TATASTEEL

Tata Steel Limited

Integrated steelmaker — flat and long products for autos, construction and industry

Commodities›Metals & Mining›Ferrous Metals›Iron & Steel

tatasteel.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹174.04
Market cap
2,16,928 Cr
Stock P/E
19.7
P/B
2.12
Dividend yield
2.1%
ROE (FY26)
10.4%
ROCE (FY26)
11.8%
Operating margin (FY26)
9.6%
Debt / equity (FY26)
0.90
OCF / EBITDA (FY26)
102.1%
OCF / EBITDA (3Y)
96.2%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Tata Steel makes and sells steel, mainly in India, with integrated operations in the Netherlands and the UK, and it is growing downstream businesses such as tubes, tinplate and wire.

Company snapshot

2ndBy market cap

Ranked among 13 companies in Iron & Steel.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 60.1% of revenue

SegmentRevenue shareRevenuePBTAssets
Inter Segment Elimination—-15,864 Cr-339 Cr-41,123 Cr
Neelachal Ispat Nigam Limited
2.5%
1,348 Cr178 Cr12,900 Cr
Other Indian Operations
4.4%
2,377 Cr120 Cr7,774 Cr
Other Trade Related Operations
22.9%
12,346 Cr1,034 Cr29,018 Cr
Rest of the World
0.9%
494 Cr-128 Cr6,960 Cr
South East Asian Operations
3.3%
1,767 Cr-32 Cr4,055 Cr
Tata Steel Europe
35.3%
19,038 Cr-1,344 Cr72,457 Cr
Tata Steel India
60.1%
32,399 Cr6,734 Cr1,88,754 Cr

Shares add up to 129% because segment revenues are before inter-segment eliminations.

What we see

Positives
  • ✓96% of operating profit came in as cash over the last three years — profits are backed by real cash.
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Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales55,682 Cr55,312 Cr58,687 Cr54,771 Cr53,905 Cr53,648 Cr56,218 Cr53,178 Cr58,689 Cr57,002 Cr63,270 Cr60,794 Cr
Operating expenses (approx.)51,414 Cr49,048 Cr52,087 Cr48,077 Cr47,763 Cr47,745 Cr49,659 Cr45,751 Cr49,793 Cr48,803 Cr53,441 Cr51,530 Cr
EBITDA4,268 Cr6,264 Cr6,601 Cr6,694 Cr6,141 Cr5,903 Cr6,559 Cr7,428 Cr8,897 Cr8,200 Cr9,829 Cr9,264 Cr
OPM %7.7%11.3%11.2%12.2%11.4%11.0%11.7%14.0%15.2%14.4%15.5%15.2%
Other income228 Cr228 Cr176 Cr260 Cr599 Cr221 Cr461 Cr289 Cr364 Cr501 Cr248 Cr233 Cr
Interest1,959 Cr1,881 Cr1,842 Cr1,777 Cr1,971 Cr1,804 Cr1,789 Cr1,852 Cr1,775 Cr1,747 Cr1,792 Cr1,771 Cr
Depreciation2,480 Cr2,422 Cr2,568 Cr2,535 Cr2,597 Cr2,569 Cr2,720 Cr2,744 Cr2,893 Cr3,049 Cr3,268 Cr3,640 Cr
Profit before tax-6,739 Cr1,928 Cr1,809 Cr2,377 Cr2,164 Cr1,672 Cr2,200 Cr3,067 Cr4,222 Cr3,869 Cr4,810 Cr3,838 Cr
Tax %3.4%72.9%69.3%61.4%64.9%82.3%45.4%34.6%24.6%29.4%38.4%37.8%
Net profit-6,511 Cr522 Cr555 Cr919 Cr759 Cr295 Cr1,201 Cr2,007 Cr3,183 Cr2,730 Cr2,965 Cr2,385 Cr
EPS (₹)₹-5.08₹0.42₹0.49₹0.77₹0.67₹0.26₹1.04₹1.67₹2.49₹2.16₹2.34₹1.86

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,17,420 Cr1,33,016 Cr1,57,669 Cr1,39,817 Cr1,56,294 Cr2,43,959 Cr2,43,353 Cr2,29,171 Cr2,18,543 Cr2,32,140 CrSign in free for the trailing twelve months
Operating expenses (approx.)1,00,412 Cr1,11,126 Cr1,28,286 Cr1,22,354 Cr1,25,790 Cr1,80,469 Cr2,11,053 Cr2,06,865 Cr1,93,244 Cr1,97,788 CrSign in free for the trailing twelve months
EBITDA17,008 Cr21,891 Cr29,383 Cr17,463 Cr30,504 Cr63,490 Cr32,300 Cr22,306 Cr25,298 Cr34,352 CrSign in free for the trailing twelve months
OPM %14.5%16.5%18.6%12.5%19.5%26.0%13.3%9.7%11.6%14.8%Sign in free for the trailing twelve months
Other income527 Cr909 Cr1,421 Cr1,843 Cr896 Cr785 Cr1,037 Cr1,809 Cr1,541 Cr1,402 CrSign in free for the trailing twelve months
Interest5,072 Cr5,502 Cr7,660 Cr7,533 Cr7,607 Cr5,462 Cr6,299 Cr7,508 Cr7,341 Cr7,167 CrSign in free for the trailing twelve months
Depreciation5,673 Cr5,962 Cr7,342 Cr8,441 Cr9,234 Cr9,101 Cr9,335 Cr9,882 Cr10,421 Cr11,955 CrSign in free for the trailing twelve months
Profit before tax2,474 Cr21,168 Cr15,807 Cr-1,380 Cr13,844 Cr50,227 Cr18,235 Cr-1,147 Cr8,413 Cr15,969 CrSign in free for the trailing twelve months
Tax %112.3%16.1%42.4%184.9%40.8%16.9%55.7%-328.0%62.3%31.8%Sign in free for the trailing twelve months
Net profit-4,169 Cr17,763 Cr9,098 Cr1,172 Cr8,190 Cr41,749 Cr8,075 Cr-4,910 Cr3,174 Cr10,886 CrSign in free for the trailing twelve months
EPS (₹)₹-42.89₹128.12₹87.75₹11.86₹63.78₹332.35₹7.17₹-3.62₹2.74₹8.65Sign in free for the trailing twelve months
Dividend payout %————14.0%7.2%77.9%—141.5%41.2%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital970 Cr1,145 Cr1,145 Cr1,145 Cr1,198 Cr1,221 Cr1,221 Cr1,247 Cr1,247 Cr1,247 Cr
Reserves36,849 Cr59,726 Cr67,780 Cr72,431 Cr73,041 Cr1,13,222 Cr1,01,861 Cr90,788 Cr89,922 Cr1,00,920 Cr
Borrowings82,350 Cr88,674 Cr91,145 Cr1,13,289 Cr81,901 Cr75,561 Cr84,893 Cr87,082 Cr94,801 Cr92,382 Cr
Other liabilities51,562 Cr59,277 Cr71,148 Cr60,967 Cr86,078 Cr92,786 Cr97,953 Cr93,909 Cr93,241 Cr1,05,092 Cr
Total liabilities1,73,333 Cr2,09,758 Cr2,33,582 Cr2,50,419 Cr2,45,487 Cr2,85,446 Cr2,88,022 Cr2,73,424 Cr2,79,395 Cr3,01,254 Cr
Fixed assets (net)86,881 Cr90,323 Cr1,18,451 Cr1,28,054 Cr1,28,454 Cr1,24,504 Cr1,27,919 Cr1,31,124 Cr1,33,303 Cr1,59,951 Cr
CWIP15,514 Cr16,160 Cr17,957 Cr18,862 Cr18,129 Cr21,228 Cr30,308 Cr33,370 Cr40,602 Cr27,510 Cr
Investments12,457 Cr17,899 Cr5,738 Cr6,285 Cr10,682 Cr13,140 Cr8,410 Cr6,258 Cr6,194 Cr7,089 Cr
Loans & advances——240 Cr216 Cr65 Cr6 Cr2 Cr2 Cr5 Cr3 Cr
Inventories24,804 Cr28,331 Cr31,656 Cr31,069 Cr33,276 Cr48,824 Cr54,415 Cr49,158 Cr44,590 Cr47,249 Cr
Trade receivables11,587 Cr12,416 Cr11,811 Cr7,885 Cr9,540 Cr12,246 Cr8,257 Cr6,264 Cr5,260 Cr4,917 Cr
Cash & bank4,832 Cr7,784 Cr2,976 Cr7,542 Cr5,532 Cr15,605 Cr12,130 Cr7,081 Cr9,605 Cr8,885 Cr
Other assets17,258 Cr36,846 Cr44,754 Cr50,507 Cr39,809 Cr49,893 Cr46,580 Cr40,168 Cr39,836 Cr45,650 Cr
Total assets1,73,333 Cr2,09,758 Cr2,33,582 Cr2,50,419 Cr2,45,487 Cr2,85,446 Cr2,88,022 Cr2,73,424 Cr2,79,395 Cr3,01,254 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity10,824 Cr8,023 Cr25,336 Cr20,169 Cr44,327 Cr44,381 Cr21,683 Cr20,301 Cr23,512 Cr35,064 Cr
Cash from investing-9,076 Cr-12,026 Cr-29,211 Cr-14,530 Cr-9,323 Cr-10,881 Cr-18,680 Cr-14,251 Cr-14,173 Cr-14,905 Cr
Cash from financing-2,579 Cr6,640 Cr-673 Cr-1,695 Cr-37,090 Cr-23,401 Cr-6,981 Cr-11,097 Cr-7,002 Cr-21,387 Cr
Net cash flow-831 Cr2,638 Cr-4,548 Cr3,944 Cr-2,200 Cr10,075 Cr-3,477 Cr-5,049 Cr2,524 Cr-720 Cr
Free cash flow (OCF − Capex)3,109 Cr545 Cr16,245 Cr9,771 Cr37,348 Cr33,859 Cr7,541 Cr2,094 Cr7,841 Cr20,505 Cr

Ratios

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %6.2%17.7%14.4%3.2%13.5%28.9%12.9%3.5%8.5%11.8%
ROE %-10.8%28.7%14.3%2.0%9.7%34.3%8.3%-4.8%3.7%10.4%
Debtor days363427212218121098
Inventory days279250212213262235195217211231
Days payable209180146147205177136157138170
Cash conversion cycle1061049487807672718169
OCF / EBITDA %63.6%36.7%86.2%115.5%145.3%69.9%67.1%91.0%92.9%102.1%
OCF / EBITDA % (3 years)——64.7%77.9%116.1%97.7%87.4%73.1%82.0%96.2%
Debt / equity2.181.461.321.541.100.660.820.951.040.90
Current ratio1.001.220.920.930.851.020.890.720.790.75
Net debt / EBITDA4.56—3.006.062.500.942.253.593.372.43