Tata Steel Limited Q2 EBITDA rises 17% year on year

Tata Steel Limited (NSE: TATASTEEL) reported consolidated Q2 FY27 revenue of ₹65,436 crore, up 11.5% year on year. EBITDA increased 17% to ₹10,665 crore. India remained the main earnings contributor. India operations generated EBITDA of ₹10,634 crore at a margin of approximately 25%. Consolidated deliveries increased to 7.92 million tonnes. However, the UK business continued to report an EBITDA loss of £56 million. My view: The improvement in consolidated earnings is positive, but the difference between India and overseas operations remains important. India's 25% EBITDA margin supports the overall performance, while the UK business and consolidated net debt of ₹91,423 crore remain key areas to monitor. What to watch next: India delivery growth, UK operating performance, debt reduction and progress on the 4.8 MTPA Neelachal expansion. My stance: Operating performance has improved, but overseas losses and debt remain important risks. TATASTEEL