Before we proceed to the business of this meeting let me share a few thoughts on the performance of the Company.

The year 2026 began with optimism across global markets, driven by expectations of steady global growth, easing inflation and improving financial conditions. The year progressed with positive developments like the India-EU trade agreement and interim India-US trade deal. However, this scenario shifted in March with the beginning of the West Asia crisis leading to stagflation, falling output and rising inflation. Despite this, India’s economy remained resilient, recording a growth of 7.6% during fiscal 2026 primarily driven by strong domestic demand and manufacturing.

Moving to global steel industry performance during fiscal 2026, the year witnessed subdued output as production fell 2% to 1.85 billion tonnes in CY2025 primarily driven by China’s slowdown and weak Western demand coupled with cost volatility and regulatory pressures. In contrast to this, despite domestic steel price pressures, the Indian steel industry displayed resilience and continued to grow in production at 10.7% to 168.4 million tonnes and in demand at 7.6% to 163.7 million tonnes supported by sustained demand across infrastructure, construction, automotive, and industrial sectors.

Coming to the performance of your Company, Tata Steel has delivered strong financial performance. The consolidated revenue grew 6% to ₹2,32,140 crore, supported by record annual crude steel production of ~23.4 million tonnes and deliveries of ~22.5 million tonnes in India.

The consolidated EBITDA rose 35% to ₹34,848 crore and Profit After Tax rose 243% to ₹10,886 crore. Coming to our European operations, our strategy of structural intervention is yielding results. In the Netherlands, EBITDA tripled to Euro 267 million, while in the UK, we have halved our EBITDA losses. In India, revenues were ₹1,40,302 crore and EBITDA was ₹34,272 crore, up 17% with EBITDA margins improving to 24% driven by cost efficiencies, better product mix and higher volumes. Further, the Company’s consolidated net debt reduced to ₹80,144 crore, strengthening our balance sheet.

The Board of Directors has recommended a dividend of ₹4/- per equity share for fiscal 2026.

During the year, the Company has taken various initiatives for expansion in India. We achieved a major milestone with the commissioning of Phase II expansion at Kalinganagar, taking our total capacity to 26.1 MTPA and expanding the site capacity from 3 to 8 MTPA. With India’s largest blast furnace and state-of-the-art Cold Rolling Mill, we have strategically enhanced our flat products portfolio and strengthened our presence in high-value, technology-intensive segments such as automotive and defence. This is a decisive step towards our long-term vision of achieving 40 MTPA capacity.

The Company continues to focus on value-added products and digital engagements, achieving strong growth, supported by expansion into defence and shipbuilding. The Company is also expanding its downstream capacity through Tubes, Tinplate and Wires. During the year the Company undertook important strategic initiatives, including the consolidation of ownership in Tata Steel Colors and acquisition of majority stake in Thriveni Pellets – both critical to its long-term competitiveness. Company’s position in India will be further reinforced through the planned expansion of NINL along with recently inaugurated 0.75 MTPA Electric Arc Furnace in Ludhiana, which will significantly strengthen our long products portfolio. The Board has also approved the amalgamation of NINL into Tata Steel, which will enhance synergies and simplify the corporate structure.

In Europe, we have entered into a decisive transformation phase. In the UK, we broke ground on the GBP 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, the operating environment has become challenging with certain environmental regulations now exceeding European Union standards. Emission norms have tightened to levels where, for some of Tata Steel Netherland’s legacy assets, viable solutions are not currently feasible within regulatory accepted timelines. The Company is actively engaging with the Dutch Government and relevant stakeholders to develop a forward pathway for TSN which is environmentally compliant, financially affordable and viable over the long-term. During the year, Tata Steel Netherlands also acquired Vattenfall’s cogeneration power plants to strengthen its energy security and support transition objectives.

As we continue this transformative journey as ‘one Tata Steel’, the focus of the Management remains on technology and digital transformation. We have deployed over 860 AI models across the value chain, driving real-time improvements in yield, safety, and energy efficiency. This year, our digital platforms - Aashiyana and DigECA, achieved a combined Gross Merchandise Value of ₹9,360 crore, growing 161% from previous year. We aim to leverage technology and advancement in manufacturing to enhance the Company’s competitive position and maintain market leadership.

Safety remains our topmost priority and Tata Steel is committed to zero-harm across locations. We are strengthening our processes, deploying technology, and deepening awareness to ensure highest standards of safety.

We remain committed to inclusive growth, enhancing quality of life, and creating lasting societal value, with ₹473 crore spent in CSR initiatives impacting over 6.9 million lives across India this year.

To conclude, I would like to say, Tata Steel is in a transformative phase towards being larger, greener, smarter and resilient company. I thank all of you for your continued trust in the Board and the Management and look forward to your support for the coming years.

Thank you.

Disclaimer:

Statements in this press release describing the Company’s performance may be “forward-looking statements” within the meaning of applicable securities laws and regulations. Actual results may differ materially from those directly or indirectly expressed, inferred or implied. Important factors that could make a difference to the Company’s operations include, among others, economic conditions affecting demand/ supply and price conditions in the domestic and overseas markets in which the Company operates, changes in or due to the environment, Government regulations, laws, statutes, judicial pronouncements and/ or other incidental factors.

For media enquiries contact:

Sarvesh Kumar

E-mail: sarvesh.kumar@tatasteel.com

About Tata Steel

• Tata Steel group is among the top global steel companies with an annual crude steel capacity of 35 million tonnes per annum.
• It is one of the world's most geographically diversified steel producers, with operations and commercial presence across the world.
• The group recorded a consolidated turnover of around US$26 billion in the financial year ending March 31, 2026.
• A Great Place to Work®-certified organisation, Tata Steel Limited, together with its subsidiaries, associates, and joint ventures, is spread across five continents with an employee base of over 76,000.
• Tata Steel has announced its major sustainability objectives including Net Zero by 2045.
• The Company has been on a multi-year digital-enabled business transformation journey intending to be the leader in ‘Digital Steel making’. The Company has received the World Economic Forum’s Global Lighthouse recognition for its Jamshedpur, Kalinganagar, and IJmuiden Plants. Tata Steel has also been recognised with the ‘Digital Enterprise of India – Steel’ Award 2024 by Economic Times CIO.
• The Company has been recognised with World Economic Forum’s Global Diversity Equity & Inclusion Lighthouse 2023.
• The Company has been a part of the DJSI Emerging Markets Index since 2012 and has been consistently ranked among the top 10 steel companies in the DJSI Corporate Sustainability Assessment since 2016.
• Tata Steel’s Jamshedpur Plant is India’s first site to receive ResponsibleSteel^TM Certification. Subsequently, its Kalinganagar and Meramandali plants have also received the certification. In India, Tata Steel now has more than 90% of its steel production from ResponsibleSteel^TM certified sites.
• Received Prime Minister’s Trophy for the best performing integrated steel plant for 2016-17, 2025 Steel Sustainability Champion recognition from worldsteel for nine years in a row, CDP 2024 ‘Supplier Engagement Assessment’ Leader, Top performer in Iron and Steel sector in Dun & Bradstreet's India's top 500 companies 2022, Ranked as the 2024 most valuable Mining and Metals brand in India by Brand Finance, ‘Most Ethical Company’ award 2021 from Ethisphere Institute, and ‘Best Corporate for Promotion of Sports’ recognition at the Sportstar Aces Awards 2024.
• Received the 2023 Global ERM (Enterprise Risk Management) Award of Distinction at the RIMS ERM Conference 2023, ‘Masters of Risk – Risk Technology’ recognition at The India Risk Management Awards, and ICSI Business Responsibility and Sustainability Award 2023 for its first Business Responsibility and Sustainability Report (BRSR), Excellence in Financial Reporting FY20 from ICAI, among several others.

Photographs: Management and Plant facilities

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Website: www.tatasteel.com

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