Tata Steel Q2 preview: Here's what top brokerages expect from steel major

Tata Steel Q2 preview: Brokerages project consolidated revenue in the range of ₹53,000-55,800 crore, up marginally Y-o-Y, while Ebitda is likely to rise 38-67 per cent Y-o-Y to around ₹8,500 crore.

Tata Steel Q2 preview: Steel behemoth Tata Steel will release its September quarter of financial year 2026 (Q2FY26) results tomorrow i.e. Wednesday, November 12, 2025.

 

Analysts expect Tata Steel to report a strong year-on-year (Y-o-Y) improvement in its Q2FY26 earnings on the back of lower coking coal costs and higher sales volumes, despite softer steel prices. 

 

Brokerages project consolidated revenue in the range of ₹53,000-55,800 crore, up marginally Y-o-Y, while Ebitda is likely to rise 38-67 per cent Y-o-Y to around ₹8,500 crore. 

 

Net profit is expected to surge over 250 per cent Y-o-Y to ₹2,800-3,100 crore, aided by improved operational performance in India and a recovery in Tata Steel Netherlands, though losses in the UK segment are anticipated to widen due to weak pricing and high fixed costs.

 

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Given this, here’s what top brokerage said about Tata Steel Q2 results:

 

Nuvama

 

According to Nuvama analysts, standalone Ebitda per tonne is expected to decline by ₹813 sequentially to ₹14,427, as a fall in blended steel realisation (down ₹2,000 per tonne Q-o-Q) is partly offset by a reduction in coking coal cost by $10 per tonne. 

 

Sales volume is likely to rise 16 per cent Q-o-Q to 5.52 million tonnes, following a weak Q1 due to maintenance shutdowns. Tata Steel Europe’s Ebitda per tonne may see a marginal dip to $7 compared with $8 in Q1FY26. 

 

Losses in the UK operations are projected to widen amid lower steel prices and higher fixed costs (Ebitda loss of ₹770 crore versus ₹470 crore in Q1FY26). 

 

The Netherlands operations are expected to perform better, with Ebitda increasing to ₹900 crore (Q1: ₹610 crore) and Ebitda per tonne improving to $67 (Q1: $48), supported by lower raw material costs. 

 

Consequently, Nuvama expects revenue of ₹53,220 crore, down 1.3 per cent Y-o-Y; Ebitda up 66.7 per cent Y-o-Y to ₹8,540 crore; and PAT to rise 281.6 per cent Y-o-Y to ₹3,110 crore.  CATCH STOCK MARKET LIVE UPDATES TODAY

Axis Securities

 

Axis Securities analysts model slightly higher consolidated sales volumes on a Y-o-Y basis. Steel HRC prices in the traders’ market (ex-Mumbai) were down 2.4 per cent Y-o-Y and 4 per cent Q-o-Q. The brokerage expects consolidated revenue to grow Y-o-Y and Q-o-Q, driven by higher steel sales volumes, partly offset by lower HRC prices.

 

Ebitda is projected to improve on both bases, aided by lower coking coal consumption costs across India and Europe, though partly offset by weaker realisations in India. India’s Ebitda per tonne is likely to increase marginally Q-o-Q on lower coal costs and higher volumes, despite subdued pricing. European Ebitda per tonne is also expected to rise sequentially due to lower coal costs, while net sales realisation is likely to remain stable. 

 

Therefore, Axis Securities analysts forecast revenue to increase 3.6 per cent Y-o-Y to ₹55,822 crore; Ebitda to grow 38.3 per cent Y-o-Y to ₹8,488 crore; and PAT to jump 249.3 per cent Y-o-Y to ₹2,848 crore.

 

Kotak Institutional Equities

 

Those at Kotak Institutional Equities estimate Tata Steel Europe to report Ebitda of $6 per tonne, down 29 per cent Q-o-Q, as improvement in the Netherlands operations ($63 per tonne versus $48 per tonne in Q1FY26) is offset by continued losses in the UK operations (USD 151 per tonne versus USD 91 per tonne in Q1FY26). 

 

Analysts expect consolidated revenue to rise 1.6 per cent Y-o-Y to ₹54,783.2 crore, Ebitda to grow 50 per cent Y-o-Y to ₹8,545.6 crore, and net profit to surge 260 per cent Y-o-Y to ₹3,002.1 crore.