However, PAT fell 13% sequentially from Rs 3,102 crore in Q2FY26, amid a 3% decline in revenue from Rs 58,689 crore in the July-September quarter of FY26.Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 8,309, up 39% year-on-year, while margin was reported around 15%.
Tata Steel’s revenues in India were Rs 35,725 crores and EBITDA was Rs 8,291 crores, which translates to a margin of 23%. Crude steel production rose 12% year-on-year to 6.34 million tonnes. The company claimed the improved production led to ‘best ever quarterly deliveries’ of 6.04 million tonnes, up 14% year-on-year.
Dutch turnover amounted to € 1,354 million and EBITDA € 55 million. Liquid steel production was 1.68 million tons and deliveries were 1.40 million tons.
Meanwhile, UK revenues were £468 million and EBITDA losses were £63 million. Deliveries amounted to 0.52 million tonnes and were affected by weak demand and steady imports. The company spent Rs 3,291 crores on capital expenditure during the quarter and Rs 10,370 crores in 9MFY26.
Net debt declined by Rs 5,206 crores quarter-on-quarter to Rs 81,834 crores.
In December 2025, Tata Steel’s board confirmed the long-term growth strategy for the Indian operations, with the company saying it will prioritize investments for volume growth, a value-added downstream portfolio, identified mining assets and infrastructure to meet the needs of the Indian operations.
As part of the above objective, Tata Steel has acquired its stake in the color coated business Tata Steel Colors Pvt Ltd. consolidated. The company also completed the acquisition of 50.01% stake in Thriveni Pellets Private Limited, which in turn owns 100% equity stake in Brahmani River Pellets Private Limited.
Management speaks
Commenting on the third quarter earnings results, Chief Executive Officer and Managing Director TV Narendran said the company’s global operating environment continues to be defined by tariffs, geopolitical shifts and policy differences.
Steel markets were impacted by increased exports of finished steel from China, which exceeded the 2015 peak at 119 million tonnes. Against this backdrop, Tata Steel posted a strong performance in the quarter, with crude steel production in India rising 12%, while deliveries grew faster at 14% year-on-year, crossing the 6 million tonne mark for the first time in a quarter. We continued to strengthen our market leadership in selected segments, supported by capacity expansion and a focused downstream strategy,” said Narendran. Automotive volumes grew 20% year-on-year, while the retail vertical sector gained, he added.
“In our overseas operations, deliveries were 0.52 million tonnes in the UK and 1.40 million tonnes in the Netherlands. Supportive policy frameworks are critical for the transition to a more sustainable business model. While recent progress in Europe has supported sentiment, the UK market remains under pressure and the quota framework needs to be reviewed to reflect underlying market conditions,” said the CEO and MD.
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