Tata Steel Revenue History — Quarter by Quarter

Tata Steel's revenue moved from ₹59,490 Cr in Q1 FY24 to ₹57,000 Cr in Q3 FY26, a -4.2% change over 11 quarters. The table keeps each quarter linked back to the underlying earnings page.

Revenue by Quarter

Quarter	Revenue (₹ Cr)	YoY Change
Q3 FY26	₹57,000 Cr	—
Q2 FY26	₹58,689 Cr	—
Q1 FY26	₹53,178 Cr	—
Q4 FY25	₹56,218 Cr	—
Q3 FY25	₹53,648 Cr	—
Q2 FY25	₹53,905 Cr	—
Q1 FY25	₹54,771 Cr	—
Q4 FY24	₹58,687 Cr	—
Q3 FY24	₹55,312 Cr	—
Q2 FY24	₹55,682 Cr	—
Q1 FY24	₹59,490 Cr	—

What management said about revenue

Q3 FY26 · Q4 India realizations expected to improve by ~₹2,300/ton QoQ

Management guided a sequential increase in India steel realizations of about ₹2,300 per ton in Q4 FY26, driven by spot price recovery and better mix.

Q3 FY26 · Q4 India volumes expected to be ~500,000 tons higher QoQ

India volumes are expected to increase by about 500,000 tons in Q4 compared to Q3, aided by no blast furnace relinings and new Ludhiana plant startup.

Q3 FY26 · UK EBITDA to improve slightly in Q4, but positive only with policy support

UK EBITDA is expected to see a slight improvement in Q4, but turning positive requires UK government safeguard measures and a ~£100/ton spread expansion.

Q2 FY26 · India Q3 realization decline of INR 1,500/ton QoQ

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.

Q2 FY26 · India Q3 volume increase of 500,000 tons QoQ

India volumes are expected to be higher by about 500,000 tons in Q3 due to Kalinganagar ramp-up.

Q2 FY26 · Netherlands Q4 improvement expected from EU Steel Plan

Positive impact from EU protectionist measures expected from Q4 onwards, with better price discussions for annual contracts.

Q1 FY26 · India net realizations expected ~INR 2,000/ton lower in Q2

Management guided that net realizations in India will decline by about INR 2,000 per ton sequentially in Q2 FY26 due to seasonal weakness and supply pressures.

Q1 FY26 · UK EBITDA breakeven target by Q4 FY26

Management reiterated the goal of achieving EBITDA breakeven in the UK business by the fourth quarter of FY26, subject to market conditions and cost actions.

Q4 FY25 · Q1 FY26 India steel prices INR 3,000/ton higher QoQ

Management expects Indian steel realizations to increase by about INR 3,000 per ton in the first quarter of FY26 compared to Q4 FY25.

Q4 FY25 · FY26 volume growth of ~1.5 million tons

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.

Q3 FY25 · India NSR flat QoQ in Q4

Management expects India net sales realizations to be flat quarter-on-quarter in Q4 FY25, barring any immediate safeguard duty changes.

Q2 FY25 · India net realizations expected INR 2,000/ton lower in Q3 vs Q2

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.