Transcript of ''Tata Steel 1QFY2027 Earnings Discussion''

Ref: SEC/768/2026-27 August 6, 2026 The Secretary, Listing Department The Manager, Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor, Plot No. C/1, Dalal Street, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 001. Mumbai - 400 051. Maharashtra, India. Maharashtra, India. Scrip Code: 500470 Symbol: TATASTEEL Dear Madam, Sir, Sub: Transcript of ‘Tata Steel 1QFY2027 Earnings Discussion’ This has reference to our letter dated July 28, 2026, intimating that post the announcement of Financial Results of Tata Steel Limited (‘Company’) for the quarter ended June 30, 2026, the Company will host an Earnings Discussion on July 31, 2026. The Board of Directors of the Company at its meeting held on July 30, 2026, inter alia approved the Financial Results of the Company for the quarter ended June 30, 2026. The Company hosted its 1QFY2027 Earnings Discussion on July 31, 2026. In this connection, we enclose herewith the transcript of the ‘Tata Steel 1QFY2027 Earnings Discussion’. The transcript is also available on the website of the Company at: https://www.tatasteel.com/investors/financial-performance/analyst-call-recording/ This intimation is being provided in compliance with Regulation 30 read with Para A of Part A of Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended. This is for your information and records. Yours faithfully, Tata Steel Limited Parvatheesam Kanchinadham Company Secretary and Chief Legal Officer Encl.: as above CORPORATE PARTICIPANTS T V Narendran, CEO & MD - Tata Steel Limited Koushik Chatterjee, ED & CFO - Tata Steel Limited Samita Shah, VP Corporate Finance, Treasury, & Risk Management - Tata Steel Limited CONFERENCE CALL PARTICIPANTS Vibhav Zutshi, JP Morgan Parthiv Jhonsa, Anand Rathi Satyadeep Jain, Ambit Capital Sumangal Nevatia, Kotak Securities Ashish Jain, Macquarie Amit Murarka, Axis Capital Pinakin Parekh, HSBC Jashandeep Chadha, Nomura Darshan Mehta, Dolat Capital Amit Dixit, Goldman Sachs PRESENTATION Operator Ladies and gentlemen, good day and welcome to the Tata Steel earnings call. Please note that this meeting is being recorded. All attendees' audio and video have been disabled from the backend and will be enabled subsequently. I would now like to hand the conference over to Ms. Samita Shah. Thank you and over to you, ma'am. Samita Shah: VP CFTRM - Tata Steel Limited Thank you, Shohom. Good afternoon everyone and welcome to this call to discuss our results for the first quarter of FY2027. We declared our results yesterday and I hope you have had a chance to go through the numbers. There is also a presentation that explains more details. To walk you through the results and answer any questions you may have, we have with us our CEO and Managing Director, Mr. T.V. Narendran, and our ED and CFO, Mr. Koushik Chatterjee. They will share some opening comments and then we will go into Q&A. Before I hand it over to them, I just want to remind you all that the discussions today will be governed by the safe harbour clause, which is on page two of the presentation. Thank you and over to Naren. T. V. Narendran: CEO & MD - Tata Steel Limited Thanks Samita, and good morning, good afternoon, everyone. Let me share some of my thoughts with you and then hand over to Koushik. Tata Steel has delivered a resilient performance in 1QFY27 despite the challenging operating environment. The developments in West Asia continue to disrupt supply chains, and the Chinese steel exports of about 9 to 10 million tons a month have also had an impact on international prices. Of course, this has also led to many countries taking actions to protect themselves, which also has consequential impact on the steel supply chains and on Tata Steel. Our performance, in some sense, is because of our ability to respond to these situations and have a business model which can adapt to these changing conditions. The continued performance in Indian operations has helped shore up the numbers. I would now like to make some comments on our performance in each geography. In India, crude steel production was about 5.76 million tons, this was lower than the previous quarter because we had some shutdowns scheduled, and some operational issues which are behind us now. In 4Q, the strong deliveries also led to an inventory drawdown, and so some of the production went into building up the inventory to optimal levels across the supply chain. Hence, you saw the deliveries were about 5.17 million tons in India in 1Q. We were able to offset the impact of the lower volumes because of an increase in the realisations to the tune of about Rs. 6,000 per ton, or Rs. 5,990 per ton to be more precise over 4Q. The higher net realisations were partly on the back of improved market prices and partly because of our ability to maximise volume in the chosen segments. So, this has helped us deliver an EBITDA margin of 27%, which is higher than the 10-year average. I would now like to describe some segmental highlights. The automotive & speciality business delivered best-ever 1Q volumes. It had a 21% YoY growth in high-end sales. We also developed cold rolled ultra-high tensile steel DP980, for those of you who understand the technicality of it for commercial vehicles and galvannealed steel and secondary coatings for passenger vehicles and tight tolerance specialty steel bars for transmission gears. So, these developments further strengthened our position as a preferred partner in the automotive sector. As you know, we have a market share of about 50% in the auto sector. Our well-established brands, Tata Tiscon, grew volumes 33% YoY, supported by our extensive distribution network which today covers 97% of India's districts. Tata Steelium volumes were helped by the cold rolling mill in Kalinganagar and grew by 34% YoY. Our digital platforms, Aashiyana and DigECA, continue to scale and combined GMV was around Rs 2,200 crores for the quarter, which is up 61% YoY. We continued to strengthen our presence in the construction solutions business through differentiated offerings that improve project efficiency. In fact, we are also addressing a trend today that we see that construction workers are not easily available to work at construction sites and hence, our move towards construction solutions is really helping many of our customers. During the quarter, we commissioned India's first Superflex weld mesh line at Cuttack in Odisha, this is the first- of-its-kind facility that can produce engineered weld mesh up to 3.3 meters in width, significantly higher than the industry standard of 2.4. All these initiatives are basically aligned with what we want to do, go more downstream, go towards more and more services and solutions in addition to the products that we provide, and basically look at delivering convenience and an experience to many of our customers aligned with what they expect. Our efforts to diversify into new end-use segments are also yielding encouraging results, including shipbuilding, where we got a number of approvals now. Shipbuilding, like automotive, is an approval-based business, and this has broadened addressable market opportunities for us. The other area we are looking at is, of course, data centres. We are also strengthening our position in the oil and gas sector through international certifications that enable participation in competitive and high-specification projects. So basically, more and more high-value, approval-based businesses, as well as emerging consumption sectors like data centres. Our downstream portfolio continues to build momentum with the tubes business and tinplate business delivering the strongest of a first quarter performance. Our wires business also expanded its market reach through innovative solutions such as 3D welded mesh for railway applications and Gaja Mitra, a high-tensile knotted fencing syst [Showing first 8,000 characters — download PDF for full document]