Tata Steel net profit attributable to promoters for Q4FY26 grew 124.9% to Rs 2,926 crore compared to Rs 1,301 crore in the same period a year before, led by lower inventory cost.

India’s oldest steelmaker missed Bloomberg estimates of Rs 3,173 crore on profit. The company’s revenue came in ahead of Bloomberg estimates of Rs 62,346 crore at Rs 63,270 crore and was up 12.5% year on year.

“FY2026 was characterised by elevated geoeconomic uncertainty, with supply-chain and tariff-led trade disruptions impacting global steel markets. Against this backdrop, our sustained focus on operational discipline and cost transformation continued to deliver performance across our global businesses,” T V Narendran, chief executive officer and managing director at Tata Steel said in a statement.

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Earnings before interest, taxation, depreciation and amortisation (EBITDA) at Rs 9,829 crore was also higher than Bloomberg estimates of Rs 9,464 crore up 49.8% over Q4FY25. EBITDA margin was 15.5% while PAT margin was 4.6%.

Reported EBITDA per tonne was Rs 11,410 as compared to Rs 10,116 in Q3FY26 and Rs 8,121 in Q4FY25.

Volume Gains

“Higher volumes and an improved product mix in India, combined with tangible benefits of around Rs 10,868 crores from the cost transformation program led to an improvement in EBITDA margin of 320 bps on YoY basis (for FY26),” Koushik Chatterjee, chief financial officer, Tata Steel said.

The steelmaker clocked 8.72 million tonne in deliveries for the fiscal fourth quarter as compared to 8.33 million tonne in the same quarter a year back and 8.21 million tonne in the previous quarter.

Steel production for the quarter was 8.23 million tonne, up from 7.45 million tonne in the fourth quarter of FY25, and 8:38 in the previous quarter.

The Tata Steel Limited board approved the execution of definitive agreements for the acquisition of an additional 23% stake in TM International Logistics Limited, an entity providing logistics and supply chain support for transport of raw materials and finished goods to Tata Steel, for a consideration of Rs 335 crores, the company said. The transaction completion is subject to regulatory approvals. Tata Steel currently holds 51% stake in TMILL, prior to acquisition of this additional stake.

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Geography wise performance

Tata Steel’s India revenues came in at Rs 38,654 crore while EBITDA was Rs 9,841 crore, with an EBITDA margin of 25%. Crude steel production was 6.22 million tons and deliveries for the quarter came in at 6.19 million tonne, led by improved production. India EBITDA per ton improved sequentially to Rs 15,907 as compared to Rs 13,735 per tonne in the previous quarter.

UK revenues were £470 million for the quarter and EBITDA loss stood at £48million as against a loss of £63 million in Q3FY26. Deliveries stood at 0.52 million tonne and were impacted by subdued demand dynamics.

Netherlands revenues were €1,605 million for the quarter and EBITDA was €58 million compared to €55 million in the previous quarter. Liquid steel production was 1.63 million tonne and deliveries were 1.7 million tonne.

Capex for the quarter stood at Rs 3,655 crore and Rs 14,026 crore for the full fiscal. Net debt at the end of the March quarter was Rs 80,144 crore, declining Rs 2,285 crore sequentially (Q4: Rs 81, 834 crore).

The company also commissioned its 0.75 MTPA scrap based Electric Arc Furnace at Ludhiana in March 2026. Built with an investment of Rs 3,200 crores, the EAF has been designed to achieve less than 0.3 tonne carbon dioxide per ton of crude steel.