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Revenue
₹53,905 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹6,224 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Steel's Q2 FY25 consolidated revenue stood at INR 53,905 crore with EBITDA of INR 6,224 crore, yielding a 12% EBITDA margin, up 300 bps YoY. India standalone EBITDA margin was 21% (INR 13,176/ton), driven by cost improvements and higher volumes. The Kalinganagar expansion is ramping up, with the new blast furnace producing 7,500 tons/day, targeting 15,000 by Q4. However, the UK segment posted a widened EBITDA loss of GBP 147 million due to transition costs, while Netherlands EBITDA fell to GBP 22 million amid weak European demand. Management expects UK breakeven by June 2025 via fixed cost reductions of GBP 100/ton. Key risks include sustained Chinese steel exports pressuring global prices and the unresolved ORISED tax matter in India.
Colored figures show movement against the previous available record.
Guidance to track
- Net realizations in India are expected to decline by about INR 2,000 per ton in Q3 compared to Q2, due to lower July prices and auto contract adjustments.
- Management targets achieving neutral to positive EBITDA in the UK by June 2025, driven by fixed cost reductions of GBP 100 per ton.
- The new blast furnace at Kalinganagar is expected to ramp up to 15,000 tons per day by the fourth quarter of FY25.
- Capital expenditure in FY26 is expected to decline substantially as Kalinganagar Phase 2 completes, with no major new projects starting.
Risks flagged
- Chinese steel exports at 100 million tons annualized are distorting global trade and weighing on regional prices, impacting Tata Steel's margins.
- The UK restructuring involves GBP 150-160 million in redundancy costs, with cash outflows spread over Q3, Q4, and Q1 next year, posing execution risk.
- The ORISED Act tax matter is pending in the Supreme Court; management has not recognized any provision, but a potential liability could arise.
- Turbulence in European auto giants, especially in Germany, could reduce demand for high-end steel products from the Netherlands.
Key quotes
- Our target is to ensure that we achieve a neutral to positive breakeven... by June of 2025.
- If steel prices stay at $450-$500 levels, it will be difficult for any steel company to support very significant expansion.
- We are one of the lowest cost producers of steel in the world, and that allows us to make money even at these prices in India.
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