TATASTEEL · Metals & Mining
No check fired. That is a statement about the checks below, not a verdict on the company.
Margin rose sharply on flat revenue. Which cost fell, and will it stay down?
EBITDA margin 11.3%, +368 bps on the year (−88 bps on the quarter).
Source: Quarterly statements
Turned profitable from a loss a year ago.
Net profit ₹759 cr against a loss of −₹6,511 cr.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹55,682 cr | ₹55,312 cr | ₹58,687 cr | ₹54,771 cr | ₹53,905 cr | ₹53,648 cr | ₹56,218 cr | ₹53,178 cr | ₹58,689 cr | ₹57,002 cr | ₹63,270 cr | ₹60,794 cr |
| YoY | — | — | — | −8% | −3% | −3% | −4% | −3% | +9% | +6% | +13% | +14% |
| EBITDA margin | 7.7% | 11.3% | 11.2% | 12.2% | 11.3% | 11.0% | 11.7% | 14.0% | 15.2% | 14.4% | 15.5% | 15.2% |
| Other income, % of PBT | — | −2% | −21% | −0% | 29% | 8% | 7% | 8% | −0% | 12% | 1% | −0% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | — | 73% | 69% | 61% | 65% | — | 45% | 35% | 25% | 29% | 38% | 38% |
| Net profit | −₹6,511 cr | ₹522 cr | ₹555 cr | ₹919 cr | ₹759 cr | ₹295 cr | ₹1,201 cr | ₹2,007 cr | ₹3,183 cr | ₹2,730 cr | ₹2,965 cr | ₹2,385 cr |
| YoY | — | — | — | +75% | — | −43% | +116% | +118% | +319% | +825% | +147% | +19% |
| Core profit YoY | — | — | — | +258% | — | −22% | −6% | +19% | +173% | +122% | +132% | +36% |
| EPS | −₹5.07 | ₹0.42 | ₹0.49 | ₹0.77 | ₹0.67 | ₹0.26 | ₹1.04 | ₹1.66 | ₹2.48 | ₹2.15 | ₹2.34 | ₹1.86 |
| Flags | · | · | · | 1 | ✓ | ✓ | 2 | 2 | 2 | 1 | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Steel Ltd. reported revenue of ₹53,905 cr (−3.2% on the year) and net profit of ₹759 cr (— on the year) for July to September 2024.
None of the 6 checks that could run raised a question.
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