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 co-generation power plants to strengthen its energy security and support transition objectives.