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Tata Group's century-old steelmaker, with integrated operations in India and legacy operations in Europe (former Corus, UK/Netherlands).
Tata Group's century-old steelmaker, with integrated operations in India and legacy operations in Europe (former Corus, UK/Netherlands).
Sells steel at market-linked prices, with India the profit centre, where it is integrated back to its own iron ore and coal mines, and Europe the weaker side. It bought Bhushan Steel through insolvency in 2018, and in 2024 shut the blast furnaces at Port Talbot in the UK to replace them with electric furnaces.
In one line: India's U.S. Steel with a European legacy arm.
Moat: narrow (scale, brand, installed base). Long operating history and captive raw-material mines in India, offset by lower-return European assets.
Headquarters: Mumbai, India · Founded: 1907 · Employees: 41,307
Size Tata Steel (TATASTEEL.NS) is an India Materials company (Steel) with a market value of $24.6B, the 40th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹186.30 on 6 Nov 2026.
Performance Over six months the shares fell 14.2%, against -2.1% for the median peer and 0.0% for the India market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 10.5% over the last twelve months (peer median +7.7%); the operating margin is 9.5% (peer median 8.3%).
Valuation It trades at 14.0× forward earnings against a peer median of 12.3× (9th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.6 points above its cost of capital (12.8% WACC).
Next results Next results expected around 7 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹2.40T | ₹2.32T | ₹2.19T | ₹2.29T | ₹2.43T |
| Revenue growth | — | +6% | -5% | -6% | — |
| Gross profit | ₹1.04T | ₹676B | ₹568B | ₹437B | ₹505B |
| EBITDA | ₹356B | ₹339B | ₹249B | ₹223B | ₹306B |
| Net income | ₹110B | ₹108B | ₹34.2B | -₹44.4B | ₹87.6B |
| Free cash flow | n/a | ₹135B | ₹2.58B | -₹53.8B | ₹19.9B |
| Capital expenditure | n/a | ₹146B | ₹157B | ₹182B | ₹141B |
| Total debt | n/a | ₹924B | ₹948B | ₹871B | ₹849B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Tata Steel TATASTEEL.NS | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% |
| JSW Steel JSWSTEEL.NS | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% |
| Steel Authority of India SAIL.NS | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% |
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
| thyssenkrupp TKA.DE | $8.33B | +10% | -2% | 1% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TATASTEEL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.1% | -2.5% | 3rd highest of 21 |
| 6-month return | -14.2% | -2.1% | 6th lowest of 21 |
| Distance from 52-week high | -17.0% | -19.2% | 9th highest of 21 |
| Revenue growth (TTM) | +10.5% | +7.7% | 8th highest of 21 |
| Operating margin | 9.5% | 8.3% | 9th highest of 21 |
| Forward P/E | 14.0× | 12.3× | 9th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.7% | 7.6% | 7th least demanding of 13 |
| Growth delivered (Del g) | +8.2% | +9.0% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | +0.5 pp | -2.1 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | +3.6 pp | -2.2 pp | 6th highest of 21 |
| EV / EBITDA | 6.5× | 10.1× | 4th cheapest of 16 |
| Net debt / EBITDA | 2.3× | 1.0× | 4th most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| Lloyds Metals & Energy LLOYDSME.NS | India | $10.6B | +3% | +171% | 33% | 13.4× | n/a | n/a |
| Ternium S.A. Sponsored ADR TX | United States | $9.65B | +5% | -1% | 8% | 6.7× | n/a | n/a |
| Citic Pacific Special Steel 000708.SZ | China | $9.52B | -18% | 0% | 6% | 10.8× | -7.8% | +7.2% |
| China Steel 2002.TW | Taiwan | $8.65B | 0% | -7% | 0% | 41.5× | n/a | n/a |
| Gerdau S.A. Pfd Sponsored ADR Repr 1 Pfd Sh GGB | United States | $8.41B | -10% | +10% | 9% | 7.9× | 2.3% | +8.0% |
| thyssenkrupp TKA.DE | Germany | $8.33B | +10% | -2% | 1% | n/a | n/a | n/a |
| Steel Authority of India SAIL.NS | India | $7.49B | -8% | +9% | 8% | 8.9× | 11.0% | +9.9% |