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Tata Steel Limited, taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is Tata Steel Limited’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

Tata Steel Limited annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2026FY2025FY2024FY2023
Revenue₹2.30 L Cr₹2.17 L Cr₹2.27 L Cr₹2.42 L Cr
Cost of revenue₹1.23 L Cr₹1.23 L Cr₹1.36 L Cr₹1.46 L Cr
Gross profit₹1.07 L Cr₹93,741 Cr₹91,719 Cr₹95,596 Cr
Operating expenses₹84,803 Cr₹78,864 Cr₹79,337 Cr₹74,289 Cr
Operating income₹22,398 Cr₹14,877 Cr₹12,382 Cr₹21,307 Cr
Net income₹10,794 Cr₹3,421 Cr-₹44,37,44,00,000.00₹8,760 Cr
Diluted EPS8.652.74-3.627.17

Net income moved +23.2% across these years while earnings per share moved +20.6% — less than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.