Tata Steel Limited (TATASTEEL) — Financial Results

Investor Takeaways

Revenue of ₹57,002.4 Cr in Q3FY26, up from ₹53,178.12 Cr in Q1FY26, indicating sequential growth.

Net profit of ₹2,730.37 Cr in Q3FY26, compared to ₹2,007.36 Cr in Q1FY26, reflecting improved profitability.

OPM of 14.38% in Q3FY26, higher than 13.97% in Q1FY26, suggesting better operational efficiency.

⚠️ No specific risks identified in this filing.

Overall Tone: Neutral based on the numbers only.

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹57,002.4 Cr	N/A
Net Profit	₹2,730.37 Cr	N/A
EBITDA	N/A	N/A
EPS	₹2.16	N/A
OPM	14.38%	N/A

What Changed

The filing confirms the availability of the audio-video recording of the earnings discussion for Q4FY26 and FY26, following board approval of the March 31, 2026 financial results. The quarterly trend shows revenue increasing from ₹53,178.12 Cr in Q1FY26 to ₹57,002.4 Cr in Q3FY26, while net profit rose from ₹2,007.36 Cr to ₹2,730.37 Cr over the same period. OPM improved from 13.97% in Q1FY26 to 14.38% in Q3FY26, indicating marginal gains in operational efficiency. EPS increased from ₹1.67 in Q1FY26 to ₹2.16 in Q3FY26. The company’s full-year performance for FY26 remains under review, with no consolidated annual figures provided in this release. The data reflects a consistent upward trajectory in revenue and profitability across the reported quarters, though the YoY change cannot be calculated without the corresponding prior-year figures.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Tata Steel Limited (TATASTEEL)	29.46	10.06%	10.86%	2,70,692.8
Adani Enterprises Limited (ADANIENT)	34.61	11.54%	9.63%	3,50,878.2
JSW Steel Limited (JSWSTEEL)	41.9	9.37%	10.23%	3,12,724.65
Hindustan Zinc Limited (HINDZINC)	28.7	N/A	N/A	2,69,490.85

Tata Steel’s P/E ratio is lower than Adani Enterprises and JSW Steel, suggesting relatively lower valuation expectations. Its ROE and ROCE are comparable to peers, with ROE slightly below Adani Enterprises but above JSW Steel. Market capitalization is lower than Adani Enterprises and JSW Steel but nearly identical to Hindustan Zinc.