The Board of Directors ('Board') of Tata Steel Limited ('Tata Steel' or 'Company') take pleasure in presenting the 11^th Integrated
Report prepared as per the Integrated Reporting <IR> framework of the Internationa! Integrated Reporting Council (now
consolidated into IFRS Foundation) and the 119^th Annual Accounts on the business and operations of Tata Steel, along with the
summary of standalone and consolidated financial statements for the financial year ended March 31,2026.

A. Financial Results

Notes:

During the year under review, exceptional items (Consolidated

Accounts) primarily represent:

a.    Provision for impairment of non-current assets ?120 crore,
for partly retained assets as part of sale of ferro chrome
plant at Tata Steel Limited (Standalone).

b.    Net Provision for Employee Separation Scheme ('ESS')
amounting to ?485 crore under Sunehere Bhavishya Ki
Yojana ('SBKY') and other scheme at Tata Steel Limited
(Standalone), Tata Steel Downstream Products Limited
('TSDPL') and Neelachal Ispat Nigam Limited ('NINL').

c.    Provision for Statutory Impact of New Labour codes at
Tata Steel Limited (Standalone), NINL and other Indian
subsidiaries ?85 crore.

d.    Provision for demands and claims at Tata Steel UK ('TSUK')
and Tata Steel Netherlands ('TSN') ?379 crore.

e.    Provision for redundancy charges at TSUK and TSN

?994 crore.

f.    Impairment of Property Plant and equipment and Capital
work in progress at TSUK, TSN, Tata Steel Minerals Canada
('TSMC') and NINL ?204 crore.

g.    Loss on sale of non-current investments at Tata Steel
Advanced Materials Limited ?14 crore.

Partly offset by,

h.    Fair valuation gain on non-current investments
amounting to ?26 crore at Tata Steel Limited (Standalone).

i.    Fair value gain of existing stake in Tata Steel Colors Private
Ltd. on account of acquisition of balance remaining stake
?901 crore.

j.    Profit on sale of Jajpur Ferro Chrome plant at Tata Steel
Limited (Standalone) ?322 crore.

The exceptional items (Consolidated Accounts) in Financial

Year 2024-25 primarily include:

a.    Provision for impairment of non-current assets ?119
crore, which primarily includes impairment of Property,
plant and equipment, intangibles (including capital
work-in-progress) at TSUK and TSN.

b.    Net Provision for Employee Separation Scheme ('ESS')
amounting to ?692 crore under Sunehere Bhavishya Ki
Yojana ('SBKY') and other scheme at Tata Steel Limited
(Standalone), TSDPL and NINL.

c.    Contribution to Electoral Trust ?173 crore at Tata Steel
Limited (Standalone).

d.    Loss on sale of subsidiaries and non-current investments
(net) at TSUK amounting to ?7 crore.

Partly offset by,

e.    Gain on sale of non-current assets at Tata Steel (Thailand)
Public Company Limited ('TSTH') amounting to T62 crore
on sale of land.

f.    Fair valuation gain on non-current investments
amounting to ?17 crore at Tata Steel Limited (Standalone).

g.    Credit of ?58 crore under restructuring and other
provisions mainly at TSUK due to reversal of provision in
respect of heavy-end restructuring.

1.    Dividend Distribution Policy

In terms of Regulation 43A of the Securities and Exchange
Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015 ('SEBI Listing
Regulations'), the Board of the Company has formulated
and adopted the Dividend Distribution Policy ('Policy').

The Policy is available on the website of the Company
athttps://www.tatasteel.com/media/6086/dividend-
policy-final.pdf

2.    Dividend

For the FY2025-26, the Board has recommended a
dividend of ?4/- per Ordinary (equity) Share of face value
?1/- each (previous year: ?3.60 per Ordinary (equity) Share
of face value ?1/- each).

The Board has recommended dividend based on the
parameters laid down in the Dividend Distribution Policy.
The dividend will be paid out of the profits for the year.

The dividend on Ordinary (equity) Shares is subject to
the approval of the Shareholders at the Annual General
Meeting ('AGM') scheduled to be held on Thursday,
July 2, 2026 and will be paid, only in electronic form, on
and from Monday, July 6, 2026.

The Record Date fixed for determining entitlement
of Members to final dividend for the financial year
ended March 31, 2026, if approved at the AGM, is Friday,
June 12, 2026.

Based on the Ordinary (equity) Shares as on the date
of this report, the dividend, if approved, would result
in a cash outflow of ~?4,993.41 crore. The dividend on
Ordinary (equity) Shares is 400% of the paid-up value of
each share. The total dividend pay-out works out to 31%
of the net profits of ?16,065 crore (on Standalone basis).

Pursuant to the Finance Act, 2020, dividend income
is taxable in the hands of the shareholders effective
April 1,2020 and the Company is required to deduct tax at
source from dividend paid to the Members at prescribed
rates as per the Income Tax Act, 2025.

3.    Transfer to Reserves

The Board of Directors has decided to retain the entire
amount of profit for the FY2025-26 in the statement of
profit and loss.

4.    Capex and Liquidity

During the year under review, the Company, on a
consolidated basis spent T14,559 crore on capital projects
primarily across India and operations at the Netherlands
and the UK, largely towards ongoing growth projects in
India and the UK, essential sustenance and replacement
schemes.

The Company's liquidity position, on a consolidated basis,
is ?45,237 crore as on March 31, 2026, comprising ?11,573
crore in cash and bank balances (including current
investments) and balance in undrawn credit lines.

5.    Management Discussion and Analysis

I n terms of Regulation 34(2)(e) of the SEBI Listing
Regulations, the Management Discussion and Analysis
forms part of this 11^th Integrated Report and 119^th Annual
Accounts for FY2025-26 ('Integrated Report').

6.    Tax Transparency Report

The Tax Transparency Report for FY2025-26 forms part
of this Integrated Report.

B. Integrated Report and Business

Responsibility and Sustainability Report

I n keeping with the Company's valued tradition of
'thinking about society and not just the business', in 2016,
Tata Steel Limited transitioned from compliance based
reporting to governance based reporting by adopting the
Integrated Reporting <IR> framework of the International
Integrated Reporting Council (now consolidated into
IFRS Foundation). This Integrated Report highlights the
measures taken by the Company that contributes to long¬
term sustainability and value creation, while embracing
different skills, continuous innovation, sustainable
growth and a better quality of life.

I n accordance with Regulation 34(2)(f) of the SEBI
Listing Regulations, the Company is glad to present it's
4^th Business Responsibility and Sustainability Report for
FY2025-26.

C. Operations and Performance

1.    Tata Steel Group

For FY2025-26, the consolidated crude steel production
for Tata Steel Group ('TSG') was 31.67 MT which was
higher by 2% (FY2024-25: 30.92 MT), primarily owing to
ramp-up of BF#2 at Tata Steel Kalinganagar during the
year. There was no liquid steel production at Tata Steel
UK ('TSUK') during FY2025-26 post shut down of Blast
Furnaces during H2FY2024-25. Production at Tata Steel
Netherlands ('TSN') was marginally lower due to planned
maintenance in FY2025-26.

The consolidated steel deliveries of TSG at 31.97 MT
in FY2025-26 showed an increase of 3% (FY2024-25:
30.96 MT), primarily at Tata Steel Standalone (1.58 MT)
mainly on account of commissioning of BF#2 at Tata Steel
Kalinganagar. Deliveries decreased at TSN by 0.10 MT due
to lower production and despatches to TSUK.

The turnover of TSG in FY2025-26 was ?2,32,140 crore,
higher over FY2024-25 by ?13,597 crore (6%) on account
of increase in deliveries at the Indian operations and
South East Asian operations attributable to increase in
production, partly offset by decline in steel realisations
across geographies.

The EBITDA of TSG in FY2025-26 was ?34,848 crore, higher
over FY2024-25 by ?9,046 crore (35%), primarily due to
increase in EBITDA at Tata Steel Standalone due to lower
coal cost and higher deliveries which were partly offset
by lower average net realisation, increase at TSN due
to reduction in raw material cost partly offset by lower
deliveries and lower EBITDA loss at TSUK due to closure
of heavy end operations and reduction in its associated
expenses partly offset by lower margins.

2.    India

During FY2025-26, the crude steel production at Tata Steel
Standalone increased to 22.47 MT which was higher by
8% (FY2024-25: 20.72 MT) attributable to commissioning
of BF#2 at Tata Steel Kalinganagar during the year. The
turnover (standalone) was ?1,39,720 crore (FY2024-25:
?1,32,517 crore), which was higher against previous year
by 5% on account of increase in deliveries by 1.58 MT
mainly due to ramp-up of BF#2 at Tata Steel Kalinganagar,
partly offset by lower average realisation compared to last
year. EBITDA was ?33,036 crore (FY2024-25: ?28,217 crore),
which was higher by 17% than that of the previous year,
primarily on account of increase in deliveries and lower
raw material cost (mainly coking coal), partly offset by
decrease in steel prices.

Neelachal Ispat Nigam Limited ('NINL') achieved crude steel
production of 0.95 MT, while deliveries stood at 0.91 MT,
both at par with previous year. The turnover at ?5,282 crore
was lower on account of decline in steel prices. EBITDA at
?1,236 crore was higher against ?1,067 crore in the previous
year primarily on account of decrease in raw material prices.

Total deliveries of Tata Steel - India operations, stood at
22.53 MT which is higher than the previous year by 8%
due to higher production. The turnover at ?1,40,302 crore
was higher by ~5% against the previous year's turnover
primarily due to higher volumes, partly offset by lower
average steel realisation. EBITDA (excluding intercompany
eliminations and adjustments) was ?34,272 crore, which
was higher by 17% over the previous year, due to decrease
in raw material cost in imported coking coal prices and
other cost saving initiatives along with higher deliveries
partly offset by decline in steel realisations.

3.    Tata Steel Netherlands

During FY2025-26, liquid steel production from the
Netherlands operations was 6.69 MT (FY2024-25: 6.75 MT),
which was slightly lower against the previous year.
Deliveries from the Netherlands operations decreased
by around 2% to 6.14 MT. The turnover at ?61,355 crore
(FY2024-25: ?56,889 crore) was higher than FY2024-25
owing to exchange translation, partly offset by reduction
in average revenue per tonne and decrease in deliveries.

EBITDA from the Netherlands operations stood at
?2,722 crore (FY2024-25: ?825 crore) which was higher
over the previous year. This significant improvement in
EBITDA was on account of decrease in raw material cost
and lower other expenses due to various improvement
initiatives.

4.    Tata Steel UK

During FY2025-26, there was no liquid steel production
from the UK operations (FY2024-25: 1.07 MT), due to
complete closure of primary steelmaking facilities during
H2FY2024-25. Deliveries from the operations decreased
by around 12% to 2.21 MT. The turnover at ?23,333 crore
(FY2024-25: ?24,990 crore) was marginally lower than
FY2024-25 owing to reduction in average revenue per
tonne and decrease in deliveries.

EBITDA loss from the UK operations reduced to negative
?2,569 crore in FY2025-26 from negative ?4,134 crore
in FY2024-25 which was lower over the previous year's
operating loss. This significant improvement in EBITDA
was on account of reduction in employee cost, repair and
maintenance and lower other expenses due to closure of
heavy end operations and various improvement initiatives.

D. Key Developments

1. Business Developments

1. Tata Steel India

a) Tata Steel's long-term strategy for its India
business

Tata Steel's long-term strategy for its India business
is anchored in achieving profitable, disciplined and
sustainable growth, guided by prudent capital allocation
and a strong focus on long-term value creation. The
Company is prioritising investments to drive volume
growth through phased capacity expansions across
both long and flat steel products, including the 4.8 MTPA
expansion of NINL and the proposed 2.5 MTPA Thin Slab
Caster and Rolling facilities at Tata Steel Meramandali.
Simultaneously, Tata Steel is strengthening its value-
added and downstream portfolio through targeted
investments in advanced processing facilities, enabling
deeper penetration into high-margin segments
such as retail construction, automotive and coated
products, while enhancing customer proximity and
reducing import dependence. The Company is in the
process of setting up 0.7 MTPA Hot Rolled Pickling and
Galvanising Line at its existing Cold Rolling Complex in
Tarapur, Maharashtra, India to meet the requirements
of its automotive customers for import substitution
and further consolidate its leadership position in this
segment, making it 'first of its kind' facility in India.

In parallel, the Company is securing structural
competitiveness by investing in identified mining assets,
pelletisation capacity and logistics infrastructure through
strategic acquisitions and collaborations, particularly
in eastern and western India, to ensure raw material
security and cost efficiency. Sustainability and future
ready steelmaking form a core pillar of the strategy,
with focused investments in next-generation, low
carbon technologies, including the proprietary HIsarna
technology, alongside progress on digital transformation
and operational excellence. Through this integrated
approach, Tata Steel aims to reinforce its leadership
position in India's steel sector while aligning growth with
decarbonisation, responsible operations and long-term
stakeholder value creation.

Tata Steel owns the global intellectual property rights
of the HIsarna process technology, and this is one of
the key focus areas in the new technology space for the
Company. HIsarna technology is a low carbon technology
that uses lower quality iron ore, eliminates the usage of
coke and also uses steel slag in its process, hence making
it a sustainable technology for the future. Tata Steel has

been operating its pilot plant on HIsarna technology
for a decade in its IJmuiden plant. The Company
has now evaluated the scalability and opportunities
associated with the technology and has planned to set
up a demonstration plant of around 1 MTPA capacity in
Jamshedpur.

The Company also entered into a non-binding
Memorandum of Understanding with Lloyd Metals
& Energy Limited to explore strategic collaboration
opportunities in the Gadchiroli district of Maharashtra,
India including iron ore mining, logistics infrastructure
such as slurry pipelines, pelletisation, and steelmaking,
with a view to enhance raw material security and enable
long-term growth. This partnership envisages operating
mining concessions to scale up iron ore production,
development by Tata Steel of a greenfield steel capacity
of 6 MTPA in two phases, and co-operation in integrated
steel projects being developed by Lloyds Metals &
Energy Limited subject to detailed evaluation, due
diligence, and necessary regulatory and internal
approvals.

b)    Inauguration of Tata Steel's 'first Scrap-based
Electric Arc Furnace' in India

The inauguration of our first scrap-based Electric
Arc Furnace ('EAF') at Ludhiana, Punjab, India marks
a pivotal advancement in Tata Steel's strategic
business development and sustainability agenda.
This approximately ?3,200 crore investment, with a
production capacity of 0.75 MTPA, is a cornerstone of
our commitment to achieving Net Zero emissions by
2045, significantly reducing our CO₂ footprint to less than
0.3 tonnes per tonne of steel produced. By leveraging
100% steel scrap, including 40% from the Rohtak
recycling plant, and integrating nearly 50% renewable
energy, this facility will not only bolster our market
leadership with the production of construction-grade
'Tata Tiscon' rebar but also exemplify our dedication to
responsible growth. Furthermore, through the Tata Steel
Foundation, we are actively enhancing employability,
education, and climate-resilient agriculture in this region,
reinforcing our holistic approach to stakeholder value
creation.

c)    Other Significant Developments

During the year, the Company achieved significant
milestones in advancing its business and strengthening
its operational footprint. It successfully inaugurated
the expanded Tata Steel Kalinganagar Plant, increasing
crude steel capacity from 3 MTPA to 8 MTPA, marking a
key step in its journey towards building a state-of-the-art,

future ready steel manufacturing ecosystem anchored
in sustainability, advanced technology, and inclusive
growth. In Jamshedpur, the Company commissioned a
new 0.5 MTPA Combi Mill facility to produce speciality
bars and wire rods catering to critical automotive
applications. Further, in line with its strategy to enhance
its presence in value-added downstream products,
the Company approved the expansion of its existing
tinplate manufacturing unit in Jamshedpur by 0.3 MTPA,
which is expected to reinforce its leadership in the
domestic tinplate market while enabling it to tap export
opportunities.

Tata Steel also entered into definitive agreements
with Paul Wurth S.A. (Luxembourg), part of the SMS
Group GmbH, to implement the world's first EASyMelt
technology. The Company plans to undertake the first
industrial demonstration of this technology in a phased
manner at the 'E' Blast Furnace (649 m³) at its Jamshedpur
Works, reinforcing its focus on decarbonising ironmaking
through resource-flexible, low-carbon solutions with the
potential to achieve climate neutrality.

2. Tata Steel Nederland

On September 29, 2025, the Government of the
Netherlands and the province of North-Holland,
Tata Steel and Tata Steel Nederland ('TSN') have agreed
an intended framework for the integrated project in TSN
and signed a non-binding Joint Letter of Intent ('JLoI') for
the first phase of transition to low CO₂ steel production
and to improve the healthy living environment around
the IJmuiden site.

The 'Integrated Decarbonisation and Health measures
Project' at TSN targets an initial 5.4 MTPA reduction in CO₂
emissions through the decommissioning of Blast Furnace
#7 and Coke and Gas Plant 2, and the construction of a
Direct Reduced Iron plant and Electric Arc Furnace. The
capital expenditure spend and phasing will be finalised at
the stage of signing of the tailor-made agreement and at
the point of making the final investment decision, and the
project execution will also be spread over several years.
The Dutch government intends to support up to €2 billion
under the JLoI. Additionally, TSN has made an application
to the EU Innovation Fund for ~€0.3 billion. The remaining
amount is expected to be funded by a combination of the
cash generated and contributed by Tata Steel Nederland,
project financing debt, and funding procured by the
Company over the period of project spend. While this JLoI
marks a critical milestone, we continue to diligently work
towards a final binding agreement, addressing policy
matters, securing necessary permits, and managing

legacy liabilities to ensure the successful realisation of
our Net Zero ambitions by 2045.

3. Tata Steel UK

In advancement of our global green transformation
strategy, Tata Steel has officially broken ground on
the £1.25 billion Electric Arc Furnace ('EAF') project
at Port Talbot, marking the commencement of the
UK's largest low-carbon steelmaking transition. This
strategic investment, bolstered by a £500 million
partnership with the UK Government, secures our
long-term industrial footprint in the region while
positioning the Company at the vanguard of sustainable
manufacturing. By transitioning to EAF technology, we
are not only projected to reduce site-level CO₂ emissions
by 90%-equivalent to 5 million tonnes annually-but also
ensuring the futureproofing of our high-quality steel
production through a circular economy model utilising
domestic scrap.

2.    Amalgamation

Amalgamation of Neelachal Ispat Nigam Limited
into and with Tata Steel Limited

The Board of the Company, at its meeting held on
March 17, 2026, approved the Scheme of Amalgamation
of Neelachal Ispat Nigam Limited, a wholly-owned
subsidiary of Tata Steel Limited, into and with the
Company. The process of amalgamation is underway and
the same is subject to approval from judicial/regulatory
authorities. This amalgamation will result in operational
efficiencies and business synergies. In addition, it will also
lead to a simplified corporate structure that will bring
agility to business ecosystem of the Company.

3.    Acquisitions, Investments and Divestments

a)    Acquisition of stake in Indian Foundation for
Quality Management

On April 1,2025, the Company acquired 1,24,90,000 equity
shares of face value ?10/- each aggregating to ?12.49 crore
in Indian Foundation for Quality Management ('IFQM'),
a company registered under Section 8 of the Companies
Act, 2013. IFQM aims to empower and encourage the
Indian organisations in diverse sectors to embrace and
integrate quality values, principles and practices in
all aspects of management. Post the acquisition, the
Company's equity stake in IFQM has increased to 16.66%.

b)    Acquisition of stake in T Steel Holdings Pte. Ltd.

During FY2025-26, the Company acquired, in tranches,
2483,95,00,418 equity shares of T Steel Holdings Pte.

Ltd., wholly-owned foreign subsidiary of the Company,
at face value per share ranging between USD 0.1005 to
USD 0.1008 as per valuation report, for a consideration
aggregating to USD 2.5 billion (~?22,398 crore), calculated
as per the foreign exchange conversion rates applicable
during the reporting period.

c)    Acquisition of stake in TSN Wires Company Limited

On July 31,2025, Siam Industrial Wire Company Limited
('SIW'), an indirect wholly-owned foreign subsidiary of
Tata Steel Limited incorporated in Thailand, executed
a Share Purchase Agreement with Nichia Steel Works
Ltd., ('Nichia') for acquisition of entire 40% equity stake
held by Nichia in TSN Wires Company Limited ('TSN
Wires'), a 60:40 joint venture company between SIW
and Nichia, at a nominal consideration of THB 100. On
August 6, 2025, SIW completed the acquisition and its
shareholding in TSN Wires increased from 60% to 100%.
This acquisition will enhance synergies and improve
efficiency in management of SIW and TSN Wires.
Post this acquisition, TSN Wires became an indirect
wholly-owned foreign subsidiary of the Company.

d)    Divestment of entire stake in Ceramat Private
Limited

On August 18, 2025, Tata Steel Advanced Materials
Limited ('TSAML'), a wholly-owned subsidiary of
the Company, divested its entire equity (90%) and
preference (100%) stake held in Ceramat Private Limited
('CPL'), to Lionstead Applied Materials Private Limited,
wholly-owned subsidiary of Lionstead Ventures LLP. With
this divestment, TSAML ceased to hold any securities in
CPL and consequently CPL ceased to be a subsidiary of
the Company.

e)    Sale of Ferro Alloy Plant to Indian Metals & Ferro
Alloys Ltd.

On November 4, 2025, the Company executed an
Asset Transfer Agreement with Indian Metals & Ferro
Alloys Ltd. ('IMFA') for the sale of its Ferro Alloy Plant
at Jajpur, Odisha for a base consideration of ?610 crore.
On February 27, 2026, upon receipt of necessary
regulatory approvals, the Company successfully
completed this sale transaction. This sale aligns with
the Company's strategy of optimising our ferrochrome
processing footprint, in view of the planned surrender of
the Sukinda mining lease.

f)    Acquisition of stake in LAG Velsen B.V.

On November 14, 2025, Tata Steel IJmuiden B.V., ('TSIJ') an
indirect wholly-owned foreign subsidiary of the Company
at Netherlands, executed a Share Purchase Agreement

with Vattenfall Power Generation Netherlands B.V.
('Vattenfall'), for acquisition of 100% equity stake in LAG
Velsen B.V., an entity to be incorporated by Vattenfall for
the purpose of this transaction, at an agreed purchase
price of up to €140 million (~?1,450 crore). Tata Steel
Nederland's operations require power plants for the
continued conversion of its process gases and are
important for TSIJ operations. With the acquisition of
LAG Velsen B.V., TSIJ acquired three power plants in
the Netherlands. Post this acquisition, LAG Velsen B.V.
became an indirect wholly-owned foreign subsidiary of
the Company.

g)    Acquisition of stake in Tata Steel Colors Private
Limited (formerly Tata BlueScope Steel Private
Limited)

On December 31, 2025, the Company acquired

43.29.90.000    equity shares (49.99% stake) of face value
?10/- each for a consideration of ?1,099.97 crore in
Tata BlueScope Steel Private Limited (a 50:50 joint venture
between Tata Steel Limited and BlueScope Steel Limited,
through their respective wholly-owned subsidiaries)
from BlueScope Steel Asia Holdings Pty Ltd ('BSAH')
as per the terms and conditions of the Share Purchase
Agreement executed on November 12, 2025 ('SPA'). The
acquisition is part of the Company's broader strategy
to focus on downstream business in the flat products
segment. Post this acquisition, the Company indirectly
held 99.99% stake in Tata BlueScope Steel Private Limited
and it became an indirect subsidiary of the Company.
Thereafter, the name of Tata BlueScope Steel Private
Limited was changed to Tata Steel Colors Private Limited.
On April 9, 2026, the Company acquired the remaining

10.000    equity shares (0.01% stake) of face value T10/- each
for a consideration of ?0.03 crore in Tata Steel Colors
Private Limited from BSAH on same terms and conditions
as mentioned in the SPA. Tata Steel Colors Private Limited
became wholly-owned subsidiary of the Company.

h)    Acquisition of stake in Thriveni Pellets Private
Limited

On January 30, 2026, upon receiving approvals from
the Competition Commission of India, the Company
acquired 90,06,801 equity shares of face value ?10/-
each comprising 50.01% stake, for a consideration of
?635.13 crore in Thriveni Pellets Private Limited ('TPPL')
from Thriveni Earthmovers Private Limited. The balance
49.99% stake in TPPL will continue to be held by Lloyds
Metals & Energy Limited. TPPL holds 100% equity stake
in Brahmani River Pellets Private Limited ('BRPL'). This
acquisition aims to secure pellet making facility for
supply of iron ore pellets to the Company in India. Post

this acquisition, the Company, directly holds 50.01% in
TPPL and indirectly holds 50.01% in BRPL. TPPL and BRPL
have both become subsidiaries of the Company.

i)    Acquisition of stake in Medica TS Hospital Private
Limited

On March 30, 2026, the Company acquired the following
securities in Medica TS Hospital Private Limited ('Medica
TS Hospital'), a subsidiary company, from Manipal
Hospitals Eastern India Private Limited (formerly known
as Medica Hospitals Private Limited), as per the terms and
conditions of the Share Purchase Agreement executed
on March 17, 2026, for an aggregate consideration of
T1.49 crore:

a)    7,40,000 equity shares of face value ?10/- each,
constituting 49% equity stake; and

b)    2,30,05,182 - 0.01% Optionally Convertible
Redeemable Preference Shares constituting 31.85%
of preference share stake.

The above acquisition will enable the Company to extend
better healthcare facility to its employees, contract
workers, their families, and the local community at
Kalinganagar. Post this acquisition, Medica TS Hospital
has become a wholly-owned subsidiary of the Company.

j)    Acquisition of stake in TP Adarsh Limited

On April 21, 2026, the Company executed the Share
Subscription and Shareholders' Agreement with Tata
Power Renewable Energy Limited and TP Adarsh
Limited ('TPAL') and completed the acquisition, by way
of subscription, of 59,00,000 equity shares of face value
of ?10/- each of TPAL (26% equity shareholding) for an
aggregate consideration of ?5.90 crore. The objective
of the acquisition is to optimise the Company's power
cost and carbon footprint by replacing grid power with
cost effective renewable power. Post this transaction,
TPAL has become an indirect associate company of
Tata Steel Limited.

4. Credit Rating

During FY2025-26, Tata Steel upheld its position as the
only Indian steel company with dual investment-grade
ratings. The Company maintained a 'BBB, Outlook: Stable'
rating from S&P Global Ratings and a 'Baa3, Outlook:
Stable' rating from Moody's. Both international agencies
reaffirmed the Company's credit ratings, citing its large
scale, strong market position, higher output in India,
and the Company's ongoing cost-reduction initiatives.
These ratings place the Company at par with India's
sovereign rating.

Domestic rating agencies (India Ratings and CARE
Ratings) also reaffirmed their confidence in Tata Steel's
creditworthiness. India Ratings assigned the Company's
debt instruments a rating of 'AAA, Outlook: Stable',
while CARE Ratings reaffirmed its rating of 'AA+,
Outlook: Stable'.

5. Material Litigation

a)    The State of Odisha ('State') enacted the Orissa Rural
Infrastructure and Socio-Economic Development Act,
2004 ('ORISED Act'), effective February 1,2005, providing
for levy of tax on mineral-bearing land. The Company had
challenged the constitutional validity of the ORISED Act
before the Hon'ble High Court of Orissa, which in 2005
held that the State lacked legislative competence to levy
tax on minerals. This was challenged by the State before
the Hon'ble Supreme Court. Similarly, matters from
several other states involving the legislative authority
of the States to tax minerals were also challenged
before the Hon'ble Supreme Court. In view of this, the
Hon'ble Supreme Court framed common questions
of law arising in the matter and in 2011, referred them
for decision to its Constitution Bench. The Constitution
Bench of the Hon'ble Supreme Court, vide its judgement
dated July 25, 2024, held that the Mines and Minerals
(Development and Regulation) Act, 1957 does not denude
the States of the power to levy tax on mineral rights.
Certain clarifications were also issued by the Constitution
Bench on August 14, 2024 in respect of its judgement
dated July 25, 2024. Thereafter, a batch of review
petitions against the judgement dated July 25, 2024 and
August 14, 2024 were dismissed on September 24, 2024.
On January 17, 2025, the Company has filed Curative
Petition(s) before the Hon'ble Supreme Court invoking
its extraordinary jurisdiction against the aforesaid
order dated September 24, 2024. The matter remains
subject to the outcome of the Curative Petition(s) filed by
the Company.

b)    On March 13, 2025, the Company had received a show
cause notice from the Assessing Officer, Office of the
Deputy Commissioner of Income Tax, Circle 2(3)(1),
Mumbai in connection with waiver of a T25,185.51 crore
loan in favour of Tata Steel BSL Limited (now merged
with the Company), for the purpose of reassessment of
taxable income for AY2019-20. On March 24, 2025,
the Company had filed a writ petition with the
Hon'ble High Court of Bombay, challenging the
authority of the Assessing Officer in conducting the
reassessment of this taxable income. Further, on
March 31,2025 the Company had received an Assessment
Order issued by the Assessing Officer, reassessing the

taxable income for AY2019-20 and increasing the taxable
amount by the amount of debt waived.

On August 12, 2025, the Hon'ble High Court of Bombay
heard the matter and set aside the Notice and all
subsequent proceedings or orders arising therefrom.

c) On April 2, 2024, the Company filed a writ petition before
the Hon'ble High Court of Calcutta in the matter of
rejection of a representation made by the Company in
respect of waiver of loans availed by the Company from
the Steel Development Fund, managed by the Joint
Plant Committee ('JPC'). After multiple hearings, on
May 24, 2024, the Hon'ble High Court of Calcutta
dismissed the writ petition filed by the Company,
with liberty to the Company to approach the JPC. The
Company filed an appeal against this order before the
Hon'ble High Court of Calcutta. In the meantime, the
Company discharged its liability towards JPC aggregating
to ?2,970 crore, without prejudice to its rights and
contentions in the Appeal pending before the Hon'ble
High Court of Calcutta.

d)    On July 3, 2025, the Company had received a Demand
Letter issued by the Office of Deputy Director of
Mines, Jajpur ('Demand Letter 1'), raising a demand
of ?1,903 crore, in connection with revised assessment
of shortfall in dispatch of minerals from the Company's
Sukinda Chromite Block, for the 4^th year in terms
of Mine Development and Production Agreement
(i.e., July 23, 2023 through July 22, 2024) in alleged
violation of Rule 12-A of the Minerals (Other than Atomic
and Hydro Carbons Energy Minerals) Concession
Rules, 2016 ('MCR 2016').

Further, on October 3, 2025, the Company received
another Demand Letter issued by the Office of
Deputy Director of Mines, Jajpur ('Demand Letter 2'),
raising a demand of ?2,411 crore, in connection with
assessment of shortfall in dispatch of Chrome Ore from
the Company's Sukinda Chromite Block, for the 5^th year in
terms of Mine Development and Production Agreement
(i.e., July 23, 2024 through July 22, 2025) in alleged
violation of Rule 12A of the MCR 2016.

The Company challenged these demands before the
Hon'ble High Court of Orissa ('Hon'ble High Court') by
filing two separate Writ Petitions for Demand Letter 1 and
Demand Letter 2 on August 8, 2025 and October 29, 2025,
respectively. The Hon'ble High Court stayed the demands
and heard the Writ Petitions over several occasions during
August 2025 through February 2026.

On April 20, 2026, the Hon'ble High Court pronounced
the Judgement for both the Writ Petitions. In terms of the

Judgement, the Hon'ble High Court disposed of both the
Writ Petitions, with certain directions and conclusions.

Based on the conclusions and directions passed by the
Hon'ble High Court in its judgement, the Company
believes that the Demand Letter 1 and Demand Letter
2 issued by the Office of Deputy Director of Mines,
Jajpur stands quashed to the extent they are contrary
to the conclusions and directions passed by the Hon'ble
High Court.

e) On December 19, 2025, Stichting Frisse Wind.nu
('SFW') issued a writ of summons on two subsidiaries
of the Company, viz., Tata Steel Nederland B.V. and
Tata Steel IJmuiden B.V. (jointly 'TSN'). SFW has
initiated a collective action against TSN under the Dutch
Act on Collective Settlement of Mass Claims ('WAMCA')
before the District Court of North-Holland at Haarlem,
on behalf of local residents living in the vicinity of TSN.
The proceedings pertain to allegations by SFW holding
TSN liable for alleged damages caused by its operations
in Velsen-Noord which led to emissions of hazardous
and/or harmful substances. SFW under WAMCA has
sought compensation of approximately EUR 1.4 billion
on account of increased susceptibility to various health
issues and loss of enjoyment of living.

The Company believes that the allegations by SFW are
unsubstantiated and speculative. The proceedings
under the WAMCA regime will be conducted in two
phases- admissibility and merits, each expected to
take approximately 2 to 3 years to conclude and thus
no immediate financial implication on the Company is
anticipated.

E. Sustainability

1. Sustainability and Climate Change

Over the years, Tata Steel has embedded sustainability
at the core of its business strategy, aligned with the
Tata Group's 2045 net-zero emissions goal and the
overarching Project Aalingana. Tata Steel marked a major
milestone and advanced its decarbonisation pathway
with progress on the 0.75 MTPA scrap-based Electric Arc
Furnace ('EAF') plant in Ludhiana, Punjab, India. Tata
Steel Jamshedpur and Tata Steel Meramandali continued
regular use of biochar and the Metaliks division achieved
a breakthrough by charging 60 tonnes of bamboo-based
biochar into the blast furnace, enabling a ratio of 1:1
fossil-fuel replacement.

The Company continued its shift towards usage of
renewable power, accelerated by the commissioning of
the 198 MW wind power facility at Karur in partnership

with Tata Power Renewable Energy Limited. At the World
Economic Forum, Tata Steel and the Government of
Jharkhand signed a Letter of Intent and MoU to invest
~?11.1 billion in next-generation green steel technology.

To achieve its net-zero target by 2045, Tata Steel
is advancing towards low-carbon ironmaking
technologies through Hlsarna, a direct smelting process
designed to reduce CO₂ intensity and deliver Carbon
Capture Utilisation & Storage-ready flue gas, with a
1 MTPA demonstration plant planned at Jamshedpur,
and EASyMelt, an electric-assisted syngas smelting
technology being developed with SMS group, offering
reduction in emissions up to 50%.

Under the Indo-Sweden Industry Transition Partnership,
Tata Steel has secured funding for two projects which
focus on microwave plasma conversion of blast furnace
gas and metal recovery from slag with development
of cement substitutes. The Company continues its
pioneering focus on nature stewardship, through
the publication of its inaugural Taskforce on Nature-
related Financial Disclosures aligned to Nature Report
and declaration of the Sukinda Ecorace project as a
Nature-based Solution validated by International Union
for Conservation of Nature, both of which are a first
within Tata Group. Five new site-specific Biodiversity
Management Plans are also under preparation in
collaboration with external ecological experts to enhance
biodiversity management across India sites.

The Company further reinforced its global Environmental,
Social, and Governance ('ESG') commitment by
completing the ResponsibleSteel™ recertification for
Jamshedpur and surveillance audits for its operations at
Meramandali and Kalinganagar. In the area of mining, the
Noamundi Iron Mine received a 7-Star Rating, while Joda
East and Khondbond mines earned 5-Star Ratings from
the Ministry of Mines, Government of India.

I n the Netherlands, TSN continues to advance its
climate transition objective through the continuous
development of the Green Steel Project, a key element
of its long-term strategy. During FY2025-26, progress
was made on engineering, permitting and preparatory
work to enable the construction of a Direct Reduced Iron
('DRI') plant and an EAF, marking its first major step in
the transition away from coal based steelmaking at the
IJmuiden site.

In September 2025, Tata Steel Limited and the Dutch
government signed a non-binding Joint Letter of Intent
('JLoI') which explores a framework for transitioning to
low CO₂ steel production, with the Dutch Government

intending to provide support of up to €2 billion for
phase one. As part of the JLol TSN plans to decarbonise
its operations by decommissioning Blast Furnace #7 and
Coke & Gas Plant 2 and replacing them with a DRI Plant
which will operate initially on natural gas and an EAF
with higher scrap usage, which together are expected
to reduce scope 1 CO₂ emissions by approximately 5.4
MTPA, with further reductions of around 0.6 MTPA
through Carbon Capture and Storage and up to 1.2
MTPA through the phased use of biomethane and/or
hydrogen. TSN will also implement measures to improve
the local living environment by reducing dust, NOx, SO₂,
odour, and noise through infrastructure enclosures and
mitigation initiatives. Additionally, TSN aims to improve
slag processing methods and increase scrap intake from
17% to 30% to enhance circularity.

TSN aims to achieve Net Zero Scope 1 and Scope 2
emissions by 2045, in line with EU climate goals, while
continuing to produce high-quality steel and contributing
to the wider energy transition through the supply of
low-CO2 steel products.

In the UK, Sustainability continues to remain a
fundamental pillar of TSUK's strategic transformation,
and is crucial for ensuring the viability and future of
steelmaking in the UK. TSUK supported the low-carbon
economy through the supply of steel for renewable
energy infrastructure, electric vehicles, sustainable
buildings, and recyclable packaging, while also
promoting responsible use of resources, circularity,
product sustainability and community resilience. Further,
TSUK contributed to sustainable development with its
new innovative product - Catnic SolarSeam®, a bonded
photovoltaic solution that delivers efficient renewable
energy without visible frames and is guaranteed to
operate for 25 years.

During FY2025-26, TSUK progressed its £1.25 billion
transition to low-CO2 steelmaking, supported by a grant
from UK Government, and centred on the development
of a large-scale electric arc furnace. Key milestones were
achieved in planning, technology selection, partnerships,
and customer agreements for low-emission steel.
The sustainability priorities for TSUK focused on
accelerating decarbonisation, maintaining high
standards of safety and environmental stewardship, and
developing a skilled, future-ready workforce.

TSUK continued its progress with the Zero Carbon
Logistics programme which helped in reducing transport
related emissions. Opportunities to deploy biofuels such
as Hydrotreated Vegetable Oil ('HVO') were assessed
and trials were conducted for customer deliveries from

the Shotton site to destinations in the Netherlands
and Belgium. During the year under review, more than
70 on-site vehicles at Shotton operated fully on HVO, as
an alternative to conventional diesel and some onsite
vehicles transitioned to fully electric. HVO was also
adopted for on-site vehicles at the Catnic site in Caerphilly.
In parallel, TSUK worked closely with potential hydrogen
providers in South Wales and monitored the HyHaul
project, which aimed to develop hydrogen refuelling
infrastructure along the M4 corridor at UK.

2. Environment

Tata Steel remains firmly committed to environmental
excellence, continuously strengthening its environmental
performance and advancing responsible stewardship
across its operations. The Company's vision for a
sustainable future is rooted in the pursuit of zero harm,
resource efficiency, and a robust circular economy, all
while minimising the ecological footprint and nurturing
communities and workforce. The Company is dedicated to
environmental protection and the responsible utilisation
of natural resources, guided by comprehensive corporate
policies on climate change, environment, and energy.
The Company has a robust governance system, overseen
by the Safety, Health and Environment Committee of
the Board which provides essential guidance on global
environmental matters.

Tata Steel is advancing towards its goal of achieving
Net Zero emissions across its global operations by
2045, and is also committed to adopting eco-friendly
processes, leveraging advanced technologies, and
integrating global best practices for sustainable growth.
The Company is committed to replenish freshwater
and achieving zero waste to landfill for its India operations
by 2030.

During FY2025-26, Tata Steel advanced its commitment to
sustainable water management through a comprehensive
Reduce-Recover-Recycle-Reuse strategy across all its
sites by focusing on minimising freshwater consumption
and enhancing treated water reuse. Key initiatives include
increased recovery of treated wastewater from township
sewage treatment plants and commissioning of the
Biological Oxidation Tertiary Treatment Plant at the Coke
Plant in Jamshedpur. Further the Company enhanced
stormwater and treated effluent recovery at Kalinganagar
through Central effluent treatment plant improvements
and commissioning of the Coke Oven Effluent Treatment
Plant. At Meramandali, Zero Effluent Discharge and
rainwater harvesting projects were implemented to
reduce freshwater demand. At Gamharia, the storage
stump interlocks have been automated to prevent

water losses. The Company has made efforts across all
its locations in India to measure and control water losses.
Collectively, these actions demonstrate the Company's
integrated, technology-driven approach to water
stewardship, strengthening water efficiency, resilience,
and long-term resource sustainability.

The Company continues to invest in advanced air
pollution control technologies and energy-efficient
operations to maintain and constantly enhance the
ambient air quality around its facilities. This science
based approach encompassing real-time monitoring,
emission source tracking, AQI tracking, and control of
fugitive emissions has resulted in significant reductions
in stack dust emissions across the Indian operations of the
Company.

Innovation at Tata Steel enables the reuse and
recycling of over 99% of waste generated, embedding
circular economy principles into core operations. This
industry-leading performance underscores Tata Steel's
commitment to responsible resource management and
advances the goal of Zero Waste to Landfill, aligned with
Tata Group's Project Aalingana.

In the Netherlands, during FY2025-26, TSN continued
its focus on improving environmental performance,
with emphasis on reduction of emissions, regulatory
compliance and the preparation of structural
environmental upgrades linked to the Green Steel
Project. Phase 1 of the Green Steel Project is expected
to deliver significant CO₂ reductions, structural
improvements in local environmental performance
through the replacement of coal-based processes.
In addition to this, as a part of the Green Steel Project and
related environmental programmes, TSN has identified
planned improvements such as coverage and enclosure
of selected ore fields, scrapyards, windbreakers and
related measures to reduce dust emissions from raw
material handling which would be implemented in a
phased manner subject to necessary approvals and
agreements. The Roadmap+ programme remained the
key framework for environmental action which targeted
dust, noise and odour reduction along with reduction
in emissions of substances of concern, supported by
enhanced monitoring, strengthened governance
and continued engagement with regulators and
local stakeholders.

A key area of progress during the year under review was
the further development of large scale nitrogen oxide
(NOx) reduction measures. This included the DeNOx
installation linked to the Pellet Plant, designed to
deliver an estimated 80% reduction in NOx emissions

once commissioned. TSN has also been developing a
Biodiversity Policy during the year under review and
planned a biodiversity risk and impact assessment
with anticipated structural benefits linked to the Green
Steel transition.

In the UK, with the successful decommissioning of the
blast furnace assets in 2024, TSUK has made a significant
progress in developing its low-CO₂ steelmaking
infrastructure. As a part of TSUK's green transformation
journey, it commenced construction of UK's largest
low-carbon steel making facility in Port Talbot. This
state-of-the-art Electric Arc Furnace is expected to reduce
direct carbon emissions by approximately 90% in Port
Talbot. TSUK maintains ISO 14001:2015 certification for
environmental management systems at its main sites
and continues to certify its products to the BES6001
sustainability standard.

3. Health and Safety

Tata Steel remains committed to fostering a strong health
and safety culture, aiming for zero harm and setting
industry benchmarks. Safety and Health Management
are integrated into the Company's annual business
plan, ensuring accountability at all levels across the
organisation. Governance is driven by the Safety, Health,
and Environment ('SHE') Committee of the Board, with
oversight from the Apex Safety Council, chaired by the
Chief Executive Officer & Managing Director.

At Tata Steel, an ISO 45001:2018 aligned management
system connects policy, strategy and frontline execution,
while digitised risk registers enables systemic risk
management by identifying hazards, validating critical
controls and maintaining focus on high-consequence
scenarios. The Company strengthened its safety
leadership through structured shop-floor engagement,
capability-building programmes, and fair reward and
consequence mechanisms. Capability building at
Tata Steel is driven by the Safety Leadership Development
Centre and Practical Training Centre, having refreshed
curricula on high-potential scenarios, Kiken Yochi
Training (KYT) for hazard prediction, and programmes
on mindfulness decision-making for supervisors. The
Company has embraced digital innovations with the
introduction of various initiatives such as the Safety
Lens, Tata Digital Assistant and AI-enabled CCTV
which has enabled the Company with AI-assisted
safety observations, data accuracy and reporting
quality. The governance cadence has been refined
through Performance Improvement Team which was
reconstituted for cross-site learning, and generation of
weekly insights using Gen-AI.

During FY2025-26, early-warning alerts were introduced
for critical parameters in LD Shops and Blast Furnaces.
Tata Steel also strengthened the Pre-Startup Safety
Review ('PSSR') standard supported by guidelines for
explosion-proof control rooms, flare-stack operations,
upgraded gas safety systems, structural-integrity
assessments, and hydrogen-readiness training. The
digital linkage of Project Hazard PSSR have progressed
to ensure safe start-up of new facilities.

Tata Steel has significantly enhanced its road and rail
safety through targeted traffic-management, reduced
vehicle in/out cycle times, digital support for yard
discipline, paperless weighbridge processes, and
strengthened speed control and surveillance along rail
corridors-standardised via cross-site logistics workshops.
Contractor safety is advanced through parity of
protection via a common Personal Protective Equipment
platform, a redesigned Vendor Star Rating for cadence
and transparency, digitised sub-vendor onboarding for
traceability, and skill certification for high-risk jobs.

Emotional well-being and occupational health continues
to be the topmost priority of the Company. The Company
places focus on industrial hygiene and ergonomics
programmes across locations. Emotional well-being
support has been deepened through the Employee
Assistance Programmes. The Company also employs
services of physical counsellors, along with telephonic
and chat-based counselling services. It has undertaken
programmes for developing emotional first aiders and
launched targeted campaigns to promote psychological
safety, complemented by wellness recognition initiatives
with the involvement of joint workforce committees.

Fatality at workplace is the foremost safety concern
of the Company. It is with deep regret that we report
eight fatalities in Tata Steel India operations. With the
expansion of the footprint in India, we have to prioritise
safety and be firmly committed to zero-harm across
locations. We are strengthening our processes, deploying
technology, and deepening awareness to ensure highest
standards of safety.

To nurture a positive safety culture, the Company
continues to recognise and encourage safe behaviours
and contributions from workforce, fostering continuous
improvement in Health & Safety.

I n the Netherlands, Health & Safety remains a top
priority reflecting the inherent risks of large scale
integrated steelmaking and the need for robust control
during a period of significant operational change.
In October 2025, TSN launched a dedicated Health,

Safety and Environment Turnaround Programme
('HSE programme'), prioritising the Health & Safety
governance, compliance and execution across the
organisation thereby supporting the License to Operate
for TSN and safe execution of its major projects, including
the Green Steel Project. The HSE programme aims to
reinforce regulatory discipline, improve transparency
and strengthen capabilities in both process safety and
occupational safety. Key elements of the HSE Programme
include clearer roles and accountabilities, enhanced
oversight of safety critical-risks and a stronger emphasis
on measurement quality, monitoring and incident
follow-up. TSN has also established safety programmes
such as TrueSafe, strengthening incident investigation,
contractor safety management resulting into visible
leadership engagement.

I n the UK, TSUK continues to operate its internal
15-Principle Health and Safety Management System,
and has progressed towards achieving ISO 45001:2018
certification with five business units having obtained the
certification compared to three in the previous fiscal year.
TSUK also continued to strengthen its Health, Safety and
Environment culture through various initiatives including
the implementation of a new Health Safety Sustainability
and Environment culture survey aligned with the ISO
principles and the continuation of FELT Leadership
safety training. At TSUK, health and safety performance
improved during the year under review, with total
accidents reduced by 20% compared to previous year
and Lost Workday Cases reduced by 9%. It is nevertheless
with deep regret that TSUK reported a fatal incident to an
employee at its Corby works in January 2026. In process
safety, the key focus was the completion of hazard studies
to support the safe design and construction of new
assets, including the Electric Arc Furnace.

4. Research and Development

Tata Steel's Research & Development ('R&D') function
continues to serve as a strategic driver of sustainability
leadership and competitive strength for the Company.
The R&D efforts focus on developing high-performance,
environmentally responsible products while reducing
carbon footprint and improving process efficiency across
the value chain.

Tata Steel, in collaboration with a fuel-oil manufacturing
start-up, successfully developed and implemented
a biofuel for blast furnace injection, replacing
carbon-emitting Low Sulphur Fuel Oil after rigorous lab,
pilot and phased plant trials. The successful establishment
of biofuel injection offered a reduction of approximately

100 kg of CO₂ per ton of hot metal. During the year under
review, the Company also developed and patented a
combustion accelerant based process to enhance coal
combustibility in BF-PCI and DRI operations by lowering
ignition temperature and improving carbon utilisation.
Commercial trials demonstrated a 6.5% reduction in coal
consumption in DRI kilns with just 1% additive dosing and a
2-2.5 kg/ton hot metal fuel-rate reduction in blast
furnaces, promising lower cost and carbon-footprint.

In September 2025, under the 'One Tata Steel' initiative,
the establishment of Tata Steel Research and Innovation
Limited ('TSRIL') marked a significant and pivotal step
in centralising and accelerating advanced R&D. TSRIL, a
subsidiary of TSUK, operates from the UK and provides
R&D benefits to Tata Steel Limited, TSUK and other Tata
Steel Group Companies. TSRIL functions as an agile,
asset light innovation hub, optimising returns through
efficient resource deployment and strong collaboration
with leading universities and research institutions.

Accelerating the Development of Automotive and
Packaging Steel Technology for EAF production
('ADAPT-EAF'), a flagship research initiative in Low Carbon
Green Steelmaking, was launched to develop next-
generation, high-performance steels for automotive and
packaging applications using Electric Arc Furnace ('EAF')
technology. The Company has entered into collaborative
projects for ADAPT-EAF with the University of Cambridge,
Imperial College London, and the University of Warwick,
to reinforce Tata Steel's ambition to lead green steel
innovation in the UK. This initiative addresses challenges
related to residual elements in high-recycled-content steel.
An AI-enabled platform is being developed to predict
scrap-related impacts on steel quality, supported by rapid
alloy prototyping and testing to design EAF-optimised
steel grades. This will strengthen TSUK's capability to
produce high-quality, low-carbon steel domestically while
enabling group-wide knowledge sharing.

I n India, Tata Steel achieved a major milestone by
successfully completing plant trials for advanced
high-strength steel grades Dual Phase (DP) 980 and
DP 1180. These grades are crucial for the automotive
sector as they directly support the 'Make in India'
and 'Atmanirbhar Bharat' initiatives thereby reducing
dependency on imports.

During FY2025-26, Tata Steel significantly expanded its
intellectual property portfolio by filing 139 new patent
applications, focused on technological advancements
throughout the steel value chain. Tata Steel, while
prioritising the protection of its new inventions,
successfully obtained 71 patent grants in FY2025-26 from

patent applications filed in prior years. The Company
highlighted strong portfolio management practices and
high patent grant success rate which was recognised by
Tata Steel's inclusion in the ASIA IP Elite 2025, making
it the only Indian manufacturing company to receive
this distinction.

In the Netherlands, TSN continued to collaborate with
external partners on fundamental and applied research to
drive innovation and accelerate the development of new
technologies. The most important future oriented focus
areas are the development and implementation of new
processes, particularly Direct Reduced Iron and Electric
Arc Furnace technologies, as well as product development
aligned with these new installations. During FY2025-26,
TSN was linked to ~80 Ph.D. and postdoctoral research
positions with prominent Dutch technical universities such
as Delft, Twente and Eindhoven including government
supported Growing with Green Steel consortium which
focused on green steel transition. In FY2025-26, first
successful melt was delivered out of scrap melter which
was built in-house by TSN in collaboration with Growing
with Green Steel consortium and so far approximately
17 melts have been done.

TSN focussed towards enhancing R&D and applied the
learnings to advance digital technologies and data-
driven solutions to support sustainability objectives and
enhance operational efficiency and performance.

In the UK, research activities in TSUK continued in line
with the strategic technology roadmaps through
four core thematic areas focusing on scrap, slag and
secondary metallurgy, materials design and process
modelling, end product design and application,
and coatings and laminates. Further, in order to
leverage the best in research and development, TSUK
closely collaborated with universities and Research
and Technology Organisations in the UK. During
FY2025-26, TSUK maintained robust portfolio of 196
patents across 33 patent families, 432 trademarks within
~207 trademark families, and 6 designs in 3 design
families. In FY2025-26, TSUK had filed for 8 patents out of
which 6 were granted to it.

5. New Product Development

In FY2025-26, Tata Steel developed 81 new products
across various segments, supported by product quality
assurance, proactive customer engagement, and
extended technical assistance, all aimed at enhancing
customer satisfaction and operational excellence.

Cold Rolled and Coated Products: Tata Steel's product
portfolio now includes Bake Hardening (BH) steels

(BH180, BH220), offering exceptional formability, superior
in-service strength, and enhanced dent resistance,
tailored for Indian conditions. The Company has also
developed high-strength interstitial-free (IFHS) steels
(IFHS390, IFHS440), significantly expanding its offerings
for automotive panel segments. For critical safety
components, the Company has developed C-Mn440,
HSLA420, and CQ590 grades to bolster Company's
product offerings with materials designed for improved
crash resistance. To meet the demands of lightweighting
and superior crash performance, the Company has
developed a comprehensive family of Advanced
High-Strength Dual Phase (DP) steels (DP590, DP780,
DP980, DP1180) and secured approvals from major
automotive customers. Furthermore, towards its
commitment to sustainability, Tata Steel has developed
multiple secondary coatings with Cr+3 and Cr-free
passivation, eliminating carcinogenic hexavalent
chromium and ensuring products meet stringent
Restriction of Hazardous Substances norms with
improved service life.

Shipbuilding Excellence: At the Kalinganagar Hot Strip
Mill, the Company has successfully developed advanced
steel grades designed for the most stringent shipbuilding
applications. These materials meet critical requirements
for strength and toughness at low temperatures.
Tata Steel's capabilities have been validated by
international approvals, including four grades (B, D,
AH36, DH36), leading to commercial supplies to major
shipbuilding customers. Additionally, the Company has
secured Det Norske Veritas approvals for three grades
(NVA, NVB, NVA36).

Oil & Gas Solutions: Tata Steel's advanced line pipe
steel solutions are driving innovation in the Oil & Gas
sector and pioneering green energy infrastructure by
commercially supplying HSAW and LSAW/X60 grades for
naphtha pipelines, meeting stringent fracture toughness
at -25°C and -29°C respectively. Further, the Company has
successfully produced and commercially supplied X65
Sour grade and X52 Sour grade to the Middle East and
North Africa region. Additionally, Tata Steel's capability to
produce API X65 Sour and API X65 grades specifically for
100% hydrogen transportation at 200 bar pressure, has
strategically positioned the Company at the forefront of
future green energy solutions.

General Engineering, Construction, and Projects: Tata
Steel has developed the S700MC grade, a high-strength,
high-toughness steel guaranteed for impact at -40°C.
This critical material is vital for demanding applications,
such as hanging platforms in arctic regions. Additionally,

the Company produces high-strength steels of YST450
and YST550 variants tailored for solar mounted structures,
supporting renewable energy infrastructure with durable
and efficient materials. In the Long Products segment,
the Company has marked a significant achievement with
the development of 50 new products, 6 of which are
'First-Time-in-India' products.

In the Netherlands, during FY2025-26, TSN successfully
launched and commercialised 12 new products and
services across Automotive, Engineering, Packaging,
Construction and Building Systems. Automotive
innovations included (i) extension of the Full Finish
portfolio with galvanised CR270BH, the strongest full
finish grade, offering increased strength and improved
dent resistance and (ii) introduction of Fuchs Advanced
Tribo Primer Boosterlube, improving stamping
performance in customers' press shops. TSN launched a
25 mm extension of its 'S235 Thicker and Stronger' product
range, designed for use in heavy vehicles, machinery
applications and engineering applications. Additionally,
Protact-TCCT TH550, a thin and wide material for food
cans with direct seal, increased width for aerosol bottom
applications and strong buckle and burst performance
was introduced for packaging material. A Green Roof
system was launched for building systems. Additionally,
a 'Take Back' service was introduced for product use after
20 - 40 years, supporting circularity. TSN also introduced
Next Generation Magizinc which improved flexibility
and surface quality and launched Colorcoat SDP35 on
ZM120 with reduced zinc weight, supporting customers'
sustainability performance in the Colors segment.
The Tubes segment witnessed extension of high strength
piling tubes in the 10 mm thickness range for unstable
soils and the launch of the Contiflo tube with improved,
more environmentally friendly coatings and enhanced
corrosion resistance.

In the UK, during FY2025-26, TSUK retained a healthy
pipeline of new product developments, each making
progress in its journey, while focusing on embedding
it's reroller model across its existing range of new and
differentiated products. The Company ensured that its
imported substrate meet its customer expectations in the
UK and export markets while upholding the commitment
of TSUK to sustainability, in-service performance
guarantees, and rigorous product assessment standards.
TSUK continues to focus on strengthening its market
position by developing, testing and supplying low
embodied carbon versions of the existing products
by using third party EAF substrate underpinning its
transition to the new EAF steelmaking in the UK.

6. Customer Relationship

During FY2025-26, Tata Steel marked a clear step-change
in its approach to customer relationships shifting from
engagement led initiatives to deep, solution-oriented
partnerships anchored in capability, innovation and
digital & AI enablement. The reporting fiscal was
characterised by domestic demand resilience and
global volatility, during which the Company continued
to reinforce trust, relevance and value delivery across
customer segments.

Strategic Investments supporting customer value

The Company reinforced its production and service
infrastructure with key capacity additions such as the
Continuous Annealing Line which enabled increased
localisation and scaling up of advanced automotive
grades. The Galvanising Line at Kalinganagar and
Combi Mill at Jamshedpur were commissioned
which produced commercial output, strengthening
Tata Steel's ability to supply application-specific and
value added steels. FY2025-26 marked an important
milestone in Tata Steel's transition towards sustainable
steelmaking with the inaugration of its scrap-based
Electric Arc Furnace ('EAF') at Ludhiana, Punjab, India.
The EAF is engineered for CO₂ emissions of less than 0.3
tonnes per tonne of steel, and strengthened Tata Steel's
low-emission pathway while reinforcing long-term
alignment with customer priorities and sustainability
imperatives.

Strengthening Automotive, Engineering and
Strategic Sector Partnerships

At Tata Steel, customer engagement in automotive
segments deepened through increased localisation of
advanced grades, supported by a growing portfolio
of Advanced High Strength Steel, Ultra High Strength
Steel, Forging quality steel along with multiple Original
Equipment Manufacturer approvals. These capabilities
enabled customers to meet safety, lightweighting
and performance requirements with greater supply
assurance. To further enhance service experience,
Tata Steel introduced a real time mixed reality customer
support solution for automotive customers, enabling
experts to remotely assess issues in 3D and collaborate
directly within customers' production environments,
thereby significantly improving speed of resolution and
operational alignment.

During FY2025-26, in addition to the automotive
segments, Tata Steel strengthened its presence
across strategic, future-oriented segments, including
shipbuilding and defence-related applications,

supported by international certifications that enabled
the Company to participate in higher-spec and global
orders with stringent quality and reliability requirements.
The Company entered into a partnership with a
state-of-the-art processing facility in the northern region
which further enhanced serviceability and customer
engagement in the appliances segment. In parallel,
the Company expanded its footprint in renewable
energy, consumer durables and capital goods, driven by
targeted product approvals and the commercialisation
of innovative offerings such as poly-coated steel and
advanced high-strength grades. Through dedicated
customer service teams and structured programmes such
as Wired2Win, VAVE, EVI and Building Bonds, Tata Steel
deepened co-creation and capability-led performance
improvement across the value chain, complemented by
expanded service-centre reach and tighter integration
with customers' development and sourcing processes.

Construction and Infrastructure: An Integrated
Execution-Led Proposition

During FY2025-26, customer relationships in construction
and infrastructure increasingly evolved from material
supply to execution certainty. Tata Steel strengthened
this engagement through an integrated model that
combined fabrication capability, downstream processing,
service centres and differentiated execution solutions.
The downstream value-added portfolio was further
enhanced through acquisition of 100% equity stake in
Tata Steel Colors Private Limited (erstwhile Tata BlueScope
Steel Private Limited), which expanded roofing and
wall-cladding solutions to address the growing demand
for aesthetically superior products in the retail segment,
while also supporting infrastructure requirements
across sectors.

During FY2025-26, plate-fabricated construction
solutions scaled up, serving over 11 major infrastructure
projects, supported by an expanded fabrication and
processing network. These capabilities improved
responsiveness to complex project requirements and
reinforced Tata Steel's position as a trusted partner for
high-value infrastructure and industrial developments,
including data centres, airports and power plants.

Execution-focused innovations further strengthened
this proposition. The InQuik modular bridge system, a
globally proven rapid-construction solution, achieved
a key milestone with successful deployment in India,
demonstrating its potential to significantly compress
construction timelines. The Mobile Bore Pile Cage,
a first-of-its-kind on-site solution, addressed critical
foundation stage challenges by enabling faster,

safer and more consistent pile-cage fabrication
at project sites. Complementing these initiatives,
solution-led downstream offerings such as Ready
Build and Sm@rtFAB continued to gain traction,
reflecting a growing customer preference for execution
ready models that reduce complexity and improve
delivery outcomes.

Sustainable Solutions and Value-Added Offerings

Tata Steel advanced low-carbon, energy efficient and
future-ready solutions through Nest-In, including
the delivery of a Zero Energy Building and 100+ Light
Gauge Steel Frame Anganwadi centres, reinforcing
its commitment to sustainable construction.
These sustainability-linked offerings deepened
customer partnerships by integrating speed of
execution, structural durability and lower lifecycle
impact into construction outcomes.

In the packaging segment, trial production of DoS-A
coils further strengthened Tata Steel's sustainability
proposition by enabling potential savings of ~6 litres of
water per drum manufactured, reinforcing long-term
customer relationships through shared value creation.

Experience, Transparency and Ecosystem
Enablement

As customer engagements widened, experience
and transparency became key differentiators. Digital
platforms strengthened ease of interaction and visibility
across segments. Aashiyana continued to evolve as a
content-to-commerce ecosystem for individual home
builders, while DigECA expanded digital engagement
with Emerging Corporate Account ('ECA') customers
through end-to-end visibility and integration. Platforms
such as COMPASS Nxt for B2B customers and SmartTrack
for Tata Pravesh embedded real-time visibility, faster
service response and intuitive engagement interfaces
into everyday customer interactions. TSL Cares, the
GenAI-enabled complaint management platform,
progressively emerged as the preferred channel for
service resolution, strengthening responsiveness and
enhancing customer confidence. Complementing these,
Techlab - India's first mobile rebar testing unit, further
reinforced customer assurance through transparent, on¬
site quality validation.

Alongside digital enablement, sustained capability¬
building initiatives such as Create, Techtalk, Skilling India,
insIITe, and PAG interventions benefitted over 3,500 SME
customers and over 4,500 masons, fabricators, influencers
and channel partners. These interventions strengthened
correct application practices, safety awareness and on¬
site productivity, helping ensure that value delivery
consistently met customer expectations.

I n the Netherlands, TSN strengthened its customer
proposition by focusing on the reliable supply of
high-quality steel and long-term market-specific
partnerships, tailored to market needs. The commercial
strategy of TSN emphasises on stability, and expertise,
thereby positioning the Company as a trusted partner,
more specifically in applications where material
performance is critical for operational continuity, safety
and long-term asset value. Customer engagement is
embedded in the functioning of TSN and is supported
through direct dialogue, satisfaction surveys, complaint
management and joint workshops and partnerships
(including R&D trials). This enables alignment with
the customer requirements and growing demand
for responsible production and sourcing. During the
year under review, TSN's focus on broader stakeholder
engagement related to the Green Steel Project enhanced
transparency, reinforced customer confidence & market
position and helped integrate expectations into decision¬
making.

In the UK, TSUK advanced strategic growth through
product innovation and stronger customer partnerships,
supporting major projects across building systems,
engineering, automotive, and distribution businesses,
including advanced ComFlor® composite floor decking
solutions, which enabled the securing of high-profile
projects such as the Luton Airport Pheonix MSCP2 and
the Qiddiya Speed Park Track. Collaborative development
initiatives and a new EAF-focused automotive and
packaging steel technology programme strengthened
customer-aligned R&D.

During FY2025-26, TSUK made substantial progress
in advancing sustainability and increased supply of
low-carbon steel solutions across construction,
automotive, and packaging sectors. Progress was made
in reducing emissions, increasing renewable energy use,
and advancing circularity initiatives, reinforcing its role
as a key partner in customers' decarbonisation pathways.
TSUK offered market-leading product solutions and
received accolades for innovation.

Building Systems UK supplied Optemis® Carbon Lite
to major London projects, while Colorcoat advanced
low-carbon leadership through certifications, industry
recognition, and enhanced product durability.
The Packaging and Automotive sectors focused on
low-CO₂ solutions, higher recycled content, emissions
reduction, and scrap circularity, positioning Tata Steel UK
as a key sustainability partner. Catnic GmBH transitioned

to 100% renewable electricity, reduced Scope 1 and 2
emissions, and progressed bio-engineered insulation
solutions for future products. Catnic's SolarSeam
renewable solution gained market traction through a
partnership in social housing scheme. The Surahammar
electrical steel plant secured three automotive projects
and initiated strategic investments to further enhance
product quality for automotive applications. The Tubes
business developed fully normalised pipe solutions
across the Corby and Hartlepool sites strengthening
product differentiation and delivering consistent, high-
performance outcomes. Several sites also received
industry recognition for innovation and sustainability.

7. Digital Transformation

Tata Steel continues its accelerated journey towards
becoming a digitally empowered, data and AI enabled,
future-ready enterprise. During FY2025-26, the Company
strengthened its Industry 4.0 foundation through
large-scale AI adoption, enhanced data governance,
and integrated digital operations across geographies.
Some of these initiatives which collectively enabled
measurable improvements in productivity, cost efficiency,
and operational resilience are as follows:

AI Adoption and Engagement: In FY2025-26, Tata Steel
significantly expanded the use of Narrow (a mathematical
AI running on large datasets like Operations and
Forecasting) and Generative AI (a creative, conversational,
language-based medium) across the value chain.
The Company deployed 860 models and agents globally
covering machine learning, optimisation, deep learning
and autonomous agents to enhance employee and
customer experience, safety, and business automation.
The adoption of over 300 agents led to improvements
across business processes including invoice
processing, audit functions, commercial intelligence
and personalised day-to-day human resource activities.

AI Enabled Decision Support: During FY2025-26,
Tata Steel Digital Assistant ('TDA'), a secure, in-house
AI platform providing governed access to employees,
was upgraded to an agentic architecture. The enhanced
TDA allows employees to perform complex tasks by
combining multiple data sources while ensuring strong
data security and privacy. The Company invested in
customised architecture to align models with underlying
organisational knowledge and business context with
sustained usage expected to further improve contextual
understanding and personalised outcomes. Tata Steel
advanced its AI-ready data strategy and achieved 98%
standardisation of key data and KPI definitions across
major units, and deployed the Data and Analytics Target

Operating Model (DATOM) framework globally to assess
data maturity through evidence-based dip-checks.
AI was also embedded into core management processes,
transitioning leadership KPI reporting from manual to
system-driven mechanisms.

Manufacturing Excellence: During FY2025-26,
Tata Steel has significantly progressed towards
manufacturing excellence through AI-enabled
Remote Operations & Maintenance which continues
to evolve into strategic assets, enabling predictive,
real-time management of critical assets and AI assisted
autonomous operations.

Customer Experience: The Company has achieved a
strong sales performance through its digital platforms,
amounting to approximately USD 1 billion. Tata Steel
is in the process of deploying Unified Customer Service
Agent, a first in the steel industry, for better client
servicing.

Functional Excellence: Functional excellence
was sustained through the Company's long-term
initiatives in supply chain optimisation, spares and
repairs management, and inventory reduction, which
continued to deliver meaningful value. A major step
towards the vision of 'One Tata Steel' was the successful
harmonisation of technology platforms across
India, Netherlands and the UK with the migration of
Tata Steel UK's SAP system to India being a key milestone.
Integrated operations were further strengthened
through enhanced cybersecurity, unified SAP landscapes,
and the adoption of common digital standards
across geographies.

The Company maintains strong digital leadership across
data, AI, automation, and integrated IT architectures
recognised by Gartner for six consecutive years.
Our WEF Global Industry Lighthouse sites at IJmuiden,
Kalinganagar and Jamshedpur account for 78% of steel
production, delivering sustainable value creation, cost
efficiency, and organisational agility.

8. Corporate Social Responsibility

The objective of the Company's Corporate Social
Responsibility ('CSR') initiatives is to improve the quality
of life of communities globally through long-term value
creation for all stakeholders. The Annual Report on CSR
activities, in terms of Section 135 of the Companies Act,
2013 and the Rules framed thereunder, is annexed to
this Report as Annexure 1. The Company's CSR policy
provides guidelines to conduct CSR activities of the
Company as well as provides governance mechanism
for the same. The salient features of this Policy form part

of the Annual Report on CSR activities. The CSR Policy is
available on the website of the Company at:https://www.
tatasteel.com/media/23872/tata-steel-csr-policy.pdf

For decades, the Company has pioneered various CSR
initiatives. The Company continues to address societal
challenges through societal development programmes
and remains focused on improving the quality of life.
During FY2025-26, the Company spent ?473.09 crore
towards its CSR activities and positively impacted over
6.9 million lives through its CSR programmes and
initiatives. The Company implements its CSR programmes
primarily through its wholly-owned subsidiary Tata Steel
Foundation, a company incorporated under Section
8 of the Companies Act, 2013, which works in close
collaboration with public systems and partners. Through
its CSR activities, the Company envisions an enlightened,
equitable society in which every individual realises her/
his potential with dignity through work with tribal and
excluded communities to co-create transformative,
efficient and lasting solutions to their development
challenges.

Through large-scale, proven Signature Theme Models
of change, the Company addresses core development
gaps in India, while being replicable at global platform.
These include programmes on maternal and child
mortalities, access to school and learning enrichment
for rural children, pan-India focus on key aspects of
tribal identity, and comprehensive development
through empowerment of panchayats between the
manufacturing locations of the Company at Jamshedpur
and Kalinganagar.

The Company also fosters Regional Change Models
enabling lasting betterment in the well-being of
communities, prioritising those who are excluded
and proximate to its operating areas. The Company
undertakes its CSR Programmes in areas of health,
nutrition, water, education, livelihoods, infrastructure,
sports, disabilities, rural development, grassroot
governance, environment, ethnicity and empowering
the voice of women within communities.

In the Netherlands, TSN's CSR efforts continue to focus
on responsible operations, structured stakeholder
engagement and sustained contributions to communities
around its operations. During the year under review,
TSN transparently engaged with employees, local
communities, authorities and civil society organisations
through formal consultation processes, communication
channels and grievance mechanisms. The insights
gained from these engagements guided the operational
decisions.

TSN also strengthened regional technical education and
future-ready skills through the TSN Academy and active
participation in Techport, aligning industry needs with
vocational training to support the energy transition and
industrial renewal. Inclusion and diversity were promoted
through initiatives such as Girls' Day, while community
engagement was further reinforced through targeted
sponsorships and programmes, including programmes
such as Tata - Kids of Steel® and support for local
sports and social initiatives like Telstar and Telstar in
de wijk, aimed at enhancing social cohesion and youth
engagement in the IJmond region.

In the UK, as TSUK continues to transform the Port Talbot
site, it remains strongly focused on supporting local
communities through its long-standing community
programme that benefits tens of thousands of people
each year. In FY2025-26, TSUK sponsored key community
and charity events such as the Richard Burton 10K, which
raised £60,000, and celebrated the 16^th anniversary of
Aberavon Wizards League to promote inclusive youth
sport. Community engagement was further strengthened
by inaugurating the starting point of the Llanelli Half
Marathon, running a Winter Wrap Up campaign to
collect food and warm clothing for those in need, and
employee fundraising through various national charity
events such as Macmillan Coffee Mornings, Founders Day,
Comic Relief and Children in Need. TSUK, through
its subsidiary companies, supported the GirlsGetSet
international STEM program and invested in mental
health first aid training. TSUK's CSR activities reflects its
values and importance of strong relationships with the
community and key stakeholders.

F. Corporate Governance

The Company ensures that it evolves and follows the
corporate governance guidelines and best practices
diligently, not just to boost long-term shareholder value,
but also to respect rights of the minority. Tata Steel
considers its inherent responsibility to disclose timely
and accurate information regarding the operations
and performance, leadership, and governance of the
Company.

In accordance with it's Vision, Tata Steel aspires to be the
global steel industry benchmark for value creation and
corporate citizenship. Tata Steel expects to realise its
Vision by taking such actions as may be necessary in order
to achieve its goals of value creation, safety, environment
and people.

Pursuant to the SEBI Listing Regulations, the Corporate
Governance Report along with the Certificate from a

Practicing Company Secretary, certifying compliance
with conditions of Corporate Governance, forms part of
this Board's Report and is enclosed as Annexure 2.

1.    Meetings of the Board and Committees of the
Board

The Board met six times during the year under review.
The intervening gap between the meetings was within
the period prescribed under the Companies Act, 2013
and the SEBI Listing Regulations. The Committees of
the Board usually meet the day before or on the day
of the Board meeting, or whenever the need arises for
transacting business. Details of composition of the
Board and its Committees as well as details of Board
and Committee meetings held during the year under
review and Directors attending the same are given in
the Corporate Governance Report forming part of this
Board's Report.

2.    Selection of New Directors and Board
Membership Criteria

The Nomination and Remuneration Committee ('NRC')
engages with the Board to evaluate the appropriate
characteristics, skills and experience for the Board as
a whole as well as for its individual members with the
objective of having a Board with diverse backgrounds and
experience in business, finance, governance, and public
service. The NRC, basis such evaluation, determines
the role and capabilities required for appointment of
Independent Directors. Thereafter, the NRC recommends
to the Board the selection of new Directors.

Characteristics expected of all Directors include
independence, integrity, high personal and professional
ethics, sound business judgement, ability to participate
constructively in deliberations and willingness to
exercise authority in a collective manner. The Company
has in place a Policy on Appointment & Removal of
Directors.

The salient features of the Policy are:

>    It acts as a guideline for matters relating to
appointment and re-appointment of Directors

>    It contains guidelines for determining qualifications,
positive attributes of Directors, and independence of
a Director

>    It lays down the criteria for Board Membership

>    It sets out the approach of the Company on board
diversity

>    It lays down the criteria for determining independence
of a director, in case of appointment of an Independent
Director

The Policy is available on the website of the Company
athttps://www.tatasteel.com/media/6816/policy-on-
appointment-and-removal-of-directors.pdf

3.    Familiarisation Programme for Directors

As a practice, all new Directors (including Independent
Directors) inducted to the Board go through a structured
orientation programme. Presentations are made
by Senior Management giving an overview of the
operations, to familiarise the new Directors with the
Company's business operations. The new Directors are
given an orientation on the products of the business,
group structure and subsidiaries, Board constitution and
procedures, matters reserved for the Board, and the major
risks and risk management strategy of the Company.
Visits to plant and mining locations are organised for the
new Directors to enable them to understand the business
better.

Details of orientation given to the new and existing
Independent Directors in the areas of strategy/industry
trends, operations & governance, and safety, health and
environment initiatives are available on the website of the
Company athttps://www.tatasteel.com/media/25696/
familiarization-programme-ids-2026.pdf

4.    Evaluation

The Board evaluated the effectiveness of its functioning
of the Committees and of individual Directors, pursuant
to the provisions of the Companies Act, 2013 and the SEBI
Listing Regulations.

The Board sought the feedback of Directors on various
parameters including:

>    Degree of fulfilment of key responsibilities towards
stakeholders (by way of monitoring corporate
governance practices, participation in the long term
strategic planning, etc.);

>    Structure, composition and role clarity of the Board
and Committees;

>    Extent of co-ordination and cohesiveness between
the Board and its Committees;

>    Effectiveness of the deliberations and process
management;

>    Board/Committee culture and dynamics; and

>    Quality of relationship between Board Members and
the Management.

The above criteria are broadly based on the Master
Circular issued by the Securities and Exchange Board of
India on January 30, 2026.

The Chairman of the Board had one-on-one meetings
with the Independent Directors ('IDs') and the Chairman
of NRC had one-on-one meetings with the Executive
and Non-Executive, Non-Independent Directors.
These meetings were intended to obtain Directors' inputs
on effectiveness of the Board/Committee processes.

In a separate meeting of the IDs, the performance of
the Non-Independent Directors, the Board as a whole
and Chairman of the Company were evaluated taking
into account the views of Executive Directors and other
Non-Executive Directors.

The NRC reviewed the performance of the individual

Directors and the Board as a whole.

In the Board meeting that followed the meeting of the IDs
and the meeting of NRC, the performance of the Board,
its Committees, and individual directors were discussed.

Outcome of Evaluation

The evaluation process endorsed the Board Members'
confidence in the ethical standards of the Company,
the resilience of the Board and the Management in
navigating the Company, cohesiveness amongst the
Board Members, constructive relationship between
the Board and the Management and the openness of
the Management in sharing strategic information to
enable Board Members to discharge their responsibilities
and duties.

I n the coming year, the Board intends to enhance
focus on monitoring key capital expenditure
projects, strengthening downstream business, cost
competitiveness and operations of overseas entities -
TSN, TSUK, Tata Steel Minerals Canada.

5. Remuneration Policy for the Board and Senior
Management

Based on the recommendations of the NRC, the Board
has approved the Remuneration Policy for Directors,
Key Managerial Personnel ('KMPs') and all other
employees of the Company. As part of the policy, the
Company strives to ensure that:

>    the level and composition of remuneration is
reasonable and sufficient to attract, retain and
motivate Directors of the quality required to run the

Company successfully;

>    relationship between remuneration and performance
is clear and meets appropriate performance
benchmarks; and

>    remuneration to Directors, KMPs and Senior
Management involves a balance between fixed and
incentive pay, reflecting short, medium and long-term
performance objectives appropriate to the working of
the Company and its goals.

The salient features of the Policy are that it lays down the
parameters:

>    Based on which payment of remuneration (including
sitting fees and remuneration) should be made to IDs
and Non-Executive Directors ('NEDs').

>    Based on which remuneration (including fixed salary,
benefits and perquisites, bonus/performance linked
incentive, commission, retirement benefits) should
be given to whole-time directors, KMPs and rest of
the employees.

>    For remuneration payable to Directors for services
rendered in other capacity.

During the year under review, there has been no change
to the Policy. The Policy is available on the website of the
Company athttps://www.tatasteel.com/media/6817/
remuneration-policy-of-directors-etc.pdf

6. Particulars of Employees

Disclosures pertaining to remuneration and other
details as required under Section 197(12) of the
Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 ('Rules') are annexed to this report
as Annexure 3.

I n terms of the provisions of Section 197(12) of the
Companies Act, 2013 read with Rules 5(2) and 5(3) of
the Rules, a statement showing the names and other
particulars of employees drawing remuneration in excess
of the limits set out in the said Rules forms part of this
Board's Report. Further, the Integrated Report is being
sent to the Members excluding the aforesaid statement.
In terms of Section 136 of the Companies Act, 2013, the
said statement will be open for inspection upon request
by the Members. Any Member interested in obtaining
such particulars may write to the Company Secretary at
cosec@tatasteel.com

7.    Directors

Re-appointment of Director retiring by rotation

In terms of the provisions of Section 152 of the Companies
Act, 2013, Mr. Koushik Chatterjee (DIN:00004989),
Whole-time Director of the Company designated as
Executive Director & Chief Financial Officer, retires at
the ensuing AGM scheduled to be held on Thursday,
July 2, 2026, and, being eligible, seeks re-appointment.

The necessary resolution for re-appointment of
Mr. Chatterjee forms part of the Notice convening the
ensuing AGM. The profile and particulars of experience,
attributes and skills that qualify Mr. Chatterjee for board
membership, are disclosed in the said notice.

8.    Independent Directors' Declaration

The Company has received the necessary declaration
from each Independent Director in accordance with
Section 149(7) of the Companies Act, 2013 read with
Regulation 25(8) of the SEBI Listing Regulations, that
he/she meets the criteria of independence as laid
out in Section 149(6) of the Companies Act, 2013 and
Regulation 16(1)(b) of the SEBI Listing Regulations.

In the opinion of the Board, there has been no change
in the circumstances which may affect their status as
Independent Directors of the Company and the Board
is satisfied of the integrity, expertise, and experience
(including proficiency in terms of Section 150(1) of the
Companies Act, 2013 and applicable rules thereunder) of
all Independent Directors on the Board. Further, in terms
of Section 150 of the Companies Act, 2013 read with
Rule 6 of the Companies (Appointment and Qualification
of Directors) Rules, 2014, as amended, Independent
Directors of the Company have included their names in
the data bank of Independent Directors maintained with
the Indian Institute of Corporate Affairs.

9.    Key Managerial Personnel

In terms of Section 203 of the Companies Act, 2013,
the Key Managerial Personnel of the Company are
Mr. T. V. Narendran, Chief Executive Officer & Managing
Director, Mr. Koushik Chatterjee, Executive Director
& Chief Financial Officer and Mr. Parvatheesam
Kanchinadham, Company Secretary and Chief Legal
Officer. During the year under review, there has been no
change in the Key Managerial Personnel of the Company.

10.    Audit Committee

The Audit Committee of the Board was constituted in
the year 1986. The Committee has adopted a Charter for
its functioning. The primary objective of the Committee
is to monitor and provide effective supervision of the
Management's financial reporting process, to ensure
accurate and timely disclosures, with the highest levels of
transparency, integrity and quality of financial reporting.

The Committee presently comprises Mr. Deepak Kapoor
(Chairman), Ms. Bharti Gupta Ramola, Mr. Pramod Agrawal
and Mr. Saurabh Agrawal. The Committee met six times
during the year under review, the details of which are
given in the Corporate Governance Report forming part
of this Board's Report.

During the year under review, there were no instances
when the recommendations of the Audit Committee
were not accepted by the Board of Directors.

11.    Internal Control Systems

The Company's internal control systems commensurate
with the nature of its business, the size, and complexity
of its operations and such internal financial controls with
reference to the Financial Statements are adequate.
Details on the Internal Financial Controls of the Company
forms part of Management Discussion and Analysis
forming part of this Integrated Report.

12.    Risk Management

Tata Steel has established a robust Enterprise Risk
Management ('ERM') framework to navigate the evolving
and volatile business environment to create sustainable
value for its stakeholders. The ERM framework focuses
on developing a risk intelligent culture that facilitates risk
informed decision making and builds business resilience.
This has been developed by integrating best practices
from international standards including the Committee of
Sponsoring Organisations of the Treadway Commission,
ISO 31000:2018 and benchmarking industry practices.

The Risk Management Committee ('RMC') of the Board
provides an oversight and guides ERM team on risk
management policy and deployment. It reviews the
status of key risks, progress of ERM implementation across
locations and any exceptions flagged on a quarterly basis.

The Risk Appetite, approved by the RMC, has been
developed by analysing industry's best practices and
aligns to the vision of the Company. This is an important
metric and the guiding principle for management of risks,
driven by the following:

> Health and safety of the employees and the
communities in which the Company operates are the
prime concern and the operating strategy is focused
on this objective.

>    All business decisions are aligned to the Tata Code of
Conduct.

>    Management actions are focused on continuous
improvement.

>    Environment and Climate Change impacts are
assessed on a continuous basis and business decisions
support systems including capital allocation, considers
climate impact through the internal carbon pricing
framework.

>    The long-term strategy of the Company is focused
on generating profitable growth and sustainable
cashflows that creates long-term stakeholder value.

Risk Owners may accept risk exposure to their annual and
long-term business plans, which after implementation
of mitigation strategies, is aligned to the Company's
risk appetite.

The Company has also constituted a Management
Committee called Apex Risk Committee ('ARC')
comprising of Chief Executive Officer & Managing Director
('CEO & MD'), Executive Director & Chief Financial
Officer ('ED & CFO'), and Vice President - Corporate
Finance, Treasury & Risk Management who is also the
Chief Risk Officer. The ARC reviews the business plan of
ERM quarterly, engages on the macro environment and
deliberates on key risks. Additionally, it engages with
senior risk owners to deep dive on specific risk areas and
their mitigations.

The ERM framework is driven across the organisation by
the ERM team led by the Chief Risk Officer, who reports to
ED & CFO and the RMC Chairperson. The bottom-up ERM
process is decentralised to keep the risk ownership with
the BUs to drive accountability and ensure agility. This is
complemented by a top down process, which helps in
identification of strategic enterprise level risks. The ERM
team carries out horizon scanning to track the external
landscape and organises 'Expert Lens' sessions and
webinars for the leadership team and Risk Community
to identify emerging risks.

The Company follows coordinated risk assurance through
which the ERM process is integrated with Audit, Strategy,
Legal & Compliance, and Security functions. Corporate
Audit conducts an independent audit of the ERM process
deployment across the organisation, as the third line
of defence.

The Company has developed an in-house Risk
Management IT system which provides dashboards and
data repository for risk analytics. An Artificial Intelligence

enabled 'Horizon Scanning' feature has been launched to
scan relevant external risk developments.

The Company views ERM as an enabler to achieve
business objectives and aims at intelligent risk taking
for Business decisions. Capability development for
ERM has been a key focus area across the organisation
and various formats of communication & training have
been developed, focusing on Risk Champions (Extended
arm of ERM Team), risk owners, new joiners and specific
functions.

Risk culture is considered as an important lever for
assessing the risk maturity. Risk Management has
been institutionalised as an additional metric in the
performance assessment of Risk Owners and Champions.
The Company periodically conducts Risk Maturity
Assessments and Risk Culture Survey from independent
external assessors to benchmark practices and identify
areas of improvement.

ERM Effectiveness model has been developed to assess
the effectiveness of the ERM process annually. This
analysis is carried out by the respective Business Units
and the findings are discussed in Senior Management
reviews.

FY2025-26 was marked by significant economic and
geopolitical challenges, including Russia-Ukraine
conflict,Middle East instability, tariffpressures, FX volatility,
and elevated Chinese steel exports impacting prices.
The Company proactively monitored early warning
indicators and developed scenario based risk responses.

The Company was awarded the 'Masters of Risk - Risk
Technology' in the Large Cap category at the CNBC-TV18
India Risk Management Awards 2025, recognising the
Company in leveraging technologies to strengthen risk
management.

13. Vigil Mechanism

The Company has a robust Vigil Mechanism that provides
a formal channel for all its Directors, employees, and
business associates, including customers, to approach
the Chairman of the Audit Committee or Chief Ethics
Counsellor to make protected disclosures about any
ethical misconduct, actual or suspected fraud, or
violations of the Tata Code of Conduct ('TCoC'). No person
is denied access to the Chairman of the Audit Committee.
This mechanism reinforces a culture of transparency,
accountability, and trust across all stakeholders.

The Company has established various policies to govern
the vigilance procedures, such the Whistle-Blower
Policy for Directors & Employees, the Whistle-Blower

Policy and Whistle-Blower Protection Policy for Business
Associates, the Gift and Hospitality ('G&H') Policy, the
Conflict-of-Interest ('CoI') Policy for employees, the
Anti-Bribery & Anti-Corruption ('ABAC') Policy, and the
Anti-Money Laundering ('AML') Policy. Collectively, these
policies outline behavioural expectations, reporting
pathways, and safeguards against unethical practices.

The Whistle-Blower Policies encourage the reporting
of any actual or potential violation of the TCoC or any
event that could impact the Company's operations or
reputation. They provide protection against retaliation
such as threats, demotion, termination, or any other
disciplinary/discriminatory action. These policies also
cover reporting of leaks or suspected leaks of Unpublished
Price Sensitive Information ('UPSI') as required in terms
of the provisions of the Securities and Exchange Board of
India (Prohibition of Insider Trading) Regulations, 2015, as
amended.

The Whistle-Blower Protection Policy for Business
Associates strengthens confidence among external
stakeholders such as vendors, suppliers, distributors, and
customers by safeguarding them from retaliation and
specifying consequences for malicious or false reporting.

The ABAC and AML policies focus on risk assessment,
third-party due diligence, training, audits, and reporting
to prevent corruption and financial misconduct. The
G&H Policy guides employees and representatives
on acceptable and unacceptable forms of gifting and
hospitality, ensuring alignment with ABAC and AML
policies. The CoI Policy mandates employees to disclose
actual or potential conflicts annually or whenever such
conflicts arise.

To encourage internal reporting, the Company has
implemented Whistleblower Reward and Recognition
Guidelines. All disclosures are processed as per defined
timelines. Additionally, a Third-Party Whistleblowing
Helpline, which offers multiple communication channels
including toll-free numbers, web access, postal mail, and
email is established which supports stakeholders across
Tata Steel and its Group companies.

During the year under review, extensive communication
and training initiatives were conducted on TCoC,
Prevention of Sexual Harrassment, ABAC, CoI, Third-Party
Due Diligence, and other ethical standards. The Company
received 564 Whistle-Blower Complaints ('WBCs') and
1,507 grievances and other concerns. Out of these,
469 WBCs were investigated and closed after taking
appropriate actions, 1,403 grievances and other concerns
were addressed as appropriate. A total of 95 WBCs were
open as of March 31, 2026, for which investigations
are underway. The unaddressed 104 grievances and
other concerns are being reviewed and will be closed
as appropriate.

14.    Disclosure as per the Sexual Harassment of
Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013

Tata Steel upholds a zero-tolerance approach to sexual
harassment at the workplace. The Company follows
a comprehensive policy on prevention, prohibition,
and redressal of sexual harassment, aligned with the
Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013, and its applicable
Rules made thereunder, as amended from time to time.

The Company has complied with the requirements for
constituting Internal Complaints Committees across
its locations as per the Sexual Harassment of Women
at Workplace (Prevention, Prohibition and Redressal)
Act, 2013.

For the year ended March 31,2026, the Company received
35 sexual harassment complaints. Of these, 28 complaints
were investigated and resolved with appropriate action(s)
- of the 28, 4 cases were investigated and closed beyond
90 days. 7 cases are currently under investigation, of
which 1 case is under investigation for more than 90 days.

15.    Compliance with Maternity Benefit Act, 1961

During the FY2025-26, the Company has complied with all
the applicable provisions relating to the Maternity Benefit
Act, 1961.

16.    Subsidiaries, Joint Ventures and Associates

The Company has 127 subsidiaries and 39 associate
companies (including 22 joint ventures) as on
March 31, 2026. During the year under review, the Board
of Directors reviewed the affairs of material subsidiaries.
There has been no material change in the nature of the
business of the subsidiaries.

In accordance with Section 129(3) of the Companies
Act, 2013, the Consolidated Financial Statements of
the Company and all its subsidiaries, associates and
joint ventures has been prepared and forms part of this
Integrated Report. Further, the report on the performance
and financial position of each subsidiary, associate
and joint venture and salient features of their Financial
Statements in the prescribed Form AOC-1 is annexed to
this Board's Report as Annexure 4.

In accordance with the provisions of Section 136 of
the Companies Act, 2013, read with the SEBI Listing

Regulations, the audited Financial Statements, including
the consolidated Financial Statements and related
information of the Company and Financial Statements of
the subsidiary companies are available on the website of
the Company at www.tatasteel.com

The names of companies that have become or ceased to
be subsidiaries, joint ventures and associates during the
year under review are disclosed in an annexure to this
Board's Report as Annexure 5.

17.    Related Party Transactions

In line with the requirements of the Companies Act,
2013 and the SEBI Listing Regulations, the Company
has formulated a Policy on Related Party Transactions.
During the year under review, the Policy has been
amended to incorporate the regulatory amendments
in the SEBI Listing Regulations. The updated Policy can
be accessed on the Company's website athttps://www.
tatasteel.com/media/5891/policv-on-related-partv-
transactions.pdf

During the year under review, all related party transactions
entered into by the Company, were approved by the
Audit Committee and were at arm's length and in the
ordinary course of business. Prior omnibus approval
is obtained for related party transactions which are of
repetitive nature and entered in the ordinary course of
business and on an arm's length basis. All material related
party transactions and their material modifications,
if any, were entered into after being approved by the
Company's shareholders. The Company did not have any
contracts or arrangements with related parties in terms of
Section 188(1) of the Companies Act, 2013.

Accordingly, the disclosure of related party transactions as
required under Section 134(3)(h) ofthe Companies Act, 2013
in Form AOC-2 is not applicable to the Company for
FY2025-26 and hence does not form part of this report.

Details of related party transactions entered into by
the Company, in terms of Indian Accounting Standard
24 (Ind AS-24) have been disclosed in the notes to the
standalone/consolidated financial statements forming
part of this Integrated Report.

18.    Directors' Responsibility Statement

Based on the framework of internal financial controls and
compliance system established and maintained by the
Company, work performed by the internal, statutory, cost,
and secretarial auditors and external agencies including
audit of internal financial controls over financial reporting

by the statutory auditors and the reviews performed
by Management and the relevant Board Committees,
including the Audit Committee, the Board is of the
opinion that the Company's internal financial controls
were adequate and effective during FY2025-26.

Accordingly, pursuant to Section 134(5) of the
Companies Act, 2013, the Board of Directors, to the best
of its knowledge and ability confirms that:

a)    i n the preparation of the annual accounts, the
applicable accounting standards have been
followed and that there were no material departures;

b)    it has selected such accounting policies and applied
them consistently and made judgements and
estimates that are reasonable and prudent so as to
give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the
profit of the Company for that period;

c)    i t has taken proper and sufficient care for the
maintenance of adequate accounting records
in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets
of the Company and for preventing and detecting
fraud and other irregularities;

d)    it has prepared the annual accounts on a going

concern basis;

e)    it has laid down internal financial controls to be
followed by the Company and that such internal
financial controls are adequate and are operating
effectively;

f)    it has devised proper systems to ensure compliance
with the provisions of all applicable laws and that
such systems were in place, are adequate and
operating effectively.

19. Auditors

Statutory Auditors

The Shareholders of the Company at the AGM held
on August 8, 2017, approved the appointment of
Price Waterhouse & Co Chartered Accountants LLP
(Registration No.- 304026E/E300009) ('PW'), Chartered
Accountants, as the statutory auditors of the Company.
Further, the shareholders approved the re-appointment
of PW for a second term of five years commencing from
the conclusion of the 115^th AGM held on June 28, 2022
until the conclusion of 120^th AGM of the Company to be
held in the year 2027.

The report of the Statutory Auditor forms part of this
Integrated Report. The said report does not contain any
qualification, reservation, adverse remark or disclaimer.

Cost Auditors

In terms of Section 148 of the Companies Act, 2013,
the Company is required to maintain cost records and
have the audit of its cost records conducted by a Cost
Accountant. Cost records are prepared and maintained
by the Company as required under Section 148(1) of the
Companies Act, 2013.

The Board of Directors of the Company has, on the
recommendation of the Audit Committee, approved
the appointment of M/s Shome & Banerjee as the cost
auditors of the Company (Firm Registration No. 000001)
for the year ending March 31,2027. M/s Shome & Banerjee
have vast experience in the field of cost audit and have
been conducting the audit of the cost records of the
Company for the past several years.

I n accordance with the provisions of Section 148(3)
of the Companies Act, 2013 read with Rule 14 of the
Companies (Audit and Auditors) Rules, 2014, as amended,
the remuneration of ?35 lakh plus applicable taxes and
reimbursement of out-of-pocket expenses payable
to the Cost Auditors for conducting cost audit of the
Company for FY2026-27 as recommended by the Audit
Committee and approved by the Board has to be ratified
by the Members of the Company. The same is placed
for ratification of Members and forms part of the Notice
of the ensuing AGM scheduled to be held on Thursday,
July 2, 2026.

Secretarial Auditors and Secretarial Audit Report

In terms of Regulation 24A read with other applicable
provisions of the SEBI Listing Regulations and applicable
provisions of the Companies Act, 2013, the Company
is required to appoint Secretarial Auditors for a period
of 5 years commencing from FY2025-26, to conduct
the secretarial audit of the Company in terms of
Section 204 and other applicable provisions of the
Companies Act, 2013 read with Regulation 24A and
other applicable provisions of the SEBI Listing
Regulations.

Based on the recommendation of the Audit Committee
and the Board, the Shareholders of the Company, at the
AGM held on July 2, 2025, approved the appointment of
M/s Parikh & Associates, (Registration No.
P1988MH009800), Practicing Company Secretaries
('PNP'), as the secretarial auditors of the Company for a
period of five years commencing from the conclusion of
the 118^th AGM held on July 2, 2025, until the conclusion

of 123^rd AGM of the Company to be held in the year 2030,
for conducting secretarial audit of the Company for the
period beginning from FY2025-26 through FY2029-30.

The Report by the Secretarial Auditors of the Company
issued by PNP is annexed to this Report as Annexure 6.
There are no qualifications, observations, adverse remark
or disclaimer in the said Report.

Reporting of Fraud

During the year under review, the Statutory Auditors,
Cost Auditors and Secretarial Auditors have not reported
any instances of frauds committed in the Company by
its officers or employees to the Audit Committee under
Section 143(12) of the Companies Act, 2013, the details of
which need to be mentioned in the Board's Report.

20.    Annual Return

The Annual Return for FY2025-26 as per provisions of
Section 92 of the Companies Act, 2013 read with rules
thereto, is available on the website of the Company at
https://www.tatasteel.com/media/25723/annual-mgt-7.
pdf.

21.    Significant and Material Orders passed by the
Regulators or Courts

There has been no significant and material order passed
by the regulators or courts or tribunals impacting
the going concern status and the Company's future
operations. However, Members' attention is drawn to the
statement on contingent liabilities, commitments in the
notes forming part of the Financial Statements.

22.    Particulars of Loans, Guarantees or Investments

Particulars of loans, guarantees given and investments
made during FY2025-26 in accordance with Section 186
of the Companies Act, 2013 is annexed to this report as
Annexure 7.

23.    Energy Conservation, Technology Absorption
and Foreign Exchange Earnings and Outgo

Details of the energy conservation, technology
absorption and foreign exchange earnings and outgo
are annexed to this report as Annexure 8.

24.    Deposits

During FY2025-26, the Company has not accepted any
deposits from public in terms of the Companies Act, 2013.
Further, no amount on account of principal or interest on
deposits from public was outstanding as on the date of
the balance sheet.

25.    Secretarial Standards

The Company has in place proper systems to ensure
compliance with the provisions of the applicable
secretarial standards issued by The Institute of the
Company Secretaries of India and such systems are
adequate and operating effectively.

26.    Other Disclosures

a)    There has been no change in the nature of business
of the Company as on the date of this Report.

b)    There were no material changes and commitments
affecting the financial position of the Company
between the end of the financial year and the date
of this Report.

c)    There was no application made or proceeding
pending against the Company under the Insolvency
and Bankruptcy Code, 2016 during the year under
review.

G. ACKNOWLEDGEMENTS

The Board thanks the customers, vendors, dealers,
investors, business associates, bankers and communities
for their continued support during the year. The Board
places on record its appreciation of the contribution
made by employees at all levels (including Unions).

The Board thanks the Government of India, the State
Governments and the Governments in the countries
where Tata Steel has its operations and other regulatory
authorities and government agencies for their support
and look forward to their continued support in the future.

On behalf of the Board of Directors

sd/-

N. CHANDRASEKARAN

Mumbai    Chairman

May 15, 2026    DIN: 00121863