Tata Steel Limited

TATASTEEL.NS

Steel · Basic Materials

Price

₹187.55

-1.75 (-0.92%)

Market Cap

₹2.34T

Exchange

National Stock Exchange of India

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+3.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 12.09B (2022) → 12.47B (2026)

Tata Steel is one of the largest steel producers in the world, making steel products like flat-rolled sheets, long steel bars, and specialty alloys. Its customers include automakers, construction companies, and manufacturers across many industries. It is part of the Tata Group, one of India's oldest and most well-known industrial conglomerates.

The company earns money by selling steel products directly to industrial buyers, with pricing tied closely to global steel and raw material markets. Tata Steel operates major facilities in India, the United Kingdom, and the Netherlands, giving it a broad international footprint. Its Indian operations are generally more profitable, while its European business — particularly in the UK — has faced persistent cost pressures and restructuring challenges. The key growth driver is rising steel demand in India tied to infrastructure spending, but the company faces real risk from volatile iron ore and coking coal prices, which can squeeze margins quickly.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.5% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+126.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (3%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

33.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$188.1B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Tata Steel Limited is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

62.2%

Premium pricing power — 62.2% gross margin

Operating Margin

50.4%

Excellent — 50.4% operating margin

ROCE

29.5%

Exceptional — 29.5% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales YoY

+10.3%

Steady sales growth (+10.3% YoY)

EPS YoY

+143.4%

Earnings growing fast (+143.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

118%

Turns 118% of profit into real cash

FCF Margin

2.4%

Thin free cash flow (2.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

8.98x

Comfortably covers interest (9.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

21.2x

Growth-priced — P/E 21.2

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+8.0

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (21.2 → 13.2)

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Dividends

Dividend Yield

2.11%

Moderate income — 2.11% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-89.2%

Dividend cut (-89.2% YoY) — warning sign

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