Summary:
Tata Steel reported 16.2% YoY profit growth to ₹3,700 crore in Q2FY27, while revenue increased 11.5% to ₹65,436 crore. EBITDA rose 17.1% to ₹10,665 crore, supported by stronger domestic operations and improving Netherlands performance.
Tata Steel Ltd (NSE: TATASTEEL) reported a 16.2% YoY increase in consolidated profit after tax (PAT) to ₹3,700 crore in Q2FY27, compared with ₹3,183 crore in Q2FY26. The results, announced on November 7, 2026, showed higher steel deliveries, improved domestic operations and a recovery in the Netherlands business.
Consolidated revenue increased 11.5% YoY to ₹65,436 crore from ₹58,689 crore.
Tata Steel Q2FY27 Financial Performance
The company's consolidated EBITDA increased 17.1% YoY to ₹10,665 crore from ₹9,106 crore. Sequentially, EBITDA rose 13.8% from ₹9,370 crore in Q1FY27. The EBITDA margin stood at approximately 16.3%.
| Particulars | Q2FY27 | Q2FY26 | YoY Change |
| Revenue | ₹65,436 crore | ₹58,689 crore | +11.5% |
| EBITDA | ₹10,665 crore | ₹9,106 crore | +17.1% |
| Reported PAT | ₹3,700 crore | ₹3,183 crore | +16.2% |
| Steel deliveries | 7.92 mn tonnes | 7.91 mn tonnes | +0.1% |
India remained the largest contributor to operating earnings. Domestic revenue climbed to ₹42,653 crore from ₹34,787 crore, while EBITDA increased to ₹10,634 crore from ₹8,654 crore.
Indian crude steel production reached 6.18 mn tonnes, up 7% QoQ. Deliveries grew 16% sequentially to 5.98 mn tonnes, helping offset pressure from higher input costs.
Overseas Operations Show Mixed Performance
The Netherlands business showed a recovery following the restart of its Direct Sheet Plant in August 2026.
Revenue from the Netherlands stood at €1,395 mn, while EBITDA reached €72 mn, compared with €4 mn in the preceding quarter.
The UK business continued to face difficulties.
Revenue stood at £411 mn, while EBITDA registered a loss of £56 mn. Weak demand, elevated imports and inventory accumulation continued to affect operations.
For H1FY27, Tata Steel reported consolidated revenue of ₹1,26,231 crore and EBITDA of ₹20,035 crore, representing 21% YoY EBITDA growth.
Why Did Tata Steel Share Price Fall After Q2 Results?
Despite higher quarterly earnings, Tata Steel shares witnessed selling pressure on November 9, 2026.
The stock opened at ₹192.50 on the NSE but reversed its early gains. At approximately 9:40 AM, it was trading around ₹187.40, down 1.5%.
The decline followed a five-session rally, suggesting some profit booking after the recent rise. Continued losses in the UK operations and elevated consolidated debt also remained financial concerns.
The company reported net debt of ₹91,423 crore at September-end, with net debt to EBITDA at 2.4x.
Expansion Plans and Outlook
Tata Steel spent ₹3,280 crore on capital expenditure during Q2FY27 and ₹6,860 crore during H1FY27.
Its ongoing projects include a 4.8 MTPA capacity expansion at Neelachal Ispat Nigam Limited, a 0.7 MTPA hot-rolled pickling and galvanising line, and a 300,000-tonne tinplate expansion.
Higher domestic steel consumption, infrastructure spending and automotive demand remain relevant growth factors.
However, steel prices, raw material costs, overseas demand and debt levels will influence profitability in the coming quarters.
The September quarter showed stronger domestic earnings and improving European operations, although the UK business remains under pressure.
