Key Metrics of Tata Steel
About Tata Steel
Sectors
Company details
- Website
- tatasteel.com
- Founded
- 1907
- Registered office
- Bombay House, 24, Homi Mody Street, Fort, Mumbai, Mumbai, In-mh, 400001
- Listed
- NSE: TATASTEEL · ₹182.00
Operational Areas of Tata Steel
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 08 Jul 2026 | CARE | Reaffirmed | AA+ | — | Stable | ₹31,330 Cr | View |
| 30 Jun 2026 | ICRA | Reaffirmed | — | A1+ | — | ₹20,000 Cr | View |
| 15 Sep 2025 | CARE | Reaffirmed | AA+ | — | Stable | ₹31,330 Cr | View |
| 30 Jun 2025 | CARE | Reaffirmed | AA+ | — | Stable | ₹31,330 Cr | View |
| 15 Oct 2024 | CARE | Reaffirmed | AA+ | — | Stable | ₹32,000 Cr | View |
| 28 Aug 2024 | CARE | Other | — | — | — | — | View |
| 05 Jul 2024 | CARE | Reaffirmed | AA+ | — | Stable | ₹22,000 Cr | View |
| 07 Jul 2023 | CARE | Reaffirmed | AA+ | — | Stable | ₹22,500 Cr | View |
| 16 Feb 2023 | CARE | Reaffirmed | AA+ | — | Stable | ₹22,500 Cr | View |
| 13 Sep 2022 | CARE | Reaffirmed | AA+ | — | Stable | ₹35,000 Cr | View |
| 06 Jul 2022 | CARE | Reaffirmed | AA+ | — | Stable | ₹10,920 Cr | View |
| 07 Jul 2021 | CARE | Revised (from AA) | AA+ | — | Stable | ₹35,000 Cr | View |
| 24 Sep 2020 | CARE | Reaffirmed | AA | — | Negative | ₹28,275 Cr | View |
| 13 Apr 2020 | CARE | Assigned | AA | — | Stable | ₹10,000 Cr | View |
| 18 Dec 2019 | CARE | Other | — | — | — | — | View |
| 09 Oct 2019 | CARE | Other | — | — | — | — | View |
| 26 Feb 2019 | CARE | Other | AA | — | Stable | ₹5,000 Cr | View |
Credit strengths (CARE, Jul 2026)
+ Strategic importance for TSL to Tata Sons Private Limited
The ratings derive significant support from the strong parentage of the Tata Group (Tata Sons Private Limited directly holds around 32% stake in TSL) and its strategic importance by virtue of being the flagship companythat manages the group’s steel business. TSL also benefits from significant managerial and business linkages, given its access to the Tata Group Ecosystem as well as operational linkages and the shared brand name. During times of extreme distress, TSPL is expected to extend need-
+ Green transition in Europe backed by government support: Positive PBILDT expected to continue during EAF shift
On September 11, 2024, TSL signed a £500 million Grant Funding Agreement with the UK Government to support its £1.25 billion construction of Electric-Arc-Furnace (EAF) of 3.2 MTPA at Port Talbot. The funding has been in the form of grant and the agreement involves commitments from TSL regarding job preservation, investment in infrastructure, and support for affected employees. With civil work commenced in July 2025, the construction of the EAF facility was earlier targeted for completion by
Credit challenges
− Cyclicality of the steel industry
The steel industry is sensitive to the shifting business cycles, including changes in the general economy, interest rates, and seasonal changes in the demand and supply conditions in the market. Apart from the demand -side fluctuations, the highly capital - intensive nature of steel projects along with the delays in the completion hinders the responsiveness of the supply side to de mand movements. Furthermore, the producers of steel products are essentially price -takers in the market, which dir
− Commodity risks
Commodities are essential inputs to the manufacturing of steel. These commodities have global supply chains, and their prices get significantly impacted by various factors such as geo-political landscape, supply-demand imbalance, weather patterns, policy interventions by governments in key sourcing or consuming countries (especially China), increasing financialization of commodities markets, etc. The changing prices of coal and iron ore are generally reflected through adjustments in the steel pr
− Foreign currency impact
The company has operations across various geographies. Hence, the foreign currency risk is mitigated to the extent that the cash flows and borrowings are usually in local currency denominations. Also, the forex risk is partly mitigated owing to the linkages of the prices of steel in the international markets with the Dollar movements and its global operations having an exposure in va rious markets.
Could lead to an upgrade
Factors that could individually or collectively lead to positive rating action/upgrade: • Healthy revenue growth coupled with improvement in profitability leading to better-than-expected cash accrual on a sustained basis • Significant improvement in financial leverage along with strong
Could lead to a downgrade
Factors that could individually or collectively lead to negative rating action/downgrade: • Lower than estimated cash flows accompanied with sustained debt, resulting into deterioration of net debt/PBILDT beyond 3.0x on sustained basis. • Any large debt-funded acquisition or capex activity impacting the capital structure of the companywith overall gearing above 1.50x on sustained basis. • Weakening of linkages with TSPL.
Agency-reported financials (CARE, 08 Jul 2026)
| Metric | FY2025 | FY2026 |
|---|---|---|
| Total operating income | ₹2,18,543 Cr | ₹2,32,140 Cr |
| PBILDT* | ₹25,298 Cr | ₹34,352 Cr |
| Profit after tax (PAT) | ₹3,174 Cr | ₹10,886 Cr |
| Overall gearing (x) | 1.31× | 1.13× |
| Interest coverage (x) | 3.45× | 4.79× |
| TOL/TNW | 2.40× | 2.21× |
| Net debt/PBILDT | ₹3.35 Cr | ₹2.41 Cr |
| Revenue growth (YoY) | — | 6.2% |
| PAT margin | 1.5% | 4.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long Term Bank Facilities | Working capital & bank lines | — | ₹16,165 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non Convertible Debentures | Debentures & bonds | — | ₹330 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non Convertible Debentures | Debentures & bonds | — | ₹1,000 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non Convertible Debentures | Debentures & bonds | — | ₹2,000 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non Convertible Debentures | Debentures & bonds | — | ₹6,420 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non Convertible Debentures | Debentures & bonds | — | ₹415 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non Convertible Debentures | Debentures & bonds | — | ₹5,000 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE081A08215 | Oct | Debentures & bonds | 8.15% | — | — | ₹1,000 Cr | AA+ | Not stated |
| INE081A08223 | Mar | Debentures & bonds | 9.84% | — | — | ₹4,315 Cr | AA+ | Not stated |
| INE081A08314 | Sep | Debentures & bonds | 7.50% | — | — | ₹500 Cr | AA+ | Not stated |
| INE081A08322 | Sep | Debentures & bonds | 7.76% | — | — | ₹1,500 Cr | AA+ | Not stated |
| INE081A08330 | Feb | Debentures & bonds | 8.03% | — | — | ₹2,150 Cr | AA+ | Not stated |
| INE081A08348 | Mar | Debentures & bonds | 7.79% | — | — | ₹2,700 Cr | AA+ | Not stated |
| INE081A08355 | Feb | Debentures & bonds | 7.65% | — | — | ₹3,000 Cr | AA+ | Not stated |
| INE081A08249 | Convertible Apr Apr | Debentures & bonds | 7.85% | — | — | ₹1,025 Cr | AA+ | Not stated |
| INE081A08256 | Convertible Apr Apr | Debentures & bonds | 7.85% | — | — | ₹510 Cr | AA+ | Not stated |
| INE081A08264 | Convertible Apr Apr | Debentures & bonds | 7.70% | — | — | ₹1,000 Cr | AA+ | Not stated |
| INE081A08280 | Convertible Apr Apr | Debentures & bonds | 7.85% | — | — | ₹500 Cr | AA+ | Not stated |
| INE081A08298 | Convertible May May | Debentures & bonds | 8.25% | — | — | ₹1,000 Cr | AA+ | Not stated |
| INE081A08306 | Convertible Jun Jun | Debentures & bonds | 8.48% | — | — | ₹400 Cr | AA+ | Not stated |
| INE081A08231 | Mar | Debentures & bonds | 7.70% | — | — | — | — | Withdrawn |
| INE081A08272 | Convertible Oct | Debentures & bonds | 7.95% | — | — | ₹23.0 Cr | — | Withdrawn |
| INE081A08181 | Apr | Debentures & bonds | — | — | — | ₹1,500 Cr | — | Withdrawn |
| INE081A08165 | Bonds Perpetual Bonds | Subordinated debt | 11.80% | — | — | ₹0 | — | Withdrawn |
| INE081A08173 | Bonds Perpetual Bonds | Subordinated debt | 11.50% | — | — | ₹0 | — | Withdrawn |
| INE081A08140 | — | Debentures & bonds | 10.25% | — | — | ₹0 | — | Withdrawn |
| INE081A08157 | — | Debentures & bonds | 10.25% | — | — | ₹0 | — | Withdrawn |
| INE081A08207 | — | Debentures & bonds | 9.15% | — | — | ₹0 | — | Withdrawn |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹15,165 Cr | CARE AA+; Stable |
| Perpetual Bonds | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹16,165 Cr | CARE AA+; Stable |
Lenders
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | Export Import Bank of India |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Fund-based - LT | Term Loan | Indian Bank |
| Fund-based - LT | Term Loan | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Term Loan | Proposed |
| Fund-based - LT | Term Loan | Punjab & Sind Bank |
| Fund-based - LT | Term Loan | Punjab National Bank |
| Fund-based - LT | Term Loan | South Indian Bank Ltd. |
| Fund-based - LT | Term Loan | Union Bank of India |
Credit assessment · Iron & steel
ICRA Rating Methodology – Iron & Steel (Jun 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 63% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 63% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
- Interest coverage 4.79×
Rated limits by facility
Timeline
From the report
The liquidity profile is supported by cash and liquid investments of ₹10,000 crore as on Mar 31, 2026 (₹10,072 crore as on March 31, 2025).
From the report
Against these sources of cash, the company has a capex commitment of around Rs. 20,000 crore and a debt repayment obligation of around Rs. 5,515 crore at the consolidated level in FY2026.
From the report
The liquidity profile is supported by cash and liquid investments of ₹14,118 crore as on June 30, 2025 (₹10,072 crore as on March 31, 2025).
From the report
CARE has withdrawn rating assigned to proposed non-convertible debenture (NCD) amounting to ₹2,500 crores basis not being raised and request for withdrawal received from the company.
From the report
As on March 31, 2025, the company had cash and liquid investments of ₹10,072 crores besides also having around ₹ 26,569 crores of undrawn credit lines.
From the report
The liquidity profile is supported by cash and liquid investments of ₹10,072 crore as on Mar 31, 2025 (₹7,831 crore as on March 31, 2024).
From the report
The exceptional non-cash items to the tune of Rs. 7741 crores include provision of Rs. 2425 crores towards restructuring and closure costs (including redundancy and employee termination costs) and Rs. 2631 crores towards impairment of heavy-end assets in UK due to winding down.
From the report
As on March 31, 2024, the company had cash and liquid investments of Rs. 7831 crores while had additional Rs. 22,235 crores of undrawn credit lines.
From the report
The exceptional non -cash items to the tune of Rs. 7741 crores include provision of Rs. 2425 crores towards restructuring and closure costs (including redundancy and employ ee termination costs) and Rs. 2631 crores towards impairment of heavy -end assets in UK due to winding down.
From the report
As on March 31, 2024, the company had cash and liquid investments of Rs. 7831 crores while had additional Rs. 22,235 crores of undrawn credit lines.
From the report
For FY24, a capex worth ₹16,000 crore is estimated to be funded by cashor liquid investments on the books worth ₹17,083 crore and internal accruals .
From the report
Improvement in operational performance and profitability along with superior liquidity profile (supported by cash and cash equivalents of ₹ 15,943 crore as on December 31, 2022) will ensure the company to maintain a strong financial risk profile.
From the report
The buy-in transaction along with 2 CARE Ratings Limited Press Release actuarial movements has resulted in a non-cash deferred tax expense of ₹ 1,783 crore and increased the overall deferred tax expense for the quarter to ₹ 2,150 crore.
From the report
Rating sensitivities Positive factors – Factors that could lead to positive rating action/upgrade: ✓ Sustenance of consolidated PBILDT/tonne above ₹18,000. ✓ Sustained improvement in consolidated gearing below 0.45x and net debt/PBILDT to below 1.0x. ✓ Prepayment of long-term debt leading to overall gearing below 0.45x.
From the report
In addition, the company has maintained sufficient liquidity cushion in the form of cash & cash equivalent amounting to Rs.28093 crore as on June 30, 2022(Rs 24129 crores as on March 31, 2022 (part of which around Rs. 12000 crores will be utilized for NINL acquisition)), providing adequate cushion at times of high volatility in commodity prices impacting the industry.
From the report
Rating sensitivities Positive factors – Factors that could lead to positive rating action/upgrade: ✓ Sustenance of consolidated PBILDT/tonne above ₹18,000. ✓ Sustained improvement in consolidated gearing below 0.45x and net debt/PBILDT to below 1.0x. ✓ Prepayment of long-term debt leading to overall gearing below 0.45x.
From the report
Liquidity: Strong The liquidity of the company is marked by strong accruals against repayment obligations and liquid investments to the tune of ₹3,247 crore.
From the report
The cash and cash equivalent stood at Rs. 13,133 crore as on March 31, 2021.
From the report
Furthermore, the company has raised Rs. 4,935 crore through issuance of Non -Convertible Debentures during Q1 - FY21 in order to meet any contingencies under TLTRO.
From the report
The overall liquidity cushion available is Rs. 20,144 crore comprising of cash and cash equivalents of Rs. 14,178 crore and balance in undrawn credit lines as on June 30, 2020.
From the report
Key Rating Weaknesses Increase in net leverage on account of acquisitions and on-going capital expenditure leading to moderate capital structure and debt coverage indicators The gross debt as on March 31, 2018 stood at Rs. 92,147 crore which has increased to Rs. 1,00,816 crore as on March 31, 2019, mainly on account of funds raised towards acquisition of Bhushan Steel Limited which was completed at the beginning of FY19.
From the report
The cash and cash equivalents stood at Rs. 5,239 crore as on December 31, 2019.
From the report
Key Rating Weaknesses Increase in net leverage on account of acquisitions and on-going capital expenditure leading to moderate capital structure and debt coverage indicators The gross debt as on March 31, 2018 stood at Rs. 92,147 crore which has increased to Rs. 1,00,816 crore as on March 31, 2019, mainly on account of funds raised towards acquisition of Bhushan Steel Limited which was completed at the beginning of FY19.
From the report
The cash and bank balance stood at Rs. 2,975 crore as on March 31, 2019.
From the report
Key Rating Weaknesses Increase in net leverage on account of acquisitions and on-going capital expenditure leading to moderate capital structure and debt coverage indicators The gross debt as on March 31, 2018 stood at Rs. 92,147 crore which has increased to Rs. 1,00,816 crore as on March 31, 2019, mainly on account of funds raised towards acquisition of Bhushan Steel Limited which was completed at the beginning of FY19.
From the report
The cash and bank balance stood at Rs. 2,975 crore as on March 31, 2019.
From the report
The overall gearing of the company improved to 1.69x as at March 31, 2018 as against 2.52x as at March 31, 2017 mainly on account of rights issue worth Rs. 12,693 crore made during the year as well as improved profitability.
From the report
Comfortable liquidity profile TSL’s liquidity position remained strong with free cash and liquid investments of about Rs.8,549 crore as at December 31, 2018.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Tata Steel
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 JSW Steel |
Steel | jsw.in | 1982 | Mumbai, Global |
| Steel | jindalsteel.com | — | Hisar, Global | |
| Steel | sail.co.in | — | Salem, Global | |
| TMT Bars & Secondary Steel · Steel, Metals & Pipes | entropya.com/ieg-router | — | Global | |
| TMT Bars & Secondary Steel · Steel, Metals & Pipes | nucor.com | — | United States | |
| TMT Bars & Secondary Steel · Steel, Metals & Pipes | steeldynamics.com | 1996 | United States | |
| TMT Bars & Secondary Steel · Steel, Metals & Pipes | cartech.com | — | United States | |
| Integrated Steel Producers · Steel, Metals & Pipes | sail.co.in | — | India | |
| TMT Bars & Secondary Steel · Steel, Metals & Pipes | clevelandcliffs.com | — | United States | |
| TMT Bars & Secondary Steel · Steel, Metals & Pipes | cmc.com | — | United States |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Group companies
Business activities and related parties
Flat, long and tubular steel
Filings
No filings on record yet.