Summary of Key Information:
Reporting Period (Quarter/Year): Quarter and Half Year ended September 30, 2026
Nature of Filing / Announcement: Outcome of Board Meeting - Financial Results and Director Retirement
Audit Opinion:
Audit Opinion: Qualified Opinion (with modified opinion)
Auditor's Comment: The statutory auditors issued a qualified opinion due to management's non-recognition of probable material/substantive reduction in fair value in excess of amounts already recognized in Other Comprehensive Income for the quarter ended September 30, 2026, with respect to its investment having a carrying value of ₹59,078.13 crore as of September 30, 2026, in T Steel Holdings Pte. Ltd. (the holding company of Tata Steel Nederland B.V.).
Key Financial Highlights [in ₹ crore]:
Standalone Results:
Quarter ended September 30, 2026:
- Revenue from Operations: ₹42,102.13 (Q2 FY26: ₹34,228.34)
- Total Income: ₹43,103.55
- Net Profit: ₹5,053.64
- EPS: ₹4.05
Half Year ended September 30, 2026:
- Revenue from Operations: ₹78,554.40 (H1 FY26: ₹64,827.44)
- Total Income: ₹80,491.11
- Net Profit: ₹9,588.79
- EPS: ₹7.69
Standalone Balance Sheet as at September 30, 2026:
- Total Assets: ₹2,73,785.47 crore
- Paid-up Equity Capital: ₹1,247.43 crore
- Borrowings: ₹54,500.37 crore (non-current) + ₹16,327.40 crore (current)
- Cash and Cash Equivalents: ₹2,594.43 crore
- Other Equity: ₹1,27,303.19 crore
Consolidated Results:
Quarter ended September 30, 2026:
- Revenue from Operations: ₹64,973.97
- Total Income: ₹65,684.54
- Net Profit: ₹3,699.59
- Net Profit attributable to owners: ₹3,666.41
- EPS: ₹2.94
Half Year ended September 30, 2026:
- Revenue from Operations: ₹1,25,385.75
- Total Income: ₹1,26,711.49
- Net Profit: ₹6,084.83
- Net Profit attributable to owners: ₹5,984.76
- EPS: ₹4.80
Consolidated Balance Sheet as at September 30, 2026:
- Total Assets: ₹3,12,521.96 crore
- Total Equity: ₹1,05,268.25 crore
- Borrowings: ₹67,704.85 crore (non-current) + ₹23,593.18 crore (current)
- Cash and Cash Equivers: ₹7,530.01 crore
Segment-wise Performance [in ₹ crore]:
Quarter ended September 30, 2026:
- Tata Steel India: Revenue ₹42,535.28, Results ₹10,315.45
- Tata Steel Netherlands: Revenue ₹15,329.66, Results ₹790.29
- Tata Steel UK: Revenue ₹15,275.01, Results (₹719.25)
- Other Indian Operations: Revenue ₹5,829.50, Results ₹386.20
- South East Asian Operations: Revenue ₹2,078.33, Results ₹92.09
Corporate Actions:
- No dividend declared in this announcement
- No share split, bonus issue, or buyback announced
Other Significant Information:
Amalgamation:
- Rujuvalika Investments Limited amalgamated with Tata Steel Limited effective April 1, 2023 (NCLT approved October 1, 2026)
- Scheme became operative from November 3, 2026
- Previous periods' figures restated accordingly
Tata Steel Nederland B.V. Uncertainties:
- Significant uncertainties exist regarding operating permits, steel slag classification, and decarbonization plans
- Joint Letter of Intent with Netherlands government extended until March 1, 2027
- Carrying value of PP&E: ₹33,272.58 crore and goodwill: ₹5,420.01 crore potentially impaired
- Management believes recognizing impairment would not faithfully represent company's position due to uncertainties
Acquisitions/Divestments:
- Acquired 23% equity stake in TM International Logistics Limited on August 20, 2026, for ₹335 crore
- Divested 100% stake in Jamshedpur Football and Sporting Private Limited on August 31, 2026, for nominal consideration
Director Changes:
- Mr. Noel Naval Tata (DIN: 00024713) will retire as Non-Executive, Non-Independent Director and Vice Chairman effective November 11, 2026
- Retirement is in accordance with Tata Group Governance Guidelines
Entities Included in Consolidation:
The consolidated results include:
- 108 subsidiaries (direct and indirect)
- 14 joint ventures (direct and indirect)
- 3 joint operations (indirect)
- 6 associate companies (direct and indirect)
Exceptional Items:
Consolidated exceptional items for quarter ended September 30, 2026:
- Total exceptional items: ₹834.86 crore
- Includes gain on fair valuation of pre-existing stake in TMILL: ₹3457.49 crore
- Includes loss on sale of JFSPL: ₹1.93 crore
Liquidity and Capital Resources:
The company assessed its ability to meet liquidity requirements and concluded that its cashflow and liquidity position remains adequate despite the uncertainties at Tata Steel Nederland and Tata Steel UK.