Earnings · Tata Steel
Tata Steel moved its Q2 board meeting from 27 October to Saturday, 7 November 2026. Here are the date, the numbers it has to beat, the profit-definition traps and a simple way to read the result when it is filed.
Quick answer
Tata Steel Q2 results FY27 are due on Saturday, 7 November 2026, not 27 October, after the board meeting was postponed on 24 October. The base to beat is Rs 58,689 crore revenue, Rs 9,106 crore EBITDA and Rs 3,102 crore net profit to owners from Q2 FY26, as of 28 October 2026.
Latest update (28 October 2026, 6:30 PM IST): Tata Steel told the exchanges on 24 October 2026 that its board meeting for Q2 and H1 FY27 results moved from Tuesday, 27 October to Saturday, 7 November 2026. I did not find a published Q2 FY27 analyst consensus as of this update.
Key takeaways
- Date: the board meets on Saturday, 7 November 2026; the original date was Tuesday, 27 October 2026.
- Base to beat: Q2 FY26 EBITDA was Rs 9,106 crore; Q1 FY27 EBITDA was Rs 9,370 crore.
- Profit trap: Q1 FY27 profit was Rs 2,385 crore including minority interest and Rs 2,318 crore to owners, about 25% below the Q2 FY26 profit base.
- Europe: Netherlands EBITDA fell to €4 million in Q1 FY27 from €92 million in Q2 FY26 after a plant closure.
- Dividend: no interim payout in the records I saw; the FY26 final was Rs 4 per share.
In plain words: Tata Steel reports every quarter. This page tells you when the September-quarter result is due, which year-ago numbers it will be compared with, and which profit figure to use so you do not mix them up.
Data note: as of Wednesday, 28 October 2026, 6:30 PM IST. Company figures come from Tata Steel’s press releases for Q1 FY27, Q1 FY26 and H1 FY26; the new board date comes from a report of the company’s 24 October 2026 exchange intimation. Q2 FY27 numbers are not reported yet. Where sources differ, I say so.
When are Tata Steel Q2 results FY27 due?
Saturday, 7 November 2026, according to Tata Steel’s 24 October 2026 exchange intimation as reported by PSU Connect.
The board will consider audited standalone and unaudited consolidated results for the quarter and half-year ended 30 September 2026. The earlier date was Tuesday, 27 October 2026. The notice said the meeting was postponed due to “unavoidable circumstances” and gave no further detail in the report I read. So the reason is not confirmed.
The trading window for company insiders has been closed since 24 September 2026 and reopens 48 hours after the results are declared. That is a compliance step, not a signal about the numbers.
Tata Steel Q2 results FY27: what changed and when
| Quarter | Board date | Weekday | Status |
|---|---|---|---|
| Q2 FY26 (September 2025) | 12 November 2025 | Wednesday | Filed; this is the year-ago base |
| Q4 FY26 (March 2026) | 15 May 2026 | Friday | Filed; final dividend of Rs 4 recommended |
| Q1 FY27 (June 2026) | 30 July 2026 | Thursday | Filed; earnings call on 31 July 2026 |
| Q2 FY27 (September 2026) | 7 November 2026 | Saturday | Rescheduled from 27 October 2026 |
One data aggregator’s calendar still listed a projected 11 November 2026 date when I checked. Projected dates are estimates, not filings, so rely on the company’s notice. Because 7 November is a Saturday, regular markets are closed. Our Muhurat trading 2026 guide lists a special session on Sunday, 8 November 2026 and a market holiday on 10 November; confirm both in the exchange circular. Track every other date on the results calendar hub.
What numbers does Tata Steel have to beat?
Revenue of Rs 58,689 crore, EBITDA of Rs 9,106 crore and net profit to owners of Rs 3,102 crore, all from Q2 FY26, with Q1 FY27 EBITDA of Rs 9,370 crore as the current run-rate.
| Metric (consolidated, Rs crore) | Q2 FY26 (year-ago base) | Q1 FY27 | Gap, Q1 FY27 minus base | Why it matters |
|---|---|---|---|---|
| Revenue from operations | 58,689 | 60,794 | +2,105 (+3.6%) | Volume and price both feed this line |
| EBITDA | 9,106 | 9,370 | +264 (+2.9%) | The main operating mark in the release |
| Profit before tax (reported) | 4,222 | 3,838 | -385 (-9.1%) | Q1 FY27 carries a Rs 345 crore exceptional loss |
| Profit after tax, incl. minority | 3,183 | 2,385 | -798 (-25.1%) | Group profit before the minority split |
| Net profit to owners | 3,102 | 2,318 | -783 (-25.3%) | The figure behind earnings per share |
| Net debt | 87,040 | 84,173 | -2,867 | Lower is better; Q1 FY27 ratio was 2.3x |
Cite this table: PositionalCalls, “PositionalCalls Tata Steel Q2 FY27 Base-to-Beat Table, as of 28 October 2026”.
The gap column is my calculation. It reads across two different quarters, so it is a guide, not a seasonal comparison. The year-on-year test for Tata Steel Q2 results FY27 uses the base column. The pattern matters: Q1 FY27 EBITDA was 2.9% above the base, yet profit to owners was about 25% below it. The difference sits below EBITDA, in tax, interest, depreciation and one-offs.
The base was also a strong one. Q2 FY26 profit to owners of Rs 3,101.75 crore came in about 13% above the Bloomberg consensus of Rs 2,739.6 crore reported by Business Standard (my calculation), so Q2 FY27 starts against a high bar.
Which Tata Steel profit number is the right one?
Use Rs 2,318.35 crore (net profit attributable to owners) for per-share comparisons and Rs 2,385.24 crore (profit after tax including minority interest) for the group total; both are Q1 FY27 consolidated.
Pages mix these up all the time. Tata Steel’s press release headline table shows “Reported Profit after Tax”, which includes minority interest. News stories and data sites often quote the owners’ figure instead.
| Profit definition (consolidated, Rs crore) | Q2 FY26 | Q1 FY27 | Q1 FY26 | Where you see it |
|---|---|---|---|---|
| Profit after tax, incl. minority | 3,183.09 | 2,385.24 | 2,007.36 | Press release table |
| Net profit attributable to owners | 3,101.75 | 2,318.35 | 2,077.68 | News and data sites |
| Minority share (difference, my calculation) | 81.34 | 66.89 | -70.32 | Not shown on its own |
| Diluted EPS (Rs) | 2.49 | 1.86 | 1.67 | Per-share data pages |
Cite this table: PositionalCalls, “PositionalCalls Tata Steel Three-Profit Definitions Table, as of 28 October 2026”.
Other numbers that do not match across pages
- Revenue: the company and the BSE disclosure show Rs 60,794 crore for Q1 FY27. One broker-data page showed Rs 60,412 crore. I use the company figure.
- EBITDA: the company reports Rs 9,370 crore. A Motilal Oswal summary shows Rs 9,260 crore, which is the broker’s adjusted basis.
- Net profit: one aggregator showed Rs 2,289 crore for Q1 FY27. I could not trace that to the company release, so I do not use it.
- Q4 FY26: Rs 2,965 crore is profit after tax and Rs 2,926 crore is profit to owners; both appear as “net profit” on different pages.
Q1 FY27 bridge from EBITDA to profit
| Step (Rs crore) | Q1 FY27 | Note |
|---|---|---|
| EBITDA | 9,370 | Company-reported |
| Less depreciation, interest and other items | 5,187 | My balancing figure |
| Profit before tax and exceptional items | 4,183 | Company table |
| Less exceptional loss | 345 | Company table |
| Profit before tax | 3,837.53 | Reported; rounding differs by under 1 |
| Less tax and other items | 1,452.29 | My calculation |
| Profit after tax | 2,385.24 | Reported |
| Less minority share | 66.89 | My calculation |
| Net profit to owners | 2,318.35 | Reported |
The exceptional loss was Rs 345 crore in Q1 FY27, against Rs 340 crore in Q4 FY26 and Rs 132 crore in Q1 FY26. I do not estimate its after-tax effect because the release does not give the tax treatment. Watch whether Q2 shows a similar charge.
How did Q1 FY27 set up the Q2 base?
India was strong, Europe was weak: consolidated EBITDA minus India EBITDA swung from plus Rs 452 crore in Q2 FY26 to minus Rs 538 crore in Q1 FY27.
Tata Steel reports India, the Netherlands and the UK separately. India includes Tata Steel standalone and Neelachal Ispat Nigam Limited (NINL) on a pro forma basis.
| Region | Q2 FY26 (base) | Q1 FY27 | Change | Note |
|---|---|---|---|---|
| India revenue (Rs crore) | 34,787 | 36,989 | +2,202 (+6.3%) | Deliveries 5.17 mt in Q1 FY27 |
| India EBITDA (Rs crore) | 8,654 | 9,908 | +1,254 (+14.5%) | Rs 19,162 per tonne in Q1 FY27 |
| Netherlands revenue | €1,551 million | €1,445 million | -€106 million (-6.8%) | Direct Sheet Plant closed |
| Netherlands EBITDA | €92 million | €4 million | -€88 million | Trial runs under way, per company |
| UK revenue | £505 million (my calculation) | £484 million | -£21 million | H1 £1,041m less Q1 £536m |
| UK EBITDA | -£66 million | -£27 million | Loss narrowed £39 million | Safeguard measures helping |
Cite this table: PositionalCalls, “PositionalCalls Tata Steel Regional Base Table, as of 28 October 2026”.
The non-India gap, in one table
| Quarter | Consolidated EBITDA (Rs crore) | India EBITDA (Rs crore) | Gap (consolidated minus India) |
|---|---|---|---|
| Q1 FY26 | 7,480 | 7,486 | -6 |
| Q2 FY26 | 9,106 | 8,654 | +452 |
| Q4 FY26 | 9,953 | 9,841 | +112 |
| Q1 FY27 | 9,370 | 9,908 | -538 |
Cite this table: PositionalCalls, “PositionalCalls Tata Steel Non-India Gap Table, as of 28 October 2026”.
My calculation: the gap moved by Rs 990 crore between the Q2 FY26 base and Q1 FY27 (from +452 to -538). For Tata Steel Q2 results FY27 to show EBITDA growth, India has to offset whatever Europe still drags. Consolidated EBITDA per tonne was Rs 12,898 in Q1 FY27, against Rs 11,410 in Q4 FY26 and Rs 10,503 in Q1 FY26.
The company also said India production and deliveries, hit by maintenance shutdowns at Meramandali and Kalinganagar, are expected to normalise in the coming quarters. Domestic deliveries still grew 11% year on year to 4.85 million tonnes. See how another metals name set up its quarter in our JSW Steel results analysis and Hindalco results analysis.
What do management and analysts say about Q2?
Management guided to a fall of about Rs 1,500 per tonne in domestic realisation, higher coking-coal costs and a better UK price; I found no published Q2 consensus as of 28 October 2026.
The points below come from a Motilal Oswal report dated 1 August 2026 as summarised by DSIJ, which relay management commentary. I did not open the original PDF, so treat them as single-source.
- Domestic net sales realisation is expected to fall about Rs 1,500 per tonne from Q1 because monsoon weakens long-product prices.
- Coking-coal consumption cost is expected to rise about USD 5 per tonne in India and about USD 10 per tonne in the Netherlands.
- UK realisation is expected to improve by GBP 70 to 80 per tonne, partly offset by higher substrate cost.
- Management aims for UK EBITDA breakeven in H2 FY27, subject to market conditions.
- Netherlands profit should improve sequentially after the plant restart, but stay below normal levels.
One reported estimate, not consensus
The same broker estimates FY27 consolidated EBITDA at Rs 40,300 crore and adjusted profit after tax at Rs 13,200 crore. My calculation: after Q1’s Rs 9,370 crore, that implies about Rs 10,310 crore of EBITDA a quarter for Q2 to Q4 ((40,300 minus 9,370) divided by 3). That is above the Q1 run-rate, so the estimate already assumes Europe and volumes improve. The broker’s Q1 base was Rs 9,260 crore, so the true implied figure is slightly different.
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What could Q2 EBITDA look like? A sensitivity table
Under my simple arithmetic, Tata Steel Q2 results FY27 could show consolidated EBITDA between about Rs 8,600 crore and Rs 10,200 crore depending on volumes and Europe; this is a sensitivity, not a forecast.
Assumptions: India EBITDA per tonne starts at Q1’s Rs 19,162 and falls by the guided Rs 1,500 to Rs 17,662, before the extra coking-coal cost, currency effects and stock changes. The non-India gap stays at minus Rs 538 crore unless stated. The 5.80 million tonne case is my assumption, between Q1’s 5.17 million and Q4 FY26’s 6.19 million.
| Scenario | India deliveries (mt) | EBITDA per tonne (Rs) | India EBITDA (Rs crore) | Consolidated EBITDA vs 9,106 base |
|---|---|---|---|---|
| A: volumes flat | 5.17 | 17,662 | 9,131 | 8,593 (-5.6%) |
| B: volumes normalise | 5.80 | 17,662 | 10,244 | 9,706 (+6.6%) |
| C: normalise, extra cost Rs 1,000 per tonne | 5.80 | 16,662 | 9,664 | 9,126 (+0.2%) |
| D: B with Europe at breakeven | 5.80 | 17,662 | 10,244 | 10,244 (+12.5%) |
Cite this table: PositionalCalls, “PositionalCalls Tata Steel Q2 FY27 EBITDA Sensitivity Table, as of 28 October 2026”.
For Tata Steel Q2 results FY27, volume recovery matters more than the Rs 1,500 price fall. Scenario A shows what happens if deliveries stay stuck. Scenario D shows the upside if the Netherlands plant restarts cleanly. Real results can fall outside this range.
Will there be a Tata Steel dividend?
Alongside Tata Steel Q2 results FY27, the records I checked show one final dividend a year, not an interim one; the FY26 final was Rs 4 per share with a 12 June 2026 record date and payment from 6 July 2026.
| Financial year | Dividend per share | Type | Ex-date or record date |
|---|---|---|---|
| FY26 | Rs 4.00 | Final | Record date 12 June 2026 |
| FY25 | Rs 3.60 | Final | Ex-date 6 June 2025 |
| FY24 | Rs 3.60 | Final | Ex-date 21 June 2024 |
| FY23 | Rs 3.60 | Final | Ex-date 22 June 2023 |
Cite this table: PositionalCalls, “PositionalCalls Tata Steel Dividend History Table, as of 28 October 2026”.
One aggregator listed 25 June 2026 as the record date. That matches the AGM e-voting cut-off date reported for the 2 July 2026 meeting, not the dividend record date. Only the board can announce a Q2 dividend; I will update this page if it does.
Worked example, my calculation: 500 shares at Rs 4 pay Rs 2,000 before tax; 5,000 shares pay Rs 20,000 before tax. For TDS and how dividends are taxed, read our capital gains tax on shares guide and check the current rules. NRI holders should also see our NRI investment guide.
Results-day decoder: what to read first
For Tata Steel Q2 results FY27, read consolidated EBITDA first, then India EBITDA per tonne, then Netherlands and UK, and only then the profit line.
| What to read | Mark to beat | Question to ask |
|---|---|---|
| Consolidated EBITDA | Rs 9,106 crore (year-ago); Rs 9,370 crore (Q1) | Did India offset Europe? |
| India EBITDA per tonne | Rs 19,162 (Q1) | Was the fall near the guided Rs 1,500? |
| India deliveries | 5.17 mt (Q1); 6.19 mt (Q4 FY26) | Did maintenance-hit volumes normalise? |
| Netherlands EBITDA | €4 million (Q1); €92 million (year-ago) | Has the Direct Sheet Plant restarted? |
| UK EBITDA | -£27 million (Q1); -£66 million (year-ago) | Is breakeven in H2 FY27 still on track? |
| Net debt | Rs 84,173 crore; 2.3x | Did working capital ease? |
| Exceptional items | Rs 345 crore loss (Q1) | One-off or repeating? |
| Profit to owners | Rs 3,102 crore (year-ago) | Which profit definition does the headline use? |
Cite this table: PositionalCalls, “PositionalCalls Tata Steel Results-Day Decoder, as of 28 October 2026”.
How to read the result and what to avoid
To read Tata Steel Q2 results FY27, use the exchange filing and the company press release, and ignore any message that offers the result early.
- Open the BSE or NSE corporate announcements page for Tata Steel and find the results filing.
- Read the consolidated table before the standalone one.
- Match each headline to the profit table above, so you know which definition it uses.
- Compare EBITDA, India per-tonne EBITDA, Netherlands and UK with the decoder.
- Check the press release on Tata Steel’s website for the management commentary.
- Note any dividend or capex announcement and its record date.
What it costs and what to avoid
Reading the result costs nothing. Dealing costs depend on your broker, so check the current charges schedule. Fake result alerts, “sure-shot” tips, links asking for OTP or KYC details, and fake allotment or app-download pages circulate around big results days. Never share an OTP and never act on a screenshot.
What most people miss
Analyst’s note
- What stands out: EBITDA sits above the year-ago base but profit sits about 25% below it, so the gap is below EBITDA.
- Easy to miss: the Rs 990 crore swing in non-India EBITDA against the base year.
- What would change the view: a clean Netherlands restart, deliveries back above 6 million tonnes, or a realisation fall larger than Rs 1,500 per tonne.
- Caution: the scenarios are my own arithmetic, not targets or advice. This note is reasoning from the filings.
- Reader action: when Tata Steel Q2 results FY27 are filed on 7 November, match each headline number to the definitions table before comparing.
Bottom line
Tata Steel Q2 results FY27 are due on Saturday, 7 November 2026. The year-ago base is Rs 9,106 crore EBITDA and Rs 3,102 crore profit to owners. India strength against a Europe drag decides the quarter, and the profit definition decides the headline.
Next read: see all Q2 result dates on the calendar hub.
Part of the Earnings series.
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FAQs on Tata Steel Q2 results FY27
When are Tata Steel Q2 results FY27 due?
Tata Steel’s board will meet on Saturday, 7 November 2026 to consider audited standalone and unaudited consolidated results for the quarter and half-year ended 30 September 2026. The meeting was earlier set for Tuesday, 27 October 2026 and was postponed on 24 October 2026, as reported from the company’s exchange intimation.
Why were Tata Steel Q2 results postponed?
The company cited “unavoidable circumstances” in its 24 October 2026 intimation, as reported by PSU Connect, and gave no further reason in the sources I checked. Treat any specific reason you see elsewhere as unconfirmed until Tata Steel or the exchange filing states it.
What is the base to beat for Tata Steel Q2 results FY27?
The year-ago Q2 FY26 figures are revenue of Rs 58,689 crore, EBITDA of Rs 9,106 crore and net profit attributable to owners of Rs 3,102 crore. Q2 FY27 growth is measured against these figures, not against the Q1 FY27 numbers.
What were Tata Steel’s Q1 FY27 results?
For the June 2026 quarter Tata Steel reported consolidated revenue of Rs 60,794 crore, EBITDA of Rs 9,370 crore, profit after tax of Rs 2,385 crore and net profit to owners of Rs 2,318 crore, after an exceptional loss of Rs 345 crore.
Will Tata Steel declare a dividend with its Q2 FY27 results?
I found no interim dividend in the records I checked. Tata Steel’s recorded pattern is one final dividend a year; the FY26 final was Rs 4 per share with a 12 June 2026 record date and payment from 6 July 2026. Only a board announcement can confirm anything for Q2.
Which Tata Steel profit figure should I use, Rs 2,318 crore or Rs 2,385 crore?
Use Rs 2,318 crore (net profit attributable to owners) for per-share comparisons and Rs 2,385 crore (profit after tax including minority interest) for the group total. Both are Q1 FY27 consolidated figures, so always label which one you quote.
Why does the Netherlands matter in Tata Steel Q2 FY27 results?
Netherlands EBITDA fell to €4 million in Q1 FY27 from €92 million in Q2 FY26 after the Direct Sheet Plant closed. The company said trial runs are under way ahead of a restart, so the size of the Q2 recovery is a key line to check.
Regular trading is closed on Saturdays, so the first reaction would come in a later session. Our Muhurat trading guide lists a special session on Sunday, 8 November 2026; confirm timings in the NSE circular before acting on them.
Where can I read the official Tata Steel Q2 results?
Read the filing on the BSE and NSE corporate announcement pages and the press release on Tata Steel’s website. Compare the consolidated table with the base figures on this page, and ignore unofficial messages or screenshots that claim an early result.
Does this page give a Tata Steel Q2 results FY27 buy or sell call?
No. This is research and education, not advice. PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Use the numbers to frame questions and speak to a registered adviser before investing.
Sources
- Tata Steel press release, quarter ended 30 June 2026 (30 July 2026)
- Tata Steel press release, quarter and half-year ended 30 September 2025
- Tata Steel press release, quarter ended 30 June 2025
- Tata Steel exchange intimation of 24 October 2026, as reported by PSU Connect
- Business Standard, Q2 FY26 results and Bloomberg consensus, 12 November 2025
- Motilal Oswal report of 1 August 2026, as summarised by DSIJ
- Tata Steel FY26 dividend announcements of 15 May 2026, as reported by Arihant Capital and Business Today
Editorial disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls.com is an independent research and education site founded by Shubham Chaudhary. This page is not investment advice, a recommendation or a price target. How I researched this: I opened Tata Steel’s company press releases, cross-checked results and dividend details against news reports, and recalculated every derived figure; own calculations are labelled.
Shubham Chaudhary is the founder of PositionalCalls, an independent Indian stock market research website. He writes company fundamentals, quarterly results analysis, IPO analysis and sector research for NSE and BSE listed companies, with a focus on banking stocks, insurance and long-term value investing. Every article is built from primary sources such as RBI, SEBI, NSE and BSE filings and company annual reports, and states its risks plainly in simple language for retail investors.
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