Tata Steel India ships 5.97 million tons in Q2, up 15% on the quarter; Senco Gold grows 29%; JSW Steel prepays $500 million of bonds

Tata Steel: India up, Europe down

Million tons, provisional, from the company's release:

	Q2 FY27	Q1 FY27	Q2 FY26	H1 FY27	H1 FY26
India crude steel production	6.21	5.76	5.64	11.97	10.87
India deliveries	5.97	5.17	5.55	11.14	10.30
Netherlands deliveries	1.30	1.40	1.54	2.70	3.04
UK deliveries	0.38	0.48	0.57	0.86	1.17
Thailand deliveries	0.31	0.33	0.36	0.65	0.69

• Tata Steel credits higher output at Jamshedpur and Kalinganagar for the India production rise.
• Branded products and retail had their best-ever quarter at about 2.2 mt; automotive and special products had their best-ever second quarter at about 1.1 mt (+19% YoY).
• Its e-commerce platforms (Aashiyana and DigECA) booked ₹2,860 crore of gross merchandise value, up 30% on the quarter.
• UK deliveries fell because customers built up stock ahead of new safeguard measures that took effect on 1 July 2026, the company says. Netherlands deliveries were about 16% lower than a year ago (Capital Chronicle arithmetic); the company says its Direct Sheet Plant restarted in August and is at rated capacity.

Senco Gold: festivals and old-gold exchange

From the standalone update:

• Total revenue +31% in Q2 (+48% in H1); retail +29% (+40% H1); same-store sales +19% (+30% H1).
• Diamond jewellery revenue +31% by value but only +7% by volume; studded share rose to 12.2% from 11% in Q1.
• The company says average gold prices were about 28% higher than a year earlier, so a large part of the value growth reflects price (our read).
• Old-gold exchange rose above 50% of sales, which the company says may put slight pressure on margins.
• 6 showrooms opened in Q2, taking the network to 215; another 10–12 are planned in H2.
• Senco says H1 revenue crossed ₹5,000 crore and trailing-12-month sales reached about ₹10,000 crore.

This follows Titan (+25%) and Kalyan (+26%) earlier this week (jewellery Q2 updates).

JSW Steel: dollar bond repaid six months early

JSW Steel had issued US$500 million of 3.95% notes in 2021, due 5 April 2027. It exercised its early-redemption right and says it fully repaid them on 7 October 2026. The filing does not say how the repayment was funded. With the rupee near ₹96.6 to the dollar (RBI reference rate, 7 Oct), paying down dollar debt early removes that currency risk from this bond (our read).

What to watch

1. Tata Steel and Senco full Q2 results and margins
2. Steel prices and import safeguards in India and Europe
3. Jewellery demand in the Diwali and wedding season

Provisional figures and company commentary, not audited results. Not investment advice. No politics.

Sources

• Tata Steel Limited — Press release "2QFY2027 Production and Delivery Volumes (Provisional)", filed 7 Oct 2026 — https://nsearchives.nseindia.com/corporate/NIDHIFADNAVIS_07102026215052_BSENSE.pdf
• Senco Gold Limited — Business Update Q2 & H1 FY27, filed 7 Oct 2026 — https://nsearchives.nseindia.com/corporate/Sencogold_07102026175129_SE_Intimation_Business_Update_07102026.pdf
• JSW Steel Limited — Early redemption of US$500,000,000 3.95% Notes due 2027, filed 7 Oct 2026 — https://nsearchives.nseindia.com/corporate/jessydenny_07102026221350_Redemption_of_Notes.pdf
• NSE — TATASTEEL and SENCO quotes, 7 Oct 2026 close — https://www.nseindia.com/get-quotes/equity?symbol=TATASTEEL · https://www.nseindia.com/get-quotes/equity?symbol=SENCO
• Reserve Bank of India — FBIL reference rate USD/INR 96.6230 (7 Oct 2026) — https://www.rbi.org.in/
• Capital Chronicle: Titan, Kalyan jewellery Q2 updates

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