Tata Steel financials and balance sheet

NSE: TATASTEELBSE: 500470Ferrous MetalsLarge Cap

Formerly Tata Iron and Steel Co.

₹167.67₹4.66 (2.70%)BSE ₹167.25

Share price at the NSE close on 23 Oct 2026. Previous close ₹172.33.

52-week range of traded prices to 23 Oct 2026

₹160.06Low, 9 Dec 2025₹224.40High, 15 May 2026

Next results date: the board meets on 27 Oct 2026 to consider: financial results and other business matters.

Market cap: ₹2,09,311 Cr36th largest listed
P/E: 19.0
P/E without one-offs: 17.0
P/B: 2.0
Dividend yield: 2.39%
ROE: 11.4%
ROE without one-offs: 12.7%
ROCE: 11.9%
Debt to equity: 0.89
Volume, NSE: 3,03,32,37544.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Tata Steel annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings
Loss

A loss in 2 of the 10 years shown

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 3.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹1,57,669 Cr, differs from its quarters added, ₹1,65,021 Cr. From the year to Mar 2021, the company's revenue for that year, ₹1,56,294 Cr, differs from its quarters added, ₹1,51,014 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue2,32,140
Materials and goods−93,618
Employee costs−25,999
Other expenses−78,171
Operating profit34,352
Depreciation−11,955
Other income+1,402
One-off items−1,032
Finance costs−7,167
Profit before tax15,600
Tax−5,083
Joint ventures+369
Net profit10,886

What the company owns

Plant, investments and other assets₹2,38,027 Cr
Inventory₹47,249 Cr
Cash and bank₹10,058 Cr
Receivables₹4,917 Cr
Current investments₹1,004 Cr

What pays for it: net worth and liabilities

Net worth₹1,03,780 Cr
Borrowings₹92,382 Cr
Other liabilities₹70,282 Cr
Owed to suppliers₹34,810 Cr

Tata Steel business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Tata Steel segment results by quarter

Revenue by segment

₹2,92,596 CrTotal

Tata Steel India₹1,39,720 Cr47.8% of total
Tata Steel Netherlands Operations₹61,355 Cr21.0% of total
Other Trade Related Operations₹39,562 Cr13.5% of total
Tata Steel UK Operations₹23,333 Cr8.0% of total
Other Indian Operations₹12,944 Cr4.4% of total
South East Asian Operations₹8,605 Cr2.9% of total
Neelachal Ispat Nigam Limited₹5,282 Cr1.8% of total
Rest of the World₹1,795 Cr0.6% of total

Profit by segment

Tata Steel India₹33,036 Cr84.5% of total
Tata Steel Netherlands Operations₹2,722 Cr7.0% of total
Other Trade Related Operations₹611 Cr1.6% of total
Other Indian Operations₹707 Cr1.8% of total
South East Asian Operations₹775 Cr2.0% of total
Neelachal Ispat Nigam Limited₹1,236 Cr3.2% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Tata Steel India
Revenue, ₹ crore
70,611
60,436
64,869
1,29,021
1,29,007
1,40,987
1,32,517
1,39,720
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
20,744
15,096
21,952
51,456
28,175
31,004
28,217
33,036
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Tata Steel Netherlands Operations
Revenue, ₹ crore
61,355
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
2,722
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other Trade Related Operations
Revenue, ₹ crore
33,697
31,728
29,344
60,124
73,974
56,681
45,611
39,562
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
490
1,800
3,077
39
168
1,144
137
611
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Tata Steel UK Operations
Revenue, ₹ crore
23,333
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−2,569
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Other Indian Operations
Revenue, ₹ crore
12,267
9,496
10,308
21,275
23,035
11,751
10,266
12,944
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,132
880
1,032
547
1,108
913
548
707
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
South East Asian Operations
Revenue, ₹ crore
9,311
11,482
8,731
7,228
7,472
8,605
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
549
1,255
474
110
132
775
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Neelachal Ispat Nigam Limited
Revenue, ₹ crore
5,505
5,701
5,282
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
53
1,067
1,236
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Rest of the World
Revenue, ₹ crore
784
415
802
739
649
1,330
1,422
1,795
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
182
13
−498
−383
−481
−95
−700
−837
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,00,511	1,79,702	1,96,853	3,19,466	3,34,688	3,01,627	2,79,406	2,92,596
Company revenue, as in its results	1,57,669	1,39,817	1,56,294	2,43,959	2,43,353	2,29,171	2,18,543	2,32,140
Revenue	70,611	60,436	64,869	1,29,021	1,29,007	1,40,987	1,32,517	1,39,720
Revenue growth	–	−14.4%	7.3%	98.9%	0.0%	9.3%	−6.0%	5.4%
Profit	20,744	15,096	21,952	51,456	28,175	31,004	28,217	33,036
Profit growth	–	−27.2%	45.4%	134.4%	−45.2%	10.0%	−9.0%	17.1%
Margin	29.4%	25.0%	33.8%	39.9%	21.8%	22.0%	21.3%	23.6%
Return on capital	31.2%	30.9%	36.4%	54.8%	27.2%	39.9%	46.7%	68.6%
Assets	1,34,385	1,25,469	1,37,115	1,93,514	2,05,650	1,88,677	1,90,812	1,88,361
Liabilities	67,809	76,541	76,755	99,539	1,01,980	1,10,927	1,30,387	1,40,200
Capital employed	66,576	48,928	60,360	93,975	1,03,670	77,750	60,425	48,161
Revenue	–	–	–	–	–	–	–	61,355
Profit	–	–	–	–	–	–	–	2,722
Margin	–	–	–	–	–	–	–	4.4%
Return on capital	–	–	–	–	–	–	–	7.3%
Assets	–	–	–	–	–	–	–	64,871
Liabilities	–	–	–	–	–	–	–	27,452
Capital employed	–	–	–	–	–	–	–	37,420
Revenue	33,697	31,728	29,344	60,124	73,974	56,681	45,611	39,562
Revenue growth	–	−5.8%	−7.5%	104.9%	23.0%	−23.4%	−19.5%	−13.3%
Profit	490	1,800	3,077	39	168	1,144	137	611
Profit growth	–	267.6%	71.0%	−98.7%	327.6%	579.0%	−88.0%	344.3%
Margin	1.5%	5.7%	10.5%	0.1%	0.2%	2.0%	0.3%	1.5%
Return on capital	2.2%	–	–	–	–	–	–	–
Assets	68,832	21,779	21,636	28,563	30,362	28,682	12,463	15,266
Liabilities	46,466	40,826	40,490	65,278	73,889	40,869	21,313	18,908
Capital employed	22,366	−19,047	−18,854	−36,715	−43,527	−12,188	−8,850	−3,642
Revenue	–	–	–	–	–	–	–	23,333
Profit	–	–	–	–	–	–	–	−2,569
Margin	–	–	–	–	–	–	–	−11.0%
Return on capital	–	–	–	–	–	–	–	−61.6%
Assets	–	–	–	–	–	–	–	17,667
Liabilities	–	–	–	–	–	–	–	13,499
Capital employed	–	–	–	–	–	–	–	4,168
Revenue	12,267	9,496	10,308	21,275	23,035	11,751	10,266	12,944
Revenue growth	–	−22.6%	8.6%	106.4%	8.3%	−49.0%	−12.6%	26.1%
Profit	1,132	880	1,032	547	1,108	913	548	707
Profit growth	–	−22.3%	17.3%	−47.0%	102.6%	−17.6%	−39.9%	29.0%
Margin	9.2%	9.3%	10.0%	2.6%	4.8%	7.8%	5.3%	5.5%
Return on capital	25.5%	21.4%	13.1%	6.1%	11.1%	10.7%	9.5%	10.1%
Assets	8,977	7,868	12,367	16,706	18,717	11,046	7,961	12,724
Liabilities	4,533	3,762	4,505	7,676	8,694	2,546	2,202	5,711
Capital employed	4,445	4,106	7,862	9,031	10,023	8,500	5,758	7,013
Revenue	–	–	9,311	11,482	8,731	7,228	7,472	8,605
Revenue growth	–	–	–	23.3%	−24.0%	−17.2%	3.4%	15.2%
Profit	–	–	549	1,255	474	110	132	775
Profit growth	–	–	–	128.7%	−62.3%	−76.9%	20.2%	488.5%
Margin	–	–	5.9%	10.9%	5.4%	1.5%	1.8%	9.0%
Return on capital	–	–	23.2%	35.7%	12.0%	3.7%	4.0%	18.1%
Assets	–	–	4,656	4,425	4,888	3,733	4,224	5,380
Liabilities	–	–	2,289	907	933	807	916	1,109
Capital employed	–	–	2,368	3,519	3,955	2,926	3,308	4,271
Revenue	–	–	–	–	–	5,505	5,701	5,282
Revenue growth	–	–	–	–	–	–	3.6%	−7.4%
Profit	–	–	–	–	–	53	1,067	1,236
Profit growth	–	–	–	–	–	–	1,918.1%	15.8%
Margin	–	–	–	–	–	1.0%	18.7%	23.4%
Return on capital	–	–	–	–	–	1.0%	20.8%	23.8%
Assets	–	–	–	–	–	12,809	13,388	14,239
Liabilities	–	–	–	–	–	7,503	8,252	9,034
Capital employed	–	–	–	–	–	5,307	5,137	5,205
Revenue	784	415	802	739	649	1,330	1,422	1,795
Profit	182	13	−498	−383	−481	−95	−700	−837
Margin	23.2%	3.1%	−62.1%	−51.8%	−74.1%	−7.1%	−49.2%	−46.6%
Return on capital	6.1%	0.5%	–	–	–	–	–	–
Assets	7,739	8,526	6,838	6,893	7,082	6,825	6,703	7,048
Liabilities	4,748	6,000	7,265	8,164	9,560	10,111	11,547	13,226
Capital employed	2,992	2,526	−428	−1,271	−2,478	−3,286	−4,844	−6,177
Revenue	64,777	55,939	56,051	90,023	90,300	78,144	76,416	–
Revenue growth	–	−13.6%	0.2%	60.6%	0.3%	−13.5%	−2.2%	–
Profit	5,414	−664	−618	12,164	4,632	−7,612	−3,327	–
Profit growth	–	–	–	–	−61.9%	–	–	–
Margin	8.4%	−1.2%	−1.1%	13.5%	5.1%	−9.7%	−4.4%	–
Return on capital	–	−1.9%	−2.8%	26.8%	14.8%	−79.9%	−12.8%	–
Assets	68,251	78,315	73,827	93,089	84,399	66,347	68,607	–
Liabilities	92,327	42,912	51,726	47,632	53,040	56,822	42,613	–
Capital employed	−24,075	35,403	22,102	45,457	31,360	9,525	25,995	–
Revenue	–	3,490	4,750	6,802	8,992	–	–	–
Revenue growth	–	–	36.1%	43.2%	32.2%	–	–	–
Profit	–	184	1,154	1,288	−613	–	–	–
Profit growth	–	–	528.1%	11.6%	–	–	–	–
Margin	–	5.3%	24.3%	18.9%	−6.8%	–	–	–
Return on capital	–	9.2%	45.1%	40.4%	−44.6%	–	–	–
Assets	–	6,156	5,871	19,797	22,207	–	–	–
Liabilities	–	4,160	3,311	16,609	20,834	–	–	–
Capital employed	–	1,996	2,560	3,189	1,373	–	–	–
Revenue	18,376	18,199	21,419	–	–	–	–	–
Revenue growth	–	−1.0%	17.7%	–	–	–	–	–
Profit	3,028	2,370	5,481	–	–	–	–	–
Profit growth	–	−21.7%	131.2%	–	–	–	–	–
Margin	16.5%	13.0%	25.6%	–	–	–	–	–
Return on capital	16.4%	12.7%	25.9%	–	–	–	–	–
Assets	39,854	38,924	37,234	–	–	–	–	–
Liabilities	21,428	20,318	16,112	–	–	–	–	–
Capital employed	18,426	18,606	21,123	–	–	–	–	–
Revenue	–	−39,886	−40,559	−75,507	−91,335	−72,456	−60,863	−60,456
Profit	–	−1,943	−1,236	−2,537	−765	−2,115	−273	−832
Assets	–	−39,441	−54,157	−77,844	−85,345	−44,740	−24,764	−24,559
Liabilities	–	−21,611	−34,473	−77,648	−86,084	−48,595	−29,188	−31,666
Revenue	−42,842	–	–	–	–	–	–	–
Profit	−1,219	–	–	–	–	–	–	–
Assets	−98,599	–	–	–	–	–	–	–
Liabilities	−76,444	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Tata Steel quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 30 Jun	Mar 2021Filed 6 May	Mar 2022Filed 4 May	Mar 2023Filed 3 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue from operations	1,17,420	1,33,016	1,57,669	1,39,817	1,56,294	2,43,959	2,43,353	2,29,171	2,18,543	2,32,140
	1,00,412	1,11,126	1,28,286	1,22,354	1,25,790	1,80,469	2,11,053	2,06,865	1,93,244	1,97,788
Materials and goods bought	–	–	60,780	57,475	56,940	83,479	1,13,238	1,01,916	95,001	93,618
Employee costs	–	–	18,759	18,534	19,909	23,264	22,419	24,510	24,889	25,999
Other expenses	–	–	48,746	46,345	48,941	73,726	75,395	80,440	73,354	78,171
Operating profit before depreciation	17,008	21,891	29,383	17,463	30,504	63,490	32,300	22,306	25,298	34,352
Operating margin	14.5%	16.5%	18.6%	12.5%	19.5%	26.0%	13.3%	9.7%	11.6%	14.8%
Materials, % of revenue	–	–	38.5%	41.1%	36.4%	34.2%	46.5%	44.5%	43.5%	40.3%
Employee costs, % of revenue	–	–	11.9%	13.3%	12.7%	9.5%	9.2%	10.7%	11.4%	11.2%
Other expenses, % of revenue	–	–	30.9%	33.1%	31.3%	30.2%	31.0%	35.1%	33.6%	33.7%
Depreciation and amortisation	5,673	5,962	7,342	8,441	9,234	9,101	9,335	9,882	10,421	11,955
Operating profit after depreciation	11,335	15,929	22,042	9,022	21,271	54,389	22,965	12,424	14,877	22,398
Other income	527	909	1,421	1,843	896	785	1,037	1,809	1,541	1,402
Finance costs	5,072	5,502	7,660	7,533	7,607	5,462	6,299	7,508	7,341	7,167
Profit before one-off items and tax	6,790	11,337	15,802	3,332	14,560	49,712	17,704	6,725	9,077	16,633
One-off items	−4,324	9,599	−121	−3,752	−1,043	−134	113	−7,814	−855	−1,032
Profit before tax	2,466	20,936	15,681	−420	13,516	49,578	17,817	−1,089	8,222	15,600
	2,778	3,405	6,718	−2,568	5,654	8,478	10,160	3,763	5,239	5,083
Current tax	1,742	2,003	6,728	2,085	4,288	7,050	5,361	5,290	3,556	5,261
Deferred tax	1,036	1,403	−10	−4,653	1,366	1,428	4,798	−1,528	1,683	−179
Share of profit of joint ventures and associates	8	174	225	188	327	649	418	−58	191	369
Profit from discontinued businesses	–	–	−89	−1,164	–	–	–	–	–	–
	−4,169	17,763	9,098	1,172	8,190	41,749	8,075	−4,910	3,174	10,886
Belonging to the company's shareholders	−4,169	–	10,218	1,557	7,490	40,154	8,760	−4,437	3,421	10,794
Belonging to outside owners of subsidiaries	–	–	−1,120	−384	700	1,595	−685	−472	−247	92
Other comprehensive income	–	–	8	4,483	−7,211	1,305	−13,849	−3,228	273	5,492
Total comprehensive income	–	–	9,106	5,655	979	43,055	−5,774	−8,138	3,447	16,378
Net margin	−3.6%	13.4%	5.8%	–	5.2%	17.1%	3.3%	−2.1%	1.5%	4.7%
Net margin without joint ventures and associates	−3.6%	13.2%	5.6%	–	5.0%	16.8%	3.1%	−2.1%	1.4%	4.5%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Net margin is left blank for the year to Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 26 Apr	Mar 2020Filed 30 Jun	Mar 2021Filed 6 May	Mar 2022Filed 4 May	Mar 2023Filed 3 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	71,290	76,163	77,508	1,17,098	1,05,175	92,433	91,353	1,03,780
	68,925	73,576	74,239	1,14,443	1,03,082	92,036	91,170	1,02,168
Share capital	1,145	1,145	1,198	1,221	1,221	1,247	1,247	1,247
Reserves	67,780	72,431	73,041	1,13,222	1,01,861	90,788	89,922	1,00,920
Belonging to outside owners of subsidiaries	2,364	2,587	3,270	2,655	2,093	397	183	1,613
	91,145	1,13,289	81,901	75,561	84,893	87,082	94,801	92,382
Repayable after a year	80,343	94,105	72,409	50,461	57,257	56,115	73,385	69,987
Repayable within a year	10,802	19,184	9,492	25,101	27,636	30,967	21,417	22,395
	59,608	60,313	70,867	90,397	97,295	98,403	86,094	96,918
Trade payables	21,717	21,381	25,967	36,765	37,833	35,435	29,314	34,810
Other financial liabilities	17,154	10,248	14,913	8,578	11,221	10,660	16,212	17,771
Other liabilities	8,033	7,226	11,345	15,802	14,800	–	13,487	13,423
Provisions	1,249	1,664	4,725	2,768	3,883	3,779	3,888	6,048
Tax owed	636	610	4,424	1,383	1,924	2,167	1,776	2,471
	1,01,259	1,12,596	97,112	77,759	85,551	82,587	1,01,948	1,00,556
Other financial liabilities	330	516	594	1,000	1,872	1,492	1,501	1,263
Other liabilities	3,173	4,479	10,175	9,147	7,531	6,564	6,827	7,985
Provisions	4,046	4,235	4,692	4,826	4,776	5,424	5,807	5,990
Deferred tax	12,460	9,261	9,241	12,326	14,116	12,992	14,430	15,332
Liabilities going with businesses held for sale	1,426	1,348	–	191	–	–	–	–
	2,33,582	2,50,419	2,45,487	2,85,446	2,88,022	2,73,424	2,79,395	3,01,254
Held for sale or for a demerger	4,142	2,823	100	301	59	45	–	255
	1,74,591	1,91,687	1,85,275	1,92,889	2,01,356	2,02,875	2,11,003	2,28,734
Plant in use, after depreciation	1,18,451	1,28,054	1,28,454	1,24,504	1,27,919	1,31,124	1,33,303	1,59,951
Plant being built	17,957	18,862	18,129	21,228	30,308	33,370	40,602	27,510
Intangible assets	1,994	2,442	2,976	4,472	13,101	11,945	11,652	12,423
Goodwill	3,997	4,055	4,345	4,311	5,602	5,745	5,959	7,534
Intangible assets being developed	685	635	879	818	905	985	1,020	986
Investments	1,290	685	987	1,654	1,547	2,579	2,781	3,142
Stakes in joint ventures and associates	1,923	2,169	2,476	2,962	3,233	2,947	2,971	2,943
Loans given	613	489	337	72	65	73	115	126
Other financial assets	679	869	378	1,971	914	1,874	1,662	1,532
Deferred tax	809	1,270	1,578	3,024	2,626	4,111	3,936	4,739
Other assets	26,194	32,158	24,738	27,873	15,136	8,121	7,002	7,846
	54,849	55,909	60,112	92,256	86,606	70,504	68,392	72,265
Inventories	31,656	31,069	33,276	48,824	54,415	49,158	44,590	47,249
Trade receivables	11,811	7,885	9,540	12,246	8,257	6,264	5,260	4,917
Cash and cash equivalents	2,976	7,542	5,532	15,605	12,130	7,081	9,605	8,885
Other bank balances	366	513	250	294	1,227	1,597	2,042	1,173
Current investments	2,525	3,432	7,219	8,524	3,630	731	443	1,004
Loans given	240	216	65	6	2	2	5	3
Other financial assets	1,608	1,932	1,920	3,184	1,997	1,374	1,827	3,358
Tax paid in advance	134	143	157	62	118	80	80	76
Other assets	3,534	3,178	2,154	3,510	4,830	4,218	4,541	5,600
Net debt	85,279	1,01,803	68,900	51,138	67,906	77,673	82,711	81,321

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 6 May	Mar 2022Filed 4 May	Mar 2023Filed 3 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	44,327	44,381	21,683	20,301	23,512	35,064
	45,031	56,283	27,202	25,620	26,136	39,661
	16,491	−9,618	−3,707	3,384	2,207	5,442
Receivables	178	−6,220	3,394	2,599	1,137	−446
Inventories	46	−16,917	−4,031	5,566	4,776	1,290
Payables	16,267	13,519	−3,069	−4,781	−3,706	4,599
Tax paid	−704	−11,902	−5,519	−5,320	−2,624	−4,597
Capital spending	6,979	10,522	14,142	18,207	15,671	14,559
Free cash flow	37,348	33,859	7,541	2,094	7,841	20,505
	−9,323	−10,881	−18,680	−14,251	−14,173	−14,905
Plant and property sold	445	569	328	475	514	863
Companies bought	0	−53	−10,569	0	−6	−2,846
Interest received	266	137	248	333	242	650
Dividends received	135	162	317	336	294	408
	−37,090	−23,401	−6,981	−11,097	−7,002	−21,387
Borrowings raised	9,801	12,439	16,769	14,120	23,893	15,954
Borrowings repaid	−39,177	−26,360	−10,226	−11,751	−17,597	−23,897
Interest paid	−6,804	−4,687	−6,120	−8,145	−8,119	−8,066
Lease payments	0	0	0	0	−971	−1,162
Dividends paid	1,151	3,020	6,293	4,429	4,490	4,490
Shares bought back	0	0	0	0	0	0
Shares issued	3,239	326	1	0	0	0
Net change in cash	−2,086	10,099	−3,977	−5,048	2,337	−1,228

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Tata Steel dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 30 Jun	Mar 2021Filed 6 May	Mar 2022Filed 4 May	Mar 2023Filed 3 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
	−₹4.48	₹12.81	₹8.78	–	₹6.38	₹33.24	₹7.17	−₹3.62	₹2.74	₹8.65
As stated that year	−₹44.77	₹128.12	₹87.75	–	₹63.78	₹332.35	₹7.17	−₹3.62	₹2.74	₹8.65
	−₹4.48	₹12.81	₹8.77	–	₹6.38	₹33.21	₹7.17	−₹3.62	₹2.74	₹8.65
As stated that year	−₹44.77	₹128.10	₹87.74	–	₹63.78	₹332.09	₹7.17	−₹3.62	₹2.74	₹8.65
	₹1.00	₹1.00	₹1.30	₹1.00	₹2.50	₹5.10	₹3.60	₹3.60	₹3.60	₹4.00
As declared that year	₹10.00	₹10.00	₹13.00	₹10.00	₹25.00	₹51.00	₹3.60	₹3.60	₹3.60	₹4.00
	–	–	₹60.20	₹61.10	₹61.99	₹93.71	₹84.41	₹73.78	₹73.09	₹81.90
On that year's share count	–	–	₹602.00	₹611.03	₹619.89	₹937.13	₹84.41	₹73.78	₹73.09	₹81.90
Dividend payout	–	–	14.6%	77.4%	40.0%	15.5%	50.2%	–	131.3%	46.2%
Shareholder yield	–	–	–	–	−2.1%	1.7%	4.9%	2.3%	2.3%	1.9%
Market cap at the year end (₹ crore)	46,881	55,461	62,735	32,463	97,757	1,59,678	1,27,735	1,94,556	1,92,546	2,39,509

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. As stated that year and earnings per share are left blank for the year to Mar 2020: the earnings per share stated does not match any profit the filing states over the shares in issue, and the share count barely moved during the period.

Ratios

Consolidated, years to March.Tata Steel PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 26 Apr	Mar 2020Filed 30 Jun	Mar 2021Filed 6 May	Mar 2022Filed 4 May	Mar 2023Filed 3 May	Mar 2024Filed 1 Jun	Mar 2025Filed 10 Jun	Mar 2026Filed 15 May
Revenue growth	0.2%	13.3%	–	−11.3%	–	56.1%	−0.2%	−5.8%	−4.6%	6.2%
Operating profit growth	–	28.7%	–	−40.6%	–	108.1%	−49.1%	−30.9%	13.4%	35.8%
Net profit growth	–	–	−48.8%	−87.1%	598.5%	409.8%	−80.7%	–	–	243.0%
Earnings per share growth	–	–	−31.5%	–	–	421.1%	−78.4%	–	–	215.7%
	–	–	14.8%	2.2%	10.1%	42.6%	8.1%	−4.5%	3.7%	11.2%
	–	–	–	−12.6 pts	8.0 pts	32.4 pts	−34.5 pts	−12.6 pts	8.3 pts	7.4 pts
From the net margin	–	–	–	–	–	24.7 pts	−33.3 pts	−12.4 pts	8.2 pts	7.4 pts
From asset turnover	–	–	–	–	–	15.9 pts	−0.7 pts	0.2 pts	−0.1 pts	0.1 pts
From borrowing	–	–	–	–	–	−8.2 pts	−0.5 pts	−0.4 pts	0.2 pts	−0.1 pts
Return on capital employed	–	–	13.6%	4.8%	13.3%	28.2%	12.1%	6.9%	8.0%	11.4%
Cash conversion	–	–	–	–	541.2%	106.3%	268.5%	–	740.8%	322.1%
Interest cover	2.2	2.9	2.9	1.2	2.8	10.0	3.6	1.7	2.0	3.1
Debt to equity	–	–	1.28	1.49	1.06	0.65	0.81	0.94	1.04	0.89
Receivable days	–	–	27	21	22	18	12	10	9	8
Inventory days	–	–	190	197	213	213	175	176	171	184
Payable days	–	–	130	136	166	161	122	127	113	136
Cash conversion cycle, days	–	–	87	82	69	71	66	59	67	56
Working capital days	–	–	0	9	−33	4	0	−10	−14	−21
Asset turnover	–	–	0.68	0.58	0.63	0.92	0.85	0.82	0.79	0.80
Assets per rupee of net worth	–	–	3.39	3.40	3.35	2.81	2.64	2.88	3.02	3.00
Sales per rupee of plant	–	–	1.33	1.09	1.22	1.96	1.90	1.75	1.64	1.45
Capital spending to depreciation	–	–	–	–	0.76	1.16	1.52	1.84	1.50	1.22
Plant being built, % of plant in use	–	–	15.2%	14.7%	14.1%	17.0%	23.7%	25.4%	30.5%	17.2%

Revenue growth and operating profit growth are left blank for the years to Mar 2019 and Mar 2021: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020 and Mar 2021: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.7%
Cash from operations against operating profit: 102.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	7.1%	8.2%	−1.6%
Profit growth, yearly rate	–	7.6%	7.2%
Return on equity, average	–	12.2%	3.5%
Return on capital employed, average	–	13.3%	8.8%
Operating margin, average	15.7%	15.1%	12.0%
Net margin, average	5.0%	4.9%	1.3%
Asset turnover, average	–	0.83	0.80
Cash conversion cycle, days, average	–	64	61
Interest cover, average	3.2	4.1	2.3
Debt to equity, average	–	0.86	0.96

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,44,941	78,877	35,064
Cash from investing	−72,891	−43,329	−14,905
Cash from financing	−69,868	−39,487	−21,387
Capital spending	73,101	48,436	14,559
Dividends paid	22,721	13,409	4,490
Shares bought back	0	0	0
Shares issued for cash	327	0	0
Borrowings raised	83,175	53,967	15,954
Borrowings repaid	89,830	53,244	23,897

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	8	3	3	8	8
Altman Z-scorePublished threshold 1.81	–	–	1.61	1.15	1.63	2.62	1.99	1.90	1.95	2.12
Beneish M-scorePublished threshold −1.78	–	–	–	–	−3.05	−2.17	−2.89	−3.21	−2.95	−3.00
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−10.81	3.11	1.77	−3.90	−2.23	−3.19
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.90	1.92	10.33	8.62
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−21.92	9.20	−27.72	−32.33	−18.32	−11.38	−12.75
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	3.58	8.04	0.12	−24.20	0.34	−2.51	7.42
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.02	−0.65	1.04	0.08	−0.56	0.35	1.11
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	1.05	1.88	4.12	2.38	2.55	3.22	0.71
Effective tax ratePublished threshold 17.16 per cent	112.65	16.27	42.84	–	41.83	17.10	57.02	–	63.72	32.58
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−6.91	26.05	–	31.80	3.12

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
8 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AA+Review, Re-affirm	Stable	3,000
8 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AA+Review, Re-affirm	Stable	16,165
30 Jun 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		1,000
3 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	WDReview, Other		670
3 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Non-convertible debentures	IND AAAReview, Re-affirm	Stable	2,150
3 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Bank loan facilities	IND AAA; IND A1+Review, Re-affirm	Stable	50,330.52
3 Dec 2025	India Ratings and Research Private Limited (opens in a new tab)	Commercial paper	IND A1+Review, Re-affirm		20,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.

10 years at a glance

Revenue, net profit and borrowings, ₹ crore

Operating and net margin, per cent

Results for the year to Mar 2026

From revenue to net profit

What the company owns

What pays for it: net worth and liabilities

Tata Steel business segments, year to Mar 2026

Revenue by segment

Profit by segment

Segment results by year

Tata Steel India

Tata Steel Netherlands Operations

Other Trade Related Operations

Tata Steel UK Operations

Other Indian Operations

South East Asian Operations

Neelachal Ispat Nigam Limited

Rest of the World