography. Its primary segments include:

India Operations: This is the largest and most profitable segment, benefiting from captive raw material linkages and strong domestic demand. It includes crude steel production, mining, and downstream value-added products.

Europe Operations: Primarily through Tata Steel Europe, this segment produces flat and long products for customers across Europe. This segment has historically faced challenges due to high energy costs, environmental regulations, and competitive pressures.

Southeast Asia Operations: Smaller operations focused on steel production in countries like Thailand and Singapore.

India operations contribute the majority of the company's consolidated revenue and profitability, followed by European operations.

Industry

The steel industry is cyclical, capital-intensive, and highly sensitive to global economic growth and raw material prices. It is characterized by high barriers to entry due to the scale of investment required. Tata Steel is a prominent global player and a market leader in India, holding a significant share of the domestic market. Globally, it ranks among the top steel producers. Its positioning is enhanced by its strong backward integration in India, with captive iron ore and coal mines providing a cost advantage compared to non-integrated peers. In Europe, it faces intense competition from other large European and imported steel producers.

MOAT

Vertical Integration (India): Ownership of vast iron ore and coal reserves in India provides a significant cost advantage, insulating it partially from raw material price volatility compared to peers reliant on external sourcing.

Scale & Diversification: As one of the largest global producers with operations across multiple continents, it benefits from economies of scale in production and procurement, and geographic diversification helps mitigate regional economic downturns.

Brand & Quality (India): Tata Steel benefits from the strong brand reputation of the Tata Group, which translates into trust and perceived quality for its steel products in the Indian market.

Product Portfolio: Focus on developing value-added and specialized steel products (e.g., automotive-grade steel, advanced high-strength steels) allows for higher margins and reduces reliance on commodity-grade steel.

Growth Drivers

Indian Infrastructure & Construction Boom: Government-led initiatives in infrastructure development (roads, railways, ports, housing) are expected to drive robust domestic demand for steel.

Automotive Sector Growth: India's growing automotive manufacturing base will continue to demand high-grade steel.

Urbanization & Manufacturing Expansion: Increasing urbanization and government's 'Make in India' push will boost demand across various industrial and consumer durable sectors.

Focus on Value-Added Products: Continued shift towards higher-margin, specialized steel products will improve profitability.

Renewable Energy Infrastructure: Steel demand from the rapidly expanding solar and wind energy sectors.

Risks

Commodity Price Volatility: Fluctuations in the prices of iron ore, coal, and finished steel products significantly impact profitability.

Global Economic Slowdown: A slowdown in major global economies can reduce demand for steel, leading to oversupply and price pressures.

Competitive Landscape & Imports: Intense competition from domestic and international players, including the risk of cheap imports, can depress domestic steel prices.

Environmental & Regulatory Risks: Increasingly stringent environmental regulations and carbon emission targets, especially in Europe, could lead to higher compliance costs and capital expenditure.

Geopolitical & Trade Risks: Trade protectionism, tariffs, and geopolitical instabilities can disrupt supply chains and demand.

High Capital Expenditure: The steel industry is capital-intensive, requiring continuous investment in modernization and expansion, which can strain finances.

Management & Ownership

Tata Steel is part of the Tata Group, one of India's oldest and most respected conglomerates, which acts as the promoter. The company is professionally managed by an experienced board and executive team. The Tata Group is known for its strong governance standards and long-term strategic vision. Tata Sons Pvt. Ltd., the main holding company of the Tata Group, is the largest shareholder.

Outlook

Tata Steel is well-positioned to capitalize on India's strong economic growth trajectory and the anticipated surge in steel demand driven by infrastructure development and manufacturing expansion. Its significant vertical integration in India provides a structural cost advantage. However, the company remains exposed to the inherent cyclicality of the global steel industry, volatile raw material prices, and the ongoing challenges in its European operations, particularly regarding energy costs and environmental transition. Efforts to deleverage and focus on value-added products could improve resilience, but global oversupply concerns and economic uncertainties present headwinds.

Tata Steel Share Price

Live · BSE / NSE · Inception: 1907
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Volume
Price

Key Financials — Profit & Loss

₹ in Cr · Consolidated · annual

Tata Steel Quarterly Results

#(Fig in Cr.) Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Net Sales 55312 58687 54771 53905 53648 56218 53178 58689 57002 63270
Other Income 228 176 260 599 221 461 289 364 501 248
Total Income 55540 58863 55031 54503 53869 56679 53467 59053 57503 63519
Total Expenditure 49048 52087 48077 47763 47745 49659 45751 49793 48803 53441
Operating Profit 6491 6777 6954 6740 6125 7020 7716 9260 8701 10077
Interest 1881 1842 1777 1971 1804 1789 1852 1775 1747 1792
Depreciation 2422 2568 2535 2597 2569 2720 2744 2893 3049 3268
Exceptional Income / Expenses -334 -594 -358 18 -126 -389 -132 -420 -140 -340
Profit Before Tax 1855 1772 2284 2190 1625 2123 2987 4172 3765 4676
Provision for Tax 1406 1254 1458 1405 1377 999 1060 1039 1138 1845
Profit After Tax 449 518 826 784 249 1124 1928 3132 2626 2831
Adjustments 65 94 134 49 78 177 150 -31 62 95
Profit After Adjustments 513 611 960 833 327 1301 2078 3102 2689 2926
Adjusted Earnings Per Share 0.4 0.5 0.8 0.7 0.3 1 1.7 2.5 2.2 2.3

Tata Steel Profit & Loss

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 TTM
Net Sales 139504 101965 112299 123249 157669 148972 156477 243959 243353 229171 218543 232139
Other Income 888 524 595 1011 1421 1828 896 785 1081 1837 1541 1402
Total Income 140391 102489 112895 124260 159090 150799 157373 244744 244434 231008 220083 233542
Total Expenditure 127059 94108 95360 101945 128286 131150 125973 180469 211096 206893 193244 197788
Operating Profit 13332 8381 17535 22314 30804 19650 31400 64275 33338 24115 26839 35754
Interest 4848 4221 5072 5455 7660 7581 7607 5462 6299 7508 7341 7166
Depreciation 5944 5306 5673 5742 7342 8708 9234 9101 9335 9882 10421 11954
Exceptional Income / Expenses -3929 3990 -4324 9599 -121 -4930 -1043 -134 113 -7814 -855 -1032
Profit Before Tax -1388 2733 2474 20956 15906 -1380 13844 50227 18235 -1147 8413 15600
Provision for Tax 2567 690 2778 3392 6718 -2553 5654 8478 10160 3763 5239 5082
Profit After Tax -3956 2043 -304 17564 9187 1172 8190 41749 8075 -4910 3174 10517
Adjustments 30 -2426 -3936 -4129 1031 384 -700 -1595 685 472 247 276
Profit After Adjustments -3926 -383 -4241 13434 10218 1557 7490 40154 8760 -4437 3421 10795
Adjusted Earnings Per Share -3.9 -0.4 -4.2 11.7 8.9 1.4 6.3 32.9 7.2 -3.6 2.7 8.7

Tata Steel Balance Sheet

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Shareholder's Funds 31531 41458 35544 58596 66650 71301 73464 114443 103082 92036 91170
Minority's Interest 1704 781 1602 937 2364 2587 3270 2655 2093 397 183
Borrowings 67950 67148 66297 75064 82618 96380 66473 44764 51446 51577 68552
Other Non-Current Liabilities 12114 19544 18663 18464 20107 17220 29836 29971 31479 26899 29460
Total Current Liabilities 45972 47954 50322 55661 59608 60313 70867 90397 97295 98403 86094
Total Liabilities 159271 176884 172447 208722 232773 249149 243909 282422 285396 269312 275459
Fixed Assets 68100 72200 92007 96105 124442 134551 135775 133288 146621 148814 150914
Other Non-Current Assets 36003 58892 29506 44740 49341 55866 47922 56577 52109 49950 56153
Total Current Assets 53740 45766 51018 67775 54849 55909 60112 92256 86606 70504 68392
Total Assets 159271 176884 172447 208722 232773 249149 243909 282422 285396 269312 275459

Tata Steel Cash Flow

#(Fig in Cr.) Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Opening Cash & Cash Equivalents 8406 8177 6077 4850 7784 3270 7732 5532 15607 12130 7081
Cash Flow from Operating Activities 11880 11455 10824 8023 25336 20169 44327 44381 21683 20301 23512
Cash Flow from Investing Activities -8422 -9254 -9076 -12026 -29211 -14530 -9323 -10881 -18680 -14251 -14173
Cash Flow from Financing Activities -2617 -4729 -2579 6640 -673 -1695 -37090 -23401 -6981 -11097 -7002
Net Cash Inflow / Outflow 840 -2528 -831 2638 -4548 3944 -2086 10099 -3977 -5048 2337
Closing Cash & Cash Equivalent 8648 6109 4832 7784 3270 7732 5532 15607 12130 7081 9605

Tata Steel Ratios

# Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025
Earnings Per Share (Rs) -3.85 -0.38 -4.17 11.74 8.93 1.36 6.26 32.89 7.17 -3.56 2.74
CEPS(Rs) 1.95 7.22 5.27 20.36 14.44 8.63 14.55 41.65 14.26 3.99 10.9
DPS(Rs) 0.76 0.76 0.95 1 1.3 1 2.5 5.1 3.6 3.6 3.6
Book NAV/Share(Rs) 29.51 37.82 31.19 51.05 58.15 62.44 61.09 92.99 83.84 72.5 71.92
Core EBITDA Margin(%) 8.62 7.39 14.43 17.17 18.64 11.96 19.49 26.02 13.26 9.72 11.58
EBIT Margin(%) 2.4 6.54 6.43 21.28 14.95 4.16 13.71 22.83 10.08 2.78 7.21
Pre Tax Margin(%) -0.96 2.57 2.11 16.89 10.09 -0.93 8.85 20.59 7.49 -0.5 3.85
PAT Margin (%) -2.74 1.92 -0.26 14.15 5.83 0.79 5.23 17.11 3.32 -2.14 1.45
Cash Profit Margin (%) 1.38 6.91 4.57 18.78 10.48 6.63 11.13 20.84 7.15 2.17 6.22
ROA(%) -2.39 1.22 -0.17 9.22 4.16 0.49 3.32 15.86 2.84 -1.77 1.17
ROE(%) -11.29 5.96 -0.87 38.95 14.7 1.7 11.33 44.72 7.48 -5.09 3.52
ROCE(%) 2.92 5.9 6.29 19.57 14.61 3.45 12.45 33.05 13.53 3.61 8.99
Receivable days 37.08 43.55 37.22 35.72 28.04 24.13 20.32 16.3 15.38 11.56 9.62
Inventory Days 65.8 77.51 70.87 79.28 69.43 76.84 75.05 61.42 77.42 82.48 78.29
Payable days 137.72 169.58 173.47 154.79 126.5 123.66 152.62 137.14 120.22 121.88 114.38
PER(x) 0 0 0 4.86 5.84 19.84 12.98 3.97 14.56 0 56.24
Price/Book(x) 1.02 0.81 1.47 1.12 0.9 0.43 1.33 1.41 1.25 2.15 2.14
Dividend Yield(%) 2.52 2.5 2.07 1.75 2.5 3.71 3.08 3.9 3.45 2.31 2.33
EV/Net Sales(x) 0.75 1.07 1.13 1.23 1.01 0.95 1.1 0.87 0.79 1.17 1.23
EV/Core EBITDA(x) 7.88 13.01 7.25 6.8 5.17 7.2 5.51 3.31 5.77 11.09 10.05
Net Sales Growth(%) -6.13 -26.91 10.14 9.75 27.93 -5.52 5.04 55.91 -0.25 -5.83 -4.64
EBIT Growth(%) -68.72 101.01 8.51 250.01 -10.77 -73.69 245.96 159.62 -55.95 -74.07 147.68
PAT Growth(%) -207.96 151.64 -114.9 5870.34 -47.69 -87.24 598.51 409.77 -80.66 -160.8 164.64
EPS Growth(%) -209.2 90.24 -1007.79 381.75 -23.94 -84.77 360.05 425.73 -78.18 -149.59 177.08
Debt/Equity(x) 2.76 2.19 2.69 1.62 1.55 1.66 1.11 0.61 0.76 0.9 0.99
Current Ratio(x) 1.17 0.95 1.01 1.22 0.92 0.93 0.85 1.02 0.89 0.72 0.79
Quick Ratio(x) 0.62 0.54 0.51 0.71 0.39 0.41 0.38 0.48 0.33 0.22 0.28
Interest Cover(x) 0.71 1.65 1.49 4.84 3.08 0.82 2.82 10.2 3.9 0.85 2.15
Total Debt/Mcap(x) 2.7 2.72 1.82 1.37 1.64 3.65 0.83 0.43 0.61 0.42 0.46

Growth Rates

Compounded annual
# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -5% -4% +8% +5%
Operating Profit CAGR +11% -25% +6% +7%
PAT CAGR -58% +22%
Share Price CAGR +32% +25% +13% +21%
ROE Average +4% +2% +12% +10%
ROCE Average +9% +9% +14% +11%

Tata Steel Shareholding Pattern

Latest · Mar 2026
100% held
Promoters 33.19 %
FII 18.57 %
DII (MF + Insurance) 26.86 %
Public (retail) 66.33 %
# Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026
Promoter 33.733.1933.1933.1933.1933.1933.1933.1933.1933.19
FII 20.0119.6119.6819.2518.5318.2917.2217.2917.4818.57
DII 23.3123.6723.5222.8523.724.6726.2627.127.1726.86
Public 65.6266.1466.1766.1166.3166.3266.3266.3266.3366.33
Others 0.690.670.640.690.50.490.490.490.470.48
Total 100100100100100100100100100100

Tata Steel Peer Comparison

Steel & Iron Products Edit Columns

Tata Steel Quarterly Price

10-year quarterly close · BSE
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News & Updates

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Tata Steel Pros & Cons

Pros

  • Company has delivered good profit growth of 22% CAGR over last 5 years
  • Debtor days have improved from 121.88 to 114.38days.

Cons

  • Promoter holding is low: 33.19%.
  • Company has a low return on equity of 2% over the last 3 years.
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