Financials Tata Steel Limited

Equities

500470

INE081A01020

Iron & Steel

Market Closed - Bombay S.E. Other stock markets 03:55:00 13/02/2026 pm IST			5-day change	1st Jan Change
203.20 ^INR	-2.35%		+3.12%	+12.86%

10/02	Indian Markets Extend Gains for Third Session On Tuesday Amid Positive Global Cues	MT
09/02	Jefferies Adjusts Tata Steel's Price Target to INR240 from INR230, Keeps at Buy	MT

Projected Income Statement: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	15,62,942	24,39,592	24,33,527	22,91,708	21,85,425	23,24,359	25,24,035	26,37,728
Change	-	56.09%	-0.25%	-5.83%	-4.64%	6.36%	8.59%	4.5%
EBITDA ¹	3,05,043	6,34,900	3,23,002	2,23,059	2,52,984	3,43,553	4,28,567	4,66,630
Change	-	108.13%	-49.13%	-30.94%	13.42%	35.8%	24.75%	8.88%
EBIT ¹	2,12,706	5,43,891	2,29,650	1,24,237	1,48,771	2,28,981	3,08,608	3,41,413
Change	-	155.7%	-57.78%	-45.9%	19.75%	53.91%	34.77%	10.63%
Interest Paid ¹	-76,067	-54,622	-62,987	-75,076	-73,410	-74,517	-72,871	-69,367
Earnings before Tax (EBT) ¹	1,38,437	5,02,269	1,82,351	-11,470	84,129	1,61,588	2,49,836	2,83,174
Change	-	262.81%	-63.69%	-106.29%	833.44%	92.07%	54.61%	13.34%
Net income ¹	74,902	4,01,539	87,604	-44,374	34,205	1,15,381	1,75,990	1,99,239
Change	-	436.08%	-78.18%	-150.65%	177.08%	237.32%	52.53%	13.21%
Announcement Date	05/05/21	03/05/22	02/05/23	29/05/24	12/05/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	2,42,885	3,71,540	3,95,940	4,99,774	5,33,718	6,02,828	3,19,642	6,93,235	6,34,301	5,98,775	5,70,836	6,29,615	5,94,897	5,56,819	5,53,119	5,86,873	5,47,714	5,39,047	5,36,483	5,62,181	5,31,781	5,62,891	5,75,452	6,43,100
Change	-	52.97%	6.57%	26.22%	6.79%	12.95%	-46.98%	116.88%	-8.5%	-5.6%	-4.67%	10.3%	-5.51%	-6.4%	-0.66%	6.1%	-6.67%	-1.58%	-0.48%	4.79%	-5.41%	5.85%	2.23%	11.76%
EBITDA ¹	5,055	61,108	82,830	1,41,841	1,61,106	1,64,561	1,58,941	1,50,296	1,49,728	60,603	40,478	72,192	51,739	42,678	62,636	66,006	66,945	61,413	59,035	65,592	74,275	83,633	80,344	97,900
Change	-	1,108.83%	35.55%	71.24%	13.58%	2.14%	-3.42%	-5.44%	-0.38%	-59.52%	-33.21%	78.35%	-28.33%	-17.51%	46.76%	5.38%	1.42%	-8.26%	-3.87%	11.11%	13.24%	12.6%	-3.93%	21.85%
EBIT ¹	-16,053	38,496	67,040	1,17,917	1,37,860	1,41,673	1,37,092	1,27,862	1,30,041	40,418	19,501	48,370	27,616	17,880	38,415	40,327	41,590	35,445	33,343	38,392	46,832	50,246	50,502	-
Change	-	339.81%	74.14%	75.89%	16.91%	2.77%	-3.23%	-6.73%	1.7%	-68.92%	-51.75%	148.04%	-42.91%	-35.26%	114.85%	4.98%	3.13%	-14.78%	-5.93%	15.14%	21.98%	7.29%	0.51%	-
Charge d'intérêts	-19,983	-19,402	-17,779	-18,663	-18,114	-10,198	-	-10,985	-12,181	-15,191	-	-17,936	-18,252	-19,594	-18,808	-18,422	-17,767	-19,714	-18,041	-17,888	-	-	-18,300	-18,600
Earnings before Tax (EBT) ¹	-33,526	22,483	55,607	93,569	1,19,545	1,41,196	1,02,627	1,18,650	1,19,063	26,051	4,030	33,208	18,554	-67,392	19,279	18,089	23,768	21,643	16,720	21,997	30,671	-	37,138	53,600
Change	-	167.06%	147.33%	68.27%	27.76%	18.11%	-27.32%	15.61%	0.35%	-78.12%	-84.53%	724.07%	-44.13%	-463.23%	128.61%	-6.17%	31.4%	-8.94%	-22.75%	31.56%	39.43%	-	-	44.32%
Net income ¹	-44,166	15,654	40,110	66,442	89,070	1,19,181	76,834	97,562	77,650	15,144	-22,238	17,049	6,340	-61,962	5,134	6,115	9,596	8,334	3,266	13,008	20,777	28,467	23,124	35,200
Change	-	135.44%	156.23%	65.65%	34.06%	33.81%	-35.53%	26.98%	-20.41%	-80.5%	-246.84%	176.66%	-62.82%	-1,077.4%	108.29%	19.11%	56.93%	-13.15%	-60.81%	298.24%	59.72%	37.01%	-18.77%	52.22%
Announcement Date	13/08/20	13/11/20	09/02/21	05/05/21	12/08/21	11/11/21	04/02/22	03/05/22	25/07/22	31/10/22	06/02/23	02/05/23	24/07/23	01/11/23	24/01/24	29/05/24	31/07/24	06/11/24	27/01/25	12/05/25	30/07/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2022 S1
Net sales	-
Change	-
EBITDA ¹	3,25,667
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	11/11/21

¹INR in Million

Estimates

Forecast Balance Sheet: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	6,74,789	5,11,380	7,16,989	8,00,013	8,47,534	8,01,778	7,31,723	6,53,062
Change	-	-24.22%	40.21%	11.58%	5.94%	-5.4%	-8.74%	-10.75%
Announcement Date	05/05/21	03/05/22	02/05/23	29/05/24	12/05/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	69,786	1,05,222	1,41,425	1,82,066	1,56,705	1,51,823	1,70,444	1,76,736
Change	-	50.78%	34.41%	28.74%	-13.93%	-3.12%	12.27%	3.69%
Free Cash Flow (FCF) ¹	3,73,481	3,38,588	7,541	20,941	78,413	1,41,601	1,81,336	2,08,117
Change	-	-9.34%	-97.77%	177.7%	274.45%	80.58%	28.06%	14.77%
Announcement Date	05/05/21	03/05/22	02/05/23	29/05/24	12/05/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	19.52%	26.02%	13.27%	9.73%	11.58%	14.78%	16.98%	17.69%
EBIT Margin (%)	13.61%	22.29%	9.44%	5.42%	6.81%	9.85%	12.23%	12.94%
EBT Margin (%)	8.86%	20.59%	7.49%	-0.5%	3.85%	6.95%	9.9%	10.74%
Net margin (%)	4.79%	16.46%	3.6%	-1.94%	1.57%	4.96%	6.97%	7.55%
FCF margin (%)	23.9%	13.88%	0.31%	0.91%	3.59%	6.09%	7.18%	7.89%
FCF / Net Income (%)	498.62%	84.32%	8.61%	-47.19%	229.24%	122.72%	103.04%	104.46%
Profitability
ROA	3.27%	15.13%	3.06%	-1.58%	1.35%	6.13%	8.64%	8.88%
ROE	10.97%	42.56%	8.05%	-4.55%	4.09%	12.49%	16.72%	16.91%
Financial Health
Leverage (Debt/EBITDA)	2.21x	0.81x	2.22x	3.59x	3.35x	2.33x	1.71x	1.4x
Debt / Free cash flow	1.81x	1.51x	95.08x	38.2x	10.81x	5.66x	4.04x	3.14x
Capital Intensity
CAPEX / Current Assets (%)	4.47%	4.31%	5.81%	7.94%	7.17%	6.53%	6.75%	6.7%
CAPEX / EBITDA (%)	22.88%	16.57%	43.78%	81.62%	61.94%	44.19%	39.77%	37.87%
CAPEX / FCF (%)	18.69%	31.08%	1,875.41%	869.42%	199.85%	107.22%	93.99%	84.92%
Items per share
Cash flow per share ¹	37.74	36.71	17.75	16.27	18.85	22.01	29.3	30.27
Change	-	-2.75%	-51.65%	-8.3%	15.82%	16.76%	33.14%	3.32%
Dividend per Share ¹	2.5	5.1	3.6	3.6	3.6	3.673	3.961	4.199
Change	-	104%	-29.41%	0%	0%	2.04%	7.82%	6.01%
Book Value Per Share ¹	63.22	94.65	84.41	73.78	73.09	79.41	89.15	100.7
Change	-	49.73%	-10.82%	-12.59%	-0.94%	8.65%	12.26%	13.01%
EPS ¹	6.378	33.21	7.17	-3.62	2.74	9.548	13.96	15.71
Change	-	420.68%	-78.41%	-150.49%	175.69%	248.46%	46.18%	12.58%
Nbr of stocks (in thousands)	1,19,85,893	1,22,16,159	1,22,22,312	1,24,83,532	1,24,83,527	1,24,83,527	1,24,83,527	1,24,83,527
Announcement Date	05/05/21	03/05/22	02/05/23	29/05/24	12/05/25	-	-	-