Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Oct - Newspaper Advertisement - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
Tata Steel Limited (TATASTEEL)
Large CapMetals stocks · Large cap · NSE
Tata Steel Limited is a global steel producer with significant operations in India, UK, and Netherlands. The company is focused on scaling up capacity in India, driving sustainability initiatives, embracing digital transformation, and enhancing competitiveness through cost and efficiency programs.
₹174.04
-1.46 · -0.83%
Market cap ₹2,17,962 Cr
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result31 Jul, 12:32 am IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Metals P/E 23.2 (n=92)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -3.0% / mo · MACD −
Stock trend: 19
Sector RS: 50
Sector 3M: -4.5% vs Nifty 500 -5.6%
Metals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TATASTEELD candles · FIT view-17.2%Latest close ₹174.04 on 2026-10-19
Bar
-0.8%
RSI
39
MACD hist
-0.33
52W pos
22%
2026-10-19O ₹175.50H ₹176.40L ₹173.87C ₹174.04Vol 1.3Cr sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TATASTEELNifty MetalNifty 500
- TATASTEEL
- -6.6%
- Nifty 500
- -5.6%
- Nifty Metal
- -3.8%
- Vs Nifty 500
- -1.1 pp
Chart stats
19 Oct 2026- From 52W high
- -22.4%
- 52W range position
- 22%
- ATR (14)
- 2.4%
- Volume vs 20D
- 0.53x
- Avg traded value
- ₹416 Cr
- 20D price channel
- ₹170.2 - ₹191.8
₹224.4
₹160.1 - ₹224.4
₹4.3
Latest completed session
20-session average
24.1% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST39
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good55
Revenue +14.3% · PAT +18.8% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-0.8%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence80
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 55/100Rev +14% YoY · PAT +19% YoY · margin expansion
Filed 30 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹60,794 Cr | +14.3% | -3.9% |
| EBITDA | ₹9,264 Cr | +24.7% | -5.7% |
| Operating margin | 15.0% | +100 bps | -100 bps |
| PAT | ₹2,385 Cr | +18.8% | -19.6% |
| PAT margin | 3.9% | +15 bps | -77 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 18.40
- P/B
- 2.13
- EV/EBITDA
- 6.33
- Market Cap
- 217962.00Cr
Profitability
- ROE
- 11.70%
- ROCE
- 12.50%
- ROA
- 3.80%
- Dividend Y
- 2.29%
Growth (CAGR)
- Revenue 5Y
- 8.00%
- EPS 5Y
- 8.00%
- Revenue 3Y
- -2.00%
- EPS 3Y
- 10.00%
Balance Sheet
- Debt/Equity
- 0.90
- Interest Coverage
- 5.11×
- Altman Z
- 2.48
- Book Value
- 81.80
Cash Flow
- FCF Yield
- 9.48%
- FCF Positive Y
- 10/5
- OCF
- 35064.00 Cr
- EPS TTM
- 8.83
Shareholding
- Promoter Hold
- 32.94%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 22%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 139.7k+5.4% vs prev
Net Profit
₹ CrLatest: 16.1k+15.0% vs prev
Return on Equity
%Latest: 11.8+7.5% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 39. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~3.1% over last month) — short-term momentum negative.
- RSI(14) at 39 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 22% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
47
RS percentile
Stage 4 Downtrend
1M return
-6.2%
3M return
-6.6%
6M return
-18.3%
1Y return
-4.3%
RS 1D
-2
RS 20D
-3
Sector rank
#11
Industry rank
#13
Stage evidence
- Price is 10.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.4%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 107.13+0.20%
RS vs Nifty 500107
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 39 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation5/30
Growth9/25
Quality5/20
Balance Sheet5/15
Cash Flow10/10
Piotroski
8/9 (+5)
Penalties
0
Raw sum
39
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
39/100 · legacy band WATCHLIST
Positive drivers
- FCF yield is supportive at 9.5%.
- Piotroski is strong at 8/9.
- Cash flow contributes 10/10 to the score.
Main drags
- Fair-value margin of safety is negative at -0.8%.
- Valuation is weaker at 5/30; verify the latest quarterly trend.
- Quality is weaker at 5/20; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
18.4
PB
2.1
EV/EBITDA
6.3
ROE
11.7%
ROCE
12.5%
FCF Yield
9.5%
Debt/Equity
0.9
MoS
-0.8%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
39
Previous: 39
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-0.8%
Previous: -0.8%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
39
39
39
41
39
39
39
39
39
39
39
39
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹127.48
-36.5% MoS
Growth-justified P/E
19.6
Growth-justified Value
₹172.63
-0.8% MoS
PEG
2.09
Comparable companies
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
JSWSTEEL
Large
JSW Steel Limited
Steel
match 95
41
23.8
10.2%
-25%
WATCHLIST
JINDALSTEL
Large
JINDAL STEEL LIMITED
Steel
match 92
26
34.1
8.2%
-385%
OVERVALUED
SAIL
Mid
Steel Authority of India Limited
Steel
match 85
42
14.6
6.6%
-140%
WATCHLIST
MUKANDLTD
Small
Mukand Limited
Steel
match 77
56
4.2
5.6%
+89%
FAIR VALUE
JAIBALAJI
Micro
Jai Balaji Industries Limited
Steel
match 76
66
20.4
30.7%
+37%
UNDERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-07-07T00:40:43.292Z
Management commentary snapshot
Tata Steel reported robust FY2026 performance with deliveries up 3.26% YoY, revenues up 6.22% YoY, and EBITDA increasing 35.06% YoY, despite global headwinds. Profit after Tax and EPS also saw significant year-over-year growth.
While FY2026 results show strong growth in key operational and financial metrics, particularly EBITDA, the sustainability of these gains amidst 'global headwinds' and the impact of ongoing large-scale capacity expansion and decarbonization efforts warrant close monitoring. The significant cost transformation program is a positive, but its continued effectiveness is crucial.
Growth engines
India Capacity Expansion
Scaling up in India to capitalize on growth opportunity, targeting 40+ MTPA capacity from ~27.4 MTPA.
Downstream Product Investment
Investment in downstream products including Tubes (1.7 MTPA to 4 MTPA), Wires (0.6 MTPA to 1 MTPA), Tinplate (0.4 MTPA to 1 MTPA), and a 0.7 MTPA HRPGL complex.
Digital Platforms
Digital platforms achieved US$1 billion sales in FY2026, leveraging AI for efficiency and customer experience.
Capacity and execution
India Crude Steel Capacity
Targeting 40+ MTPA crude steel capacity in India from current ~27.4 MTPA.
NINL Expansion
4.8 MTPA expansion at Neelachal Ispat Nigam Limited (NINL).
TSM Finished Steel
2.5 MTPA finished steel expansion at Tata Steel Meramandali (TSM).
Maharashtra Greenfield Project
6.0 MTPA greenfield project in Maharashtra.
Headwinds
Global Headwinds
Consolidated EBITDA improved by ~320 bps YoY for FY2026 despite global headwinds.
Risk radar
Economic Conditions
Economic conditions affecting demand/supply and price conditions in domestic and overseas markets.
Regulatory and Environmental Changes
Changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare YOY
The presentation provides annual financial and operational data for FY2025 and FY2026, making year-over-year comparison the most appropriate basis for assessing performance trends and growth.
Sector KPIs management disclosed
Deliveries (million tons)
Deliveries increased to 31.97 million tons in FY2026 from 30.96 million tons in FY2025, a 3.26% YoY increase.
Revenues (Rs crores)
Revenues grew to Rs 2,32,140 crores in FY2026 from Rs 2,18,543 crores in FY2025, up 6.22% YoY.
EBITDA (Rs crores)
EBITDA improved to Rs 34,848 crores in FY2026 from Rs 25,802 crores in FY2025, a 35.06% YoY increase.
EBITDA Margin Improvement
Consolidated EBITDA improved by ~320 bps YoY for FY2026 despite global headwinds.
Management forward view
Sustainability Commitment
Sustainability is at the core of strategy, with a Net Zero emissions target for Tata Steel by 2045.
Continued Cost Focus
Targeted focus on cost to continue in FY2027, aiming for ~Rs 7,140 crores (~$0.8 billion) in savings.
Balance Sheet Optimization
Focus on optimizing capital structure and cost, including onshoring debt to drive efficiency.
People-Driven Impact
Enhancing culture, capability, and cost efficiency through skilling, organizational design, and employee well-being initiatives.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | ~15.01% (FY2026) | Sustained improvement in EBITDA margin and the impact of ongoing cost efficiency programs. |
| Capacity Ramp-up in India | Targeting 40+ MTPA from ~27.4 MTPA | Timely commissioning and utilization ramp-up of new capacities at NINL, TSM, and the Maharashtra greenfield project. |
| Cost Transformation Program Achievement | ~Rs 10,868 crores delivered in FY2026 | Achievement of the targeted cost savings for FY2027 (~Rs 7,140 crores). |
| Decarbonization Progress | Net Zero emissions by 2045; UK reduction of 50 million tons CO2e over decade | Specific milestones and capital allocation towards decarbonization initiatives, especially in Europe. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
80Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 92nd percentile within Metals. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
169 docs text-extracted · 14 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
90th percentile
overall median 67 · Metals: 92nd pctile, median 70 · Large: 77th pctile, median 73
Evidence depth
Financial-only
169 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Can support position sizing if valuation and trend also agree.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
89
strong · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
95
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is 9.5%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Tata Steel Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Oct - Tata Steel 2QFY27 India production rose 10% YoY to 6.21 mt; deliveries 5.97 mt, with record vertical volumes.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Intimation of Schedule of Analyst / Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015, as amended
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Intimation of Schedule of Analyst / Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015, as amended
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 17 Sep - Intimation of Schedule of Analyst / Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015, as amended
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 4 Sep - Intimation of Schedule of Analyst / Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015, as amended.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Updates on Acquisition 20 Aug - Tata Steel acquired 23% TMILL stake for ₹335 crore, raising holding to 74%; TMILL became subsidiary.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Aug - Newspaper Advertisement - Disclosure under Regulation 30 of SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 14 Aug - Tata Steel to sell 100% stake in JFSPL to Churchill Brothers for ₹100, subject to approvals.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Aug - Newspaper Advertisement - Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 8 Jul - Tata Steel reported 1QFY27 provisional production and delivery volumes; India crude steel production rose 11% YoY.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 22 Jun - Intimation of Schedule of Analyst / Institutional Investor Meeting under the SEBI (LODR) Regulations, 2015, as amended
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.