Tata Steel Limited has reported a resilient financial performance for the third quarter of the 2025-26 financial year, driven by a historic milestone in its domestic operations.
The company’s consolidated EBITDA surged to Rs 8,309 crores for the quarter ended 31 December 2025, marking a robust 39% year-on-year improvement despite a challenging global environment.
The standout performer was the India business, which achieved its ‘best-ever quarterly’ deliveries of 6.04 million tons, crossing the 6 million ton threshold for the first time.
This 14% year-on-year growth in deliveries was supported by a 12% rise in crude steel production. Despite domestic steel prices reaching multi-year lows, India operations maintained a strong EBITDA margin of approximately 23%, aided by cost optimization and a focused downstream strategy.
CEO and Managing Director T V Narendran highlighted that the global operating environment is being shaped by record finished steel exports from China, which reached 119 million tons in 2025, surpassing the 2015 peak.
While the overseas units faced headwinds, there were signs of recovery:
Netherlands: Nine-month EBITDA nearly tripled year-on-year, though quarterly results moderated due to lower realisations.
United Kingdom: The UK unit reported an EBITDA loss of £63 million for the quarter, but its nine-month EBITDA improved by 44% year-on-year.
Management continues to monitor evolving tariff frameworks and the Carbon Border Adjustment Mechanism (CBAM) to rebalance market dynamics.
Tata Steel demonstrated rigorous financial discipline, with its cost transformation program delivering savings of approximately Rs 3,000 crores during the quarter.
This efficiency helped the company reduce its consolidated net debt by Rs 5,206 crores sequentially, bringing it down to Rs 81,834 crores.
Executive Director and CFO Koushik Chatterjee emphasized that the group’s liquidity remains strong at Rs 44,062 crores, allowing the company to balance investment needs with healthy returns.
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