Tata Steel Q2 FY27: EBITDA Rises 17% YoY

Tata Steel delivered a stronger operating performance in Q2 FY27, supported by higher Indian volumes and improved overseas operations. Key Financial Highlights Consolidated revenue: ₹65,436 crore, up 11.5% YoY. EBITDA: ₹10,665 crore, up 17.1% YoY and 13.8% QoQ. EBITDA margin: Around 16%. Net profit: ₹3,700 crore, up 16.2% YoY. Half-year EBITDA: ₹20,035 crore, up 21% YoY. Operational Highlights India EBITDA reached ₹10,634 crore, with a strong 25% margin. India steel production increased 7% QoQ to 6.18 million tonnes. India deliveries rose 16% QoQ to 5.98 million tonnes. Netherlands EBITDA improved significantly to ₹790 crore from ₹39 crore in Q1, supported by the Direct Sheet Plant restart. UK operations remained under pressure, reporting an EBITDA loss of ₹719 crore. Growth & Financial Position The company is progressing with its 4.8 MTPA Neelachal expansion and downstream projects. It spent ₹3,280 crore on capex during the quarter. Net debt stood at ₹91,423 crore, with net debt/EBITDA at 2.4x. Liquidity remained strong at ₹40,076 crore. Investor Takeaway The results indicate improving operating momentum, led by India, with a recovery in the Netherlands. However, UK losses, elevated input costs and debt levels remain key monitorables. View: Fundamentally positive for the medium to long term, subject to sustained margins, cash-flow generation and improvement in overseas operations. Disclaimer: For educational purposes only. Not investment advice or a recommendation to buy or sell.