Revenue rose by 9% year-over-year (YoY) to Rs 58,689 crore during the quarter, primarily driven by higher deliveries in India and Netherlands despite drop in realisations.

Raw material costs for Q2 FY26 added up to Rs 23,447 crore, down 5% YoY but up 7% quarter-on-quarter (QoQ). The sequential rise in raw material costs, which was due to higher purchases in India and Netherlands, was offset by drop in coking coal prices.

EBITDA improved by 46.3% to Rs 9,106 crore in Q2 FY26 from Rs 6,224 crore in Q2 FY25. Adjusting for FX movement on intercompany debt / receivables, EBITDA was Rs 8,968 crore (up 62% YoY) and EBITDA per ton was Rs 11,343 (up 54% YoY).

Finance cost declined by nearly 10% YoY to Rs 1,775 crore in the September’25 quarter as the company continued to onshore its overseas debt to India.

The company recorded an exceptional charge of Rs 420 crore in Q2 FY26. This was on account of employee separation scheme and adjustment in value of retained assets as part of sale of ferro alloy plant in Jajpur, India.

Profit before tax in Q2 FY26 stood at Rs 4,223 crore, up by 95.1% from Rs 2,164 crore recorded in Q2 FY25.

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 stood at Rs 87,040 crore as on 30 September 2025.

In September 2025, Tata Steel signed a non-binding joint letter of intent (LoI) with the Government of the Netherlands and the province of North-Holland on an integrated health measures & decarbonisation project.

As part of growing the India downstream portfolio, Tata Steel has executed a share purchase agreement with BlueScope Steel to acquire the balance 50% stake in Tata BlueScope Steel. The sale is subject to regulatory approvals.

Earlier, Tata Steel Limited signed an asset transfer agreement with Indian Metals & Ferro Alloys for the sale of Ferro Alloy Plant at Jajpur, Odisha for a base consideration of Rs 610 crore.

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.”

Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum. It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world.