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Revenue
₹56,218 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹6,762 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 FY25 consolidated revenue was INR 56,218 crore, up 5% QoQ, with EBITDA of INR 6,762 crore (12% margin, +100bps QoQ). India EBITDA margin remained strong at 21%, while Netherlands turned EBITDA positive at EUR 14 million. U.K. posted an EBITDA loss of GBP 80 million, though fixed costs improved. The company achieved record annual crude steel production of 21.7 million tons and deliveries of 20.9 million tons. Management guided for INR 3,000/ton higher Indian steel prices in Q1 FY26 and targeted INR 11,500 crore in cost savings across geographies for FY26. Key risks include continued Chinese export pressure and uncertainty in European regulatory costs. The U.K. transition to EAF is on track with planning approvals received.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects Indian steel realizations to increase by about INR 3,000 per ton in the first quarter of FY26 compared to Q4 FY25.
- Company targets structural cost takeouts of approximately INR 11,500 crore across geographies in FY26, including INR 4,000 crore in India, EUR 500 million in Netherlands, and GBP 220 million in U.K.
- Additional deliveries of roughly 1.5 million tons expected in FY26, primarily from India, with Kalinganagar ramping up and Ludhiana EAF commissioning by year-end.
- Capital expenditure planned at about INR 15,000 crore, with ~75% allocated to India projects including Kalinganagar completion and Ludhiana EAF.
Risks flagged
- Continued high Chinese exports (~10 million tons/month) could depress global steel prices and impact Indian market despite safeguard duty.
- Netherlands faces rising CO2 costs (~EUR 80 million/year) and evolving CBAM regulations; U.K. transition to EAF depends on government support and market conditions.
- U.K. posted an EBITDA loss of GBP 80 million in Q4; despite cost improvements, market weakness and substrate costs may delay breakeven.
- Analysts questioned whether past cost savings have translated to P&L; management acknowledged external factors (inflation, price drops) offset improvements.
Key quotes
- Our objective is in India, our asset should be one of the last men standing in the world. In Europe, it should be the last man standing in Europe.
- The cost takeout in Tata Steel India started in 1995 and never stopped. All that we are saying is we are upping the game to make it more structural and make it larger in size.
- If the U.S. and China can come to some understanding and trade flows both ways, then we are in a better place because obviously, China needs to take care of the construction industry if it has to make a positive difference to steel.
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