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Revenue
₹58,689 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
latest reported figure
Source
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Steel reported consolidated revenue of INR 58,689 crore for Q2 FY26, up 10% QoQ, driven by strong volume growth in India and cost transformation savings of INR 2,561 crore during the quarter. India standalone EBITDA margin improved 80 bps QoQ to 24%, aided by higher volumes and cost control. However, the UK business saw EBITDA losses widen to GBP 66 million due to weak market conditions and cheap imports, while Netherlands remained stable. Management guided for a sequential price decline of INR 1,500/ton in India for Q3 and expects UK losses to persist without government policy support. The EU Steel Action Plan is a positive for Netherlands, but UK remains vulnerable. Key risks include delayed UK government action on import quotas and potential margin compression in Netherlands. The company is progressing on Neelachal expansion and BlueScope acquisition to enhance value-added product mix.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects net realizations in India to drop by about INR 1,500 per ton in Q3 compared to Q2, assuming no major price increase in December.
- India volumes are expected to be higher by about 500,000 tons in Q3 due to Kalinganagar ramp-up.
- Management stated that achieving EBITDA break-even in UK by Q4 is difficult without policy intervention on import quotas.
- Positive impact from EU protectionist measures expected from Q4 onwards, with better price discussions for annual contracts.
Risks flagged
- Without policy support, UK losses may persist or widen, delaying EBITDA break-even target.
- Management guided for EUR 30/ton lower realizations in Q3, partially offset by lower coking coal costs.
- Environment and forest clearances are pending, pushing back board approval and capacity addition timeline.
- Potential dilution of protectionist measures due to opposition from auto and other downstream industries.
Key quotes
- If there are no actions from the government, just by our own actions, it will be difficult to get EBITDA break-even by Q4.
- The U.K. is behind the curve as far as the EU is concerned or comparative to the EU is concerned as far as these initiatives are taken.
- We are also looking at prioritization, optimization, and sequencing on the CapEx such that it is affordable for all stakeholders.
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