Tata Steel Limited Q2 FY27 Results: Net Profit ₹3,700 cr

Tata Steel Limited has filed its Consolidated financial results for the quarter ended 2026-09-30 with NSE. Revenue from operations was ₹65,436 cr, while net profit stood at ₹3,700 cr. These are reported statement figures, not estimates or a board-meeting announcement.

Official Q2 FY27 scorecard

All amounts are in ₹ crore, except per-share earnings in rupees. Comparisons use verified same-basis official quarterly filings; a dash means an individual figure or percentage could not be verified. Unavailable periods are omitted, not estimated.

Year-on-year performance: what changed

• Revenue from operations: ₹65,436 cr, compared with ₹58,689 cr in the same quarter last year; increased by ₹6,747 cr (+11.5%).

• Net profit / loss: ₹3,700 cr, compared with ₹3,183 cr in the same quarter last year; increased by ₹517 cr (+16.2%).

• Profit before tax: ₹5,343 cr, compared with ₹4,172 cr in the same quarter last year; increased by ₹1,171 cr (+28.1%).

• Operating profit (derived EBITDA): ₹10,533 cr, compared with ₹8,897 cr in the same quarter last year; increased by ₹1,637 cr (+18.4%).

• Basic EPS: ₹2.94, compared with ₹2.49 in the same quarter last year; increased by ₹0.45 (+18.1%).

Quarter-on-quarter performance

• Revenue from operations: ₹65,436 cr, compared with ₹60,794 cr in the immediately preceding quarter; increased by ₹4,642 cr (+7.6%).

• Net profit / loss: ₹3,700 cr, compared with ₹2,385 cr in the immediately preceding quarter; increased by ₹1,314 cr (+55.1%).

• Profit before tax: ₹5,343 cr, compared with ₹3,741 cr in the immediately preceding quarter; increased by ₹1,602 cr (+42.8%).

• Operating profit (derived EBITDA): ₹10,533 cr, compared with ₹9,264 cr in the immediately preceding quarter; increased by ₹1,269 cr (+13.7%).

• Basic EPS: ₹2.94, compared with ₹1.86 in the immediately preceding quarter; increased by ₹1.08 (+58.1%).

Year-on-year comparisons match the same season; sequential comparisons measure the change from the preceding three-month period and may reflect seasonality. Neither comparison alone establishes the business cause of the movement. Scorecard percentage changes use the absolute prior-period value; a loss turnaround is not ordinary profit growth.

Margins and financial ratios

• Net profit margin: 5.65%. Previous quarter: 3.92%, up 173 basis points. Year-ago quarter: 5.42%, up 23 basis points.

• Derived EBITDA margin: 16.10%. Previous quarter: 15.24%, up 86 basis points. Year-ago quarter: 15.16%, up 94 basis points.

• Total expenses / revenue: 92.75%. Previous quarter: 93.66%, down 0.91 percentage points. Year-ago quarter: 92.79%, down 0.05 percentage points.

• Other income / total income: 0.38%. Previous quarter: 0.38%, down 0.00 percentage points. Year-ago quarter: 0.62%, down 0.24 percentage points.

• Effective tax rate (tax expense / positive PBT): 32.86%. Previous quarter: 38.82%, down 5.96 percentage points. Year-ago quarter: 24.91%, up 7.94 percentage points.

Margin movements are measured in basis points, not percentage growth: 100 basis points equals one percentage point. Cost ratios measure the share of reported revenue absorbed by a cost, not a forecast.

Cost structure and operating earnings

• Cost of materials: ₹21,522 cr (previous quarter ₹20,186 cr, +6.6% QoQ) (year-ago ₹17,859 cr, +20.5% YoY) — 32.89% of revenue

• Employee costs: ₹6,666 cr (previous quarter ₹7,226 cr, -7.8% QoQ) (year-ago ₹6,349 cr, +5.0% YoY) — 10.19% of revenue

• Finance costs: ₹2,005 cr (previous quarter ₹1,771 cr, +13.3% QoQ) (year-ago ₹1,775 cr, +13.0% YoY) — 3.06% of revenue

• Depreciation: ₹3,782 cr (previous quarter ₹3,640 cr, +3.9% QoQ) (year-ago ₹2,893 cr, +30.7% YoY) — 5.78% of revenue

The derived EBITDA proxy, adjusted to exclude other income and exceptional items, was ₹10,533 cr, equivalent to +16.1% of revenue against +15.2% a year earlier. Reconciliation: profit before tax ₹5,343 cr + finance costs ₹2,005 cr + depreciation ₹3,782 cr − other income ₹248 cr − signed exceptional items ₹349 cr. This is an analytical calculation, not company-reported EBITDA; statement classification and exceptional-item signs should be checked against the official notes. A rising expense ratio means the reported costs absorb more of the revenue denominator; it does not by itself identify demand, pricing or efficiency changes.

Tax, other income and earnings quality

Profit before tax was ₹5,343 cr. Reported tax expense was ₹1,756 cr, equivalent to 32.86% of positive profit before tax. Other income was ₹248 cr, or 0.38% of total income; its recurring or non-recurring nature must be checked in the notes. The statement reports exceptional items of ₹349 cr; the number alone does not identify their nature or recurrence. Net profit is not the same as cash generated from operations, and no cash-conversion conclusion is drawn without a verified cash-flow statement.

Earnings per share

Basic EPS was ₹2.94. Diluted EPS was not verified. EPS is expressed in rupees per share, not crore. Profit and EPS can move differently when share counts change; this report does not infer a share issuance, buyback or dilution event without verified disclosures.

Reporting basis and disclosure checks

This report uses Consolidated figures only; standalone and consolidated statements are not combined. The reporting period ends on 2026-09-30; the exchange records the filing time as 07-Nov-2026 17:33:17. The quarter-end date is not the announcement date. Segment performance, cash flow, debt, exceptional items, dividend decisions, auditor qualifications and management guidance are not asserted where the structured filing has not verified them. Read the attached official statement and notes before drawing conclusions.

What to track after the result

Compare future revenue, earnings and margins on the same reporting basis and accounting period. Check the official notes for restatements and non-recurring items; a quarterly profit number is not a share-price forecast. No live share-price reaction, analyst consensus, dividend or guidance is inferred from these statement figures.

Sources

• NSE official financial-result filing
• NSE official comparison filing — quarter ended 2026-06-30
• NSE official comparison filing — quarter ended 2025-09-30
• Tata Steel Limited quarterly-results history

Disclosure: Financial information and analysis only; not investment advice. Official filings can be amended; missing or unsupported fields are not estimated.