Tata Steel

TATASTEEL · Iron & Steel · INE081A01020

Analyst mean 2.68 · 34 analysts · 10% bullish

₹187.27

Close 2026-07-31 · Balanced risk

Reading the Statements forensic interpretation

What the numbers mean when read together — computed from the filings, not a score.

Operating cash flow backs the profit

Operating cash flow is 311% of trailing profit — the earnings are converting to cash, not just accruals.

Full read

Last operating cash flow ₹35,064 cr against trailing net profit ₹11,263 cr. A ratio at or above ~0.9 means reported profit is showing up as real cash.

Profit growing with revenue

Both revenue and profit grew over the last year (10.5% and 164.3%) — growth is translating to the bottom line.

Full read

Trailing revenue ₹239,755 cr, trailing profit ₹11,263 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.

Generates free cash

Free cash flow is positive and consistent — the business funds itself after capex.

Full read

Latest free cash flow ₹21,906 cr. Negative in only 1 of 12 years. A self-funding business needs less external capital and dilutes less.

Price & Valuation 10-year, split-adjusted

Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.

Valuation & Quality

Valuation

P/E (TTM) 22.1x

P/B 2.23x

P/S 0.98x

PEG 3.26

P/FCF 14.2x

Dividend Yield 2.19%

Leverage

Debt / Equity moderate 0.9

Payout Ratio 46.2%

Returns & Margins

Operating Margin (TTM) 8.8%

Net Margin (TTM) 4.7%

Return on Equity 11.2%

Return on Assets 3.8%

Implied Growth (Graham) growth the market is pricing in 6.8%

Rule of 40 23.1

Growth 14.3% + Margin 8.8% — below 40

Ownership & Skin in the Game

Promoter32.94% ▼ 0.25

FII18.90%

DII—

Mutual Funds14.71%

Quarterly Financials ₹ cr

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	53,905	53,648	56,218	53,178	58,689	57,002	63,270	60,794
Expenses	47,789	47,745	49,659	45,751	49,793	48,803	53,441	51,530
Other Income	617	142	149	236	-6	465	42	-17
Depreciation	2,597	2,569	2,720	2,744	2,893	3,049	3,268	3,640
Profit before tax	2,164	1,672	2,200	3,067	4,222	3,869	4,810	3,838
Net Profit	759	295	1,201	2,007	3,183	2,730	2,965	2,385
EPS	0.67	0.26	1.04	1.66	2.48	2.15	2.34	1.86

Balance Sheet ₹ cr, annual

Item	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	1,198	1,221	1,221	1,247	1,247	1,247
Reserves	73,041	113,222	101,861	90,788	89,922	100,920
Borrowings	88,501	75,561	84,893	87,082	94,801	92,382
Fixed Assets	135,775	133,288	146,621	148,814	150,914	179,908
CWIP	19,007	22,046	31,213	34,356	41,622	28,497
Investments	10,682	13,140	8,410	6,258	6,194	7,089
Total Assets	243,909	282,422	285,396	269,312	275,459	296,515

DISCLAIMER: FinMinutes is a financial data and analytics platform, not a SEBI-registered investment adviser. Everything here is for educational and informational purposes. Forensic interpretations are computed from disclosed data and are not recommendations. Do your own due diligence.

Tata Steel

Reading the Statements forensic interpretation

Price & Valuation 10-year, split-adjusted

Valuation & Quality

Ownership & Skin in the Game

Quarterly Financials ₹ cr

Balance Sheet ₹ cr, annual

Filings, Calls & Ratings