TATA STEEL LTD. — Q2FY27 earnings call summary

Filed 12 November 2026 · Official transcript

FY27 cost transformation target Rs 7,000 Cr; Rs 1,800 Cr achieved in H1; program weighted to H2
Netherlands Direct Sheet Plant restarted; 2Q EBITDA €72m (~€56/ton); second half expected stronger
Consolidated 2QFY27 EBITDA margin improved to 16% from 15% in 1QFY27, despite cost inflation
UK volumes impacted by high imports; breakeven expected by 4QFY27 as inventory flushes out
India iron ore sales to ramp from ~10 mt in FY27 to 14-15 mt in FY28; downstream growth includes tubes, tinplate
3QFY27 price guidance: India +Rs 3,500-3,600/ton; UK +£28-30/ton; Netherlands mixed, annual contracts from 1QFY28
India deliveries grew 16% QoQ; EBITDA per ton ~Rs 17,257; downstream and retail solutions growing fast
Net debt Rs 91,423 Cr; net debt/EBITDA stable ~2.4x; capital allocation prioritizes India growth