Tata Steel Limited · NSE:TATASTEEL
Tata Steel — Q3 FY2026 Earnings Presentation
33 slides from Tata Steel's earnings presentation, Feb 6, 2026
Slide 1: Results Presentation
Tata Steel Colors Pvt. Ltd. supplied advanced roofing profiles for the new Results Presentation Feb 06, 2026 terminal at Trichy International Airport, India Financial quarter ended 31st December 2025
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 Safety & Health Excellence Fatalities2 Recognition 2025 51% 4 4 5 4 5 5 for Process Safety Management LTIFR* in the last 15 years FY21 FY22 FY23 FY24 FY25 9M Tata Steel, the only Indian steelmaker to FY26 ach
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 2,800+ women enrolled in leadership 3,900+ out of school children brought back to education system 43 lakh+ trainings lives impacted1
Slide 5: Strategic Update
STRATEGIC UPDATE The Dhono Dhanyo Auditorium in Kolkata, exemplary architectural design reinforced by 1,200 tons of Tata Structura steel
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
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 Process Carbon direct Carbon Capture & Water, Air & Dust improvement avoidance Utilisation » Commission scrap-base
Slide 8: Progressing towards sustainable steelmaking in UK and Netherlands
Progressing towards sustainable steelmaking in UK and Netherlands In UK, transition to scrap-based EAF steelmaking to reduce Signed non-binding JLoI with Dutch govt and the province of 50 million tons CO2e over a decade North Holland on decarbonization and health measures EAF project update TSN Phas
Slide 9: Tata Steel is scaling up in India to capitalise on growth opportunity
Tata Steel is scaling up in India to capitalise on growth opportunity Capacity expansion projects (ongoing / plan) 40 ▪ 4.8 MTPA expansion @ NINL ▪ 2.5 MTPA finished steel (flat steel) expansion @ TSM NINL 0.75 o In-principle Board approval received in Dec’25 o Plan to setup 2.5 MTPA Thin slab caste
Slide 10: Investment in downstream to drive sector leading returns
…along with investment in downstream to drive sector leading returns ▪ 2.2 MTPA CRM complex at Kalinganagar ▪ Strategic investment in Color coated business Color Coated & Tinplate » CAL and CGL #1 ramping up well » Erstwhile 50% JV → subsidiary of Tata Steel Price ladder of select steel products » C
Slide 11: Customer centricity: Collaborating with MSME to shape India's manufacturing
Customer centricity : Collaborating with MSME to shape India’s manufacturing MSME make up Enhancing presence in Downstream 30% 35% 46% Scale-up of Steelium with ramp-up of TSK CAL of GDP of Manufacturing of Exports » facility and channel augmentation Tata Steelium sales in Branded presence Value see
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 B2C Finance Human B2SME B2B Resources Procurement Leveraging AI to drive improvement in Yield, Modernising processes and the technology Digital platforms to enhance customer
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 8,600 crores program across geographies for the nine months ended FY2026 Rs crores 93% compliance to 9MFY26 plan ~8,600 35% 39% Rs 11,500 crs or $1.3
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 30 13 13 Capital allocation 13 12 Value accretive investments 5 years 10 years Capex of Rs 10
Slide 15: People-Driven Impact: Enhancing Culture, Capability & Cost Efficiency
People-Driven Impact: Enhancing Culture, Capability & Cost Efficiency Skilling for impact . ▪ Launch of an organization-wide Generative AI learning to accelerate adoption ▪ Capability building in emerging domains such as Electric Arc Furnace, Sustainability and Green steel Driving operational Excell
Slide 16: Business Update
BUSINESS UPDATE Tata Steel Netherlands has commissioned a new production line for packaging steel using its patented Trivalent Chromium Coating Technology, enabling more sustainable & regulation-ready manufacturing
Slide 17: Firm raw material prices and divergent steel prices led to tight spreads
Firm raw material prices and divergent steel prices led to tight spreads ▪ Global steel prices diverged during the October to ▪ China HRC prices were mostly rangebound, exports December quarter reached a record high of 119 mn tons in 2025 ▪ US HRC prices crossed $1,000/t aided by tariffs while ▪ Raw
Slide 18: India steel demand continued to grow while EU, UK were subdued
India steel demand continued to grow while EU, UK were subdued India EU & UK ▪ India apparent steel demand continued to grow aided by ▪ EU demand affected by seasonal and subdued macro; govt. spending and stimulus measures to boost consumption However, policy measures & CBAM improved sentiment ▪ Ind
Slide 19: India deliveries rose 9% QoQ crossing 6 million tons
In 3Q, India deliveries rose 9% QoQ crossing 6 million tons for 1st time Tata Steel India deliveries (mn tons) End use sectors (mn tons) Domestic Exports Auto and Retail : Individual Construction & ancillaries housebuilders Infrastructure 6.0 1.4 1.4 5.6 1.2 1.4 1.2 5.3 1.1 0.9 0.9 0.9 3QFY25 2QFY26
Slide 20: Auto: Consolidate market leadership via new downstream facilities
Auto: Consolidate market leadership via new downstream facilities ▪ Best-ever performances in 3QFY26 and 9MFY26 ▪ TSK CAL has received 17 new grade approvals ▪ TSK CGL received grade approvals from marquee including UHSS from key OEM customers OEMs; Supply initiated within 2 months of start-up Quart
Slide 21: Enhancing differentiation in Retail and Shaping construction practices
Enhancing differentiation in Retail and Shaping construction practices ▪ Tata Tiscon : Growing systematically and deepening consumer connect ▪ Shaping construction practices via ready-to-use solutions Tata Tiscon Retail Launched India’s 1st ever Mobile Bore Pile Highest ever quarterly sales Cage → i
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 ▪ Strong growth in value accretive ▪ .. with strong momentum in appliances PV OEM within 6 months of CAL start-up segments such as Engineering and solar 10% 17%
Slide 23: Downstream: Robust growth in discerning segment through value added play
Downstream: Robust growth in discerning segment through value added play Tubes : Best-ever deliveries in 3Q and 9MFY26 Tinplate : Best-ever domestic volumes in 9MFY26 16% 10% o Dominant share in high value infrastructure projects o Supplies of high-tensile tubes to Mumbai -Ahmedabad Bullet train pro
Slide 24: Tata Steel Consolidated
Tata Steel Consolidated (All figures are in Rs. Crores Key drivers for QoQ change: 3QFY26 2QFY26 3QFY25 unless stated otherwise) ▪ Revenues: declined by 3% due to drop in steel Production (mn tons) 1 8.39 7.73 7.77 realisations partly offset by higher deliveries in India Deliveries (mn tons) 8.21 7.
Slide 25: Consolidated 3QFY26 EBITDA stood at Rs 8,270 crores
Consolidated 3QFY26 EBITDA1 stood at Rs 8,270 crores ▪ Market impact relates to lower steel realisations especially in India and Netherlands 2,628 1,687 ▪ Volume impact primarily on account of 8,968 significant rise in volumes in India partly offset by decline in UK and Netherlands - 8,270 243 - ▪ R
Slide 26: Net debt stood at Rs 81,834 crores
Net debt stood at Rs 81,834 crores 619 4,302 95,643 638 92,598 10,765 81,834 Gross Debt Movement in Loan FX Impact Gross Debt Cash, Bank & Net Debt Sep'25 leases movement and Others Dec'25 Current Dec'25 Investments 3QFY26 Results Presentation 26
Slide 27: 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 92,598 19.8% 88,501 84,893 87,082 75,561 10,838 11,358 10,709 14.7% 5.2 82,579 81,834 13.4% 7,962 8,335 4.4 75,389 77,550 11.8% 3.5 67,810 10.2% 3
Slide 28: Annexures
ANNEXURES The longest cantilever glass skywalk of India located in Visakhapatnam, is built on the strength of Tata Structura hollow section pipes (100% Share of Business)
Slide 29: 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 357 357 2.5 356 2.5 2.5 2.4 2.4 348 25.5 24.5 24.5 2.2 2.2 23.9 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 30: Tata Steel Standalone
Tata Steel Standalone (All figures are in Rs. Crores Key drivers for QoQ change: 3QFY26 2QFY26 3QFY25 unless stated otherwise) ▪ Revenues: increased by 3% QoQ, primarily driven by Production (mn tons) 6.05 5.40 5.41 higher volumes, partly offset by drop in steel realisations Deliveries (mn tons) 6.0
Slide 31: Tata Steel Netherlands
Tata Steel Netherlands (All figures are in Rs. Crores Key drivers for QoQ change: 3QFY26 2QFY26 3QFY25 unless stated otherwise) ▪ Revenues: moved lower on QoQ basis due to drop in Liquid Steel production (mn tons) 1.68 1.67 1.76 realisations and reduced volumes Deliveries (mn tons) 1.40 1.54 1.53 ▪
Slide 32: Tata Steel UK
Tata Steel UK (All figures are in Rs. Crores Key drivers for QoQ change: 3QFY26 2QFY26 3QFY25 unless stated otherwise) Deliveries (mn tons) 0.52 0.57 0.57 ▪ Revenues: moved lower upon moderation in volumes on QoQ basis Total revenue from operations 5,536 5,927 5,665 Raw material cost1 3,398 4,039 3,
Slide 33: Tata Steel Investor Relations
Tata Steel Investor Relations Investor enquiries ir@tatasteel.com