India: Tata Steel reports rise in production, deliveries in Q3FY’26

• Crude steel production surges 11% y-o-y at India operations
• EBITDA edge down by 4% q-o-q but improves by 5% y-o-y in Q3FY’26

India’s leading private steelmaker, Tata Steel, reported a rise of about 11% in its crude steel production from India operations to 6.34 million tonnes (mnt) in its third quarter ended 31 December 2025, supported by improved operational performance. However, consolidated revenue and EBITDA declined sequentially due to weaker steel realisations, partly offset by higher volumes.

Highlights

Production increases q-o-q: Tata Steel’s crude steel production for India increased by 12% q-o-q to 6.34 mnt in Q3FY’26 from 5.65 mnt in Q2FY’26. On a y-o-y basis, production inched up by 11 % compared with 5.69 mnt in Q3FY’25.

Deliveries inch up q-o-q: Indian deliveries observed uptick of 8% q-o-q to 6.04 mnt in Q3FY’26 from 5.55 mnt in the previous quarter. Moreover, on a y-o-y basis, the same firm up by 14% against 5.29 mnt in Q3FY’25.

EBITDA dips q-o-q: Reported EBITDA for India edged down by 4% q-o-q to INR 8,291 crore in Q3FY’26 from INR 8,654 crore in Q2FY’26. However, EBITDA improved by 5% y-o-y from INR 7,921 crore in Q3FY’25.

Revenue from operations declines: Consolidated revenue fell slightly by 3% q-o-q to INR 57,002 crore in Q3FY’26 from INR 58,689 crore in Q2FY’26, mainly due to lower steel realisations, partially offset by higher deliveries in India. On a y-o-y basis, revenue increased by 9% against 53,648 crore.

Raw material costs: Raw material costs moderated to INR 22,987 crore in Q3FY’26 from INR 23,447 crore in Q2FY’26, driven by lower purchases in the UK and Netherlands, partly offset by improved production levels in India.

Expansion and strategic initiatives: The company reaffirmed its long-term India growth strategy, focusing on capacity expansion, value-added downstream products, and raw material security. Key projects include the proposed 4.8 mnt expansion at NINL, a 0.75 mnt EAF at Ludhiana, and continued ramp-up of downstream facilities such as CRM and CGL lines.