Tata Steel Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Steel: 95.7% • Others: 3.2% • Power & Water: 1.1%
AI Sector View
AI GENERATEDMetals & Mining
The sector backdrop is mixed. Iron ore output was very strong at 29.5% YoY (2026-07), but steel slowed to 2.9% YoY (2026-07), finished steel consumption was 8.0% YoY (2026-06), and headline mining production was still -0.9% (Jul/26). FPI outflows of INR -2349 crore over 3 months to 2026-08-31 also argue against an aggressive overweight.
PROS
- Latest quarter profit grew 28.7% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.81x)
- Company has been maintaining a healthy dividend payout of 31.1%
- Working capital cycle has improved - days down from -57 to -79
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- Company has a low return on equity of 9.9% over last 3 years
- Company has a low return on capital employed of 11.9%
- Company has delivered a poor profit growth of -1.2% over past five years
- Recurring exceptional / one-off items are inflating headline profit
- Expensive relative to growth - PEG of 4.4
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| JSWSTEEL | 1267.50 | 12.51 | 309961.29 | 0.56 | 4696.00 | 112.58 | 47364.00 | 11.55 | 20.67 | 19.60 |
| TATASTEEL | 182.85 | 20.69 | 228259.99 | 2.19 | 2385.24 | 18.82 | 60794.29 | 15.26 | 12.70 | 15.40 |
| SAIL | 179.00 | 17.31 | 73936.40 | 1.31 | 1644.05 | 120.80 | 26245.67 | 1.25 | 7.08 | 15.92 |
| WELCORP | 2676.25 | 30.57 | 70596.97 | 0.19 | 1047.88 | 200.11 | 4081.12 | 14.91 | 23.94 | 32.17 |
| JSL | 755.20 | 19.16 | 62260.17 | 0.53 | 768.66 | 7.56 | 11278.54 | 10.50 | 19.19 | 12.09 |
| APLAPOLLO | 2153.00 | 48.64 | 59779.85 | 0.39 | 263.11 | 10.94 | 5606.71 | 12.07 | 31.83 | 7.34 |
| SHYAMMETL | 1074.35 | 26.70 | 29988.53 | 0.42 | 3507.30 | 1106.63 | 54550.90 | 1133.35 | 13.88 | 14.03 |
| JINDALSAW | 311.85 | 30.52 | 19943.06 | 0.64 | 90.79 | -78.15 | 4452.31 | 9.00 | 10.38 | 8.79 |
| RATNAMANI | 2808.15 | 45.47 | 19682.88 | 0.36 | 107.03 | -15.82 | 971.63 | -15.63 | 18.01 | 16.69 |
| SARDAEN | 524.75 | 16.37 | 18491.21 | 0.38 | 478.13 | 9.50 | 1608.04 | -1.07 | 17.76 | 41.59 |
| GPIL | 244.50 | 20.41 | 16460.69 | 0.41 | 222.37 | 2.75 | 1750.47 | 32.29 | 20.20 | 19.36 |
| USHAMART | 494.15 | 29.70 | 15058.83 | 0.76 | 142.04 | 40.90 | 1033.00 | 16.44 | 20.17 | 20.62 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 35,092 | 33,780 | 34,198 | 35,958 | 32,615 | 32,014 | 32,306 | 33,931 | 30,599 | 34,228 | 35,219 | 37,916 | 36,897 | |
| 28,779 | 27,292 | 26,392 | 28,462 | 26,182 | 25,790 | 25,260 | 27,420 | 23,895 | 26,531 | 27,847 | 28,975 | 31,276 | |
| Operating Profit | 6,313 | 6,488 | 7,805 | 7,496 | 6,433 | 6,224 | 7,046 | 6,511 | 6,704 | 7,697 | 7,372 | 8,941 | 5,621 |
| OPM % | 17.99% | 19.21% | 22.82% | 20.85% | 19.72% | 19.44% | 21.81% | 19.19% | 21.91% | 22.49% | 20.93% | 23.58% | 15.23% |
| 1,473 | -12,171 | 336 | -161 | 138 | 865 | 310 | 32 | 336 | 211 | 431 | 89 | 783 | |
| Interest | 1,020 | 1,116 | 1,038 | 926 | 925 | 1,133 | 1,080 | 1,101 | 1,271 | 1,237 | 1,290 | 1,318 | 1,357 |
| Depreciation | 1,484 | 1,482 | 1,519 | 1,522 | 1,524 | 1,556 | 1,556 | 1,618 | 1,627 | 1,718 | 1,826 | 1,897 | 2,205 |
| Profit before Tax | 5,677 | -7,864 | 6,071 | 5,471 | 4,465 | 4,786 | 5,175 | 4,293 | 4,558 | 5,403 | 5,046 | 6,346 | 5,821 |
| Tax % | 8.15% | -7.97% | 22.61% | 25.22% | 25.40% | 24.97% | 25.05% | 26.18% | 22.70% | 24.86% | 24.26% | 26.57% | 22.08% |
| Net Profit | 5,214 | -8,491 | 4,699 | 4,091 | 3,331 | 3,591 | 3,879 | 3,169 | 3,523 | 4,060 | 3,822 | 4,660 | 4,536 |
| 4.18 | -6.80 | 3.76 | 3.28 | 2.67 | 2.88 | 3.11 | 2.54 | 2.82 | 3.25 | 3.06 | 3.74 | 3.63 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 47,993 | 59,617 | 70,611 | 60,436 | 84,133 | 1,29,021 | 1,42,913 | 1,40,933 | 1,32,517 | 1,39,720 | 1,44,260 | |
| 36,191 | 43,958 | 50,049 | 45,577 | 57,009 | 77,892 | 1,14,709 | 1,10,969 | 1,04,734 | 1,07,398 | 1,14,629 | |
| Operating Profit | 11,802 | 15,659 | 20,562 | 14,859 | 27,124 | 51,130 | 28,205 | 29,964 | 27,782 | 32,322 | 29,631 |
| OPM % | 24.59% | 26.27% | 29.12% | 24.59% | 32.24% | 39.63% | 19.74% | 21.26% | 20.97% | 23.13% | 20.54% |
| -215 | -2,483 | 2,292 | -1,297 | 1,496 | 1,217 | 1,816 | -349 | 1,428 | 1,216 | 1,514 | |
| Interest | 2,689 | 2,811 | 2,824 | 3,031 | 4,541 | 2,792 | 3,975 | 4,101 | 4,238 | 5,117 | 5,203 |
| Depreciation | 3,542 | 3,727 | 3,803 | 3,920 | 5,469 | 5,464 | 5,956 | 6,009 | 6,253 | 7,069 | 7,647 |
| Profit before Tax | 5,357 | 6,638 | 16,227 | 6,611 | 18,610 | 44,091 | 20,090 | 19,505 | 18,719 | 21,353 | 22,616 |
| Tax % | 35.70% | 37.19% | 35.09% | -2.01% | 8.23% | 25.13% | 26.90% | 19.70% | 25.37% | 24.76% | 24.49% |
| Net Profit | 3,445 | 4,170 | 10,533 | 6,744 | 17,078 | 33,011 | 14,685 | 15,662 | 13,970 | 16,065 | 17,077 |
| EPS | 31.74 | 38.56 | 90.40 | 57.11 | 144.99 | 27.01 | 11.76 | 12.55 | 11.19 | 12.87 | — |
| Dividend Payout % | 28.20% | 27.48% | 14.14% | 16.99% | 17.55% | 18.88% | 29.96% | 28.69% | 32.17% | 31.08% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 14%
- 5 Years:
- 11%
- 3 Years:
- -1%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 33%
- 5 Years:
- -1%
- 3 Years:
- 3%
STOCK PRICE CAGR
- 10 Years:
- 18%
- 5 Years:
- 5%
- 3 Years:
- 12%
- 1 Year:
- 8%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- 10%
- Last Year:
- 10%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 971 | 1,146 | 1,146 | 1,146 | 1,199 | 1,222 | 1,222 | 1,248 | 1,248 | 1,248 |
| 48,688 | 60,369 | 69,309 | 73,417 | 93,189 | 1,24,211 | 1,35,360 | 1,39,981 | 1,25,483 | 1,34,285 | |
| 32,370 | 29,194 | 30,303 | 42,615 | 43,095 | 38,928 | 42,080 | 43,584 | 61,809 | 67,433 | |
| Trade Payables | 10,717 | 11,243 | 10,970 | 10,601 | 13,426 | 21,091 | 20,356 | 20,164 | 20,601 | 25,111 |
| 18,720 | 23,163 | 25,772 | 22,614 | 29,582 | 36,533 | 43,678 | 42,950 | 44,991 | 44,670 | |
| Total Liabilities | 1,11,465 | 1,25,114 | 1,37,498 | 1,50,393 | 1,80,491 | 2,21,986 | 2,42,696 | 2,47,926 | 2,54,133 | 2,72,747 |
| 72,567 | 71,729 | 71,222 | 71,233 | 97,143 | 94,290 | 97,423 | 98,406 | 99,479 | 1,15,892 | |
| Capital Work in Progress | 6,125 | 5,642 | 5,686 | 8,070 | 10,499 | 14,159 | 21,654 | 27,563 | 34,189 | 19,220 |
| 13,666 | 24,277 | 39,407 | 50,096 | 36,184 | 43,498 | 42,436 | 66,826 | 72,699 | 94,529 | |
| 10,237 | 11,023 | 11,255 | 10,717 | 12,858 | 19,943 | 25,420 | 24,656 | 22,934 | 23,059 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,596 | 1,566 | 1,632 | |
| Cash & Bank | 970 | 4,697 | 718 | 1,227 | 2,397 | 2,855 | 2,850 | 5,970 | 4,145 | 3,104 |
| 7,900 | 7,747 | 9,210 | 9,049 | 21,410 | 47,241 | 52,913 | 22,911 | 19,121 | 15,312 | |
| Total Assets | 1,11,465 | 1,25,114 | 1,37,498 | 1,50,393 | 1,80,491 | 2,21,986 | 2,42,696 | 2,47,926 | 2,54,133 | 2,72,747 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12,708 | 14,294 | 19,726 | 15,272 | 37,927 | 53,226 | 18,514 | 27,325 | 23,506 | 31,961 | |
| Cash from Investing | -3,956 | -12,273 | -16,350 | -17,635 | -13,665 | -34,168 | -14,794 | -15,702 | -34,231 | -25,663 |
| Cash from Financing | -7,280 | 4,166 | -2,887 | 4,630 | -23,385 | -7,368 | -5,193 | -8,277 | 9,281 | -6,497 |
| -69 | 3,684 | -4,044 | 449 | 504 | 450 | -6,481 | 3,345 | -1,445 | -199 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-04 - Tata Steel Limited has informed the Exchange about Intimation of Schedule of Analyst / Institutional Investor Meeting under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.
2026-08-31 - Tata Steel Limited has informed the Exchange about divestment of entire stake held in Jamshedpur Football and Sporting Private Limited, wholly owned subsidiary
2026-08-27 - Tata Steel Limited has informed the Exchange about acquisition of equity stake in T Steel Holdings Pte. Ltd
2026-08-27 - Tata Steel Limited has informed the Exchange about Changes in Senior Management Personnel of Tata Steel Limited
2026-08-27 - Tata Steel Limited has informed the Exchange about Schedule of meet
2026-08-26 - Tata Steel Limited has informed the Exchange about disclosure under Regulation 30 read with Regulation 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
2026-08-26 - Tata Steel Limited has informed the Exchange about disclosure under Regulations 30 and 51 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-25 - Tata Steel Limited has informed the Exchange about disclosure under Regulation 30 and 51 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
2026-08-20 - Tata Steel Limited has informed the Exchange about acquisition of equity stake in TM International Logistics Limited
News
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