Now Reading: Tata Steel shares drop 2.75% on Q2 profit miss
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Tata Steel shares drop 2.75% on Q2 profit miss
The Story in Brief
Tata Steel shares fell 2.75 per cent to Rs 184.97 on Monday, 9 November 2026, reversing an opening gain, despite a broadly in-line set of September-quarter results. The company posted a consolidated net profit of Rs 3,700 crore for Q2FY27, up 16 per cent year-on-year. Revenue rose to Rs 65,436 crore from Rs 58,689 crore a year earlier, and consolidated EBITDA improved 17 per cent to Rs 10,665 crore. India operations delivered a 25 per cent EBITDA margin.
Brokerages remain largely bullish on India operations. Jefferies, Elara Capital, CLSA, Nuvama and Motilal Oswal maintained Buy or Outperform ratings with targets between Rs 219 and Rs 240. Goldman Sachs held a Neutral stance with a Rs 215 target, citing unresolved regulatory uncertainty in Europe and UK losses. Net debt stood at Rs 91,423 crore with a net debt-to-EBITDA ratio of 2.4 times.
Management guided for a stronger second half, driven by higher domestic volumes and rising realisations. The UK business is expected to approach breakeven by Q4FY27.
Update, 9 November 2026: CNBC-TV18 reports ICICI Securities has maintained a strong buy on Tata Steel with a Rs 235 target, while picking Nalco as its top aluminium sector pick. The brokerage expects domestic spread improvements as steel prices are Rs 3,000 to Rs 4,000 higher than the September quarter average.
Indian Opinion Analysis
All four sources report largely identical figures, consolidated net profit of Rs 3,700 crore (Business Standard gives Rs 3,666 crore from a different measure) and EBITDA of Rs 10,665 crore, and all quote brokerages keeping Buy or Outperform ratings. NDTV Profit leads with the sequential profit jump of 58 per cent, while Business Standard flags the stock’s intraday reversal from a five-day rally and heavy volume. The Hindu Business Line provides the most granular trading data, noting 71 per cent sell orders and a 17.5 per cent discount from the 52-week high, before concluding with management guidance for a stronger second half. The uniformity in core numbers across sources is the story, the variation lies only in what each outlet foregrounds from the brokerages and the share reaction.
Coverage: 4 sources, 4 neutral
Sources (4): ndtvprofit.com (neutral report), business-standard.com (neutral report), thehindubusinessline.com (neutral report), cnbctv18.com (neutral report)
This brief was synthesised by AI from the 4 sources linked above, so one read covers every framing they carry. Methodology and corrections.
