It is my privilege to present the Integrated Annual Report of Tata Steel Limited for FY2025-26, marking the 119^th year of your Company’s journey, a year defined by structural transformation and continued commitment to long-term value creation.

The year 2026 began with expectations of steady global growth, soft inflation and easier financial conditions. The year witnessed positive developments including the signing of the landmark India-EU trade agreement and the interim India-US trade deal. However, by early March, the start of the West Asia crisis brought rising concerns about stagflation—falling output coupled with rising inflation.

In FY2025-26 the Indian economy remained a growth leader, with 7.6% growth driven by robust domestic demand and broad-based manufacturing strength. India's macroeconomic fundamentals remain resilient even though we face near term challenges due to the West Asia crisis. The medium and long term outlook presents a strong and compelling economic thesis of growth and resilience.

During the year, global steel industry remained subdued as production fell 2% to 1.85 billion tonnes in CY2025, driven by China's slowdown and weak Western demand. Volatile costs and regulatory pressures squeezed margins. While the Indian steel prices faced pressure for most of the financial year reflecting the weak pricing in the sea borne market, the Indian Steel industry displayed resilience and continued to grow in production at 10.7% to 168.4 million tonnes. The demand growth of steel was also strong at 7.6% to 163.7 million tonnes fuelled by sustained demand across infrastructure, construction, automotive, and industrial sectors, highlighting India's resilience.

For the FY2025-26, your Company delivered a consistent and robust financial performance with all-round improvement across all areas. The performance this year is a testament to the structural strength of our domestic operations and actions taken in our European portfolio.

Our consolidated revenue stood at ₹2,32,140 crore, registering a growth of 6% over the previous year which had revenues of ₹2,18,543 crore. This growth was underpinned by our highest-ever annual crude steel production of ~23.4 million tonnes and deliveries of ~22.5 million tonnes in India.

The consolidated EBITDA was ₹34,848 crore, a 35% increase y-o-y. The operational performance translated into a consolidated Profit After Tax (PAT) of ₹10,886 crore for the full year, representing a 243% increase compared to the ₹3,174 crore recorded in FY2024-25. In Europe, our strategy of structural intervention is yielding results. In the Netherlands, EBITDA tripled to €267 million, while in the UK, we have halved our EBITDA losses.

Our India revenues were ₹1,40,302 crore and EBITDA was ₹34,272 crore (a 17% increase y-o-y). We achieved a 24% EBITDA margin in the India business on the foundation of a transformative cost take out programme, improved product mix and increased volumes.

Your Company has also maintained a disciplined balance sheet, reducing the consolidated net debt to ₹80,144 crore, bringing Net Debt to EBITDA ratio to a healthy 2.3x.

In recognition of our robust performance and your continued trust, the Board has recommended a dividend of ₹4 per equity share.

The inauguration of the Phase II expansion at Kalinganagar is a landmark event with a ₹27,000 crore investment that has increased our domestic capacity to 26.1 MTPA, scaling the site capacity from 3 to 8 MTPA. With India's largest blast furnace and a state-of-the-art Cold Rolling Mill, the Phase II expansion has pivoted our flat products strategy towards high-value sectors like automotive and defence, marking a decisive step toward our 40 MTPA long term ambition.

Our leadership in India will be further strengthened in the future by the planned capacity expansion of Neelachal Ispat Nigam Limited.

Our focus on value-added segments and digital engagement is yielding record results with key segments achieving peak volumes during the year, bolstered by high-end products and expansion into defence and shipbuilding. We are also expanding our downstream capabilities in Tubes, Tinplate, and Wires, ensuring we capture higher value across the steel lifecycle.

During the year, your Company undertook a few strategic investments including consolidation of its ownership in Tata Steel Colors from its joint venture partner and acquisition of majority shares in Thriveni Pellets. These are critical interventions for the long term future of your Company.

Our leadership in India will be further strengthened in the future by the planned capacity expansion of Neelachal Ispat Nigam Limited (NINL), which apart from the recently inaugurated Electric Arc Furnace in Ludhiana will strengthen the Company's long products portfolio. The Board has also, during the year, approved the amalgamation of NINL into Tata Steel.

In Europe, your Company has been working on several levers to improve operating performance including cost take out programmes, focused management of cash flows and improvement of the environment management footprint in the operating sites.

During the year, TSUK officially broke ground on the £1.25 billion EAF Project at Port Talbot, marking the commencement of the UK's largest low-carbon steelmaking transition, in partnership with the UK Government. The project is progressing in terms of Engineering Design and Construction.

In the Netherlands, certain environmental regulations now exceed European Union Standards while emission metrics have tightened to levels where no feasible solutions are available for some of Tata Steel Nederland's (TSN) legacy assets within a regulatorily accepted time frame. Your Company is engaged with the Government of the Netherlands and all stakeholders to develop a future pathway for TSN that is environmentally compliant, financially affordable and viable in the future. Your Company also completed the acquisition of Vattenfall co-generation power plants in the Netherlands.

Technology and digital transformation are no longer ancillary initiatives at Tata Steel; they are core to our operational DNA and our ability to drive efficiency. We are shaping Tata Steel into a digital-first industrial enterprise. This year, our digital platforms, Aashiyana and DigECA, achieved a combined Gross Merchandise Value of ₹9,360 crore, a 161% increase y-o-y.

With the expansion of the footprint in India, we have to prioritise safety and be firmly committed to zero-harm across locations. We are strengthening our processes, deploying technology, and deepening awareness to ensure highest standards of safety. We also remain committed to inclusive growth, improving quality of life, and creating lasting societal value. Our CSR expenditure was ₹473 crore, and the activities positively impacted over 6.9 million lives in India during the year.

As we look ahead, the macro-environment remains unpredictable. Trade barriers, energy transitions, and shifting demand patterns will continue to challenge the industry. But Tata Steel is positioned not just to endure, but to lead. We have the assets, the technology, and most importantly, the people to transmute these challenges into enduring value.

We are building the Tata Steel of tomorrow, a company that is larger, greener, smarter, and more resilient.

On behalf of the Board, I would like to thank the employees, customers, suppliers and shareholders, for your unwavering confidence in our journey.