BSE Metal Sector Regulatory Filings — March 03, 2026

36 medium priority36 total filings analysed

Executive Summary

The India BSE METAL intelligence stream (36 filings, Mar 3, 2026) is overwhelmingly dominated by 35 near-identical disclosures from Tata Steel Limited on a favorable Income Tax Appellate Tribunal (ITAT) order dated Feb 20, 2026, allowing a ₹518.76 Cr interest deduction for FY2008 Corus acquisition loans under Section 36(1)(iii), slashing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr (11-11.4% reduction, or ₹215 Cr relief). Sentiment across these is predominantly positive (33/35 filings), with two mixed noting persistent ~₹1,686 Cr liability; materiality consistently high at 8-9/10. Company flags 'persuasive impact' on similar pending litigations for FY2009-2015, with contingent liability adjustments slated for FY2027 financial statements (post-Mar 2027). No period-over-period financial trends (revenue, margins, volumes), insider trading, capital allocation (dividends/buybacks), M&A details, or operational metrics reported; one neutral Vedanta filing (materiality 3/10) discloses non-specific 'Insights by Vedanta' for Feb 2026. Overarching theme: Major de-risking event for Tata Steel, potentially freeing ~₹215 Cr cash tax outflow and setting precedent for legacy tax disputes in metals/mining, amid no other sector-wide trends. Portfolio implication: Bullish signal for Tata Steel balance sheet strength; watch FY2027 for spillover resolutions boosting ROE/debt metrics.

Tracking the trend? Catch up on the prior BSE Metal Sector Regulatory Filings digest from March 02, 2026.

Investment Signals(11)

Tata Steel↓(BULLISH)
▲
ITAT order allows ₹518.76 Cr FY2008 interest deduction on Corus loans, reducing FY2008-2015 tax exposure ~11% from ₹1,901 Cr to ₹1,686 Cr across 35 filings
Tata Steel↓(BULLISH)
▲
Consistent positive sentiment (33/35 filings, materiality 8-9/10) reinforces tax relief materiality, no negative impacts or declines reported in any disclosure
Tata Steel↓(BULLISH)
▲
'Persuasive impact' expected on FY2009-2015 pending litigations (cited in all 35 filings), potential for further multi-year exposure cuts
Tata Steel↓(BULLISH)
▲
Contingent liability adjustments confirmed for FY2027 financial statements (all filings), signaling proactive balance sheet cleanup
Tata Steel↓(BULLISH)
▲
Appeal success after 10-year battle (original FY2008 disallowance Feb 2014, appeal May 2016, hearing Nov 2025) demonstrates strong tax position vs authorities
Tata Steel↓(BULLISH)
▲
11.4% precise exposure reduction (filing #34), outperforming initial ~11% estimates in other disclosures, no adverse developments in Q3 FY2026 context
Tata Steel↓(BULLISH)
▲
Multiple compliance disclosures under SEBI LODR Reg 30/51 (e.g., filings #2, #28, #31) highlight governance transparency amid positive outcome
Tata Steel↓(BULLISH)
▲
Prior Q3 FY2026 disclosure (Jan 30, 2026, multiple filings) now resolved favorably, de-risking material litigation flagged earlier
Tata Steel↓(BULLISH)
▲
No insider selling/pledges reported alongside tax win, implying management conviction in ongoing value unlock
Tata Steel↓(BULLISH)
▲
Relative to sector peers (e.g., Vedanta neutral), Tata's high-volume positive updates position it as METAL outperformer on tax front
Vedanta(NEUTRAL-BULLISH)
▲
Neutral 'Insights by Vedanta' disclosure provides Feb 2026 updates (website link), no bearish signals in sole non-Tata filing

Risk Flags(7)

Tata Steel/Tax Litigation↓[MEDIUM RISK]
▼
Remaining ~₹1,686 Cr aggregate exposure for FY2008-2015 (all 35 filings), ~89% of original persists pending FY2009-2015 resolutions
Tata Steel/Contingent Liabilities↓[MEDIUM RISK]
▼
Mixed sentiment in 2/35 filings (#4, #29) flags material ₹1,686 Cr liability despite partial relief, adjustments only in FY2027
Tata Steel/Legacy Exposure↓[MEDIUM RISK]
▼
FY2008-2015 disputes tied to Corus acquisition highlight prolonged tax scrutiny (10+ years), potential for Assessing Officer challenges
Tata Steel/Disclosure Repetition↓[LOW RISK]
▼
35 duplicate filings may indicate internal dissemination issues or over-disclosure, diluting signal clarity
Vedanta/Operational Updates[LOW RISK]
▼
Neutral sentiment (3/10 materiality, filing #36) lacks specifics on financials/operations, potential for unreported weaknesses in Feb 2026 insights
Tata Steel/FY2027 Adjustments↓[MEDIUM RISK]
▼
Delayed impact to financials (post-Mar 2027) means no immediate P&L/cash flow benefit, exposure remains until litigations resolve
Sector/Tax Precedent Risk[MEDIUM RISK]
▼
ITAT win persuasive but not binding for FY2009-2015; failure to influence could reverse gains

Opportunities(8)

Tata Steel/Tax Relief↓(OPPORTUNITY)
◆
₹215 Cr (~11%) exposure cut unlocks potential cash preservation; invest ahead of FY2027 adjustments reflecting lower provisions
Tata Steel/Litigation Spillover↓(OPPORTUNITY)
◆
Persuasive FY2008 precedent for FY2009-2015 cases (all filings) could drive additional ₹1,000+ Cr relief, undervalued de-risking catalyst
Tata Steel/Balance Sheet↓(OPPORTUNITY)
◆
FY2027 contingent liability reset improves debt-to-equity/ROE trends vs sector, alpha from legacy cleanup in capital-intensive metals
Tata Steel/Governance↓(OPPORTUNITY)
◆
SEBI-compliant disclosures (Reg 30/51) signal strong investor relations; relative outperformance vs Vedanta's vague update
Tata Steel/Event Timing↓(OPPORTUNITY)
◆
Post-Nov 2025 hearing resolution (Feb 2026) positions stock for re-rating on tax de-risking, no competing bearish news
Vedanta/Insights Disclosure(OPPORTUNITY)
◆
Access Feb 2026 updates via website for early operational metrics/volumes absent in filing, potential hidden positives
Tata Steel/Sector Relative↓(OPPORTUNITY)
◆
High materiality (8-9/10) tax win vs neutral peers like Vedanta; long METAL exposure via Tata overweight
Tata Steel/FY2027 Catalyst↓(OPPORTUNITY)
◆
Monitor financial statements for provision reversals boosting margins/ROE, trade ahead of disclosure

Sector Themes(5)

Tax De-Risking Precedent(BULLISH THEME)
◆
35/36 filings highlight Tata Steel's partial ITAT win on legacy Corus interest deductions (₹518.76 Cr allowed), setting persuasive benchmark for metals/mining firms with similar FY2008-2015 disputes; implies sector-wide contingent liability relief potential
High Disclosure Volume on Single Event(MATERIALITY THEME)
◆
Repetition across 35 Tata filings (materiality 8-9/10) underscores tax exposure as top METAL sector priority, no comparable depth for peers like Vedanta
Positive Sentiment Dominance(SENTIMENT THEME)
◆
33/35 positive ratings on tax relief (2 mixed on residual ₹1,686 Cr), neutral Vedanta outlier; aggregate bullish tilt amid no financial/operational declines reported
Forward-Looking Adjustments(CATALYST THEME)
◆
Uniform FY2027 financial statement updates across Tata filings signal deferred but material balance sheet impact, no guidance changes but catalyst buildup
Absence of Broader Metrics(REGULATORY THEME)
◆
No YoY/QoQ trends, insider trades, dividends, M&A, or ratios across stream; focus solely on regulatory/tax, highlighting litigation as key METAL risk/return driver

Watch List(7)

Tata Steel/FY2027 Financial Statements↓(MONITOR)
👁
Contingent liability adjustments for reduced tax exposure (~₹1,686 Cr post-relief), potential provision reversals impacting ROE/margins; expected post-Mar 2027
Tata Steel/FY2009-2015 Litigations↓(MONITOR)
👁
Outcomes of pending appeals influenced by FY2008 ITAT precedent ('persuasive impact' in all 35 filings); watch for updates Q1-Q2 FY2027
Tata Steel/Assessing Officer Actions↓(MONITOR)
👁
Post-ITAT order implementation for FY2008; any challenges could affect FY2027 disclosures; near-term risk post-Feb 27, 2026 receipt
Vedanta/Insights by Vedanta(MONITOR)
👁
Detailed Feb 2026 updates on website (www.vedantalimited.com); scan for operational metrics, volumes, costs absent from neutral filing #36
Tata Steel/Q4 FY2026 Earnings↓(MONITOR)
👁
Potential discussion of tax order in upcoming call (post-Dec 2025 quarter context in filings); flag guidance on FY2027 impacts
Tata Steel/Insider Activity↓(MONITOR)
👁
No trades reported; watch for buys post-tax win signaling management conviction, or pledges amid residual exposure
BSE METAL Sector/Tax Peers(MONITOR)
👁
Monitor filings from other constituents (e.g., JSW Steel, Hindalco) for similar Corus-era interest deduction appeals leveraging Tata precedent

Filing Analyses(36)

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing a ₹518.76 Cr deduction for interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing the aggregate tax exposure from ~₹1,901 Cr to ~₹1,686 Cr for FY2008-2015. The company anticipates a persuasive impact on related pending litigations for FY2009-2015, with adjustments to contingent liabilities planned for FY2027 financial statements.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai for FY2008
·Appeal filed before ITAT on May 10, 2016
·Final hearing before ITAT in November 2025

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal allowing deduction of ₹518.76 crore interest expenditure for FY2008 related to Corus Group Plc acquisition, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 crore to ~₹1,686 crore. The company anticipates this will positively influence pending litigations for FY2009-2015. No negative impacts were reported, with adjustments to be made in FY2027 financial statements.

·Appeal filed before ITAT on May 10, 2016, against DCIT order dated February 7, 2014.
·Final hearing before ITAT in November 2025.
·Disclosure in compliance with SEBI LODR Regulations 30 and 51.
·Scrip Code: 500470; Symbol: TATASTEEL

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026 from the Income Tax Appellate Tribunal, allowing deduction of ₹518.76 crore interest expenditure for FY2008 related to the Corus Group Plc acquisition, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 crore to ~₹1,686 crore. The company anticipates this will positively influence pending litigations for FY2009-2015. Adjustments to contingent liabilities will be made in FY2027 financial statements.

·Appeal filed before ITAT on May 10, 2016 against DCIT order dated February 7, 2014.
·Final hearing before ITAT in November 2025; order received February 27, 2026.
·Prior disclosure on material tax litigation dated January 30, 2026 for quarter ended December 31, 2025.
·Disclosure under SEBI LODR Regulations 30 and 51.

UnknownIPO Listingmixedmateriality 9/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure for FY2008 related to Corus acquisition, reducing aggregate tax exposure for FY2008-15 from ~₹1,901 Cr to ~₹1,686 Cr. While this represents a positive reduction of ~₹215 Cr (~11%), a material contingent liability of ~₹1,686 Cr remains, with expected persuasive impact on pending litigations for FY2009-15. Adjustments will be reflected in FY2027 financial statements.

·Original assessment order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai for FY2008.
·Appeal filed with Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received February 27, 2026.
·Prior disclosure on January 30, 2026 regarding material tax litigation.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction of ₹518.76 crore interest expenditure under Section 36(1)(iii) for FY2008 related to the Corus Group Plc acquisition. This reduces the aggregate tax exposure from ~₹1,901 crore to ~₹1,686 crore for FY2008 to FY2015. The company anticipates persuasive impact on related pending litigations for FY2009-FY2015.

·Appeal filed on May 10, 2016, against original order dated February 7, 2014.
·Final hearing before Income Tax Appellate Tribunal in November 2025.
·Adjustments to contingent liability disclosure planned for FY2027 financial statements.
·Scrip Code: 500470; Symbol: TATASTEEL.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure for FY2008 related to the Corus Group Plc acquisition, reducing aggregate tax exposure for FY2008-15 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on similar pending litigations for FY2009-15, with adjustments to contingent liabilities in FY2027 financial statements.

·Appeal filed on May 10, 2016 against Deputy Commissioner of Income Tax order dated February 7, 2014.
·Final hearing before ITAT in November 2025; order received February 27, 2026.
·Prior disclosure on January 30, 2026 regarding material tax litigation for quarter ended December 31, 2025.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure for FY2008 on loans for Corus Group Plc acquisition, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on similar pending litigations for FY2009-2015, with adjustments to contingent liabilities in FY2027 financial statements.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax for FY2008.
·Appeal filed with ITAT on May 10, 2016.
·Final hearing before ITAT in November 2025.
·Disclosure in compliance with Regulations 30 and 51 of SEBI LODR.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure for FY2008 related to Corus Group Plc acquisition, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on similar pending litigations for FY2009-2015. Necessary adjustments will be made in FY2027 financial statements.

·Original disallowance order by Deputy Commissioner of Income Tax dated February 7, 2014 for FY2008.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received on February 27, 2026.
·Prior disclosure on material tax litigation dated January 30, 2026 for quarter ended December 31, 2025.
·Scrip Code: 500470; Symbol: TATASTEEL.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing a ₹518.76 Cr deduction for interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing the aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates a persuasive impact on similar pending litigations for FY2009-2015. Necessary adjustments will be made to contingent liability disclosures in FY2027 financial statements.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016
·Final hearing before ITAT in November 2025
·Order received by company on February 27, 2026
·Disclosure in compliance with Regulations 30 and 51 of SEBI LODR

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-FY2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on related pending litigations for FY2009-FY2015. Adjustments to contingent liabilities will be made in FY2027 financial statements.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016
·Final hearing in November 2025; order received February 27, 2026
·Assessing Officer to issue separate order giving effect to the Tribunal decision
·Previous disclosure on January 30, 2026 regarding material tax litigation

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure claimed under Section 36(1)(iii) for FY2008 related to Corus Group Plc acquisition loans. This reduces the aggregate tax exposure for FY2008-FY2015 from ~₹1,901 Cr to ~₹1,686 Cr (~11% reduction). The company anticipates persuasive impact on similar pending litigations for FY2009-FY2015, with adjustments to contingent liabilities in FY2027 financials.

·Original disallowance order by Deputy Commissioner of Income Tax dated February 7, 2014.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received February 27, 2026.
·Previous disclosure on January 30, 2026, for quarter ended December 31, 2025.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure for FY2008 related to Corus acquisition, reducing aggregate tax exposure for FY2008-FY2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company expects this to positively influence pending litigations for FY2009-FY2015, with adjustments to contingent liabilities planned for FY2027 financial statements. No adverse developments reported.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received February 27, 2026.
·Scrip Code: 500470; Symbol: TATASTEEL.
·Disclosure in compliance with Regulations 30 and 51 of LODR.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on related pending litigations for FY2009-2015, with adjustments to contingent liabilities in FY2027 financial statements. While exposure is reduced, a significant ~₹1,686 Cr liability remains.

·Appeal filed on May 10, 2016, against original order dated February 7, 2014.
·Final hearing in November 2025; order received February 27, 2026.
·Disclosure in connection with Q3 FY2026 corporate governance report (quarter ended December 31, 2025).

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favourable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure from ~₹1,901 Cr to ~₹1,686 Cr for FY2008-FY2015. The company anticipates persuasive impact on related pending litigations for FY2009-FY2015, with adjustments to contingent liabilities in FY2027 financial statements.

·Original DCIT order dated February 7, 2014, for FY2008 disallowance
·Appeal filed before ITAT on May 10, 2016
·Final hearing before ITAT in November 2025
·Order received on February 27, 2026
·Scrip Code: 500470, Symbol: TATASTEEL

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal allowing deduction of ₹518.76 Cr interest expenditure for FY2008 related to Corus Group Plc acquisition, reducing aggregate tax exposure from ~₹1,901 Cr to ~₹1,686 Cr for FY2008-2015. The company expects persuasive impact on pending litigations for FY2009-2015 and will adjust contingent liability disclosures in FY2027 financial statements. No negative developments reported in this update.

·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016 for FY2008.
·Final hearing held in November 2025.
·Order dated February 20, 2026, received on February 27, 2026.
·Scrip Code: 500470; Symbol: TATASTEEL.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction of ₹518.76 crore interest expenditure for FY2008 related to Corus Group Plc acquisition, reducing aggregate tax exposure from ~₹1,901 crore to ~₹1,686 crore for FY2008-FY2015. The company expects persuasive impact on similar pending litigations for FY2009-FY2015. Adjustments to contingent liability disclosures will be made in FY2027 financial statements.

·Appeal filed on May 10, 2016, against Deputy Commissioner of Income Tax order dated February 7, 2014.
·Final hearing before Income Tax Appellate Tribunal in November 2025; order received February 27, 2026.
·Prior disclosure on material tax litigation dated January 30, 2026, for quarter ended December 31, 2025.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure claimed for FY2008 on loans for Corus Group Plc acquisition, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company expects this to positively impact related pending litigations for FY2009-2015, with adjustments to contingent liabilities in FY2027 financial statements. No declines or flat metrics reported in this disclosure.

·Original disallowance order by Deputy Commissioner of Income Tax dated February 7, 2014, for FY2008.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received on February 27, 2026.
·Previous disclosure on January 30, 2026, for quarter ended December 31, 2025.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure from ~₹1,901 Cr to ~₹1,686 Cr for FY2008-2015. The company anticipates this will positively influence related pending litigations for FY2009-2015. Adjustments to contingent liability disclosures will be made in FY2027 financial statements.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025.
·Prior disclosure on material tax litigation dated January 30, 2026 for quarter ended December 31, 2025.
·Disclosure under Regulations 30 and 51 of SEBI LODR Regulations, 2015.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on related pending litigations for FY2009-2015, with adjustments to contingent liabilities in FY2027 financial statements. While this resolves the FY2008 appeal positively, a significant remaining exposure of ~₹1,686 Cr persists.

·Original disallowance order dated February 7, 2014 for FY2008.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received February 27, 2026.
·Disclosure in compliance with SEBI LODR Regulations 30 and 51.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing a ₹518.76 Cr deduction for interest expenditure on loans used for acquiring Corus Group Plc in FY2008. This reduces the company's aggregate tax exposure for FY2008 to FY2015 from ~₹1,901 Cr to ~₹1,686 Cr, a decline of approximately 11%. The company anticipates this order will positively influence related pending litigations for FY2009 to FY2015.

·Original disallowance order dated February 7, 2014, by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing held in November 2025.
·Order received by company on February 27, 2026.
·Adjustments to be made in contingent liability disclosures for FY2027 financial statements.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on similar pending litigations for FY2009-2015, with adjustments to contingent liabilities planned for FY2027 financial statements. No adverse developments were reported in this disclosure.

·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016
·Final hearing conducted in November 2025
·Original disallowance order dated February 7, 2014 for FY2008
·Order received by company on February 27, 2026

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure from ~₹1,901 Cr to ~₹1,686 Cr for FY2008-2015. The company expects this to persuasively impact pending litigations for FY2009-2015, with adjustments to contingent liabilities in FY2027 financials. While exposure is reduced, a remaining ~₹1,686 Cr liability persists pending Assessing Officer action.

·Original disallowance order dated February 7, 2014 for FY2008.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received February 27, 2026.
·Disclosure in compliance with SEBI LODR Regulations 30 and 51.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr (a ~11% decline). The company anticipates this will positively influence pending litigations for FY2009-2015. Adjustments to contingent liability disclosures will be made in FY2027 financial statements.

·Original assessment order by Deputy Commissioner of Income Tax dated February 7, 2014.
·Appeal filed before ITAT on May 10, 2016.
·Final hearing before ITAT in November 2025.
·Order received on February 27, 2026.
·Scrip Code: 500470; Symbol: TATASTEEL.
·Prior disclosure dated January 30, 2026.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans used for acquiring Corus Group Plc, reducing aggregate tax exposure for FY2008-FY2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates persuasive impact on related pending litigations for FY2009-FY2015 and will adjust contingent liabilities in FY2027 financial statements. No adverse developments were reported in this update.

·Original disallowance order by Deputy Commissioner of Income Tax dated February 7, 2014, for FY2008
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016
·Final hearing before ITAT in November 2025
·ITAT order received by company on February 27, 2026
·Previous disclosure on material tax litigation dated January 30, 2026

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The Company anticipates persuasive impact on related pending litigations for FY2009-2015, with adjustments to contingent liabilities planned for FY2027 financial statements. No other declines or flat metrics reported.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016
·Final hearing in November 2025
·Order received on February 27, 2026
·Prior disclosure dated January 30, 2026

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction of ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates this will positively influence similar pending litigations for FY2009-2015. Necessary adjustments will be made in FY2027 financial statements' contingent liability disclosures.

·Original disallowance order by Deputy Commissioner of Income Tax dated February 7, 2014, for FY2008.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received February 27, 2026.
·Previous disclosure on January 30, 2026, for quarter ended December 31, 2025.
·Scrip Code: 500470; Symbol: TATASTEEL.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for interest expenditure of ₹518.76 crore related to FY2008 acquisition of Corus Group Plc, reducing the aggregate tax exposure from FY2008 to FY2015 from ~₹1,901 crore to ~₹1,686 crore. This order is expected to have persuasive impact on related pending litigations for FY2009 to FY2015. The company will adjust its contingent liability disclosures in FY2027 financial statements accordingly.

·Appeal filed on May 10, 2016, against Deputy Commissioner of Income Tax order dated February 7, 2014.
·Final hearing before Income Tax Appellate Tribunal in November 2025; order received February 27, 2026.
·Prior disclosure on January 30, 2026, for quarter ended December 31, 2025.
·Scrip Code: 500470 (BSE), Symbol: TATASTEEL (NSE).

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 crore interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-FY2015 from ~₹1,901 crore to ~₹1,686 crore. The company expects this to positively influence related pending litigations for FY2009-FY2015. Adjustments to contingent liability disclosures will be made in FY2027 financial statements.

·Appeal filed on May 10, 2016, against Deputy Commissioner of Income Tax order dated February 7, 2014.
·Final hearing before Income Tax Appellate Tribunal in November 2025; order received February 27, 2026.
·Disclosure in compliance with SEBI LODR Regulations 30 and 51; prior disclosure on January 30, 2026, for quarter ended December 31, 2025.

UnknownIPO Listingmixedmateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. While this provides relief and expected persuasive impact on pending FY2009-2015 litigations, a substantial ~₹1,686 Cr exposure remains. The company will adjust contingent liabilities in FY2027 financial statements.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016
·Final hearing in November 2025
·Order received on February 27, 2026
·Scrip Code: 500470, Symbol: TATASTEEL

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr. The company expects this to positively impact related pending litigations for FY2009-2015, with adjustments to contingent liabilities in FY2027 financials. However, a significant remaining exposure of ~₹1,686 Cr persists.

·Original disallowance order dated February 7, 2014, by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing in November 2025; order received February 27, 2026.
·Disclosure in compliance with Regulations 30 and 51 of SEBI LODR.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal allowing deduction of ₹518.76 crore interest expenditure for FY2008 related to the Corus Group Plc acquisition, reducing the aggregate tax exposure from ~₹1,901 crore to ~₹1,686 crore for FY2008-FY2015. The company anticipates a persuasive impact on similar pending litigations for FY2009-FY2015, with adjustments to contingent liabilities planned for FY2027 financial statements. This follows an appeal filed on May 10, 2016, after an initial disallowance order dated February 7, 2014.

·Final hearing before ITAT occurred in November 2025; order received on February 27, 2026.
·Previous disclosure on this matter dated January 30, 2026, for quarter ended December 31, 2025.
·Disclosure made in compliance with SEBI LODR Regulations 30 and 51.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing a ₹518.76 Cr deduction for interest expenditure on loans for Corus Group Plc acquisition in FY2008, reducing the aggregate tax exposure for FY2008-15 from ~₹1,901 Cr to ~₹1,686 Cr. The company anticipates a persuasive impact on related pending litigations for FY2009-15, with adjustments to contingent liabilities planned for FY2027 financial statements. While this is a positive development, a material tax exposure of ~₹1,686 Cr remains.

·Original disallowance order dated February 7, 2014 by Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016
·Final hearing held in November 2025
·Order received on February 27, 2026
·Disclosure in compliance with SEBI LODR Regulations 30 and 51

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure for FY2008 related to Corus Group Plc acquisition, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr (an ~11% decline). The company anticipates persuasive impact on similar pending litigations for FY2009-2015, with adjustments to contingent liabilities in FY2027 financial statements. No other material changes or declines reported.

·Original disallowance order by Deputy Commissioner of Income Tax dated February 7, 2014 for FY2008.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing held in November 2025; order received February 27, 2026.
·Disclosure in connection with Q3 FY2026 (ended December 31, 2025) corporate governance report.

Tata Steel LimitedIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable Income Tax Appellate Tribunal order dated February 20, 2026, allowing deduction of ₹518.76 Cr interest expenditure for FY2008 related to Corus acquisition, reducing aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr (11.4% reduction). The company expects this to influence pending litigations for FY2009-2015 and will adjust contingent liabilities in FY2027 financials. No adverse impacts disclosed.

·Appeal filed on May 10, 2016 against FY2008 disallowance order dated February 7, 2014.
·Final hearing before ITAT in November 2025; order received February 27, 2026.
·Prior disclosure on January 30, 2026; adjustments to contingent liabilities in FY2027 financial statements.

UnknownIPO Listingpositivemateriality 8/10

28-02-2026

Tata Steel Limited received a favorable order dated February 20, 2026, from the Income Tax Appellate Tribunal, allowing deduction for ₹518.76 Cr interest expenditure on loans used for acquiring Corus Group Plc in FY2008. This reduces the aggregate tax exposure for FY2008-2015 from ~₹1,901 Cr to ~₹1,686 Cr, a decrease of approximately ₹215 Cr. The company anticipates a persuasive impact on related pending litigations for FY2009-2015.

·Original disallowance order by Deputy Commissioner of Income Tax dated February 7, 2014, for FY2008.
·Appeal filed before Income Tax Appellate Tribunal on May 10, 2016.
·Final hearing held in November 2025; order received on February 27, 2026.
·Adjustments to be made in contingent liability disclosures for FY2027 financial statements.
·Scrip Code: 500470; Symbol: TATASTEEL

UnknownIPO Listingneutralmateriality 3/10

03-03-2026

Vedanta Limited disclosed 'Insights by Vedanta' under Regulation 30 of SEBI (LODR) Regulations, 2015, providing updates for February 2026. The document is enclosed with the filing and available on the company's website at www.vedantalimited.com. No specific financial or operational metrics were detailed in the disclosure.

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