WatchTalking point
Volatile earnings
Profit has swung sharply over 7 years (from ₹-4,910 to ₹41,749) — one year is a weak guide to the earnings power.
Importance 65 / 95 · growth
TATA STEEL LIMITED · Research view
TATA STEEL LIMITED
NSE: TATASTEELBSE: 500470ISIN INE081A01020Face value ₹1consolidated
₹179
−4.71% · 2026-10-01 · 52-wk ₹161–₹221
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
Strength
Earnings consistently backed by cash
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 3.22×).
Importance 55 / 95 · cash quality
Strength
Profit growing
Net profit rose 243.0% to ₹10,886 — but FY2025 was a depressed ₹3,174 (vs a ~₹8,133 historical norm), so this is a recovery. Profit has compounded 2.6% a year over 7 years.
Importance 47 / 95 · growth
Section 03 · The company
Who is this company?
Classified by the exchange under Commodities › Metals & Mining › Ferrous Metals › Iron & Steel.
- Market cap
- ₹2.23 L cr
- FY2026 revenue
- ₹2,32,140 cr
- FY2026 net profit
- ₹10,886 cr
- Net worth
- ₹1,03,780 cr
- Total debt
- ₹92,382 cr
- EPS (basic)
- ₹8.65
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 4 iron & steel.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Profit has swung sharply over 7 years (from ₹-4,910 to ₹41,749) — one year is a weak guide to the earnings power.
Rule EARNINGS_VOLATILE
- Revenue growth per year
- +5.7%over 7 years
- Revenue growth
- +6.2%vs last year
- Net profit growth
- +243.0%vs last year
- Change in net profit since FY19
- +20%
Net profit rose 243.0% to ₹10,886 — but FY2025 was a depressed ₹3,174 (vs a ~₹8,133 historical norm), so this is a recovery. Profit has compounded 2.6% a year over 7 years.
Revenue has compounded at 5.7% a year over 7 years (₹1,57,669 → ₹2,32,140) — though FY2022 saw a one-off step-change of 56% (a merger, restructuring or a recovery off a low base), so the compounding is uneven — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹2,385 cr, up 18.8% from ₹2,007 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹60,794 cr, up 14.3% from ₹53,178 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹5,857 cr, up 17.8% from ₹4,972 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q1 FY25 | 54,771 | — | 919 | — | 1.7% |
| Q3 FY25 | 53,648 | −3.0% | 295 | −43.4% | 0.6% |
| Q4 FY25 | 56,218 | −4.2% | 1,201 | +116.5% | 2.1% |
| Q1 FY26 | 53,178 | −2.9% | 2,007 | +118.5% | 3.8% |
| Q2 FY26 | 58,689 | — | 3,183 | — | 5.4% |
| Q3 FY26 | 57,002 | +6.3% | 2,730 | +824.0% | 4.8% |
| Q4 FY26 | 63,270 | +12.5% | 2,965 | +146.9% | 4.7% |
| Q1 FY27 | 60,794 | +14.3% | 2,385 | +18.8% | 3.9% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹2,39,756 crTTM
- EBITDA
- ₹37,535 crTTM
- EBIT
- ₹24,685 crTTM
- PBT
- ₹16,354 crTTM
- Net profit
- ₹11,264 crTTM
C. Corporate actions
12 Jun 2026DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
6 Jun 2025DividendFinal Dividend - Rs. - 3.6000 — ₹3.60/share
21 Jun 2024DividendFinal Dividend - Rs. - 3.6000 — ₹3.60/share
22 Jun 2023DividendFinal Dividend - Rs. - 3.6000 — ₹3.60/share
28 Jul 2022Stock splitStock Split From Rs.10/- to Rs.1/- — 10:1
15 Jun 2022DividendFinal Dividend - Rs. - 51.0000 — ₹51.00/share
17 Jun 2021DividendFinal Dividend - Rs. - 25.0000 — ₹25.00/share
6 Aug 2020DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share
4 Jul 2019DividendDividend - Rs. - 13.0000 — ₹13.00/share
5 Jul 2018DividendDividend - Rs. - 10.0000 — ₹10.00/share
31 Jan 2018Rights issueRight Issue of Equity Shares
20 Jul 2017DividendDividend - Rs. - 10.0000 — ₹10.00/share
28 Jul 2016DividendDividend - Rs. - 8.0000 — ₹8.00/share
23 Jul 2015DividendDividend - Rs. - 8.0000 — ₹8.00/share
14 Jul 2014DividendDividend - Rs. - 10.0000 — ₹10.00/share
15 Jul 2013DividendDividend - Rs. - 8.0000 — ₹8.00/share
16 Jul 2012DividendDividend - Rs. - 12.0000 — ₹12.00/share
4 Jul 2011DividendDividend - Rs. - 12.0000 — ₹12.00/share
12 Jul 2010DividendDividend - Rs. - 8.0000 — ₹8.00/share
6 Jul 2009DividendDividend - Rs. - 16.0000 — ₹16.00/share
18 Jul 2008DividendDividend - Rs. - 16.0000 — ₹16.00/share
29 Oct 2007Rights issueRight Issue of Equity Shares
24 May 2001DividendDividend - Rs. - 5.0000 — ₹5.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE rose from 3.5% to 11.2% — but FY2025 was a depressed year, so this is a rebound rather than a step-up.
Rule ROE_IMPROVED_YOY · recovery
- EBITDA margin now
- 15.4%
- 8-year range
- 10.5–26.3%
- ROE FY2026
- 11.2%
- ROCE FY2026
- 12.5%
EBITDA margin improved from 12.3% to 15.4% of revenue.
EBITDA margin has ranged from 10.5% to 26.3% over 7 years and sits at 15.4% now.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Operating cash flow has matched or exceeded reported profit in 5 of the last 5 profit-making years (latest 3.22×).
Rule CFO_CONSISTENTLY_EXCEEDS_PAT
Operating cash flowNet profit
- Total debt
- ₹92,382 cr
- Operating cash flow ÷ net profit
- 3.22×FY2026
- Free cash flow
- ₹21,368 cr
- Current ratio
- 0.75×
Free cash flow has been positive in 6 of the last 6 years.
Section 08 · Relative position
How does it compare with peers?
Ranked against 4 iron & steel (FY2026, consolidated). No peer-relative rule fired for this company.
Revenue growth
TATASTEEL · 4th of 4 · set median 7.5%
EBITDA margin
TATASTEEL · 3rd of 4 · set median 16.1%
Return on equity
TATASTEEL · 2nd of 4 · set median 9.0%
P/E ratio
TATASTEEL · 3rd of 4 · set median 18.3×
- P / E
- 19.8×TTM to Jun 26
- P / B
- 2.2×latest book
- P / S
- 0.9×TTM sales
- Earnings yield
- 5.0%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 20.5× · P/S 1.0× · ROE 11.2%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +6.9%
- 3-year return
- +38.9%
- 5-year return
- +38.0%
- From 52-wk high
- −19.0%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹186
- vs 200-day avg
- Below₹194
- RSI (14)
- 40.0neutral
- MACD histogram
- -0.2
- From 52-wk high
- −19.0%
- From 52-wk low
- +11.5%
- 30-day volatility
- 25.2%ann.
- 6-month return
- −7.3%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchVolatile earningsProfit has swung sharply over 7 years (from ₹-4,910 to ₹41,749) — one year is a weak guide to the earnings power.EARNINGS_VOLATILE · conviction 65
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
- The price-adjusted series does not correct for 2 rights issues (ex-dates 2007-10-29, 2018-01-31) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning those dates may be modestly overstated or understated.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,57,669 | 1,39,817 | 1,56,294 | 2,43,959 | 2,43,353 | 2,29,171 | 2,18,543 | 2,32,140 |
| Total income | 1,59,090 | 1,41,660 | 1,57,190 | 2,44,744 | 2,44,390 | 2,30,980 | 2,20,083 | 2,33,542 |
| EBITDA | 30,804 | 19,307 | 31,400 | 64,275 | 33,338 | 24,115 | 26,839 | 35,754 |
| Profit before tax | 15,681 | −420 | 13,516 | 49,578 | 17,817 | −1,089 | 8,222 | 15,600 |
| Net profit | 9,098 | 1,172 | 8,190 | 41,749 | 8,075 | −4,910 | 3,174 | 10,886 |
| EPS (₹) | 87.8 | 11.9 | 63.8 | 332.4 | 7.2 | −3.6 | 2.7 | 8.7 |
| Net worth | 71,290 | 76,163 | 77,508 | 1,17,098 | 1,05,175 | 92,433 | 91,353 | 1,03,780 |
| Total debt | 91,145 | 1,13,289 | 81,901 | 75,561 | 84,893 | 87,082 | 94,801 | 92,382 |
| Operating cash flow | — | — | 44,327 | 44,381 | 21,683 | 20,301 | 23,512 | 35,064 |
| Free cash flow | — | — | 37,348 | 34,428 | 7,868 | 2,569 | 8,355 | 21,368 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -11.3 | 11.8 | 56.1 | -0.2 | -5.8 | -4.6 | 6.2 |
| Profit growth YoY | — | -87.1 | 598.5 | 409.8 | -80.7 | -160.8 | — | 243.0 |
| Profitability | ||||||||
| EBITDA margin % | 19.5 | 13.8 | 20.1 | 26.3 | 13.7 | 10.5 | 12.3 | 15.4 |
| Net margin % | 5.7 | 0.8 | 5.2 | 17.1 | 3.3 | -2.1 | 1.4 | 4.7 |
| Return on equity % | 12.8 | 1.6 | 10.7 | 42.9 | 7.3 | -5.0 | 3.5 | 11.2 |
| Return on capital % | 14.4 | 6.2 | 12.7 | 31.3 | 12.5 | 7.7 | 9.0 | 12.5 |
| Leverage & cash | ||||||||
| Debt to equity | 1.28 | 1.49 | 1.06 | 0.65 | 0.81 | 0.94 | 1.04 | 0.89 |
| Cash flow ÷ profit | — | — | 5.41 | 1.06 | 2.69 | — | 7.41 | 3.22 |
| Current ratio | 0.92 | 0.93 | 0.85 | 1.02 | 0.89 | 0.72 | 0.79 | 0.75 |