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Tata Steel Ltd. 12 Nov 2025 18:50 PM
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Q2FY26 Quarterly Result Announced for Tata Steel Ltd.

Iron & Steel Products company Tata Steel announced Q2FY26 results

  • Consolidated Revenues for the half year were Rs 1,11,867 crore and EBITDA was Rs 16,585 crore with a margin of around 15%. EBITDA improved by 27% YoY despite the challenging operating environment.
    • India revenues were Rs 65,924 crore and EBITDA was Rs 16,140 crore, which translates to an EBITDA margin of 24%. EBITDA improved by 16% YoY.
    • Netherlands revenues were EUR 3,070 million and EBITDA was EUR 155 million. EBITDA doubled on YoY basis.
    • UK revenues were GBP 1,041 million and EBITDA loss was GBP 107 million. EBITDA loss halved on YoY basis.
  • Consolidated Revenues for the Jul – Sep 2025 quarter were Rs 58,689 crore and EBITDA was Rs 9,106 crore with a margin of around 16%. EBITDA improved by 22% QoQ and 46% YoY.
    • India revenues were Rs 34,787 crore and EBITDA was Rs 8,654 crore, which translates to a margin of 25%. Crude steel production was up 8% QoQ to 5.65 million tons and deliveries were up 17% QoQ to 5.55 million tons aided by rise in domestic deliveries.
    • Netherlands revenues were EUR 1,551 million and EBITDA was EUR 92 million vs. EUR 64 million in Q1FY26. Liquid steel production was 1.67 million tons and deliveries were 1.54 million tons.
    • UK revenues were GBP 505 million and EBITDA loss stood at GBP 66 million vs. loss of GBP 41 million in Q1FY26. Deliveries stood at 0.57 million tons and were marginally lower due to subdued demand.
  • The company has spent Rs 3,250 crore on capital expenditure during the quarter and Rs 7,079 crore for the half year. Net debt stands at Rs 87,040 crore.
  • In September 2025, Tata Steel signed a non-binding Joint Letter of Intent with the Government of the Netherlands and the province of North-Holland on an integrated health measures & decarbonisation project.

T V Narendran, Chief Executive Officer & Managing Director, said: “The global operating environment remained challenging with persistent overhang of tariffs, geopolitical tensions and elevated steel exports. Despite this, Tata Steel delivered a resilient performance with the EBITDA margin improving for the second consecutive quarter. In India, while the crude steel production rose 8%, deliveries grew at a higher rate of 17% QoQ as our marketing franchise enabled us to scale effectively. We continue to strengthen our market leadership across key segments, underpinned by capacity expansion and a focused downstream strategy. Kalinganagar’s continuous annealing line and galvanising line have expanded our hi-end product offerings to Automotive. Our new 0.5 MTPA combi mill will further amplify this advantage and strengthen our presence in specialty steel segment. Our well-established retail brand, Tata Tiscon grew by 27% QoQ and we continue to consolidate our position in engineering and construction solutions. On the digital front, our e-commerce platforms such as Aashiyana and DigECA achieved Gross Merchandise Value of Rs 1,980 crore for the quarter and more than tripled on YoY basis. As for overseas operations, UK deliveries were 0.57 million tons and Netherlands deliveries were 1.54 million tons. We remain focused on transitioning our UK and Netherlands businesses to economically and environmentally viable operations. In September 2025, we signed a non-binding Joint Letter of Intent with the Government of Netherlands and Province of North-Holland on an integrated health measures and decarbonisation project. I am happy to share that Tata Steel became the only Indian company to be recognised by worldsteel for Safety and Health excellence, in process safety management, for three years in a row.”

Koushik Chatterjee, Executive Director & Chief Financial Officer, said: “Tata Steel has continued to perform despite the challenging operating environment. For the quarter ended 30th September 2025, EBITDA margin improved by 145 bps QoQ and 280 bps for the half year, reflecting operational strength and cost discipline. Consolidated revenues for the quarter stood at Rs 58,689 crore, while EBITDA was Rs 9,106 crore, translating to a margin of ~16% or Rs 11,518 per ton. This performance was underpinned by sharp focus on cost transformation program, which delivered around Rs 2,561 crore for the quarter and around Rs 5,450 crore for the half year. India performance has been aided by strong growth in volumes. NINL, our strategic lever to expand in long products business, generated EBITDA, of around Rs 260 crore. Netherlands EBITDA was higher by EUR 28 million QoQ, as we make progress on restoring competitiveness. However, UK EBITDA declined by GBP 24 million on QoQ basis due to subdued prices on account of UK safeguard quotas exceeding prevalent demand. We remain focused on volume growth in India, strengthening our raw material linkages and optimising capital allocation. We are closely monitoring policy developments in EU and UK and will look to prioritise, optimise and sequence the decarbonisation capex spend such that it is affordable to all stakeholders. Overall, operating cash flows before capex and dividend were ~Rs 7,000 crore and we have spent Rs 3,250 crore towards capital expenditure in the quarter and Rs 7,079 crore during the half year. In line with efforts to optimise debt portfolio, we have reduced TSUK debt by GBP 540 million during the quarter and our consolidated gross debt has decreased by around Rs 3,300 cores QoQ to Rs 95,643 crore. On 12th November, Tata Steel executed a share purchase agreement with BlueScope Steel to acquire the balance 50% stake in Tata BlueScope Steel Private Limited. This is in line with our objective to grow the downstream portfolio. Following the acquisition, TBSPL will become a 100% subsidiary of Tata Steel. We remain committed to operational excellence, cost optimisation, and disciplined working capital management to maximise cash flows.”

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Aluminium Products company National Aluminium Company announced Q2FY26 results

  • Total income from operations during Q2FY26 at Rs 4,292 crore, registering 7.2% growth over Q2FY25.
  • Net profit for Q2FY26 at Rs 1,433 crore, compared to Rs 1,062 crore achieved during Q2FY25.

Brijendra Pratap Singh, Chairman & Managing Director, NALCO, said: “We have demonstrated resilience through operational excellence, costsaving measures, and sustained productivity, supported by higher volumes and improved efficiency, despite lower sales realization from metal prices. Going forward, we remain focused on value addition, sustainability, and expanding our production capacities to ensure long-term growth and value creation for all stakeholders.”

The achievement is a moment of pride for NALCO and we express our sincere gratitude for the unwavering support extended by our valued stakeholders, the Ministry of Mines, Government of India, and the Government of Odisha.

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Aluminium Products company Hindalco Industries announced Q2FY26 results

  • Revenue: Rs 66,058 crore compared to Rs 58,203 crore during Q2FY25, change 13%.
  • EBITDA for the second quarter stood at Rs 9,684 crore, up 6% from Q2FY25.
  • Net Profit increased to Rs 4,741 crore, up 21% over Q2FY25.
  • EPS: Rs 21..35 for Q2FY26.

Satish Pai, Managing Director, Hindalco Industries, said: “Hindalco continued its growth momentum amid global volatility, delivering strong performance in both volumes and profitability. This performance was driven by robust contribution from India business, disciplined cost management and operational efficiencies across segments.

The Aluminium Upstream business continued to outperform with industry-best EBITDA margins of 45%. The Downstream segment reported a solid quarter with 69% EBITDA growth, supported by all-time high volumes and a superior product mix. The Copper business remained resilient, performing in line with our guidance even with lower TC/RCs. Novelis recorded a sequential improvement in both EBITDA and Net Income, despite net tariff impact partially offset by better pricing and accelerated cost efficiency initiatives.

Our integrated business model, prudent capital allocation and focus on cost optimisation, continues to enable us to deliver sustained, resilient growth across market cycles.

Our sustainability agenda remains focused on climate action, circularity through waste recycling, water stewardship and biodiversity protection.”

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Commodity Trading & Distribution company Adani Enterprises announced Q2FY26 results

  • Total Income: Rs 21,844 crore compared to Rs 23,196 crore during Q2FY25, change -6%.
  • EBITDA: Rs 3,902 crore compared to Rs 4,354 crore during Q2FY25, change -10%.
  • PBT: Rs 4,398 crore compared to Rs 2,409 crore during Q2FY25, change 83%.
  • PAT: Rs 3,199 crore compared to Rs 1,742 crore during Q2FY25, change 84%.

Gautam Adani, Chairman, Adani Enterprises, said: “With disciplined execution and strategic diversification, Adani Enterprises continues to strengthen its position as India’s leading incubator of transformative infrastructure and energy businesses.”

The inauguration of the Navi Mumbai International Airport marks a defining moment in India’s infrastructure story and reinforces AEL’s role as a national growth catalyst. Our strong performance across airports, data centers and roads underscore the momentum of our core infrastructure portfolio. With partnerships such as the one with Google for India’s largest AI data center and rapid progress in our green energy ecosystem, AEL is accelerating India’s transition toward a sustainable, technology-driven future. We remain committed to building globally competitive businesses that create enduring value for our stakeholders and strengthen the foundation of a self-reliant India.”

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Iron & Steel Products company APL Apollo Tubes announced Q2FY26 results

  • Sales volume increased by 11% YoY to 1,649,387 Ton.
  • EBITDA increased by 86% YoY to Rs 8.2 billion.
    • EBITDA per ton at Rs 4,966/Ton.
  • Net Profit increased by 118% YoY to Rs 5.4 billion.

Sanjay Gupta, Chairman, APL Apollo, said: “APL Apollo has delivered its best-ever quarterly performance in Q2FY26, with highest sales volume, EBITDA, and PAT. It is a remarkable milestone given the challenging demand environment faced by the construction material industry. Despite extended monsoons, a subdued macroeconomic environment, global trade uncertainty and ongoing slowdown in government infrastructure spending, APL Apollo has delivered exceptional resilience and execution strength.

We are ready with our capacity, diversified product portfolio, distribution network and strong brand pull. Henceforth we expect H2FY26 to perform much better than H1FY26. The company's commitment to delivering exceptional product quality, coupled with its unwavering dedication to customer satisfaction, has propelled it to the forefront of the industry. We continue to remain prudent with our working capital management, which remains best in the construction material sector”.

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Iron & Steel Products company Jindal Steel announced Q2FY26 results

  • Steel production: 2.00 mt.
  • Total Revenue: Rs 13,505 crore compared to Rs 13,025 crore during Q2FY25.
  • EBITDA: Rs 1,875 crore compared to Rs 2,124 crore during Q2FY25.
  • PBT: Rs 982 crore compared to Rs 1,213 crore during Q2FY25.
  • PAT: Rs 635 crore compared to Rs 860 crore during Q2FY25.
  • Consolidated Net Debt at Rs 14,156 crore, down from Rs 14,400 crore as at 30th Jun’25.

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Iron & Steel Products company JSW Steel announced Q2FY26 results

  • Crude Steel Production: 7.90 million tonnes.
  • Saleable Steel Sales: 7.34 million tonnes.
  • Revenue from Operations: Rs 45,152 crore compared to Rs 39,684 million during Q2FY25, change 14%..
  • Reported EBITDA: Rs 7,115 crore compared to Rs 5,437 million during Q2FY25, change 31%.
  • Adjusted EBITDA : Rs 7,849 crore compared to Rs 5,644 million during Q2FY25, change 39%.
  • Net Profit after Tax: Rs 1,646 crore.
  • Net Debt to Equity: 0.93x and Net Debt to EBITDA: 2.97x.

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Iron & Steel Products company Jindal Steel & Power announced Q1FY26 results

  • Production and sales for the quarter stood at 2.09 MT (-1% QoQ) and 1.90 MT (-10% QoQ) respectively.
  • Consolidated gross revenues for the quarter came at Rs 14,336 crore (-8% QoQ). Share of exports increased to 7% in Q1FY26 compared to 3% in Q4FY25.
  • Adjusted EBITDA improved 20% QoQ to Rs 2,984 crore. PAT for the quarter stood at Rs 1,496 crore, which is 36% QoQ higher vis-a-vis Adjusted PAT.
  • Consolidated net debt stood at Rs 14,400 crore as at 30 June 2025 vs Rs 11,957 crore as at 31 March 2025.
  • The total capex for the quarter was Rs 2,226 crore, largely driven by the expansion projects at Angul.

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Aluminium & Aluminium Products company Hindalco Industries announced Q1FY26 results

  • Revenue from Operations: Rs 64,232 crore compared to Rs 57,013 crore during Q1FY25, change 13%.
  • EBITDA: Rs 8,673 crore compared to Rs 7,992 crore during Q1FY25, change 9%.
  • PBT: Rs 5,676 crore compared to Rs 4,848 crore during Q1FY25, change 17%.
  • PAT: Rs 4,004 crore compared to Rs 3,074 crore during Q1FY25, change 30%.
  • EPS: Rs 18.03 for Q1FY26.

Satish Pai, Managing Director, Hindalco Industries, said: “After the record profitability of FY25, Hindalco sustained its growth momentum with a strong first quarter performance, driven by operational efficiencies, cost control, and an enhanced product mix. Aluminium India Upstream business continued to outperform with industry-best EBITDA margins of 44%.

Aluminium India Downstream had a stellar quarter and reported its strongest quarterly performance with 2x EBITDA growth. The Copper business delivered a healthy EBITDA in line with our guidance, despite lower TC/RCs. Novelis recorded 1% growth in shipments, driven by all-time high quarterly beverage can volumes and accelerated cost reduction initiatives.

We made significant progress in our downstream growth projects: the 170 KT Aditya FRP project, Aluminium AC fins, and the Copper IGT facility are under commissioning. Looking ahead, our integrated business model, strategic investments, and cost discipline position us well to deliver sustained growth.

On the ESG front, Hindalco continued to advance its sustainability agenda with a strong focus on climate action, waste recycling, water conservation, and biodiversity protection”

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Aluminium and Aluminium Products company National Aluminium Company announced Q1FY26 results

  • Reported revenue from operation of Rs 3,807 crore during this quarter.
  • PAT: 77 % rise in net profit to Rs 1064 crore from Rs 601 crore achieved in Q1FY25.
  • The Board has recommended final dividend of Rs 2.50/- per equity share (50% on face value of Rs 5/- each) amounting to Rs 459.16 crore for the FY25.

Shri Brijendra Pratap Singh, CMD, NALCO, said: "The company’s strong results were driven by a combination of cost-efficient operations, a favourable domestic business climate, significant increase in volumes in comparison to Q1 of previous fiscal as well as improvement in overall techno-economic parameters. It is worth mentioning that in comparison to the Q1 performance of the last financial year, Bauxite transportation has increased by 6.56 % while production of Alumina Hydrate, Calcined Alumina and Aluminium Cast metal has increased by 35.5%, 52.25% and 2.68% respectively. Similarly, on the sales front, NALCO has put up an impressive performance with export of Alumina increasing by 209% and also registering 190% increase in domestic sale of Alumina. With this quantum jump in sales, the company has also recorded highest-ever domestic sale of both alumina and aluminium in the 1st quarter of FY26.

With India emerging as the fastest-growing economy in the world, the aluminium sector is witnessing significant momentum, with demand rising at 9–10% and expected to grow further. He added that sectors like transportation, construction, and electrical are poised for large-scale growth, and by 2030, aluminium consumption in India is projected to reach 7.5 to 8 million tonnes annually. “NALCO’s robust Q1 reflects our commitment to excellence, and we remain optimistic about sustaining this momentum,”

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