Key Financial Figures (Standalone)
Income Statement (₹ crore):
- Q2 FY27 Revenue from operations: ₹31,997.51 crore (Q1 FY27: ₹26,245.64 crore; Q2 FY26: ₹26,703.94 crore)
- H1 FY27 Revenue from operations: ₹58,243.15 crore (H1 FY26: ₹52,625.40 crore)
- Q2 FY27 Profit before exceptional items and tax: ₹2,429.08 crore (Q1 FY27: ₹2,302.80 crore; Q2 FY26: ₹891.33 crore)
- H1 FY27 Profit before exceptional items and tax: ₹4,731.88 crore (H1 FY26: ₹1,781.09 crore)
- Exceptional items: ₹216.70 crore for H1 FY27 (₹72.69 crore in Q2) relating to Voluntary Retirement Scheme
- Q2 FY27 Profit after tax: ₹1,773.73 crore (Q1 FY27: ₹1,636.00 crore; Q2 FY26: ₹426.79 crore) - 315% YoY growth
- H1 FY27 Profit after tax: ₹3,409.73 crore (H1 FY26: ₹1,112.27 crore)
Balance Sheet (as of 30th September 2026):
- Paid-up equity share capital: ₹4,130.53 crore (face value ₹10 each)
- Reserves: ₹56,198.84 crore
- Net worth: ₹60,329.37 crore
- Total borrowings: ₹20,582.93 crore
- Debt-equity ratio: 0.52:1
Ratios:
- Q2 FY27 EPS (basic & diluted): ₹4.29 (Q1 FY27: ₹3.96; Q2 FY26: ₹1.03)
- H1 FY27 EPS (basic & diluted): ₹8.25 (H1 FY26: ₹2.69)
- Interest service coverage ratio: 4.98 times (Q2), 4.89 times (H1)
- Debt service coverage ratio: 2.90 times (Q2), 2.64 times (H1)
Operational Highlights
Production and Sales Volume:
- Crude steel production: 9.61 million tonnes in H1 FY27 (H1 FY26: 9.50 million tonnes)
- Sales volume: 9.33 million tonnes in H1 FY27 (H1 FY26: 9.46 million tonnes)
- Q2 FY27 sales volume: 5.16 million tonnes (Q2 FY26: 4.91 million tonnes) - 5% YoY growth
Segment Performance (H1 FY27):
- Bhilai Steel Plant: Revenue ₹16,610.01 crore, Profit ₹1,802.09 crore
- Bokaro Steel Plant: Revenue ₹15,559.53 crore, Profit ₹1,593.97 crore
- Rourkela Steel Plant: Revenue ₹15,197.75 crore, Profit ₹1,587.64 crore
- Durgapur Steel Plant: Revenue ₹6,014.29 crore, Profit ₹287.74 crore
- IISCO Steel Plant: Revenue ₹7,046.98 crore, Profit ₹637.15 crore
Important Notes to Financial Results
1. Provisional Pricing: Revenue includes sales to government agencies at provisional prices aggregating ₹2,712.55 crore for Q2 and ₹4,775.53 crore for H1 FY27 (cumulative ₹23,456.97 crore up to 30th September 2026)
2. Sub-grade Iron Ore Fines Inventory: The company carries 37.63 Mt valued at ₹3,633.31 crore, with 35.36 Mt valued at ₹3,423.50 crore classified as non-current inventory
3. Exceptional Items: ₹216.70 crore for voluntary retirement compensation in H1 FY27
4. Suspension Matter: Certain officers were suspended based on Ministry of Steel directions regarding policy/pricing decisions, but suspensions were revoked on 28th June 2024. Management assesses no material impact
5. Labour Code Impact: ₹198.14 crore incremental impact in H1 FY27 due to new labour codes effective November 2025
6. Board Composition: Non-compliance with requirements for independent directors, non-executive directors, and woman director as per Companies Act and SEBI LODR
7. Branch Audits: Financial results of 9 branches/units (assets ₹54,021.75 crore, revenue ₹22,837.81 crore H1) reviewed by branch auditors
Dividend
Final dividend of ₹2.35 per equity share (₹970.67 crore total) for FY 2025-26 approved at 54th AGM on 24th September 2026 and paid in October 2026
Consolidated Results
Key Figures (₹ crore):
- H1 FY27 Revenue: ₹58,243.22 crore
- H1 FY27 PAT: ₹3,394.52 crore (attributable to owners)
- H1 FY27 EPS: ₹8.22
- Net worth: ₹58,389.04 crore
The consolidated results include 1 subsidiary, 1 associate, and 10 joint ventures, with some entities not included due to unavailability of financial information.
Cash Flow (Standalone)
H1 FY27 (₹ crore):
- Cash from operations: ₹8,447.69 crore
- Cash used in investing: ₹(6,079.71) crore (mainly capex of ₹5,446.28 crore)
- Cash from financing: ₹(2,337.32) crore (debt repayment offset by new borrowing)
- Net change in cash: ₹30.66 crore
Security Cover
As of 30th September 2026, the company has no outstanding listed non-convertible debt securities, hence security cover ratio is not applicable.