Tata Steel Q2 FY27: Profit +18% to ₹3,666 Cr, India Shines

🔩 Big results from TATASTEEL — Q2 FY27 numbers are out (7 Nov 2026). Consolidated net profit rose 18.2% YoY to ₹3,666 Cr on revenue of ₹65,436 Cr (+11.5% YoY), and India operations once again carried the group. In this opinion we break down: ✅ Consolidated EBITDA ₹10,665 Cr (~16% margin), up 14% QoQ ✅ India business: revenue ₹42,653 Cr (+22.6% YoY), PAT ₹5,055 Cr, ~25% EBITDA margin ✅ India deliveries 5.98 MT (+16% QoQ); crude steel output 6.18 MT ✅ Netherlands recovery: EBITDA ₹790 Cr vs just ₹39 Cr in Q1 FY27 ✅ UK still a drag: EBITDA loss of ₹719 Cr, deliveries down 22% QoQ ✅ Balance sheet: net debt ₹91,423 Cr (2.4x net debt/EBITDA), H1 capex ₹6,860 Cr ✅ What to track next: NINL 4.8 MTPA expansion, domestic steel prices, Europe restructuring Key learning: For a global steel company, the segment table matters more than the headline profit. Strong India margins can be partly offset by losses in Europe, so always read India, Netherlands and UK numbers separately. 💬 Your view: Will India growth keep outweighing the UK losses in the coming quarters? Share in the comments 👇 📲 For daily market notes, search "Neha Gupta SEBI RA" on Telegram and join the FREE channel. Neha Gupta | SEBI Registered Research Analyst | Reg. No. INH000016542 ⚠️ Disclaimer: This content is for educational purposes only and is not investment advice or a buy/sell recommendation. Investments in the securities market are subject to market risks. Read all related documents carefully before investing.