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Tata Steel

TATASTEEL NSE

Key Fundamentals

LargecapIron & SteelMetals & Mining
Market Cap
2.3L Cr
Volatility
Moderate
P/E Ratio
20.16
EBITDA
₹35,754 Cr
Return on Equity
10.49%
Debt to Equity
0.9
Book Value
₹80.66
EPS
₹1.6
52W High
₹224.4
52W Low
₹160.06

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 25.4%

Weaknesses

2
  • The company has delivered a poor sales growth of 8.21% over past five years.
  • Company has a low return on equity of 7.44% over last 3 years.

Growth Rate

Revenue Growth
6.12% higher than 3Y
Net Income Growth
243% higher than 3Y
Cash Flow Change
51.55% lower than 3Y
ROE
202% higher than 3Y
ROCE
38.9% lower than 3Y
EBITDA Margin (Avg.)
25.59% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Tata Steel has a market capitalisation of about Rs 2,36,675 crore and trades at a P/E of 20.9x and a P/B of 2.34x, with a dividend yield of 2.13%. Trailing-twelve-month profit is up 147% and sales are up 11%, which suggests earnings are recovering. Over three years, however, sales have fallen at a -2% compounded rate and ROE has averaged just 7%, reflecting a weak phase in the steel cycle and pressure on its European operations.

Bull Case 8
  • TTM compounded profit growth of 147% shows a sharp earnings recovery from a depressed base, well ahead of the 3-year profit CAGR of 10%.
  • TTM sales growth of 11% reverses the 3-year sales decline of -2% CAGR, which suggests volumes and pricing are improving.
  • Last-year ROE of 12% is well above the 3-year average of 7%, showing that returns on capital are normalising.
  • The 10-year compounded profit growth of 24% shows the company can deliver strong earnings expansion across full steel cycles.
  • A dividend yield of 2.13% and a payout ratio of 25.4% provide steady cash returns, which is uncommon for a capital-intensive cyclical business.
  • Stock CAGR of 18% over 10 years and 14% over 3 years shows long-term value creation for shareholders despite commodity volatility.
  • The 5-year ROE of 14% shows that returns can reach mid-teens levels when the cycle is favourable.
  • With a market cap of about Rs 2,36,675 crore, Tata Steel is one of India's largest integrated steelmakers, with scale advantages in a steel market still growing on infrastructure spending.
Bear Case 8
  • The 3-year average ROE of 7.44% is low for a company trading at 2.34x book value, which suggests the market is pricing in a recovery that has not fully shown up yet.
  • Sales have shrunk at a -2% compounded rate over 3 years, showing revenue stagnation through the recent downcycle.
  • 5-year sales growth of 8.21% is modest for a capital-heavy business, and 10-year sales CAGR is only 9%.
  • A P/E of 20.9x is relatively rich for a cyclical commodity producer, where earnings can reverse quickly if steel prices or spreads weaken.
  • The 147% TTM profit growth comes off a low base. The 3-year profit CAGR of just 10% suggests earnings have been volatile rather than growing steadily.
  • The 5-year stock CAGR of 8% lags the 10-year figure of 18%, meaning shareholders who bought during the prior peak saw subdued returns.
  • The debt-to-equity figure is not available (null) in the data, which limits assessment of balance-sheet leverage. This matters for a capital-intensive group running expansion and European restructuring capex.
  • The gap between ROE of 7% over 3 years and 14% over 5 years shows how exposed returns are to commodity price swings, import competition and European operating losses.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 4
  • European green steel projects slipping Sep 21

    The Dutch Green Steel JLoI has been extended by five months to March 1, 2027, with up to €2 billion in potential state backing still non-binding, and Tata Steel Nederland is exploring closure of its coke and gas plants. The 3.2 mtpa UK EAF project (about £1.25 billion, with £500 million in government support) faces worsening economics as timelines slip, and Dutch prosecutors have summoned executives over alleged pollution.

  • Technical sell call from ShareKhan Sep 8

    Mirae Asset ShareKhan recommended selling at ₹185.70-185.60 with a stop loss of ₹193 and a target of ₹177. It cited repeated rejections from the 20-week and 40-week EMAs and a breakdown below the neckline.

  • ESC spending cut 23% YoY Sep 11

    Spending on environment, safety and compliance projects fell to ₹802.17 crore in FY26 from ₹1,036.25 crore in FY25, even as the company scales up AI-led safety systems.

  • Hydrogen steelmaking not yet viable Sep 11

    A blast furnace hydrogen injection trial was technically feasible, but hydrogen at USD 4-6/kg needs to fall to about USD 1.5-2/kg for commercial use. This constrains the path to Net Zero by 2045.

Positives 3
  • ITAT relief cuts tax exposure Sep 29

    A favourable ITAT order for FY2009 (dated Sep 18, received Sep 28) allowed the Corus acquisition interest deduction under Section 36(1)(iii). This cut tax exposure by ₹427 crore to about ₹1,259 crore, down from ₹1,901 crore before the FY2008 relief. The stock closed up 1.05% at ₹187.95, and the order may help the pending FY2010-FY2015 cases.

  • Q1 FY27 profit up 19% Sep 11

    Consolidated net profit rose 19% YoY to ₹2,385.24 crore, driven by India operations. Total income grew to ₹61,026.97 crore from ₹53,466.79 crore a year earlier.

  • India's first COG injection project Sep 10

    Tata Steel commissioned coke oven gas injection (over 55% hydrogen and methane) at its Meramandali blast furnace in Odisha with Paul Wurth-SMS and Kobelco. This reduces coke and coal use and carbon intensity from the FY26 level of 2.22 tCO2/tcs.

Neutral 5
  • Calcutta HC shields ₹2,970 cr SDF deposit Sep 18

    An interim injunction bars the JPC from using or disbursing the ₹2,970 crore Tata Steel paid under protest in FY26 until its SDF loan waiver appeal is decided. The stock fell 1.73% to ₹184.75 that day.

  • $340M infusion into Singapore arm Sep 29

    Tata Steel acquired equity in T Steel Holdings Pte. Ltd for $340 million (₹3,260.32 crore), as part of a plan to raise aggregate investment limits to $26.21 billion.

  • Investor meets across Asia Sep 17

    Management scheduled analyst and investor meetings on Sep 21, in Singapore on Sep 23, and in Hong Kong on Sep 24 (33rd CITIC CLSA Forum) and Sep 25.

  • AI-driven safety scale-up Sep 11

    The company uses more than 10,000 AI-enabled CCTV cameras, remote operation centres and fatigue monitoring for the 8,000-10,000 trucks entering its plants daily. Its LTIFR has fallen 38% over 15 years.

  • SES ESG score Grade B Sep 18

    SES ESG gave an unsolicited 2026 rating of 68.3 (Grade B) based on FY25-26 data.

TL;DR: Tata Steel is doing well in India, with Q1 FY27 profit up 19% to ₹2,385 crore, and recent ITAT rulings have cut its Corus-related tax exposure to about ₹1,259 crore. The main risks are in Europe, where Dutch and UK decarbonisation projects face delays, rising costs and regulatory pressure, plus a bearish technical setup around ₹185 with lower ESC spending. On balance the trend is stable to slightly improving on legal and domestic operations. Near-term direction likely depends on clarity on European funding and the final investment decision before the March 2027 JLoI deadline.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
59,490
55,682
55,312
58,687
54,771
53,905
53,648
56,218
53,178
58,689
57,002
63,270
60,794
Expenses
54,587
51,414
49,048
52,087
48,077
47,789
47,745
49,659
45,751
49,793
48,803
53,441
51,530
Operating Profit
4,903
4,268
6,264
6,601
6,694
6,116
5,903
6,559
7,428
8,897
8,200
9,829
9,264
OPM %
8%
8%
11%
11%
12%
11%
11%
12%
14%
15%
14%
16%
15%
Other Income
1,190
-6,568
-33
-382
-6
617
142
149
236
-6
465
42
-17
Interest
1,825
1,959
1,881
1,842
1,777
1,971
1,804
1,789
1,852
1,775
1,747
1,792
1,771
Depreciation
2,412
2,480
2,422
2,568
2,535
2,597
2,569
2,720
2,744
2,893
3,049
3,268
3,640
PBT
1,855
-6,739
1,928
1,809
2,377
2,164
1,672
2,200
3,067
4,222
3,869
4,810
3,838
Tax %
72%
-3%
73%
69%
61%
65%
82%
45%
35%
25%
29%
38%
38%
Net Profit
525
-6,511
522
555
919
759
295
1,201
2,007
3,183
2,730
2,965
2,385
EPS in Rs
0.52
-5.07
0.42
0.49
0.77
0.67
0.26
1.04
1.66
2.48
2.15
2.34
1.86
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,39,504
1,01,965
1,12,299
1,23,249
1,57,669
1,39,817
1,56,477
2,43,959
2,43,353
2,29,171
2,18,543
2,32,140
2,39,756
Expenses
1,36,095
1,02,590
99,156
1,01,816
1,28,351
1,22,354
1,25,973
1,80,469
2,11,053
2,06,923
1,93,244
1,97,788
2,03,567
Operating Profit
3,409
-625
13,144
21,433
29,318
17,463
30,504
63,490
32,300
22,248
25,298
34,352
36,189
OPM %
2.4%
-0.6%
12%
17%
19%
12%
19%
26%
13%
10%
12%
15%
15%
Other Income
5,994
10,346
-3,789
10,898
1,524
-2,884
180
1,300
1,569
-6,005
877
738
485
Interest
4,848
4,221
5,072
5,455
7,660
7,533
7,607
5,462
6,299
7,508
7,341
7,167
7,085
Depreciation
5,944
5,306
5,673
5,742
7,342
8,441
9,234
9,101
9,335
9,882
10,421
11,955
12,850
PBT
-1,388
193
-1,391
21,135
15,841
-1,395
13,844
50,227
18,235
-1,147
8,413
15,969
16,739
Tax %
185%
358%
200%
16%
42%
-184%
41%
17%
56%
328%
62%
32%
—
Net Profit
-3,939
-497
-4,169
17,743
9,122
1,174
8,190
41,749
8,075
-4,910
3,174
10,886
11,264
EPS in Rs
-3.48
-0.34
-3.76
11.93
9.07
1.38
6.26
32.88
7.17
-3.55
2.74
8.65
8.83
Div. Payout %
-20%
-203%
-23%
9%
15%
74%
40%
16%
50%
-101%
131%
46%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
971
970
970
1,145
1,145
1,145
1,198
1,221
1,221
1,247
1,247
1,247
Reserves
30,378
42,762
36,849
59,726
67,780
72,431
73,041
1,13,222
1,01,861
90,788
89,922
1,00,920
Borrowings
80,701
81,987
83,014
92,147
1,00,816
1,16,328
88,501
75,561
84,893
87,082
94,801
92,382
Other Liabilities
47,059
51,165
51,614
55,704
63,032
59,245
81,169
92,417
97,421
90,195
89,488
1,01,965
Total Liabilities
1,59,109
1,76,884
1,72,447
2,08,722
2,32,773
2,49,149
2,43,909
2,82,422
2,85,396
2,69,312
2,75,459
2,96,515
Fixed Assets
68,100
72,200
92,007
96,105
1,24,442
1,34,551
1,35,775
1,33,288
1,46,621
1,48,814
1,50,914
1,79,908
CWIP
28,678
35,996
15,784
16,614
18,641
19,497
19,007
22,046
31,213
34,356
41,622
28,497
Investments
3,455
10,714
12,457
17,899
5,738
6,285
10,682
13,140
8,410
6,258
6,194
7,089
Other Assets
58,876
57,974
52,200
78,103
83,952
88,816
78,445
1,13,948
99,151
79,885
76,728
81,021
Total Assets
1,59,109
1,76,884
1,72,447
2,08,722
2,32,773
2,49,149
2,43,909
2,82,422
2,85,396
2,69,312
2,75,459
2,96,515
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
11,880
11,455
10,824
8,023
25,336
20,169
44,327
44,381
21,683
20,301
23,138
35,064
Investing
-9,021
-8,794
-9,490
-11,730
-29,176
-14,012
-9,437
-10,905
-18,179
-14,253
-13,611
-14,397
Financing
-2,617
-4,729
-2,579
6,640
-673
-1,695
-37,090
-23,401
-6,981
-11,097
-7,002
-21,387
Net Cash Flow
241
-2,068
-1,245
2,933
-4,513
4,462
-2,200
10,075
-3,477
-5,049
2,524
-720
Free Cash Flow
-169
1,523
3,397
724
16,712
10,156
37,793
34,428
7,868
2,569
8,731
21,906
CFO/OP
420
-2,078
96
51
104
128
148
89
84
115
103
115
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
35
43
38
37
27
21
22
18
12
10
9
8
Inventory Days
165
180
230
224
190
197
215
213
175
176
171
184
Days Payable
126
167
172
161
130
136
167
161
122
108
113
136
Cash Conversion Cycle
74
56
96
99
87
82
69
71
66
78
67
56
Working Capital Days
-6
-47
-32
-31
-18
-38
-55
-34
-42
-59
-50
-56
ROCE %
1%
1%
6%
12%
14%
6%
12%
31%
13%
7%
9%
13%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Govt.0.18%Promot.32.94%DIIs26.45%Others3.19%Public17.85%FIIs19.37%As ofJun 2026

Documents

Frequently Asked Questions about Tata Steel

What does Tata Steel Ltd do?
Tata Steel Ltd is Asia's first integrated private steel company setup in 1907.[1] The company has presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products.[2] The company has a target to increase dom...
Where is Tata Steel Ltd (TATASTEEL) listed?
Tata Steel Ltd trades as TATASTEEL on the NSE and under code 500470 on the BSE.
Which sector does Tata Steel Ltd belong to?
Tata Steel Ltd is classified under the Metals & Mining sector, in the Iron & Steel industry.
What is the market capitalisation of Tata Steel Ltd?
Tata Steel Ltd has a market capitalisation of ₹2,28,436 Cr, which places it in the Large Cap band.
What is the PE ratio of Tata Steel Ltd?
Tata Steel Ltd trades at a PE ratio of 20.16, on earnings per share of ₹1.6, against a book value of ₹80.66 per share.
What is the 52-week high and low of Tata Steel Ltd?
Over the last 52 weeks Tata Steel Ltd has traded between ₹160.06 and ₹224.4.
Does Tata Steel Ltd pay dividends?
Tata Steel Ltd has a dividend yield of 2.17%.
What is the Return on Equity (ROE) of Tata Steel Ltd?
Tata Steel Ltd reported a return on equity of 10.49%. Its debt-to-equity ratio is 0.90.

Company Information

Tata Steel Ltd is Asia's first integrated private steel company setup in 1907.[1] The company has presence across the entire value chain of steel manufacturing from mining and processing iron ore and coal to producing and distributing finished products.[2] The company has a target to increase domestic steelmaking capacity to 30 MnTPA by 2025.[3]

Website tatasteel.com
CEO Mr. Thachat Viswanath Narendran
Employees 1,15,788
Listed 1998-11-18
Face Value ₹ 1
Issued Size 12,48,35,27,171

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