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Tata Steel

TATASTEEL NSE

Key Fundamentals

LargecapIron & SteelMetals & Mining
Market Cap
2.3L Cr
Volatility
Moderate
P/E Ratio
20.72
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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Tata Steel Ltd, with a market cap of ₹2,27,774 Cr and a P/E of 20.6x, is navigating a cyclical recovery after a period of subdued sales growth. TTM profit growth of 147% signals a sharp earnings rebound, though the 3-year compounded sales CAGR of -2% and 3-year ROE of just 7% reflect the commodity cycle's volatility and structural margin pressures.

Bull Case 8
  • TTM compounded profit growth of 147% indicates a strong cyclical earnings recovery from a low base, improving near-term profitability outlook
  • 10-year compounded profit CAGR of 24% demonstrates the company's ability to generate substantial earnings over full commodity cycles
  • Dividend yield of 2.14% with a healthy payout ratio of 25.4% provides income support uncommon among Indian steel peers
  • TTM sales growth of 11% marks a meaningful reversal from the 3-year compounded sales CAGR of -2%, suggesting demand and pricing conditions are improving
  • 10-year stock CAGR of 18% reflects long-term wealth creation despite significant commodity price volatility
  • Last year ROE of 12% has recovered substantially from the 3-year average of 7%, indicating improving capital efficiency
  • P/B ratio of 2.31x is reasonable for a large-cap steel producer with diversified global operations and significant asset base
  • 10-year compounded sales CAGR of 9% reflects a steady long-term revenue base supported by capacity expansion across India and Europe
Bear Case 8
  • 3-year compounded sales CAGR of -2% highlights a meaningful revenue contraction period, underscoring the cyclicality risk inherent in steel
  • 3-year average ROE of just 7% is below the cost of equity for most investors, indicating poor capital returns over the recent cycle
  • 5-year compounded sales growth of only 8% (flagged at 8.21%) is weak for a company of this scale and suggests limited organic volume growth
  • P/E of 20.6x appears elevated for a cyclical commodity producer and may reflect peak or near-peak earnings, risking a P/E trap
  • 5-year stock CAGR of only 5% significantly trails the broader Nifty returns over the same period, suggesting chronic underperformance
  • 5-year ROE of 14% versus last year's 12% suggests the recent recovery has not yet surpassed mid-cycle profitability levels
  • Steel remains a globally traded commodity subject to Chinese overcapacity, trade tariffs, and volatile raw material costs — factors outside the company's control
  • European operations have historically weighed on consolidated margins and carry restructuring and decarbonisation cost risks that could pressure free cash flow

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 6
  • Sell signal at ₹185-186 range Sep 08

    Mirae Asset ShareKhan recommends selling Tata Steel at ₹185.70-185.60 with target ₹177, citing multiple rejections from 20-week and 40-week EMAs and head-and-shoulders breakdown.

  • ESC spending cut 23% YoY Sep 11

    Tata Steel spent ₹802.17 crore on environment, safety and compliance in FY26 versus ₹1,036.25 crore in FY25, a 23% reduction that could draw regulatory or ESG scrutiny.

  • ₹1,755 Cr coal mining demand Aug 25

    DMO Ramgarh issued ₹1,755.10 crore demand for alleged excess extraction of 1.62 crore MT from West Bokaro Colliery during FY2001-07. Interim relief granted but liability remains pending.

  • Regulatory overhang over ₹19,000 Cr Aug 25

    Tata Steel faces cumulative regulatory challenges exceeding ₹19,000 crore across jurisdictions including ₹4,313 crore Sukinda chromite dispute and a €1.4 billion Netherlands environmental lawsuit, applying a 13-15% valuation discount.

  • Weak technicals and negative returns Aug 26

    Stock trading below 20-day and 7-day EMAs at ₹184.94, with six-month returns at negative 14.25% and bearish momentum on weekly charts.

  • Weak market sentiment drags stock Aug 18

    GIFT Nifty flat at 24,297 with broad Asian weakness; Sensex fell 281 points and Nifty declined 78 points in the prior session, extending a five-session losing streak.

Positives 6
  • SC quashes ₹1,781 Cr GST demand Aug 25

    Supreme Court set aside ₹890.52 crore ITC demand plus equal penalty (total ~₹1,781 crore) for FY18-21, ruling tax authorities failed to establish foundational facts for fraud allegations under Section 74 CGST Act.

  • Interim relief in ₹1,755 Cr case Aug 25

    Ministry of Coal's Revisional Authority admitted Tata Steel's appeal and halted all coercive steps against the company during pendency, eliminating immediate liquidity pressure from the West Bokaro demand.

  • Q1 FY27 profit up 19% YoY Sep 11

    Consolidated net profit rose 19% YoY to ₹2,385.24 crore in Q1 FY27 with total income at ₹61,026.97 crore, driven by strong India operations delivering EBITDA of ₹19,162 per tonne.

  • TMILL stake raised to 74% Aug 20

    Tata Steel acquired 23% stake in TM International Logistics for ₹335 crore after CCI approval on Aug 18, making TMILL a subsidiary and strengthening supply chain control.

  • ₹1,340 Cr invested in overseas arm Aug 27

    Tata Steel invested ₹1,340 crore ($140M) in T Steel Holdings Pte. Ltd, part of a board-approved plan allowing up to $2 billion more in equity infusions for overseas operations.

  • Buy signal near ₹184-188 support Aug 26

    Times of India highlights multiple-bottom pattern in ₹180-185 zone with bullish RSI divergence near monthly Camarilla Pivot support; target ₹201 with stop-loss at ₹178.

Neutral 5
  • India's first COG injection launched Sep 10

    Tata Steel commissioned India's first coke oven gas injection project at Meramandali, Odisha, using hydrogen-rich gas (55%+ H2 and methane) as partial fossil fuel substitute in blast furnace operations to lower CO2 intensity.

  • AI-driven safety transformation Sep 11

    Deploying 10,000+ CCTV cameras, AI surveillance, connected workforce platform and driver-fatigue monitoring across 8,000-10,000 daily trucks, achieving 38% LTIFR reduction over 15 years.

  • New CIO appointed from Nov 2026 Aug 27

    Manish Garg appointed Chief Information Officer effective November 1, 2026, succeeding Jayanta Banerjee, bringing 29 years of experience from Tata Consultancy Services.

  • JFSPL football stake divested Aug 31

    Tata Steel completed sale of 100% stake in Jamshedpur Football and Sporting Private Limited to Churchill Brothers, closing the transaction on August 31, 2026.

  • Sukinda SC notice for Oct hearing Aug 26

    Supreme Court issued notice to Tata Steel on Odisha's appeal regarding ₹4,313 crore Sukinda Chromite Block dispute, scheduling hearing for October 5, 2026.

TL;DR: Tata Steel's Q1 FY27 earnings are solid with 19% YoY profit growth and strong India EBITDA, while the Supreme Court's quashing of the ₹1,781 crore GST demand and interim relief on the ₹1,755 crore coal case remove near-term liquidity risks. However, cumulative regulatory exposure exceeding ₹19,000 crore across multiple jurisdictions and persistent technical weakness with the stock below key moving averages keep the valuation discount intact. The trend is cautiously stabilizing on fundamentals but remains constrained until major regulatory cases reach resolution, with the ₹180-185 zone acting as a critical support level.

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 Commodities sector, in the Ferrous Metals industry.
What is the market capitalisation of Tata Steel Ltd?
Tata Steel Ltd has a market capitalisation of ₹2,27,774 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 20.72, 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 2.14%.
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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