Tata Steel Limited · NSE:TATASTEEL
Tata Steel — Q2 FY2026 Earnings Presentation
32 slides from Tata Steel's earnings presentation, Nov 12, 2025
Slide 1: Results Presentation
Results Presentation Financial quarter ended 30th September 2025 This architectural marvel was crafted using 30 metric tons of Tata Structura steel hollow sections. Tata Structura's superior strength and flexibility unlocks architectural possibilities unattainable with conventional angles and channe
Slide 2: Safe harbour statement
Safe harbour statement Statements in this presentation describing the Company’s performance may be “forward looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Imp
Slide 3: We are committed to 'Zero Harm'
We are committed to ‘Zero Harm’ Journey towards excellence in Safety & Health of employees1 Fatalities2 Holistic measures for a safe and healthier workforce 53% 4 4 5 4 5 5 LTIFR* Behavioral Safety in the last 15 years FY21 FY22 FY23 FY24 FY25 1H Focused trainings such as SASS to improve risk percep
Slide 4: Improving quality of life of our communities
Improving quality of life of our communities Social capital and scalable change models to enable deep societal impact Gender and Empowerment Rural and Urban Education Public Health and Nutrition 2,700+ out of school 99% redressal rate in 1,575+ women enrolled children brought back to high-risk cases
Slide 5: Strategic Update
Strategic Update In August 2025, Tata Steel successfully rolled out its first batch of galvanised coils from the new state-of- the-art Continuous Galvanising Line (CGL-1) of the Cold Rolling Mill complex at Kalinganagar
Slide 6: Focused on creating Sustainable Value
Leadership in India Leadership in Consolidate position Technology & Digital as global cost leader Focused on creating Sustainable Value Leadership in Sustainability Become Future Ready Robust Financial Health 6
Slide 7: Sustainability is at the core of our strategy
Sustainability is at the core of our strategy Route and pace of decarbonisation being calibrated across geographies India : Pursuing multiple initiatives to achieve ‘responsible’ growth Employees, Water, Air & Dust Supply Chain Community Upto 2030 » Commission scrap-based EAF » Higher scrap in Basic
Slide 8: UK: Pursuing decarbonisation to reduce 50 mn tons CO2e over decade
UK: Pursuing decarbonisation to reduce 50 mn tons CO2e over decade EAF project details EAF project update ▪ Presently, serving customers via purchased substrate ▪ Groundbreaking ceremony for Electric Arc Furnace in ▪ Transition underway → scrap-based EAF steelmaking July 2025 ➢ Capacity : ~ 3 MTPA ▪
Slide 9: TSN: Signed non-binding JLoI with Dutch govt. & the province of North Holland
TSN: Signed non-binding JLoI with Dutch govt. & the province of North Holland ▪ JLoI outlines aims & objectives and issues to be resolved ▪ Government support upto €2 bn and EU Innovation fund Phase 1 details » Integrated project – Transition to low carbon production and improve healthy living envir
Slide 10: Tata Steel is scaling up in India to capitalise on growth opportunity
Tata Steel is scaling up in India to capitalise on growth opportunity India steel use per capita at an inflection point Brownfield optionality across multiple sites Capacity expansion Downstream 40 ▪ 5 MTPA @ Kalinganagar ▪ 2.2 MTPA CRM complex o Ramp up underway o CGL #1 secured facility 0.75 appro
Slide 11: Multi-pronged strategy to enable leadership in chosen segments
Multi-pronged strategy to enable leadership in chosen segments ▪ Supplier of choice in Auto ▪ Grow high margin Retail ▪ Construction & Infra ➢ Maximise hi-end sales ➢ Capacity expansion ➢ Shaping construction practices – offsite ➢ Industry first services ➢ Phygital reach ready-to-use solutions ▪ Cap
Slide 12: Embracing Digital and Technology to create and unlock value
Embracing Digital and Technology to create and unlock value Manufacturing Excellence Functional Excellence Customer Experience Finance Human Resources Procurement Leverage Generative AI to drive improvement Modernising processes and the tech stack to Digital platforms to enhance customer in Yield, E
Slide 13: Enhancing competitiveness through cost and efficiency programs
Enhancing competitiveness through cost and efficiency programs Targeted cost transformation Progressing as per plan delivering an improvement of ~ Rs 5,450 crores program across geographies for the half year Rs crores 94% compliance to 1HFY26 plan ~5,450 35% 39% Rs 11,500 crs or $1.3 billion 26% Raw
Slide 14: Financial Management to enable returns across cycle
Financial Management to enable returns across cycle Balance sheet management Total Shareholder Returns1 (%) Optimise Capital Structure & Cost Tata Steel Nifty 50 Sensex Onshoring debt to drive efficiency 27 39 12 12 Capital allocation 17 16 Value accretive investments 5 years 10 years Capex of Rs 7,
Slide 15: People-Driven Impact: Enhancing Culture, Capability & Cost Efficiency
People-Driven Impact: Enhancing Culture, Capability & Cost Efficiency ▪ Capability building in emerging domains such as sustainability Skilling for impact ▪ State of the art facility development to retain and nurture the talent ▪ Sustained cost efficiency and productivity via strategic workforce opt
Slide 16: Business Update
Business Update Product mix enrichment : State-of-the-art combi mill commissioned, produces specialty bars and wire rods for critical automotive applications
Slide 17: Seasonal factors and imports weighed on steel prices and spot spreads
Seasonal factors and imports weighed on steel prices and spot spreads ▪ Most of the global steel prices moderated in the July to ▪ Raw material prices were firmer during the quarter September quarter especially Iron ore, which traded above $100/t ▪ US HRC prices moved closer to $900/t despite tariff
Slide 18: India steel demand continued to grow while EU, UK demand was subdued
India steel demand continued to grow while EU, UK demand was subdued India EU & UK ▪ India apparent steel demand continued to grow aided by ▪ EU demand affected by macro dynamics; Steel action govt. spending and stimulus measures to boost consumption plan has potential → prices over medium to long t
Slide 19: In 2Q, India deliveries were up 17% QoQ aided by rise in domestic volume
In 2Q, India deliveries were up 17% QoQ aided by rise in domestic volume Tata Steel India deliveries (mn tons) End use sectors (mn tons) Domestic Exports Auto and Retail : Individual Construction & ancillaries housebuilders Infrastructure 5.6 5.1 4.8 1.2 1.1 1.2 1.4 0.9 1.3 0.8 0.7 1.2 2QFY25 1QFY26
Slide 20: Auto: Consolidating the position of "Preferred Steel Supplier"
Auto: Consolidating the position of “Preferred Steel Supplier” Continuous Galvanising Line (CGL #1) has received facility ▪ Best-ever 1H sales in Hi-end ▪ TSK CAL line has received approvals for approval for supplies to Automotive OEMs products supply of outer panels Share of hi-end products in Auto
Slide 21: Enhancing differentiation in Retail and shaping construction practices
Enhancing differentiation in Retail and shaping construction practices ▪ Tata Tiscon : Growing systematically ▪ Shaping construction practices via and deepening consumer connect ready-to-use solutions 13% 5% Create your dream home today! Visit www.Aashiyana.tatasteel.com 2QFY25 2QFY26 2QFY25 2QFY26
Slide 22: Industrial Products & Projects: Growth via product development & customer service
Industrial Products & Projects: Growth via product development & customer service Approval of Cold Rolled UHSS grade received from a major PV OEM within 6 months of CAL start-up ▪ Consistent Growth in Engineering ▪ .. and Solar via enhanced product Segments basket 16% 28% 66% 25% 25% 211% 2QFY24 2QF
Slide 23: Tata Steel Consolidated
Tata Steel Consolidated (All figures are in Rs. Crores Key drivers for QoQ change: 2QFY26 1QFY26 2QFY25 unless stated otherwise) Production (mn tons)1 7.73 7.33 7.69 ▪ Revenues: increased by 10% QoQ primarily driven by Deliveries (mn tons) 7.91 7.12 7.52 higher deliveries in India and Netherlands de
Slide 24: Consolidated 2QFY26 EBITDA stood at Rs 8,968 crores
Consolidated 2QFY26 EBITDA1 stood at Rs 8,968 crores 322 - ▪ Market impact relates to lower realisations especially in India partly 1,449 offset by decline in coking coal cost 259 ▪ Volume impact primarily on account of - 8,968 significant rise in volumes in India ▪ Run rate of Cost transformation h
Slide 25: Net debt stood at Rs 87,040 crores
Net debt stood at Rs 87,040 crores 59 4,246 98,953 877 95,643 8,603 87,040 Gross Debt Movement in Loan FX Impact Gross Debt Cash, Bank & Net Debt Jun'25 leases movement and Others Sep'25 Current Sep'25 Investments 2QFY26 Results 25 Presentation
Slide 26: Key financial credit metrices
Key financial credit metrices EBITDA Margin (%)1 EBITDA / ton (Rs.)1 Interest Coverage Ratio (x)1,2 Gross & Net Debt (Rs crores) 26.2% 11.7 21,626 94,801 95,643 19.8% 88,501 84,893 87,082 75,561 10,838 11,358 11,037 14.8% 5.2 82,579 87,040 13.4% 7,962 8,335 75,389 77,550 11.8% 4.1 67,810 3.5 10.2% 3
Slide 27: Annexures
Annexures The Meramandali and Kalinganagar facilities have developed various steel grades for the Mumbai - Ahmedabad bullet train project, marking the first-of-its kind product developed in India
Slide 28: Tata Steel : Key operating parameters
Tata Steel : Key operating parameters India (Standalonea) TSUK TSN Coke Rate (kg/thm) Specific Energy Consumption (GJ/tcs) CO2 Emission Intensity (tCO2/tcs) Good Good Good 362 357 2.5 356 2.5 2.5 2.4 2.4 348 25.5 24.5 24.5 24.4 2.2 2.2 2.2 23.6 340 23.3 339 23.1 23.1 337 20.9 20.4 1.8 1.8 1.8 19.5 3
Slide 29: Tata Steel Standalone
Tata Steel Standalone (All figures are in Rs. Crores Key drivers for QoQ change: 2QFY26 1QFY26 2QFY25 unless stated otherwise) Production (mn tons) 5.40 5.07 5.06 ▪ Revenues: increased by 12% QoQ aided by 20% rise in Deliveries (mn tons) 5.55 4.75 5.11 domestic deliveries, which was partly offset by
Slide 30: Tata Steel Netherlands
Tata Steel Netherlands (All figures are in Rs. Crores Key drivers for QoQ change: 2QFY26 1QFY26 2QFY25 unless stated otherwise) Liquid Steel production (mn tons) 1.67 1.70 1.66 ▪ Revenues: were higher on QoQ basis aided by rise in volumes but were partly offset by drop in realisations Deliveries (mn
Slide 31: Tata Steel UK
Tata Steel UK (All figures are in Rs. Crores Key drivers for QoQ change: 2QFY26 1QFY26 2QFY25 unless stated otherwise) Liquid Steel production (mn tons) - - 0.39 ▪ Revenues: declined inline with deliveries and challenging market dynamics continue to weigh on Deliveries (mn tons) 0.57 0.60 0.63 reali
Slide 32: Tata Steel Investor Relations
Tata Steel Investor Relations Investor enquiries ir@tatasteel.com