Tata Chemicals Limited (TATACHEM)
₹633.15 +0.76% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Tata Chemicals' revenue was ₹4,255 Cr (+14.4% year on year, +23.8% on the previous quarter), and net profit ₹60.0 Cr (-81.0% year on year); the operating margin was 13.0%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹4,255 | +14.4% | +23.8% |
| Operating profit | ₹555 | -14.5% | +102.6% |
| Net profit | ₹60.0 | -81.0% | from loss |
| EPS (₹) | -0.67 | to loss | loss narrowed |
| Operating margin | 13.0% | — | — |
TATACHEM delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 20.65% of the TATACHEM shares traded on NSE were taken to delivery, against the stock's own 20-session average of 32.0%. That is close to its usual level. Volume was 0.3 times its average, well below normal.
Delivery in the last 5 sessions: 11.1% · 14.3% · 23.1% · 24.3% · 20.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
The Mumbai Centre for International Arbitration (MCIA) passed a final award dated October 15, 2026, unanimously rejecting a ₹908 crore claim filed against Tata Chemicals by Allied Silica Limited (ASL) and its promoter. However, the majority tribunal directed Tata Chemicals to pay a principal amount of ₹1 crore plus interest and certain costs to ASL. One member of the three-member tribunal dissented against directing the ₹1 crore payment. The company is examining the award and evaluating future legal steps.
- Arbitration tribunal unanimously dismissed the ₹908 crore claim filed by Allied Silica Limited
- Company ordered to pay a principal sum of ₹1 crore plus interest and certain costs based on majority ruling
- One member of the three-member MCIA tribunal issued a dissenting opinion rejecting the ₹1 crore payment
- Original claim of ₹908 crore represented ~6% of Tata Chemicals' TTM revenue of ₹15,120 crore
The Supreme Court of India, vide order dated October 5, 2026, has restrained the Government of Gujarat from taking coercive action against Tata Chemicals regarding pre-existing land rights for legacy open wastewater channels running into the sea at Mithapur. The apex court has also issued a notice to the state government seeking its response. This follows the Gujarat High Court's earlier ruling in Writ Petition No. 26530 dated May 26, 2026. While the interim stay provides immediate operational relief for the Mithapur facility, the underlying dispute remains sub judice.
- Supreme Court order passed on October 5, 2026, granting interim protection against coercive action
- Notice issued to the Government of Gujarat calling for its response regarding wastewater land rights
- Litigation relates to pre-existing rights over land for legacy open wastewater channels at Mithapur, Gujarat
- Follows earlier High Court of Gujarat order in Writ Petition No. 26530 reported on May 26, 2026
Tata Chemicals has responded to an NSE query regarding media reports about share price declines linked to diminished Tata Sons listing hopes. The company stated that it has no knowledge of any negotiations referenced in the news item. It further clarified that it possesses no undisclosed material information that could explain recent trading movements. Consequently, the company is unable to evaluate any material impact on its operations.
- NSE sought clarification on September 29, 2026, citing a news item mentioning shares falling up to 3%
- Company stated it has no knowledge of any negotiations referenced in the report
- Confirmed no undisclosed Regulation 30 price-sensitive information exists
- Stated it is unable to assess any material impact given lack of knowledge of negotiations
Tata Chemicals announced that its UK material subsidiaries—Homefield Pvt. UK Limited, TCE Group Limited, Brunner Mond Group Limited, and British Salt Limited—have replaced their statutory auditor KPMG LLP with KNAV Limited. The resignation of KPMG LLP was effective September 16, 2026, and was driven by audit fee levels from prior years no longer being acceptable to the entities. The auditor confirmed no concerns or other matters needed to be brought to the attention of members or creditors. Tata Chemicals' parent standalone and consolidated accounts continue to be audited by BSR & Co. LLP (part of KPMG Group).
- Auditor KPMG LLP resigned across 4 UK subsidiaries effective September 16, 2026, prior to its term expiry on March 31, 2027
- KNAV Limited appointed as the new statutory auditor for the UK material entities
- British Salt Limited is an operating entity contributing approximately 5% of consolidated revenue
- Explicit reason for auditor resignation stated as previous audit fee levels no longer being acceptable to the entities
- Tata Chemicals parent and consolidated financials continue under auditor BSR & Co. LLP
Tata Chemicals Limited has notified stock exchanges regarding the closure of its trading window starting Thursday, September 24, 2026. The closure complies with SEBI Insider Trading Regulations ahead of the financial results for the second quarter and half-year ending September 30, 2026. The window will reopen 48 hours after the declaration of the financial results. The exact date of the board meeting to approve the results will be intimated in due course.
- Trading window closes effective Thursday, September 24, 2026
- Closure is ahead of Q2 and half-year results ending September 30, 2026
- Trading window reopens 48 hours after financial results are declared
- Date of Board Meeting will be announced in due course
Tata Chemicals Limited responded to an NSE clarification query dated September 16, 2026, regarding a significant increase in trading volume. The company confirmed that all material information under Regulation 30 of SEBI LODR has been duly disclosed. Management stated that the volume movement appears purely market-driven with no undisclosed events pending.
- Clarification issued in response to NSE e-mail dated September 16, 2026
- Company confirmed compliance with Regulation 30 of SEBI Listing Regulations
- Volume movement confirmed as purely market driven with no undisclosed price-sensitive information
Tata Chemicals Limited has informed the exchanges under Regulation 30(6) of SEBI LODR regarding an upcoming institutional investor meeting. The company is scheduled to hold a one-on-one meeting with Aditya Birla Sun Life AMC on September 18, 2026, in Mumbai. The company clarified that no Unpublished Price Sensitive Information (UPSI) will be shared during the interaction.
- One-on-one meeting scheduled for September 18, 2026
- Interaction to take place in Mumbai with Aditya Birla Sun Life AMC
- No Unpublished Price Sensitive Information (UPSI) to be disclosed
- Filing made under SEBI LODR Regulation 30(6)
Tata Chemicals Limited announced that its wholly owned subsidiary, Tata Chemicals North America Inc. (TCNA), completed the acquisition of North American soda ash customer contracts on September 11, 2026. The contracts represent over 500,000 metric tonnes of soda ash volume to be serviced over a two-year period. This follows TCNA's selection as the successful bidder in the Chapter 11 bankruptcy proceedings of Searles Valley Minerals Inc. (USA) and the satisfaction of all conditions precedent.
- Acquired soda ash customer contracts representing over 500,000 metric tonnes
- Contracts to be serviced over an execution period of two years
- Acquisition successfully completed on September 11, 2026 via subsidiary TCNA
- Emerged from the Chapter 11 bankruptcy process of Searles Valley Minerals Inc.
Tata Chemicals provided an update regarding the notice issued on July 28, 2026, by Kenya's Ministry of Mining to its subsidiary, Tata Chemicals Magadi Limited (TCML). Following an engagement on September 8, 2026, between the Cabinet Secretary and TCML executives, both parties agreed to establish a high-level technical committee. The committee will be led jointly by Kenya's Principal Secretary for Mining and TCML's CEO to review issues and submit a report to the Cabinet Secretary. This dialogue addresses operational and regulatory matters in Kenya, where the company recently expanded calciner capacity amid consolidated TTM revenues of Rs 15,120 Cr.
- Follows prior regulatory notice dated July 28, 2026, from Kenya's Ministry of Mining
- Meeting between Cabinet Secretary and TCML leadership held on September 8, 2026
- Agreed to establish a joint technical committee co-led by the Principal Secretary for Mining and TCML CEO
- Committee to submit a technical report to the Cabinet Secretary for further direction and resolution
Tata Chemicals has issued a clarification regarding media reports concerning statements made by the President of Kenya about its subsidiary, Tata Chemicals Magadi Limited (TCML). The company noted an official communication from the Ministry of Mining, Blue Economy and Maritime Affairs dated July 28, 2026. On August 11, 2026, TCML submitted comprehensive compliance documentation and reports, affirming that it is fully compliant with local regulations. TCML is currently awaiting the Ministry's review and further directives regarding the matter.
- Responded to media reports concerning statements by the President of Kenya on TCML
- Received formal communication from the Kenyan Ministry of Mining dated July 28, 2026
- Submitted full documentation and compliance filings to authorities on August 11, 2026
- TCML has operated as a core African soda ash manufacturing asset since its acquisition in 2005
Tata Chemicals Limited disclosed that NSE Sustainability Ratings and Analytics Limited has assigned the company an ESG score of 59 based on publicly available data for FY 2025-26. The rating was unsolicited, meaning Tata Chemicals did not formally engage the rating agency. The disclosure was made pursuant to SEBI Listing Regulations and relevant circulars.
- NSE Sustainability assigned an ESG score of 59 to Tata Chemicals
- Report received by the company on September 2, 2026
- Rating is unsolicited and prepared independently using FY 2025-26 public domain data
- Intimation submitted under Regulation 30 of SEBI Listing Regulations
Tata Chemicals has published an environmental assessment report conducted by CSIR-CSMCRI regarding its treated wastewater discharge pipeline at the Mithapur plant in Gujarat. The biennial monitoring study, conducted across a 10 km radius in December 2025 and May 2026, confirmed that seawater and sediment quality remain within natural ranges without environmental degradation. The study recorded 637 birds across 40 species (including ~250 Greater Flamingos) and diverse plankton populations. This filing reflects routine regulatory environmental compliance with no immediate direct financial impact.
- Assessment covered a 10 km radius around the treated wastewater discharge point in the Gulf of Kutch following field studies in December 2025 and May 2026.
- Recorded 637 birds across 40 species, including ~250 Greater Flamingos near the discharge point.
- Documented a balanced plankton community comprising 22 phytoplankton and 23 zooplankton species.
- Seawater quality parameters including pH, salinity, dissolved oxygen, and BOD were within normal natural ranges.
Tata Chemicals North America Inc. (TCNA), a wholly owned subsidiary, has been declared the successful bidder in the Chapter 11 bankruptcy proceedings of US-based Searles Valley Minerals Inc. (SVM). TCNA is acquiring soda ash customer contracts representing over 500,000 metric tonnes for a cash consideration of USD 21.16 million. The contracts run from September 2026 through December 2028 and are expected to generate over USD 110 million in revenue (~₹920 crore, or ~6% of TTM revenue spread across 2.3 years). The transaction has received approval from the US Bankruptcy Court for the District of Delaware.
- Acquisition of soda ash customer contracts for a cash consideration of USD 21.16 million via Chapter 11 bankruptcy proceedings of Searles Valley Minerals Inc.
- Contracts secure demand for over 500,000 metric tonnes to be serviced from September 2026 through December 2028
- Expected cumulative revenue generation exceeding USD 110 million over the contract period
- Approved by the United States Bankruptcy Court for the District of Delaware, pending customary closing conditions
Tata Chemicals North America Inc. (TCNA), a wholly owned subsidiary of Tata Chemicals, has been declared the successful bidder in the US Chapter 11 bankruptcy proceedings of Searles Valley Minerals Inc. (SVM). TCNA has entered into an Assignment and Assumption Agreement to acquire SVM's North American soda ash customer contracts representing over 0.5 million metric tons through December 2028. The aggregate cash consideration for the transaction is USD 21.16 million, and the acquisition has received approval from the US Bankruptcy Court for the District of Delaware. The contracts will be serviced from September 2026 through December 2028, enhancing TCNA's domestic North American market share.
- Aggregate cash consideration of USD 21.16 million for customer contract assets
- Acquires customer contracts representing over 0.5 million metric tons of soda ash
- Execution timeline spans from September 2026 through December 2028
- Approved by the United States Bankruptcy Court for the District of Delaware
Tata Chemicals reported a 14% YoY increase in consolidated revenue for Q1FY27, though EBITDA declined by approximately Rs 100 Cr due to lower realizations in the industrial segment. The company has reclassified its business into three segments—Living, Industry, and Farm Essentials—to focus on non-cyclical growth. Global soda ash markets face significant headwinds from record Chinese inventories of 1.73 million mt and low export prices (USD 160-180 FOB). Net debt was reduced to Rs 5,692 Cr following asset monetization, providing some balance sheet relief despite a TTM net loss of Rs 1,715 Cr.
- Consolidated revenue grew 14% YoY, while standalone EBITDA rose 35% due to volume growth and cost control.
- Chinese soda ash inventories reached an all-time high of 1.73 million mt, pressuring global margins.
- Net debt reduced to Rs 5,692 Cr, significantly lower than the previous quarter due to asset monetization.
- IMACID JV (Morocco) halted production during Q1 due to high sulfur prices, impacting associate income.
- Battery materials pilot (cathode active material) is expected to conclude in 6-9 months for customer evaluation.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for FY2024-25 moderated by 3% YoY due to industry-wide dips in soda ash realizations. Standalone revenue for FY2024-25 was INR 4,441 Cr, a marginal increase of 1% from INR 4,384 Cr. The Rallis (Crop Care) segment reported revenue of INR 2,663 Cr, up 1% YoY from INR 2,648 Cr, driven by growth in Crop Care despite cost volatility.
Geographic Revenue Split
The company operates across four continents. In H1FY26, India benefited from higher throughput and operational efficiencies; the US saw margin support from a favorable domestic sales mix; the UK operations stabilized following the closure of loss-making units; and Kenya saw improved performance supported by additional calciner capacity.
Profitability Margins
Standalone Net Profit Margin decreased to 11.80% in FY2024-25 from 20.44% in FY2023-24 due to higher material costs and lower price realizations. Consolidated Operating Margin for FY2024-25 fell to 5.58% from 12.11% YoY. However, H1FY26 PBILDT margins improved to 18.14% compared to 16.96% in H1FY25, driven by softer coal prices and cost rationalization.
EBITDA Margin
Consolidated EBITDA margin for FY2024-25 was 12.9%, down from 18.2% in the previous fiscal. In Q2FY26, EBITDA was INR 537 Cr, a decrease from INR 618 Cr in Q2FY25. The margin improvement of 334 basis points in Q1FY26 was primarily attributed to lower coal prices and ongoing cost rationalization efforts.
Capital Expenditure
The company utilized cash and bank balances for acquiring property, plant, and equipment, leading to a decrease in the standalone current ratio from 1.62 to 1.15. In August 2024, the company issued NCDs worth INR 1,700 Cr to fund subsidiaries for loan repayments and working capital.
Credit Rating & Borrowing
CRISIL and CARE have reaffirmed 'AA+/Stable' ratings for long-term facilities and 'A1+' for short-term programs. The company issued INR 1,700 Cr in NCDs in August 2024 for a 3-year tenor. Interest Service Coverage Ratio (Standalone) decreased to 5.68 in FY25 from 17.86 in FY24 due to new borrowing arrangements.
Operational Drivers
Raw Materials
Key raw materials include coal (for power/steam), salt, and limestone. Standalone cost of materials consumed was INR 1,141 Cr in FY2024-25, representing approximately 25.7% of standalone revenue, an increase of 14% YoY due to higher input costs.
Import Sources
Not explicitly disclosed in available documents, though operations are spread across India, US, UK, and Kenya, suggesting localized sourcing for soda ash production (e.g., trona in the US, lake brine in Kenya).
Capacity Expansion
Kenya operations saw improved performance in H1FY26 supported by additional calciner capacity. The UK operations underwent a reconfiguration, including the cessation of certain loss-making units at the Lostock plant to improve overall efficiency.
Raw Material Costs
Standalone material costs rose 14% to INR 1,141 Cr in FY25. The company focuses on cost rationalization and maximizing volumes to mitigate the impact of volatile raw material prices and weaker soda ash pricing.
Manufacturing Efficiency
The company focuses on operational efficiencies and higher throughput, particularly in India. UK operations were restructured to ensure all units are EBITDA positive, removing the drag from inefficient cost structures.
Logistics & Distribution
Standalone freight and forwarding expenses were INR 555 Cr in FY2024-25, up 8% from INR 514 Cr, primarily due to higher sales volumes.
Strategic Growth
Growth Strategy
Growth is targeted through volume maximization, customer delivery focus, and cost optimization. The company is restructuring its UK operations to reach EBITDA positivity and monitoring US export contracts to ensure they remain range-bound and margin-positive.
Products & Services
Soda Ash, Sodium Bicarbonate, Salt (Tata Salt), Cement (by-product), Crop Care products (pesticides/fungicides), and Seeds.
Brand Portfolio
Tata Chemicals, Tata Salt, Rallis India.
Market Expansion
The company maintains a global presence in India, North America, Europe, and Africa. Recent focus has been on stabilizing the UK business and expanding calciner capacity in Kenya.
Market Share & Ranking
The company is a leader in the global soda ash industry, maintaining 'Industry Leader' status in the 2024 Tata Group TBEM assessment.
Strategic Alliances
Joint ventures include Indo Maroc Phosphore S.A. (IMACID) and Tata Industries Ltd. Associates include JOil (S) Pte Ltd.
External Factors
Industry Trends
The soda ash industry is currently experiencing price volatility and weak realizations. The company is positioning itself by shifting focus to cost-efficient manufacturing and high-capacity utilization to weather the down-cycle.
Competitive Landscape
The company faces global competition in the soda ash and bicarbonate markets, with pricing heavily influenced by Chinese demand and global supply capacity.
Competitive Moat
Moat is built on being a low-cost producer in several geographies (like the US), global scale, and strong financial flexibility from being part of the Tata Group, which holds quoted equity investments of ~INR 7,400 Cr in other group companies.
Macro Economic Sensitivity
Highly sensitive to global soda ash demand-supply dynamics and coal prices. A reduction in coal prices in H1FY26 directly contributed to a 334 bps margin improvement.
Geopolitical Risks
Global market headwinds and trade-related pressures on US exports are noted as ongoing risks to margins.
Regulatory & Governance
Industry Regulations
Operations comply with FSSAI, FSSC 22000, FAMI QS, Halal, and Kosher certifications for nutrition and food-grade products.
Environmental Compliance
The company adheres to GRI, BRSR, UNGC, CSA, and CDP standards. Sustainability data for FY2024-25 is assured by KPMG.
Taxation Policy Impact
Standalone current tax liabilities decreased 86% to INR 3 Cr in FY25, while deferred tax liabilities (net) increased 20% to INR 888 Cr due to higher capitalization of property, plant, and equipment.
Risk Analysis
Key Uncertainties
Primary risks include soda ash price volatility, sustainability risks (environmental impact), and operational risks like cyber-attacks or equipment failure. Financial risks are managed through a five-level governance structure.
Geographic Concentration Risk
Revenue is diversified across four continents, reducing dependence on any single market, though the UK and US operations have faced specific margin pressures recently.
Technology Obsolescence Risk
The company manages this through the Tata Business Excellence Model (TBEM) and continuous process management improvements.
Credit & Counterparty Risk
The company maintains a strong financial risk profile with liquidity of INR 1,136 Cr and low utilization of working capital lines (30-35%).
