Natarajan Chandrasekaran
4:38 ↗
Across three blocks of Dhanbad, we have reached more than 53,000 children, engaging 500 government schools and more than 670 Anganwadi centers. Through our NRCs, over 2,000 out-of-school children were mainstreamed with a dedicated team and strengthened community forums, youth leadership, and hands-on training for teachers. We are building an inclusive, high-quality, and sustainable education system.
Gurulakshmi Cooperative Society stands as a powerful example of what women can build when opportunity, trust, and collective vision come together. Our vision is to scale such cooperative models that place women at the center of inclusive, resilient, and rural development.
When we talk about persons with disabilities, more than 70% of the population of persons with disability stays in rural India only. The rights, the schemes that are out there for them, the educational things that they can actually avail, along with the employment opportunities, are something that persons with disability, specifically in the rural areas, are not aware about.
From pioneering Asia's first integrated steel plant in 1907 to becoming a global leader, Tata Steel's journey is one of transformation and progress. Reinforcing a commitment to fuel India's growth, we are doubling our production capacity in India to 40 million tons. With a focus on net zero by 2045, we are transitioning towards low-carbon steelmaking in the UK and the Netherlands. We are also setting up a green steel plant in Ludhiana, India. Driven by innovation, our advanced products and solutions are tailored to address evolving customer needs by partnering with startups, academia, and external partners. We are transforming the steel value chain, leveraging artificial intelligence and Industry 4.0 technologies. We are setting new benchmarks in safety and manufacturing excellence.
Our people power our purpose across geographies. We champion diversity and inclusion while enabling our workforce to be future-ready. We uplift communities through healthcare, education, sports, livelihood programs, and more, impacting millions. We drive long-term value by managing financial and operational resources with efficiency and foresight, investing in growth and sustainability. At Tata Steel, we are not just making steel. We are making tomorrow.
Good morning, all dear shareholders. My name is Parvati Sam Kanchchinadam, and I'm the company secretary and chief legal officer of Tata Steel Limited. I extend a warm welcome to all of you to the 119th annual general meeting of your company being conducted through audiovisual means. Before we begin, I would like to provide you with details of your participation in the meeting and the e-voting procedure. The facility of joining this meeting through audiovisual means is made available for all shareholders to ensure smooth conduct of the meeting. All shareholders are placed on mute mode by default. The chairman will announce the names of shareholders who have conveyed their desire to speak at this meeting. Upon being called, the host will give appropriate access to the concerned shareholder to speak. Before you commence speaking, please unmute your microphone and switch on the camera when called upon. A request to all speaker shareholders: please be brief and limit your comments to 3 minutes to allow maximum participation. If you face any technical difficulties, please contact the helpline number mentioned in the AGM notice. In accordance with the provisions of the Companies Act and SEBI listing regulations, the company has provided to all its members the facility to cast their vote through the remote electronic voting system administered by the NSDL. Members who have not yet cast their votes may do so on the NSDL e-voting website during the meeting and up to 15 minutes after the conclusion of this meeting. As the resolutions have already been put to vote through the remote electronic voting, there will be no proposing or seconding of resolutions at this meeting. Thank you for your attention. I now request the chairman to take over the proceedings of this meeting. Thank you.
Good morning, shareholders. I hope you and your family members are in good health. I welcome you all to the 119th annual general meeting of the company. As the required quorum is present, I call the meeting to order. Before I proceed further, it's my pleasure to call on the directors who have joined today over video conference so that they can introduce themselves and also greet you. I would like to request Mr. Noel Tata.
Good morning, shareholders. My name is Noel Naval Tata. I am a non-executive director and the vice chairman of the board of Tata Steel Limited. I'm participating in this AGM through video conference from Mumbai. I'm also the chairperson of the safety, health, and environment committee of the board. Thank you.
Good morning, shareholders. My name is Deepak Kapoor. I am an independent director on the board of Tata Steel Limited. I'm participating in this AGM through video conference from New Delhi. I am the chairperson of the audit committee and the corporate social responsibility and sustainability committee. I'm also a member of the nomination and remuneration committee of the board. I also serve as the chairperson of Tata Steel Minerals Canada and as independent director on the board of Tata Steel Europe. Thank you.
Good morning, shareholders. My name is Vijayakumar Sharma. I'm an independent director on the board of Tata Steel Limited. I am participating in this AGM through video conference from Dubai. I am the chairman of the nomination and remuneration committee of the board. Thank you.
Namaskar. I am an independent director on the board of Tata Steel. I am participating in this meeting from my residence in Gurgaon. I am a member of the audit committee and of the safety, health, and environment committee, and a chair of the risk management committee. Thank you.
Good morning, shareholders. My name is Shekhar Mande. I am an independent director on the board of Tata Steel Limited. I am participating in the AGM through video conference from my office in Savitribai Phule Pune University, Pune. I am a member of the corporate social responsibility and sustainability committee of the board. Thank you.
Good morning, shareholders. My name is Pramod Agarwal. I am an independent director on the board of Tata Steel. I am participating in this AGM through video conference from Ranchi. I am the chairperson of the stakeholders relations committee of the board. I'm also a member of the audit committee and safety, health, and environment committee of the board. Thank you.
Good morning, shareholders. My name is Sourabh Bagaria. I am a non-executive director on the board of Tata Steel Limited. I am participating in this AGM through video conference from Mumbai. I am a member of the audit committee and the risk management committee of the board. Thank you.
Thank you. With me present here are Mr. TV Narendran, CEO and managing director; Mr. Koushik Chatterjee, executive director and CFO; and Mr. Parvati Kanchchinadam, company secretary and chief legal officer. I would now like to welcome the company's union representatives to the AGM. We value their contribution in maintaining industrial harmony at Tata Steel establishments and thank them for their support to the management. Today we have with us Mr. Sanjeev Kumar Choudhary, President, Tata Workers Union, Jamshedpur; Mr. Kumar Jha Mangal, President, Rourkela Coal Mazdoor Union and Indian National Metal Workers Federation; Mr. Rakeshwar Pandey, President, TISCO Coke Mazdoor Union, Tata Growth Shop, Adityapur, and President, Golmari Tinplate Workers Union, Tinplate Division; President, Wire Products Labour Union, Wire, Jamshedpur; Mr. Indrajit Bose, President, Tata Employees Union, Kolkata; Mr. Rabindra Kumar Jammuda, President, Tata Steel Kalinga Workers Union; Mr. BK Dinda, President, Tata Conger Union, Tata Steel Gomia; Ms. Cinta Grus, chairperson of the Central Workers Council, Tata Steel Netherlands; Ms. Neels Mans, EWC chairperson, employee representatives, and vice chair of the Central Workers Council, Tata Steel Netherlands; Mr. Vive Subramanyan and Mr. Amitesh Duta, representatives of PricewaterhouseCoopers Chartered Accountants LLP, statutory auditors of the company; Mr. Parasarati Guin representing S. R. Batliboi and Company, cost auditors of the company; and Mr. Pen Parik representing Poric and Associates, secretarial auditors of the company, are also attending the meeting. This AGM is being held through audiovisual means. This format is in compliance with the directions of the Ministry of Corporate Affairs, Government of India, as well as the Securities and Exchange Board of India. A live streaming of this meeting is also being made available through the website of NSDL. The company has taken the requisite steps to enable shareholders to participate and vote on the items being considered at this AGM. The company has received seven letters along with board resolutions from the corporate shareholders appointing and authorizing representatives under Section 113 of the Companies Act, 2013, in respect of 510 crore 10 lakh 10,340 equity shares representing 32.85% of the total voting capital. Since the physical attendance of the shareholders is dispensed with, the requirement of appointing proxies is not applicable. The registers as required under the Companies Act, 2013, and other documents as mentioned in the notice convening this meeting are open for inspection in electronic mode. Should you wish to inspect, please write to the company secretary at the email address mentioned in the notice convening this meeting. Shareholders who have not cast their vote earlier through the remote e-voting facility can do so during the course of this meeting through the e-voting facility. Since the notice is already circulated to all the shareholders, I take the notice convening this meeting as read. Since there is no observation, qualification, adverse remarks, or comment by the statutory auditors in the report on the financial statements for the year ended March 31st, 2026, or matters which have any adverse effect on the functioning of the company, the auditor's report is taken as read.
Now I would like to make some brief remarks. I think we have had an eventful year. Even if you look at the early part of this year, 2026, we started the year with a lot of optimism across global markets. A steady global growth was projected, inflation was easing, and generally the financial conditions were improving. And from the India perspective, we also had the India-EU trade agreement signed and the announcement of the interim India-US trade deal. But the situation changed very quickly in March with the beginning of the West Asia crisis, which has kind of led to falling output and rising inflation. However, against all this, the Indian economy remained quite resilient, recording a growth of 7.6% during the fiscal year FY26. The primary drivers have been domestic demand as well as manufacturing in the country. If you look at the steel industry performance during the fiscal FY26, the performance was rather subdued. The production fell 2% overall to about 1.85 billion tons of steel in calendar year 2025, primarily due to the slowdown in China. In contrast to this, the domestic market in India increased its production by 10.7% to 168.4 million tons of steel, and the demand also increased about 7.6% to 163.7 million tons. The demand has been pretty sustained due to infrastructure, construction, automotive, and many other industrial and manufacturing sectors. This has enabled Tata Steel to deliver a good performance during the fiscal year FY26. The consolidated revenue for the company grew at 6% to 2 lakh 32,400 crore, supported by an all-time high crude steel production of 23.44 million tons and deliveries of 22.5 million tons. And the consolidated EBITDA increased by 35% to 34,848 crore, and profit after tax improved by 243% over the previous year to 10,886 crore. Specifically coming to our international operations, Europe, we have been making a lot of structural interventions, and this helped the Netherlands to triple the EBITDA over the previous year to 267 million euros, though we have more ground to cover, which we are working on. In the UK, the EBITDA losses were reduced by half than the previous year. If you take the India market alone, our revenues were 1 lakh 40,320 crore, and the EBITDA was 34,272 crore, a growth of 17%. And the EBITDA margins improved to 24%. The company's consolidated net debt reduced to around 80,000 crore. In view of the above performance, the board of directors have recommended a dividend of rupees 4 per equity share, subject to your approval today. During this year, the company has been taking a large number of initiatives towards expanding the footprint in India. In particular, the big achievement was the expansion at Kalinga, taking our total steel capacity to 26.1 million tons per annum. And this project improved the capacity at Kalinganagar from 3 million tons to 8 million tons with a very large blast furnace, the largest in India, and a state-of-the-art cold rolling mills. The company has strategically positioned itself with enhanced portfolio of flat products and specifically in high-value, technology-intensive segments like the automotive and defense. We are well on our way to achieve our goal of 40 million tons per annum. The company continues to focus also in increasing the capacity in value-added products and digital engagements. In value-added products, the company is also expanding downstream capacity through tubes, tin plate, and wires. We also acquired to consolidate our ownership in Tata Steel Colors and a majority stake in Thani Pellets, both of which will help the company in the long run. The company also reinforced its expansion in NL along with the recently inaugurated 7.5 million tons electric arc furnace in Ludhiana. The board has also approved the amalgamation of NL into Tata Steel. In the UK, our EAF projects has gained momentum. We broke the ground for 1.2 billion, 1.25 billion GBP EAF project at Port Talbot, and it will get completed over the course of the next two to three years in partnership with the UK government. The project is progressing in terms of engineering design and construction. At this point in time, in the Netherlands, the operating environment has become more challenging. The recent environmental regulations that have come up in the Netherlands are far exceeding the European Union standards. The emission norms have tightened to levels where some of the legacy assets of Tata Steel Netherlands will find it hard to meet the newly established regulatory norms in the accepted timelines. The company has taken this up with the Dutch government and the regulators and all other stakeholders who are relevant to find a way forward. The company, to create long-term viability, also acquired the co-generation power plant from Vattenfall to ensure energy security for this site. As we continue our transformative initiatives at Tata Steel, there is also a lot of focus on technology and digital transformation. Tata Steel has employed a large number of AI tools to enhance safety at the workplace as well as the monitoring of all the plants in a central location so that the whole efficiency of the plants can be enhanced. The digital platforms are together achieving a combined GMV of close to 10,000 crore. The company, as it expands into new sites more and more, is focused on safety. Safety is becoming a major area of concern as well as cyber security. So the company is doubling down its effort to ensure that safety and cyber security are given topmost importance in its operations. The company always is focused on CSR and making a big social impact during the year. It spent about 473 crore on CSR initiatives impacting close to 7 million lives across the country. To conclude, I would like to say Tata Steel is in a transformative phase and it is on a major expansion phase to be able to go towards this 40 million tons in near term, while at the same time looking at acquisition of lands and identifying new locations in India to consider expansion beyond the 40 million tons in the years to come. I want to thank all of you shareholders for your support and trust to the company, and I also want to have a word to thank all our esteemed board of directors who have been spending a lot of time apart from the board meetings in helping the company during this phase of transformation and growth. With those words, I would now request the managing director, Narendran, to make a presentation.
Thank you, Chairman. Good morning, everyone. Today's discussion will be covered by the safe harbor clause on page two of this presentation. Let me begin with safety and health, which is our topmost priority. We are committed to a zero-harm workplace, and over the past decade and a half, we have achieved a 38% reduction in lost time injury frequency rate. We still have a lot of work to do, but we continue to work relentlessly to achieve a zero-harm workplace. In FY26, we strengthened our safety governance through focused role-based training, communication, and increased use of AI, as the Chairman mentioned, to enhance safety outcomes. True success for us is defined by strong financial performance alongside meaningful impact on the communities that we serve. The Tata Steel Foundation anchors our social initiatives. And during the year, our interventions positively impacted over 6.9 million lives, delivering measurable outcomes across health, education, livelihoods, inclusion, governance, and environmental sustainability. In a volatile and competitive landscape, we are guided by a clear vision to create sustainable value anchored in six pillars through which we consistently develop, execute, and deliver a long-term strategy. One is leadership in India, leadership in sustainability, leadership in technology and digital, consolidating our position as a global cost leader, robust financial health, and becoming future-ready. Let me now take you through each of these pillars in detail. India remains a structurally attractive market, and over the past eight years, we have more than doubled our capacity in India. During the year, as the Chairman mentioned, we've successfully ramped up the 5 million ton expansion at Kalinga Nagar and commissioned a 7.5 million ton EAF at Ludhiana. Work is progressing on the proposed 4.8 million ton expansion at Neelachal Ispat Nigam Limited in December '25. The board further reaffirmed our long-term strategy for growth in India, and we will be expanding in Meramandali as well as in Maharashtra. In parallel, we are accelerating our downstream push towards tubes, wires, tin plate, and color-coated products. This will increase the production of higher value-added products that enhance margins and improve resilience across cycles. We aim to achieve net zero by 2045, but our strategy is calibrated across operating geographies. In India, multiple initiatives are underway, ranging from process improvement to carbon direct avoidance in a bid to reduce emissions over time. For example, we aim to reduce our coal usage by pursuing alternate technologies such as HIsarna, EC melt, or by switching to biochar and natural gas. In the UK, our decarbonization plans involve setting up a scrap-based electric arc furnace. And in the Netherlands, we are engaged with the relevant authorities on the transition roadmap. We continue to build a data-driven, agile, and technology-enabled enterprise. During the year, we strengthened Industry 4.0 foundation through large-scale AI adoption and integrated digital operations. Around 860 models and agents were deployed across our value chain to enhance employee and customer experiences and autonomous business practices. Tata Steel is one of the lowest-cost producers of steel in the world, and we remain focused on consolidating this position. A cost transformation program delivered savings of about 10,868 crore across geographies and translates to a 95% compliance to the stated target. We continue to balance investment needs with returns while maintaining financial discipline, which has helped us deliver strong returns to shareholders. A future-ready culture is key to long-term success, and specific steps are underway to improve agility and innovation mindset in the organization. As far as FY26 is concerned, our deliveries were around 32 million tons. Revenues were up 6% year-on-year to 2.3 lakh crore. EBITDA improved by 35% year-on-year to 34,848 crore, which translates to a margin of 15%. Our profit after tax was 10,886 crore, and a dividend of four rupees per share is placed for shareholder approval. On the slide, we have some milestones which we are happy to share. Our digital platforms achieved an annual sales of over a billion dollars. We maintained investment-grade credit rating, and we have filed more than 100 patents during the year. Your company's initiatives and performance have been well recognized, and some of the prestigious awards and accolades that we received are also mentioned on the slide. Thank you very much.
Thank you, Naren. With that, we now move on to speaker shareholders. There are more than 50 shareholders who have registered to speak today. I would request each speaker shareholder to be brief and not repeat a point that has already been made by an earlier speaker. I would now request Dr. Arunar Bopana.
Hello. Hi. Yeah. Good morning to everybody. Sir, you always scare me with the number of speakers. Sir, both of us, there's some commonality. Both of us are Tata lifers. Today both of us are wearing the same color shirt and suit. You smile. I'll go ahead with my speech and finish in less than 2 minutes. Tata Steel remains a battle-tested leader, operated during wars, World War I, World War II, etc., changing the course of India, India's industrialization. Steel was not just a commodity. Steel was the spine of civilization, the foundation of infrastructure, the material that builds the future. My question, sir, if there's global overcapacity, how come still India's per capita consumption is still too little? How are we going to improve that? How is demand for green specialized steel, infrastructure, renewable energy, and defense growing? Is Tata still working on backward integration and technology efficiency improvements? Is Tata still exposed to iron ore or coking coal prices? The challenges will never fade, but opportunities will cascade for Tata Steel to shape India's skyline and India's destiny. Sir, Tata Steel was founded for nation building, to transform the country. Our founder Jamsetji Tata's philosophy has always been clear: to create wealth that serves humanity, which is being continued by all of us. People will come and go, some will stay. Tata's legacy will always find its way. After him, other Tata members came and kept alive the enduring flame. N. Data as VC for a short while came. Sadly, his early retirement day too came. I wish him all the best. Like the great men and women before, I wish Tata Steel to rise and soar. There are two complaints, sir, not serious, just observations. We used to have premiums conducted by Naren, Koushik, and PK like three musketeers. I hope you restore them. I turned 76 last month, so I don't have much time, but I would like to cherish the interactions with Naren, Koushik, and PK like John, Johnny, and another thing, sir. I'm a Maharaja member of Air India and member of Air India Express, but there are no flights from New Bombay airport. Last night I came at 1:00 from Bombay. By the time I slept, it's 3:00. I just want to... I'm 76 now, so I should enjoy the privilege of being a Tata lifer and Tata Maharaja membership and the Tata Indian Air Express membership. With this, I wish you all the best. Thank you very much.
Yes, sir. And board members and fellow shareholders. Good morning to all. It gives me immense pleasure to interact with you once again this year. I am sincerely grateful to our CS for the opportunity and wish everyone good health, happiness, and continued success. So I appreciate management for conducting the meeting in a timely and well-organized manner. Coming to my query, could the management provide an update on profitability and capacity utilization of its European operations, and what specific measures are being undertaken to improve margin and enhance the long-term competitiveness of the European business? On a lighter note, Tata Steel has been producing steel for over a century and has demonstrated remarkable strength through changing business cycles. As shareholders, we hope that some of that steel-like strength rubs off on us too, especially when markets become volatile. If that happens, we may finally be able to hold our size as steel-like products. So I hope you are not smiling also. So it's become very... I don't know what to say, sir. Keep smiling, sir. On a conclusion, I was deeply moved by the inspiring CSR film shown before today's meeting. What remarkable work our company has undertaken to support specially abled individuals filled me with both happiness and emotion, and it truly brought tears to my eyes. And in that same spirit, I would like to request empathy and kind consideration for my own situation. I would be sincerely grateful if my request would receive thoughtful consideration as one of India's most respected corporate leaders and as a company renowned for its commitment to CSR. I remain hopeful that some guidance, encouragement, or professional support may be extended to help me continue my professional journey with integrity and self-reliance across all Tata Group. Sir, I'm sure you'll take this initiative. Thank you for your patience and consideration. I wish the company, its leadership, employees, and all stakeholders continued success, good health, and prosperity. Thank you very much, and I look forward to meeting you again next year. Thank you, sir.
Yeah, you can hear me, sir?
Yes, I can hear you, sir.
Yeah, good morning, sir. Namaskar. Namaskar, sir. I hope you are... Thank you. Thank you very much, sir. Sir, our company is doing very good, sir. You are in the forefront. We really... we are assured, sir. Very good result, and we are doing very, very nice, sir. You have explained a lot of things, sir. I've got a few questions, only two questions, sir. Sir, in the Indian defense sector, manufacturing is increasing day by day. So what our company is exactly doing in that sector to capture more and more market in the defense sector, steel unit side? So if you can say something on that, sir. And sir, the West Asia conflict, the war seems to be coming to an end, sir. So what are the main opportunities our company may get out of it, if you can say, sir? And the rupee is dropping every day against the dollar. So on that context, if you can say something so that we get really assured. Sir, page 168, safety incidents numbers are definitely not so low, but definitely you said something that we are going to try to do it as zero as possible. So let us hope for that, sir. So nothing to add more over the proceedings. Thank you, sir.
Hello, sir. Can you hear me?
Good morning to you, sir. Good afternoon, good evening, and good night to other directors and other shareholders.
First of all, I'd like to thank the team and also the management. Now I'll come to the questions. One, I request the management to provide insight into the impact of geopolitical factors on the company's business and management's view on steel prices. What is the impact of the China factor over the supply slowdown and domestic growth on steel prices? I also seek details of the capex plan over the next three years and the roadmap for the company, and what is the attrition rate of our employees. That's all from me.
Good morning, Chandra sir. Good morning. Tata strategy, sir, Mr. Sourabh Bagaria and other directors of the company. Myself, Tamal Kuan Mazumdar, an equity shareholder from Kolkata. My special thanks to PK, our company secretary, for sending the hard copy of the annual report well in time so that I may do my homework and prepare myself to attend the meeting. Thank you, Chandra sir, for sharing your thoughts with us, and Naren for your thoughtful presentation. Sir, I have gone through the entire annual report and have some queries for explanation and replies from your end, and as usual, seek your indulgence because I may not be able to complete within the stipulated period. During the year, the company declared better results in respect of standalone and consolidated basis. Our special thanks to Naren and his team in this respect. Out of total consolidated revenue, sir, from operations, rupees 2 lakh 32,140 crore, and rupees 1 lakh 30,809 crore relates to India, and 1,331 crore relates to outside India. How much of our profit is derived from India and how much from outside India? It is in page 141, sir. It is in page 141, sir. Sir, other income on standalone basis was shown as 1,474 crore. Last year it was 1,698 crore. It is in page F89. Whereas as per cash flow statement, interest received shown as 467 crore. Last year it was 516 crore. It is in page 28. Short received during the last two years increased receivables to the tune of 2,189 crore. What is the present status in this regard? And sir, it is mentioned in page 36 that projected steel demand in India to be increased by 8 to 9% during financial year 2026. The company also expects our domestic delivery to grow by an additional 2 million during financial year 27. Along with it, the company is positioning itself as a preferred supplier for automotive. On the other hand, the current geopolitical scenario is putting pressure on supply chain and input cost. Taking into account all these things, how did the company fare during Q1 of financial year 27, and your expectation for the remaining part of the year? And what was the contribution of the automotive sector during financial year 26 and projection for financial year 27? Sir, what is the present status of the writ petition filed before the Jharkhand High Court on 11-3-2026 and appeal dated 16-6-2026 by the commissioner for division one on GST matter? And sir, only one mistake I want to mention: the letter we sent to the stock exchange mentioned the date as 18-12-2026 instead of 18-12-2035. Sir, it is noted that a fire broke out during the first week of June '26 that has brought Tata Steel's UK hot rolling mills to a standstill. Whether the company assessed losses incurred by it and insurance claim made in the cigar as on date. And it is also noted from page 34 that National Grid of UK has informed the company management of some potential delay in respect of high voltage connection for Port Talbot. What is the present status in this respect? What will be the projected increase in cost due to the proposed delay in the project cost, and whether the UK government will share a part of it? Sir, it is noted that the company received 564 whistleblower complaints. 564 whistleblower complaints in Tata Steel, 91 in NL, 23 in TSN, and 13 in TS UK. During the year, as it appears, the company received the highest number of complaints among all Tata companies. Nature of average concerns and reason for such huge number of concerns and its impact on our financials are to be disclosed. Nature of complaints received from TSN and TSUK is to be disclosed. What steps the management has taken as remedial measures in order to decrease the number of complaints in the coming years? Sir, our company had 100% iron ore security and 20 to 25% coal supply security during financial year 26, and the company's mining lease in Jharkhand and Odisha will expire in 2030. Our MD and CEO and CFO mentioned in page 34 that after 2030, management's goal is to get at least 50% of iron ore from captive mines. What will be the source of the remaining 50%? Are we aggressively pursuing existing legacy mines before new leases come up for auction, or pursuing long-term sourcing solutions globally? What are the projected changing dynamics which will keep our profitability intact? Sir, it is nice to note that due to regular onshore of overseas debts, it decreased to 18% of our total debt as on 31st March 2026. Rupee slid by nearly 10% against US dollar, and euro slid by 7.2% against rupee during financial year 26. What are its financial impacts on our overall loan balance as on 31st March 2026, and how much of remaining bonds issued by overseas subsidiaries does the company want to pay during financial year 27, sir? And sir, projected capex shown as approximately 20,000 crore during the year. What will be its source: onshore, offshore loan, bonds, or equity? And how much of capital expenditure made during Q1 of financial year 27, and whether it includes additional funding of US dollar 2 billion in Till Holdings Private Limited? Sir, it is noted from page 35 that the company incurred more than euro 20 million as penalties from environmental agencies relating to Tata Steel lands during FY26. It is also noted that the environment agency and the province formally communicated their intention to revoke certain operating permits and accelerate the closure of coke and gas plants. What is the present position in this respect? Please share with us the present position and proposed modernization of the plant. Present position is also to be disclosed in respect of a massive 1.44 billion euro class action lawsuit by Dutch NGO SW. Whether our company made any...
I think I urge you to finish faster.
No, I have two questions. Whether the company made provision against the claim made in the class action clause. And lastly, sir, we all like to place on record our sincere appreciation and gratitude for the valuable contribution and leadership of Mr. Koushik Chatterjee during the last 31 years, and support the resolution reappointing him as a director of the company. I have other questions; we'll send them to the company for replies. Thank you.
Thank you. Thank you. Manoj Kumar Gupta.
Hello, Manoj. Yeah, Manoj. Yeah. Good morning, respected chairman, board of directors, fellow shareholders. My name is Manush Gupta. I've joined this meeting from my residence, the City of Joy, Kolkata. I feel proud to be a shareholder of Tata Steel. First of all, I thank you and your team for the excellent result of the company for the year 25-26. Thanks to the MD and his team for the nice presentation, and thanks to the company secretary and team to help us to join this meeting through VC. And sir, your group should get the good corporate reward from the government of India because your group is following good corporate governance to serve the small shareholders. After registration, we got three, four, or five calls. After that, 'Your sequence number is... kindly join the meeting. Meeting will start after 15 minutes.' So such type of services should continue. And sir, how is your overseas business going on? And thanks to the union people that they are present in the meeting, and thanks to the Tata group they invite the union people in the area, especially Mr. Rakeshwar Pandey, who always was present in Kolkata during the Tata Metallic and Tata Tea. But now all companies have merged. So sir, after the merger, there is no reflection in the stock market. After merger of four companies with Tata Steel, there is no reflection in the stock market, while the share price is lower compared to balance sheet turnover and profitability and payout. So when will that reflection be shown in the stock market? And still demand will go up, so how are you ready to fulfill the demand? And what's your plan for Bengal? Because you are already present in Bengal through Tata Metallic, so what's your plan for that? Have you any plan to further invest in the Tata Metallic unit in Bengal? And I wish to... now Mr. Noel Tata, who is going to retire, Noel sir, and I wish him to get more success in coming time. And what's your plan for Nilachal? Have you any plan to merge the Nilachal plant with the Nilachal plant with Tata Steel in future? What's your plan with this? I strongly support all the resolutions. I believe that I have covered within your time limit of three minutes. And today we are happy that we have seen your smiling face today, because in the last three AGMs we have not seen your smiling face. Thank you, sir.
Yes, ma'am. You are audible, ma'am.
Okay. Very good morning, respected chairman, board members, and fellow shareholders. Myself, Lily Pradhan, a long-standing shareholder from Kolkata, attending this meeting through video conferencing. First of all, I sincerely thank the board of directors, respected chairman, respected MD, respected CFO, respected secretary with the secretarial team, and also respected moderator. Please continue VC mode in future for worldwide participation. I admire the secretary's coordination. Madam, very good, appreciative, personalized human beings, overall very good investor services for shareholders' communication. Chairman sir, I am genuinely proud of your polite, decent, hardworking, patient nature and humble leadership, which inspires great confidence among shareholders. I am hopeful that under your able guidance, our company will continue to achieve greater and greater success in the coming future. I received email of e-notes in advance and also hard copy of annual report, which cover theme is both meaningful and knowledgeable, and also balance sheet transparent. Heartiest congratulation on my company's strong and sustainable growth. Crediting of the company is very good. Now I have put some specific questions and requests in present situation. First question: Given our strong leadership, what is our volume growth target for the remainder of FY27? Also, how are we planning to counter the increasing competition from both domestically and globally? Next, could the management share some insight into the upcoming product pipeline and launch timelines for the next 12 to 18 months? Next, with expanding operations and ongoing investment in advanced technology like AI and automated manufacturing, how confident is the management in sustaining and improving our operating margins in the coming quarters? Noel Tata sir, even though you have retired in terms of age, you will always remain associated with the Tata organization both physically and mentally. Stay long, live with a healthy life. Nothing more. As a woman speaker, I request: always support women empowerment, which is most important and must be obeyed by trusting for dignity and respect. Thank you. Thank you so much, with warm regards and best wishes. All the best.
Thank you. Good morning, everyone. Respected chairman, sir, members of the board, and my fellow shareholders. I am Subhash, joining from Kolkata. First of all, congratulations to the chairman, sir, the board of directors, and the entire management team on the company's excellent FY2025-26 performance. Despite a challenging global environment, the company delivered strong financial results, recommended a higher dividend, prestigious awards, and made significant progress in capacity expansion. I also appreciate our company's impactful CSR initiative, which benefited over 6.9 million people. Wishing you and the entire team continued success. Sir, I strongly support all the resolutions passed through remote e-voting. Sir, some of my questions... but the first question is: Sir, with the company targeting a production capacity of 40 MTPA and increasing its focus on high-value steel segments, what key milestones should shareholders expect over the next three to five years? And the second one, sir: Following the successful turnaround of the NINL and the planned 4.8 MTPA expansion, what strategic role will NINL play in expanding our company's long products business? And finally, sir, the turnaround of our European operations is progressing well. When do you expect the European business to achieve sustainable profitability, and what are the key milestones and challenges to reaching that goal? I sincerely thank the secretarial department for providing excellent investor service. That's all from my side. Thank you, sir. Namaskar.
You're audible, sir.
Good morning. I am joining from my residence, Kolkata. Respected chairman, directors, company secretary, fellow shareholders. Thanks to the chairman and CFO, MD, for the valuable and informative presentation regarding the performance of the company. Thanks to the company secretary and secretarial department for sending the annual report in advance and for excellent investor service to the shareholders. Sir, the integrated annual report is colorful and informative. Now I'll come to the financial results on consolidated basis. Revenue from operations increased by 6.22%. Profit after tax significantly increased by 242%. I appreciate and thank the management team for the outstanding financial performance. Sir, question...
Number one, please. Number 27. Note number 29: other income, interest income, reduced to rupees 727.055 crores from rupees 794.555 crores as compared in the previous year. Sir, what is the reason? Please share your thought. Sir, question number two. Sir, after changing the political unrest and coming double-engine government, what are the plans for open projects of Tata? Sir, best wishes to all of you. Thanks for patient hearing. Over to you, sir.
Respected chairman, other dignitaries attending this meeting, and my fellow shareholders. Sir, let me congratulate — our compliance is good. But your speech, chairman's speech, was not transferred. I always give example to others. You said in a speech that our EBITDA margin is half in UK, but you failed to give the EBITDA margin half in UK in your chairman's speech. Are you... Yeah, yeah, I am audible, I hope so.
Some business. Yeah, yeah, yeah. Mr. Chairman, still, consolidated result is not good for standalone. Well, I have to concentrate particularly Mr. Koushik and Narendran, they are doing well, but on the consolidated basis our profit is not good. How many years is still bleeding UK and Netherlands? So many years we are bleeding for them. Now when we be positive, net profit will come. Glexo company, 5,000 crore turnover, taking 900 crore... 900... result. Tata Steel Minerals Canada, what is the status of that? How is it working? Well, it is giving yield. It will give profit to our main Tata Steel. And lastly, I will not waste your time. Whistleblower and germ are too high. This gentleman has taken by your transparency, your balance sheet, annual report is transparent, giving all the figures, particularly of sexual harassment and others. I am thankful to those who prepared, and particularly how you take the grievances of this whistleblower and other grievance complaints, how you take the personal approach, touch with them or online, you clear it. Best wishes. A lot has to be said. I will not waste your time. Thank you, gentlemen.
Very good morning, respected chairman, MD and CEO, executive director and CFO, board of directors, company secretary, fellow members joining at the 119th AGM of Tata Steel Limited. My name is Shashid Kumar Puk, joining from Dum Dum, Kolkata. My extreme gratitude to our company secretary, Mr. PK, and the secretarial team for sending me the hard copy of the annual report for study very well in advance and allowing me to speak. Excellent cooperation from the secretarial team. I am appreciating, sir. Your opening remarks, you briefly presented all the details of my company's entire performance and perspectives, mostly safety measures I have noted, and application of digital tools in every parameter also. Our respected MD and CEO also mentioned this. Sir, I have six points. If you allow me, I can share. I have six points, sir, if you allow me.
Okay, thanks to my company's management team, leadership team, for excellent financial results, 6% growth, and also EBITDA nicely achieved 35% year-on-year basis. Profit after tax significantly increased by 243% to 10,866 crores, and I also significantly thank for savings through cost transformation, profit also rupees 10,868 crores, sir. My first view is our capex. In page 33, it mentioned our capex is projected to scale up from 14,559 crores to approximately rupees 20,000 crore in financial year 26-27, and 60% allocated to India with the Kalinganagar Phase 2 expansion ramped up. How does the board intend to prioritize capital allocation between downstream value-added flat products and greenfield long products capacities? Share your thoughts. While our consolidated profit after tax expanded over 243% to 10,868 crore, the standalone profit after tax growth was more moderate, at 15%. Could management unpack the exact components of the cost transformation program that yielded rupees 10,868 crores in savings, and specify how sustainable this specific line item cost control is moving into financial year 27? The board has approved the scheme of amalgamation of NIL, my company, given NIL at a 23% EBITDA margin in financial year 26. What specific structural, financial, and logistical duplication costs will be phased out post-merger? Share your thoughts. Also, in respect to downstream asset expansion horizontally, we intend to scale value-added downstream capacity, shifting tubes to 1.8 MTPA — page number 219 mentioned — and wires to 0.06 MTPA, and tinplate Phase 1 to 0.4 MTPA. What total incremental capital is required to fulfill this downstream milestone? Share your thoughts about this. Sir, I am just quickly — my company is executing near about £1.25 billion EAF project at Port Talbot. Considering structural asset transformation typically strains near-term returns. Share your thought. What is the expected timeline for this project to transition from a capital drain phase to a positive ROCE driver? Share your thoughts. Page 33. I noticed that our liquidity position is robust at rupees 45,237 crore in cash and cash equivalents and undrawn lines. Given that high cash balances can dilute capital efficiency ratios, what is the minimum operational cash balance required to steer current geopolitical shocks? Share your thoughts. And finally, two points. Digital e-commerce, 1mg and BigBasket brought in a combined GMV — mention gross merchandise value — of rupees 9,360 crores, which is a 161% increase year-on-year mentioned. How does this annual sales digital receipts reflect on the balance sheet, trade receivable cycle, and are we seeking improved cash conversion days through direct digital customer engagement? Share your thoughts about this. And also, that is the final point. This is the very vital point I noted. We successfully reduced overseas debt from 50% in financial year 2021 to 18% in financial year 26. Mitigation — rupees 1,25,500 rupee depreciation impact is 18%. Is this considered structural for foreign currency debt, or do we plan to hedge the entire balance sheet? Moving forward, net debt to EBITDA ratio improved significantly over the last two years from 3.3x to a healthy 2.3x. Given capital-intensive India expansion plans, what is management's long-term internal shielding or targeted range for the leverage ratio? Share your thoughts. And capex is projected to rise significantly from 14... Sir, I think, sir, I think...
Sir, the last point, if you allow me. The capex is projected to rise significantly, from rupees 14,559 crores to rupees 20,000 crore in financial year 26. Get debt confirmation: this expanded outlay will be entirely funded through internal cash accruals, or will it require to temporarily halt the net debt reduction trend, where our net consolidated debt is rupees 18,144 crores as on 31st March 2026? I pray to God for your good health and everybody of my company and every staff's employees. Thanking you, sir. Namaskar.
Hello. Can you hear me?
Yeah. I'm CEO Narendran, CFO, strategy, and company secretary Parvati. Greetings to everyone present for the AGM. Sir, I've gone through the results and the performance has been good, better than past year. My only worries come from the consolidated part of the balance sheet. Sir, we have done more revenues than last year, but still we are making losses in the consolidated. But our standalone profits are much more than the consolidated profits by about 5,159 crore. The standalone profit is more than the consolidated profit of 10,000. So this means that you're making losses in our subsidiaries. The major subsidiaries which are making losses for us are IJmuiden in Netherlands, it has shown a loss of about 1,962 crores, and Tata Steel UK has shown a loss of 3,800 crores, and Tata Steel Minerals Canada has shown a loss of 1,925 crore. This is in AOC-1 of page 254 to 257. It is there on those pages, sir. So we'll have to take into account why these losses are recurring and recurring. Sir, we are putting up an EAF plant in UK. Sir, you made a groundbreaking. We've set up an EAF plant in Ludhiana also. Sir, EAF is considered to be a little greener way of making steel than blast furnace. Are we likely to expand that capacity within Ludhiana or set up new EAF plants within India? And on the IJmuiden plant in Canada, there were reports of being asked to stop production out there due to environmental reasons. Sir, you also mentioned in your inaugural speech about issues facing Netherlands. How can we overcome them, sir? Because I was told in the report that we've been asked to stop production out there, and what will be the consequences of that? And are we likely to get some subsidies from the Netherlands government the way the UK government has been giving us to set up the Port Talbot plant, sir? These are my only questions. The performance is good, sir. Kalinganagar 8 million tonnes, largest blast furnace, all very good, sir. I'm not going into the financials. Sir, I wish the company all the best. Signing off from Mumbai. Thank you, sir.
Namaste, sir. Am I visible, sir?
Sir, respected Chairman Sri Chandrasekhar ji, respected Managing Director and CEO TV Narendran ji, respected Company Secretary Sri Parvati Kantam ji, and all other executive and non-executive directors and members of the board, and also fellow shareholders, and the senior auditors, and everyone. Sir, it is an honor to participate in this annual general meeting of Tata Steel Limited. At the outset, I sincerely thank the board and management for strengthening my company and also for sending the annual report well in advance. The annual report is very good, colorful, informative, a testament of my company's growth. The annual report is very comprehensive, informative, and beautifully presented. It reflects the company's commitment to transparency and high standards of corporate governance, Chairman. Sir, your speech was excellent and inspiring. It clearly highlighted Tata Steel's achievements, strategic priorities, and vision for sustainable long-term growth. My heartfelt congratulations to you, the MD TV Narendran ji, and the entire Tata Steel family for delivering another strong year of performance. Sir, I appreciate the company's excellent corporate governance, which has always been world-class transparency under your leadership, Mr. Chairman. Sir, it has been a hallmark of the Tata Group. I'm also deeply impressed by the steel's outstanding CSR initiatives, which continue to make a meaningful impact on the communities across the country through your good deeds. Good deeds always reach, sir. Thank you so much for the wonderful CSR initiatives. Sir, I have a few questions I would like to ask you.
Good morning, chairman and other board members, but also all those who are attending the AGM from inside and outside. First of all, I would like to — it's not a complaint against the company secretary or the secretarial department. See, when I received the mail from the company, I sent a request for the printed copy of the annual report, which I think was forwarded to RTA, and RTA replied to me saying, you know, the AGM date has not been fixed. I don't know on what basis they have written; they have not even checked the details. So I wrote to them sending the notice. Anyway, that's for the secretarial department to take care. My first question is: losses at the consolidated level are reducing year on year. Is there an end date for this? Because the Corus acquisition happened in 2007, and the CFO was actively involved in that, and he knows the ins and outs of the acquisition. With this, you know, so much of wisdom, there should be an end date fixed for ending these losses. This is my first point. My second point is other comprehensive income. I think last year you changed the accounting policy to, you know, adjust the losses through fair value. So it has decreased from 23,973 crores to 2,770. Is it going to completely become zero in the coming years? This you can clarify. On China, every year, you know, steel companies go to the government for anti-dumping duty. See, all of them have — all the steel companies have rich experience. Is there no way, you know, you can combine together and, you know, create something that will, you know, avoid — see, they are dumping, you know, cheap steel in India and other countries. Apart from that, there may be some products which we may be importing from China where we may have cost advantages. So are we thinking on these lines? My next point is dividends. Dividend — see, the EPS was 12 plus, but you have paid 4. Last three years you were paying only 3.6. At least 50% of the PAT should be paid as dividend, is my request. So year on year, last year when I asked, you said we will do — our performance will be better. It has been better. It has been better year on year, but European, you know, losses are putting a brake on dividend payments to Indian shareholders. See, it's indirectly, you know, transferring Indian wealth to these European companies. I don't know how many billions have been transferred to European operations during the last 19 years. Any other, you know, product that you are planning to, you know, start? Last year, two years I asked, you said some graphene, which is a small, you know, which is of small value. I was asking about products, metals that will give you a revenue of 10,000 crores or 15,000 crores to start with, and, you know, it will scale up over the years. Rare earth, for example, the Government of India is seeking, you know, experts, big companies to get involved. Is there any thought process on this? And my next point is on the interest cost increase. It has increased to 5,117 crores. So I don't know if it is due to the 3 billion loan that you provided to your international operations last year. I don't know because of that. So that you can clarify. My last point is on the bonus. I don't know — Tata Group companies are, you know, against giving bonus. I know after so many decades, Trent is the only company which has given bonus recently, but also that also, you know, half-heartedly. It's not a one-is-to-one kind of issue. So this, you know, please don't ignore the small shareholders who are sticking to the company for decades. And my best wishes for a better performance. And I would request you to clarify on this bonus and the end date for funding the European losses. Thank you, sir.
Am I audible and visible?
Respected Chandrasekhar ji, Tata Steel welcome, and respected Noel Tata ji, namaskar. Good morning and greetings of the day to all directors, stakeholders, fellow shareholders, employees of Tata Steel Group and employees of Tata Steel Foundation. Subho namaskar. So as I said in the Indian AGM, sir, my urge has still gone up, so you kindly keep in mind. Okay. So I take a clue from page number 11 of the AGM annual report. First of all, my compliments to all the people who have been involved in preparing the annual report. It has always been a pleasure to read the annual reports. Lot of value addition to my academic interest. Referring to page number 11 under the heading Values, it says, 'What comes from the people goes back to the people.' Many times, in all sense, I think it is true, as with respect to the efforts of social upliftment being done by Tata Steel Foundation, and also in terms of the market capitalization and dividends, specifically since the stock split in 2022. I had an opportunity to be closely associated with the Steel Foundation, so to know about their sustained efforts, their contribution, and the success of their intended mission. Basically, I got this opportunity through the PG course which I did in CSR leadership, which was a flagship course conducted by XLRI and Tata Steel Foundation. This is the third batch which is going on. I'm a successful postgraduate from the first batch, and I'm a little saddened to note that those things are not mentioned in the annual report. Those things should have been captured in the annual report. So it should have been an automatic platform for them to get more enrollment and also to do this thing. So doing CSR is also important, and also developing CSR leaders is much more important in the broader perspective. In the same way, looking at — I have only one point, that is to look at the safety aspect. As a professional in that aspect, I will not be doing justice to that provision unless I bring it. So every time we have been discussing that we will be focusing on zero harm, I find that the fatalities are still countable, and we should come to zero harm. And if you look at the last 25 years, the total number of fatalities is 22. And two points I would like to make in this: as CSR is implemented and expanded to others through CSR leadership, I think that even the ISO 45001:2018 certification as an internal auditor should be rapidly done for all the employees. So that will give them a sense of ownership to become more busy. Further, nothing wrong in looking at other industries, specifically more equal, if not equal, much more vulnerable industries like the oil industry. For example, we have a body like the Oil Industry Safety Directorate, so there is a standard under OISD 206 which talks about safety management system. And I was one of the functional committee members which recently underwent a lot of revision. I spent two years on that in industry aspect. So I would like that maybe we can take a call on that. In case anyone is interested, I can even share the copy of that. So if you look at that angle, I don't know in what situation the particular picture has been photographed — the page number 31 photograph. Maybe we can revisit on that whether it takes — if such a photograph is taken inside the plant, it's not to be put in the annual report, sir. Kindly look into that. And also I would like to know — and I saw that — I appreciate the page number 48 to 59, 'One Shared Future' by the TSF. It's a well-documented report. So my compliments to the entire team on that. Last year or previous year we spoke about steel for hydrogen transportation. So the annual report is silent on that. Maybe we can discuss on that. And looking at the number of fatalities of eight in Indian operations and one in UK, when I went through the ESG index, I could locate only five in India and one in UK. So maybe such errors can be corrected. And I went through all the KPIs, and I feel it is worth adding one more KPI, that is raw material consumption per tonnage of steel production in terms of different kinds of products what we load. Furthermore, last but not the least point, I have been a loyal customer to Tata Steel also. So whenever I wanted to buy any of your products, I have to run pillar to post to get the right dealer. So now I found that there is that one digital platform there. So it should be marketed properly, or it should be made more — we can advertise it and make it more user-friendly so that everybody can go there. So we are all the best loyal brand ambassadors of the organization. So with that, I once again thank you for the opportunity given to me, and wish you all the best, and like to see the real zero harm in the coming years. With all the best. Thank you. Dhanyavad.
