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Revenue
₹58,687 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹6,631 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 Q4 FY24 consolidated revenue stood at INR 58,687 crore with EBITDA of INR 6,631 crore, translating to a 12% margin (up 200 bps QoQ excluding FX). India standalone EBITDA margin was 22%, while UK and Netherlands losses narrowed significantly. The company achieved highest-ever crude steel production of 20.8 million tons and domestic deliveries grew 9% YoY. Key drivers included strong India volumes, cost optimization, and improved European operations post-BF6 reline. Guidance for FY25 includes India volume growth of 1.4 million tons, capex of INR 16,000 crore (75% in India), and UK cash breakeven by H2. Risks include UK restructuring execution, Chinese steel imports via FTA routes, and potential delays in Kalinganagar ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- Consolidated volume guidance of 1.4 million tons increase, driven by Kalinganagar expansion (1.7 million tons) offset by Jamshedpur BF reline.
- Total capex guidance of INR 16,000 crore, with 75% allocated to India for Kalinganagar expansion and downstream projects.
- UK operations expected to be cash neutral in the second half of FY25, with full-year EBITDA positive in FY26.
- Management targets net debt to EBITDA ratio below 2.5x by end of FY25, assuming market conditions remain at cycle bottom.
Risks flagged
- Closure of blast furnaces by June/September 2024 may face operational or regulatory delays; grant funding agreement not yet signed.
- Management flagged concern about Chinese steel entering India via Southeast Asian FTA partners, potentially pressuring domestic prices.
- Blast furnace blow-in targeted for September 2024; any delay could impact volume guidance and cost profile.
- Negotiations with Dutch government for financial support are ongoing; no binding agreement yet, posing risk to green steel transition timeline.
Key quotes
- The closure of the blast furnace and the winding down of the heavy end was something that we've been talking about for quite some time given the financial performance of the UK business.
- Our fundamental point with the government is as far as private sector, CAPEX is concerned, the steel industry is leading the way with investments. And we need to make sure that this momentum is not derailed because of somebody selling steel which is unfairly priced.
- We will not opt for debt support, but for the project in the U.K., we will fund it from India.
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