Financials Tata Steel Limited NSE India S.E.

Equities

TATASTEEL

INE081A01020

Iron & Steel

Delayed NSE India S.E. Other stock markets 01:11:59 2025-06-20 am EDT			5-day change	1st Jan Change
152.37 ^INR	+0.91%		+0.16%	+10.37%

Jun. 06	Tata Steel Warns Its Exports Are At Risk Under UK-US Trade Pact - FT	RE
May. 29	INDIA STOCKS-IT stocks lead India's equity benchmarks higher after US tariff ruling	RE

Projected Income Statement: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,562,942	2,439,592	2,433,527	2,291,708	2,185,425	2,354,181	2,514,815	2,528,995
Change	-	56.09%	-0.25%	-5.83%	-4.64%	7.72%	6.82%	0.56%
EBITDA ¹	305,043	634,900	323,002	223,059	252,984	360,393	407,721	422,941
Change	-	108.13%	-49.13%	-30.94%	13.42%	42.46%	13.13%	3.73%
EBIT ¹	212,706	543,891	229,650	124,237	148,771	247,425	288,712	297,013
Change	-	155.7%	-57.78%	-45.9%	19.75%	66.31%	16.69%	2.88%
Interest Paid ¹	-76,067	-54,622	-62,987	-75,076	-73,410	-74,293	-72,190	-73,099
Earnings before Tax (EBT) ¹	138,437	502,269	182,351	-11,470	84,129	195,176	234,741	248,800
Change	-	262.81%	-63.69%	-106.29%	833.44%	132%	20.27%	5.99%
Net income ¹	74,902	401,539	87,604	-44,374	34,205	132,012	167,718	183,079
Change	-	436.08%	-78.18%	-150.65%	177.08%	285.94%	27.05%	9.16%
Announcement Date	5/5/21	5/3/22	5/2/23	5/29/24	5/12/25	-	-	-

¹INR in Million

Estimates

Fiscal Period: March	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	242,885	371,540	395,940	499,774	533,718	602,828	319,642	693,235	634,301	598,775	570,836	629,615	594,897	556,819	553,119	586,873	547,714	539,047	536,483	562,181
Change	-	52.97%	6.57%	26.22%	6.79%	12.95%	-46.98%	116.88%	-8.5%	-5.6%	-4.67%	10.3%	-5.51%	-6.4%	-0.66%	6.1%	-6.67%	-1.58%	-0.48%	4.79%
EBITDA ¹	5,055	61,108	82,830	141,841	161,106	164,561	158,941	150,296	149,728	60,603	40,478	72,192	51,739	42,678	62,636	66,006	66,945	61,413	59,035	65,592
Change	-	1,108.83%	35.55%	71.24%	13.58%	2.14%	-3.42%	-5.44%	-0.38%	-59.52%	-33.21%	78.35%	-28.33%	-17.51%	46.76%	5.38%	1.42%	-8.26%	-3.87%	11.11%
EBIT ¹	-16,053	38,496	67,040	117,917	137,860	141,673	137,092	127,862	130,041	40,418	19,501	48,370	27,616	17,880	38,415	40,327	41,590	35,445	33,343	38,392
Change	-	339.81%	74.14%	75.89%	16.91%	2.77%	-3.23%	-6.73%	1.7%	-68.92%	-51.75%	148.04%	-42.91%	-35.26%	114.85%	4.98%	3.13%	-14.78%	-5.93%	15.14%
Charge d'intérêts ¹	-19,983	-19,402	-17,779	-18,663	-18,114	-10,198	-	-10,985	-12,181	-15,191	-	-17,936	-18,252	-19,594	-18,808	-18,422	-17,767	-19,714	-18,041	-17,888
Earnings before Tax (EBT) ¹	-33,526	22,483	55,607	93,569	119,545	141,196	102,627	118,650	119,063	26,051	4,030	33,208	18,554	-67,392	19,279	18,089	23,768	21,643	16,720	21,997
Change	-	167.06%	147.33%	68.27%	27.76%	18.11%	-27.32%	15.61%	0.35%	-78.12%	-84.53%	724.07%	-44.13%	-463.23%	128.61%	-6.17%	31.4%	-8.94%	-22.75%	31.56%
Net income ¹	-44,166	15,654	40,110	66,442	89,070	119,181	76,834	97,562	77,650	15,144	-22,238	17,049	6,340	-61,962	5,134	6,115	9,596	8,334	3,266	13,008
Change	-	135.44%	156.23%	65.65%	34.06%	33.81%	-35.53%	26.98%	-20.41%	-80.5%	-246.84%	176.66%	-62.82%	-1,077.4%	108.29%	19.11%	56.93%	-13.15%	-60.81%	298.24%
Announcement Date	8/13/20	11/13/20	2/9/21	5/5/21	8/12/21	11/11/21	2/4/22	5/3/22	7/25/22	10/31/22	2/6/23	5/2/23	7/24/23	11/1/23	1/24/24	5/29/24	7/31/24	11/6/24	1/27/25	5/12/25

¹INR in Million

Estimates

Fiscal Period: March	2022 S1
Net sales	-
Change	-
EBITDA ¹	325,667
Change	-
EBIT	-
Change	-
Charge d'intérêts	-
Earnings before Tax (EBT)	-
Change	-
Net income	-
Change	-
Announcement Date	11/11/21

¹INR in Million

Estimates

Forecast Balance Sheet: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	674,789	511,380	716,989	800,013	847,534	791,338	730,613	677,347
Change	-	-24.22%	40.21%	11.58%	5.94%	-6.63%	-7.67%	-7.29%
Announcement Date	5/5/21	5/3/22	5/2/23	5/29/24	5/12/25	-	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	69,786	105,222	141,425	182,066	156,705	152,632	161,538	172,257
Change	-	50.78%	34.41%	28.74%	-13.93%	-2.6%	5.83%	6.64%
Free Cash Flow (FCF) ¹	373,481	338,588	7,541	20,941	78,413	117,771	163,791	174,797
Change	-	-9.34%	-97.77%	177.7%	274.45%	50.19%	39.08%	6.72%
Announcement Date	5/5/21	5/3/22	5/2/23	5/29/24	5/12/25	-	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Tata Steel Limited

Fiscal Period: March	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	19.52%	26.02%	13.27%	9.73%	11.58%	15.31%	16.21%	16.72%
EBIT Margin (%)	13.61%	22.29%	9.44%	5.42%	6.81%	10.51%	11.48%	11.74%
EBT Margin (%)	8.86%	20.59%	7.49%	-0.5%	3.85%	8.29%	9.33%	9.84%
Net margin (%)	4.79%	16.46%	3.6%	-1.94%	1.57%	5.61%	6.67%	7.24%
FCF margin (%)	23.9%	13.88%	0.31%	0.91%	3.59%	5%	6.51%	6.91%
FCF / Net Income (%)	498.62%	84.32%	8.61%	-47.19%	229.24%	89.21%	97.66%	95.48%
Profitability
ROA	3.27%	15.13%	3.06%	-1.58%	1.35%	6.26%	7.1%	6.91%
ROE	10.97%	42.56%	8.05%	-4.55%	4.09%	13.39%	15.35%	15%
Financial Health
Leverage (Debt/EBITDA)	2.21x	0.81x	2.22x	3.59x	3.35x	2.2x	1.79x	1.6x
Debt / Free cash flow	1.81x	1.51x	95.08x	38.2x	10.81x	6.72x	4.46x	3.88x
Capital Intensity
CAPEX / Current Assets (%)	4.47%	4.31%	5.81%	7.94%	7.17%	6.48%	6.42%	6.81%
CAPEX / EBITDA (%)	22.88%	16.57%	43.78%	81.62%	61.94%	42.35%	39.62%	40.73%
CAPEX / FCF (%)	18.69%	31.08%	1,875.41%	869.42%	199.85%	129.6%	98.62%	98.55%
Items per share
Cash flow per share ¹	37.74	36.71	17.75	16.27	18.85	23.32	24.54	26.67
Change	-	-2.75%	-51.65%	-8.3%	15.82%	23.73%	5.24%	8.67%
Dividend per Share ¹	2.5	5.1	3.6	3.6	3.6	3.639	4.283	3.953
Change	-	104%	-29.41%	0%	0%	1.08%	17.69%	-7.69%
Book Value Per Share ¹	63.22	94.65	84.41	73.78	73.09	80.43	89.46	100.2
Change	-	49.73%	-10.82%	-12.59%	-0.94%	10.04%	11.23%	11.99%
EPS ¹	6.378	33.21	7.17	-3.62	2.74	10.53	13.47	14.71
Change	-	420.68%	-78.41%	-150.49%	175.69%	284.3%	27.92%	9.2%
Nbr of stocks (in thousands)	11,985,893	12,216,159	12,222,312	12,483,532	12,483,527	12,483,527	12,483,527	12,483,527
Announcement Date	5/5/21	5/3/22	5/2/23	5/29/24	5/12/25	-	-	-