Tata Steel Limited

TATASTEEL.NSE · Basic Materials · Steel · INR · Fundamentals
Heavy & stretched

Physical assets are 77.9% of total assets, a heavy footprint. Capex is 1.22x depreciation and free cash flow yield is still positive, which fits a physical base that is being replaced or expanded without consuming all of its cash. EBITDA after capex covers debt service by 0.72x, which is below 1.

Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 1.24x.

Physical asset ratio
77.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,874.61BpropertyPlantAndEquipmentNetInventoryINR 472.49BinventoryTotal assetsINR 3,012.54BtotalAssetsResult 77.9%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
1.24xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 2,321.40BtotalRevenueNet PP&EINR 1,874.61BpropertyPlantAndEquipmentNetResult 1.24x
Revenue per dollar of the physical asset base.
Capex / D&A
1.22xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 145.59BcapitalExpendituresD&AINR 119.55BdepreciationAndAmortizationResult 1.22x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
INR 66.42Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 3,012.54BtotalAssetsGoodwillINR 75.34BgoodWillIntangiblesINR 134.10BintangibleAssetsLiabilitiesINR 1,974.74BtotalLiabTangible bookINR 828.37BShares12,471,848,000commonStockSharesOutstandingResult INR 66.42
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
2.52xPrice / tangible bookPrice / tangible book per sharePriceINR 167.60Latest quoteTangible book / shareINR 66.422026-03-31Result 2.52x
Price INR 167.60.
Fixed-charge coverage
0.72xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 350.90BebitdaCapexINR 145.59BcapitalExpendituresInterestINR 71.67BinterestExpenseShort-term debtINR 212.03BshortLongTermDebtEBITDA − capexINR 205.31BPrincipal due is the current portion of debt.Result 0.72x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
6.5%Free cash flow yield · 2026-03-31Latest free cash flow / current market capFree cash flowINR 134.97BfreeCashFlowMarket capINR 2,090.70BMarketCapitalizationResult 6.5%
Latest free cash flow divided by current market cap (INR 2,090.70B).
ROIC
7.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 205.39BoperatingIncomeTax expenseINR 50.83BincomeTaxExpensePretax incomeINR 159.69BincomeBeforeTaxTax rate31.8%EquityINR 1,021.68BtotalStockholderEquityDebtINR 923.82BshortLongTermDebtTotalCashINR 110.61BcashAndShortTermInvestmentsInvested capitalINR 1,834.88BResult 7.6%
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 0.11x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2019 72.5%Physical asset ratio · 2019-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,375.91BpropertyPlantAndEquipmentNetInventoryINR 316.56BinventoryTotal assetsINR 2,335.82BtotalAssetsResult 72.5% 1.15xFixed asset turnover · 2019-03-31Revenue / net PP&ERevenueINR 1,576.69BtotalRevenueNet PP&EINR 1,375.91BpropertyPlantAndEquipmentNetResult 1.15x 1.20xCapex / D&A · 2019-03-31Capital expenditures / depreciation and amortizationCapexINR 90.91BcapitalExpendituresD&AINR 75.79BdepreciationAndAmortizationResult 1.20x INR 56.81Tangible book / share · 2019-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,335.82BtotalAssetsGoodwillINR 39.97BgoodWillIntangiblesINR 14.95BintangibleAssetsLiabilitiesINR 1,622.93BtotalLiabTangible bookINR 657.98BShares11,582,652,076commonStockSharesOutstandingResult INR 56.81 0.77xFixed-charge coverage · 2019-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 304.07BebitdaCapexINR 90.91BcapitalExpendituresInterestINR 76.60BinterestExpenseShort-term debtINR 200.79BshortLongTermDebtEBITDA − capexINR 213.16BPrincipal due is the current portion of debt.Result 0.77x INR 162.45BFree cash flow · 2019-03-31Reported free cash flowOperating cash flowINR 253.36BtotalCashFromOperatingActivitiesCapexINR 90.91BcapitalExpendituresFree cash flowINR 162.45BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 162.45B 25.2%ROIC · 2019-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 686.69BoperatingIncomeTax expenseINR 67.18BincomeTaxExpensePretax incomeINR 159.06BincomeBeforeTaxTax rate40.0%EquityINR 689.25BtotalStockholderEquityDebtINR 1,008.16BshortLongTermDebtTotalCashINR 59.38BcashAndShortTermInvestmentsInvested capitalINR 1,638.04BThe effective tax rate was above 40% and was capped at 40%.Result 25.2% 0.50xEBIT / PP&E · 2019-03-31Operating income / net PP&EOperating incomeINR 686.69BoperatingIncomeNet PP&EINR 1,375.91BpropertyPlantAndEquipmentNetResult 0.50x
2020 71.7%Physical asset ratio · 2020-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,483.82BpropertyPlantAndEquipmentNetInventoryINR 310.69BinventoryTotal assetsINR 2,504.19BtotalAssetsResult 71.7% 1.00xFixed asset turnover · 2020-03-31Revenue / net PP&ERevenueINR 1,489.72BtotalRevenueNet PP&EINR 1,483.82BpropertyPlantAndEquipmentNetResult 1.00x 1.19xCapex / D&A · 2020-03-31Capital expenditures / depreciation and amortizationCapexINR 103.98BcapitalExpendituresD&AINR 87.08BdepreciationAndAmortizationResult 1.19x INR 60.86Tangible book / share · 2020-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,504.19BtotalAssetsGoodwillINR 40.55BgoodWillIntangiblesINR 16.11BintangibleAssetsLiabilitiesINR 1,742.57BtotalLiabTangible bookINR 704.98BShares11,582,652,000commonStockSharesOutstandingResult INR 60.86 0.23xFixed-charge coverage · 2020-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 171.00BebitdaCapexINR 103.98BcapitalExpendituresInterestINR 75.81BinterestExpenseShort-term debtINR 210.98BshortLongTermDebtEBITDA − capexINR 67.02BPrincipal due is the current portion of debt.Result 0.23x INR 97.71BFree cash flow · 2020-03-31Reported free cash flowOperating cash flowINR 201.69BtotalCashFromOperatingActivitiesCapexINR 103.98BcapitalExpendituresFree cash flowINR 97.71BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 97.71B —ROIC · 2020-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 583.07BoperatingIncomeTax expense-INR 25.53BincomeTaxExpensePretax income-INR 13.80BincomeBeforeTaxTax rate—EquityINR 735.76BtotalStockholderEquityDebtINR 1,163.28BshortLongTermDebtTotalCashINR 113.29BcashAndShortTermInvestmentsInvested capitalINR 1,785.75BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — 0.39xEBIT / PP&E · 2020-03-31Operating income / net PP&EOperating incomeINR 583.07BoperatingIncomeNet PP&EINR 1,483.82BpropertyPlantAndEquipmentNetResult 0.39x
2021 74.0%Physical asset ratio · 2021-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,483.83BpropertyPlantAndEquipmentNetInventoryINR 332.76BinventoryTotal assetsINR 2,454.87BtotalAssetsResult 74.0% 1.05xFixed asset turnover · 2021-03-31Revenue / net PP&ERevenueINR 1,564.77BtotalRevenueNet PP&EINR 1,483.83BpropertyPlantAndEquipmentNetResult 1.05x 0.76xCapex / D&A · 2021-03-31Capital expenditures / depreciation and amortizationCapexINR 69.79BcapitalExpendituresD&AINR 92.34BdepreciationAndAmortizationResult 0.76x INR 58.81Tangible book / share · 2021-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,454.87BtotalAssetsGoodwillINR 43.45BgoodWillIntangiblesINR 20.55BintangibleAssetsLiabilitiesINR 1,679.79BtotalLiabTangible bookINR 711.09BShares12,090,859,000commonStockSharesOutstandingResult INR 58.81 1.27xFixed-charge coverage · 2021-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 287.28BebitdaCapexINR 69.79BcapitalExpendituresInterestINR 76.07BinterestExpenseShort-term debtINR 94.92BshortLongTermDebtEBITDA − capexINR 217.49BPrincipal due is the current portion of debt.Result 1.27x INR 373.48BFree cash flow · 2021-03-31Reported free cash flowOperating cash flowINR 443.27BtotalCashFromOperatingActivitiesCapexINR 69.79BcapitalExpendituresFree cash flowINR 373.48BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 373.48B 28.8%ROIC · 2021-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 712.07BoperatingIncomeTax expenseINR 56.54BincomeTaxExpensePretax incomeINR 138.44BincomeBeforeTaxTax rate40.0%EquityINR 742.39BtotalStockholderEquityDebtINR 885.01BshortLongTermDebtTotalCashINR 141.42BcashAndShortTermInvestmentsInvested capitalINR 1,485.99BThe effective tax rate was above 40% and was capped at 40%.Result 28.8% 0.48xEBIT / PP&E · 2021-03-31Operating income / net PP&EOperating incomeINR 712.07BoperatingIncomeNet PP&EINR 1,483.83BpropertyPlantAndEquipmentNetResult 0.48x
2022 69.4%Physical asset ratio · 2022-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,493.05BpropertyPlantAndEquipmentNetInventoryINR 488.24BinventoryTotal assetsINR 2,854.46BtotalAssetsResult 69.4% 1.63xFixed asset turnover · 2022-03-31Revenue / net PP&ERevenueINR 2,439.59BtotalRevenueNet PP&EINR 1,493.05BpropertyPlantAndEquipmentNetResult 1.63x 1.16xCapex / D&A · 2022-03-31Capital expenditures / depreciation and amortizationCapexINR 105.22BcapitalExpendituresD&AINR 91.09BdepreciationAndAmortizationResult 1.16x INR 91.86Tangible book / share · 2022-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,854.46BtotalAssetsGoodwillINR 43.11BgoodWillIntangiblesINR 17.17BintangibleAssetsLiabilitiesINR 1,683.47BtotalLiabTangible bookINR 1,110.70BShares12,090,859,330commonStockSharesOutstandingResult INR 91.86 1.84xFixed-charge coverage · 2022-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 648.31BebitdaCapexINR 105.22BcapitalExpendituresInterestINR 54.62BinterestExpenseShort-term debtINR 240.65BshortLongTermDebtEBITDA − capexINR 543.09BPrincipal due is the current portion of debt.Result 1.84x INR 338.59BFree cash flow · 2022-03-31Reported free cash flowOperating cash flowINR 443.81BtotalCashFromOperatingActivitiesCapexINR 105.22BcapitalExpendituresFree cash flowINR 338.59BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 338.59B 64.4%ROIC · 2022-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 1,269.62BoperatingIncomeTax expenseINR 84.78BincomeTaxExpensePretax incomeINR 502.27BincomeBeforeTaxTax rate16.9%EquityINR 1,144.43BtotalStockholderEquityDebtINR 755.61BshortLongTermDebtTotalCashINR 260.79BcashAndShortTermInvestmentsInvested capitalINR 1,639.25BResult 64.4% 0.85xEBIT / PP&E · 2022-03-31Operating income / net PP&EOperating incomeINR 1,269.62BoperatingIncomeNet PP&EINR 1,493.05BpropertyPlantAndEquipmentNetResult 0.85x
2023 73.8%Physical asset ratio · 2023-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,582.27BpropertyPlantEquipmentInventoryINR 544.15BinventoryTotal assetsINR 2,880.22BtotalAssetsResult 73.8% 1.54xFixed asset turnover · 2023-03-31Revenue / net PP&ERevenueINR 2,433.53BtotalRevenueNet PP&EINR 1,582.27BpropertyPlantEquipmentResult 1.54x 1.51xCapex / D&A · 2023-03-31Capital expenditures / depreciation and amortizationCapexINR 141.42BcapitalExpendituresD&AINR 93.41BdepreciationAndAmortizationResult 1.51x INR 70.06Tangible book / share · 2023-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,880.22BtotalAssetsGoodwillINR 56.02BgoodWillIntangiblesINR 140.06BintangibleAssetsLiabilitiesINR 1,828.47BtotalLiabTangible bookINR 855.68BShares12,213,814,000commonStockSharesOutstandingResult INR 70.06 0.50xFixed-charge coverage · 2023-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 306.56BebitdaCapexINR 141.42BcapitalExpendituresInterestINR 62.99BinterestExpenseShort-term debtINR 265.71BshortLongTermDebtEBITDA − capexINR 165.14BPrincipal due is the current portion of debt.Result 0.50x INR 75.41BFree cash flow · 2023-03-31Reported free cash flowOperating cash flowINR 216.83BtotalCashFromOperatingActivitiesCapexINR 141.42BcapitalExpendituresFree cash flowINR 75.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 75.41B 33.2%ROIC · 2023-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 939.29BoperatingIncomeTax expenseINR 101.60BincomeTaxExpensePretax incomeINR 182.35BincomeBeforeTaxTax rate40.0%EquityINR 1,030.82BtotalStockholderEquityDebtINR 848.93BshortLongTermDebtTotalCashINR 184.23BcashAndShortTermInvestmentsInvested capitalINR 1,695.52BThe effective tax rate was above 40% and was capped at 40%.Result 33.2% 0.59xEBIT / PP&E · 2023-03-31Operating income / net PP&EOperating incomeINR 939.29BoperatingIncomeNet PP&EINR 1,582.27BpropertyPlantEquipmentResult 0.59x
2024 78.5%Physical asset ratio · 2024-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,656.02BpropertyPlantAndEquipmentNetInventoryINR 491.58BinventoryTotal assetsINR 2,734.24BtotalAssetsResult 78.5% 1.38xFixed asset turnover · 2024-03-31Revenue / net PP&ERevenueINR 2,291.71BtotalRevenueNet PP&EINR 1,656.02BpropertyPlantAndEquipmentNetResult 1.38x 1.84xCapex / D&A · 2024-03-31Capital expenditures / depreciation and amortizationCapexINR 182.07BcapitalExpendituresD&AINR 98.88BdepreciationAndAmortizationResult 1.84x INR 60.10Tangible book / share · 2024-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,734.24BtotalAssetsGoodwillINR 57.45BgoodWillIntangiblesINR 129.30BintangibleAssetsLiabilitiesINR 1,809.91BtotalLiabTangible bookINR 737.57BShares12,271,435,000commonStockSharesOutstandingResult INR 60.10 0.11xFixed-charge coverage · 2024-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 222.74BebitdaCapexINR 182.07BcapitalExpendituresInterestINR 75.08BinterestExpenseShort-term debtINR 299.97BshortLongTermDebtEBITDA − capexINR 40.68BPrincipal due is the current portion of debt.Result 0.11x INR 20.94BFree cash flow · 2024-03-31Reported free cash flowOperating cash flowINR 203.01BtotalCashFromOperatingActivitiesCapexINR 182.07BcapitalExpendituresFree cash flowINR 20.94BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 20.94B —ROIC · 2024-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 909.27BoperatingIncomeTax expenseINR 37.63BincomeTaxExpensePretax income-INR 11.47BincomeBeforeTaxTax rate—EquityINR 920.36BtotalStockholderEquityDebtINR 870.82BshortLongTermDebtTotalCashINR 88.55BcashAndShortTermInvestmentsInvested capitalINR 1,702.63BROIC needs a positive pretax income so an effective tax rate can be calculated.Result — 0.55xEBIT / PP&E · 2024-03-31Operating income / net PP&EOperating incomeINR 909.27BoperatingIncomeNet PP&EINR 1,656.02BpropertyPlantAndEquipmentNetResult 0.55x
2025 78.2%Physical asset ratio · 2025-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,739.05BpropertyPlantEquipmentInventoryINR 445.90BinventoryTotal assetsINR 2,793.95BtotalAssetsResult 78.2% 1.26xFixed asset turnover · 2025-03-31Revenue / net PP&ERevenueINR 2,185.43BtotalRevenueNet PP&EINR 1,739.05BpropertyPlantEquipmentResult 1.26x 1.50xCapex / D&A · 2025-03-31Capital expenditures / depreciation and amortizationCapexINR 156.71BcapitalExpendituresD&AINR 104.26BdepreciationAndAmortizationResult 1.50x INR 58.25Tangible book / share · 2025-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 2,793.95BtotalAssetsGoodwillINR 59.59BgoodWillIntangiblesINR 126.73BintangibleAssetsLiabilitiesINR 1,880.42BtotalLiabTangible bookINR 727.21BShares12,483,613,000commonStockSharesOutstandingResult INR 58.25 0.33xFixed-charge coverage · 2025-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 248.84BebitdaCapexINR 156.71BcapitalExpendituresInterestINR 73.41BinterestExpenseShort-term debtINR 204.12BshortLongTermDebtEBITDA − capexINR 92.13BPrincipal due is the current portion of debt.Result 0.33x INR 78.41BFree cash flow · 2025-03-31Reported free cash flowOperating cash flowINR 235.12BtotalCashFromOperatingActivitiesCapexINR 156.71BcapitalExpendituresFree cash flowINR 78.41BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 78.41B 30.1%ROIC · 2025-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 883.65BoperatingIncomeTax expenseINR 52.39BincomeTaxExpensePretax incomeINR 84.13BincomeBeforeTaxTax rate40.0%EquityINR 911.70BtotalStockholderEquityDebtINR 948.01BshortLongTermDebtTotalCashINR 100.48BcashAndShortTermInvestmentsInvested capitalINR 1,759.23BThe effective tax rate was above 40% and was capped at 40%.Result 30.1% 0.51xEBIT / PP&E · 2025-03-31Operating income / net PP&EOperating incomeINR 883.65BoperatingIncomeNet PP&EINR 1,739.05BpropertyPlantEquipmentResult 0.51x
2026 77.9%Physical asset ratio · 2026-03-31(Net PP&E + inventory) / total assetsNet PP&EINR 1,874.61BpropertyPlantAndEquipmentNetInventoryINR 472.49BinventoryTotal assetsINR 3,012.54BtotalAssetsResult 77.9% 1.24xFixed asset turnover · 2026-03-31Revenue / net PP&ERevenueINR 2,321.40BtotalRevenueNet PP&EINR 1,874.61BpropertyPlantAndEquipmentNetResult 1.24x 1.22xCapex / D&A · 2026-03-31Capital expenditures / depreciation and amortizationCapexINR 145.59BcapitalExpendituresD&AINR 119.55BdepreciationAndAmortizationResult 1.22x INR 66.42Tangible book / share · 2026-03-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsINR 3,012.54BtotalAssetsGoodwillINR 75.34BgoodWillIntangiblesINR 134.10BintangibleAssetsLiabilitiesINR 1,974.74BtotalLiabTangible bookINR 828.37BShares12,471,848,000commonStockSharesOutstandingResult INR 66.42 0.72xFixed-charge coverage · 2026-03-31(EBITDA − capex) / (interest + short-term debt)EBITDAINR 350.90BebitdaCapexINR 145.59BcapitalExpendituresInterestINR 71.67BinterestExpenseShort-term debtINR 212.03BshortLongTermDebtEBITDA − capexINR 205.31BPrincipal due is the current portion of debt.Result 0.72x INR 134.97BFree cash flow · 2026-03-31Reported free cash flowOperating cash flowINR 280.56BtotalCashFromOperatingActivitiesCapexINR 145.59BcapitalExpendituresFree cash flowINR 134.97BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result INR 134.97B 7.6%ROIC · 2026-03-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeINR 205.39BoperatingIncomeTax expenseINR 50.83BincomeTaxExpensePretax incomeINR 159.69BincomeBeforeTaxTax rate31.8%EquityINR 1,021.68BtotalStockholderEquityDebtINR 923.82BshortLongTermDebtTotalCashINR 110.61BcashAndShortTermInvestmentsInvested capitalINR 1,834.88BResult 7.6% 0.11xEBIT / PP&E · 2026-03-31Operating income / net PP&EOperating incomeINR 205.39BoperatingIncomeNet PP&EINR 1,874.61BpropertyPlantAndEquipmentNetResult 0.11x
  • Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: INR 1,874.61B
Inventory: INR 472.49B
Total assets: INR 3,012.54B
Goodwill: INR 75.34B
Intangibles: INR 134.10B
Liabilities: INR 1,974.74B
Tangible book: INR 828.37B
Shares: 12,471,848,000
Revenue: INR 2,321.40B
Capex: INR 145.59B
D&A: INR 119.55B
EBITDA: INR 350.90B
Interest: INR 71.67B
Short-term debt: INR 212.03B
Free cash flow: INR 134.97B
Operating income: INR 205.39B
Invested capital: INR 1,834.88B
Tax rate: 31.8%