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Tata Chemicals Ltd.
NSE: TATACHEMBasic MaterialsChemicals
- Last close
- ₹576.80
- Day change
- −₹17.30 (−2.91%)vs
- Market cap
- ₹14,694 crIndian rupees
- Research updated
- 2 reports
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About Tata Chemicals
Tata Chemicals Ltd. is a global company specializing in the synthesis, distribution, and marketing of chemicals and allied products. As part of the esteemed Tata Group, it primarily operates across three key sectors: basic chemistry, consumer products, and specialty products. In basic chemistry, Tata Chemicals is a leader in industries like soda ash, sodium bicarbonate, marine chemicals, and industrial salt, serving a broad array of industries, including glass manufacturing, detergents, and food processing. The consumer products division offers a range of household essentials like salt, pulses, and spices under popular brands. Meanwhile, the specialty chemicals division focuses on innovative solutions in crop nutrition, agrochemicals, and innovative chemistry, making significant impacts in sustainable agricultural practices and advanced chemical applications. Tata Chemicals Ltd. holds a strong market presence in both domestic and international markets, contributing to sectors essential for everyday life and industrial operations, while also playing a vital role in pioneering sustainable and eco-friendly practices in the chemicals industry.
- Sector
- Basic Materials
- Industry
- Chemicals
- Listing
- NSE: TATACHEM
- Chief executive
- Mr. Ramakrishnan Mukundan B.E.(Elec), MBA
- Employees
- 4,437
- Headquarters
- Mumbai, India
- ISIN
- INE092A01019
- Website
- tatachemicals.com
Public research · Report of
Business model & financial foundation
Tata Chemicals (NSE: TATACHEM), Soda ash, salt, bicarbonate and agrochemicals: revenue of ₹14,584 crore in FY26 (-2.0% on FY25), an EBITDA margin of 12.4%, net profit of ₹-1,896 crore and net debt of ₹5,961 crore.
- Revenue, FY26 (₹ crore)
- 14,584
- consolidated
- Revenue growth, FY26
- -2.0%
- on FY25
- Net profit, FY26 (₹ crore)
- -1,896
- to owners
- Return on equity, FY26
- -8.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 5,961
- Net debt excluding leases including liquid investments
- Market capitalisation (₹ crore)
- 16,008
- at the close of 24 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Tata Chemicals Limited |
| Exchange and ticker | NSE: TATACHEM; BSE: 500770 |
| ISIN | INE092A01019 |
| Sector | Basic Materials |
| Industry | Soda ash, salt, bicarbonate and agrochemicals |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP (since 2022) |
| Market capitalisation | ₹16,008 crore (24 Oct 2026) |
| Shares outstanding | 25.48 crore shares (FY26) |
| Price | ₹576.8 (close, 24 Oct 2026) |
| 52-week range | ₹570.0 - ₹915.2 (to 24 Oct 2026) |
| Website | https://www.tatachemicals.com |
Corporate structure and shareholding
Parent: Tata Sons Private Limited.
| Entity | Holding | Business |
|---|---|---|
| Tata Chemicals North America Inc. | 100% | US natural soda ash |
| Tata Chemicals Europe Limited | 100% | UK salt and bicarbonate; Lostock soda ash closed |
| Tata Chemicals Magadi Limited | 100% | Kenya natural soda ash; mining and exports suspended July 2026 |
| Rallis India Limited | 55.04% | Crop protection, seeds and farm essentials |
| Tata Chemicals International Pte. Limited | 100% | Overseas holding company |
| Novabay Pte. Limited | 100% | Singapore bicarbonate acquired March 2026 |
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 37.98% | 37.98% | 37.98% | 37.98% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 12.26% | 11.90% | 12.07% | 11.70% |
| Domestic institutions | 22.39% | 22.84% | 21.12% | 19.65% |
| of which mutual funds | 9.94% | 10.64% | 9.68% | 8.19% |
| Retail | 22.14% | 22.18% | 22.66% | 23.80% |
| Other | 5.23% | 5.10% | 6.17% | 6.87% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share | assets, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Living Essentials (LIFE; effective 1 Apr 2026) | 3,633 | 24.4% | 749.0 | 5,816 | 21.3% | |
| Industrial Essentials (LIFE; effective 1 Apr 2026) | 8,368 | 56.2% | -1,877 | 18,670 | 68.5% | |
| Farm Essentials (LIFE; agrochemicals and seeds) | 2,897 | 19.4% | 210.0 | 2,757 | 10.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| GHCL (GHCL) | Closest Indian soda-ash producer; synthetic route versus TCL natural-ash overseas |
| DCW (DCW) | Diversified chlor-alkali/soda ash cyclical |
| Jubilant Ingrevia (JUBLINGREA) | Diversified commodity and specialty chemicals; secondary profitability benchmark |
| Deepak Nitrite (DEEPAKNTR) | Commodity chemicals with downstream operations; secondary cycle benchmark |
| Archean Chem. Inds. (ACI) | Salt/bromine natural-resource chemistry; secondary benchmark |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from continuing operations | 12,517 | 16,680 | 15,421 | 14,887 | 14,584 |
| Cost of revenue (vendor classification) * | 3,288 | 4,149 | 3,580 | 3,675 | 3,982 |
| Other operating costs (vendor classification) * | 5,400 | 7,010 | 7,014 | 7,187 | 6,655 |
| EBITDA (vendor classification) * | 2,667 | 3,922 | 3,072 | 2,188 | 300.0 |
| Operating EBIT before other income and exceptional | 1,894 | 3,065 | 1,867 | 830.0 | 604.0 |
| Finance costs | 227.0 | 325.0 | 530.0 | 563.0 | 590.0 |
| PBT after exceptional and JV/associate share | 1,667 | 2,740 | 830.0 | 521.0 | -1,459 |
| Continuing operations tax expense, credit negative | 267.0 | 288.0 | 381.0 | 167.0 | 256.0 |
| Total PAT including discontinued operations and NCI | 1,405 | 2,434 | 435.0 | 387.0 | -1,715 |
| Diluted EPS, continuing and discontinued (₹) | 49.37 | 90.95 | 10.52 | 9.23 | -74.42 |
| Materials, traded purchases and inventory change | 2,701 | 2,878 | 3,184 | ||
| Employee benefits expense | 1,860 | 1,989 | 2,060 | ||
| Other operating expenses including power and freight | 8,013 | 8,067 | 7,535 | ||
| Operating EBITDA excluding other income and exceptional | 2,847 | 1,953 | 1,805 | ||
| Other income | 286.0 | 225.0 | 316.0 | ||
| Depreciation and amortisation | 980.0 | 1,123 | 1,201 | ||
| Exceptional items, signed gain positive | -861.0 | -125.0 | -1,956 | ||
| JV and associate profit share, signed profit positive | 68.0 | 154.0 | 167.0 | ||
| PAT attributable to non-controlling interests | 167.0 | 152.0 | 181.0 | ||
| Total PAT attributable to owners | 268.0 | 235.0 | -1,896 | ||
| Discontinued operations PAT, signed | -14.0 | 33.0 | 0.00 | ||
| Statutory materials consumed | 2,710 | 2,560 | 2,958 | ||
| Statutory stock-in-trade purchases | 232.0 | 290.0 | 305.0 | ||
| Statutory inventory changes, expense positive | -241.0 | 28.0 | -79.0 | ||
| Statutory power and fuel | 2,673 | 2,421 | 1,799 | ||
| Statutory freight and forwarding | 2,268 | 2,736 | 2,955 | ||
| Statutory other expenses excluding power and freight | 3,072 | 2,910 | 2,781 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 19,157 | 20,642 | 23,114 | 22,501 | 22,175 |
| Borrowings excluding lease liabilities | 7,024 | 6,296 | 5,064 | 6,304 | 7,114 |
| Cash and cash equivalents only | 762.0 | 508.0 | 425.0 | 548.0 | 381.0 |
| Trade receivables | 1,933 | 2,627 | 1,900 | 1,900 | 2,088 |
| Inventories | 2,294 | 2,532 | 2,524 | 2,558 | 3,082 |
| Trade payables including MSME | 2,445 | 2,597 | 2,369 | 2,510 | 2,552 |
| Net property plant and equipment excluding ROU and intangibles | 316.0 | 349.0 | 6,786 | 8,073 | 9,920 |
| Capital work-in-progress excluding intangible development | 1,706 | 2,491 | 2,165 | 1,879 | 1,014 |
| Total assets | 33,843 | 35,084 | 36,756 | 37,780 | 39,031 |
| Lease liabilities current and non-current | 499.0 | 768.0 | 887.0 | ||
| Bank balances other than cash equivalents | 220.0 | 67.0 | 61.0 | ||
| Current investments used in net debt liquidity | 615.0 | 805.0 | 711.0 | ||
| Net debt excluding leases including liquid investments | 3,804 | 4,884 | 5,961 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash generated from operating activities after tax | 451.0 | 2,348 | 3,016 | 1,761 | 1,269 |
| Free cash flow (vendor definition) * | 368.0 | 1,393 | 1,182 | -244.0 | 64.0 |
| Parent shareholder dividends, cash outflow negative | -255.0 | -319.0 | -447.0 | -382.0 | -280.0 |
| Cash acquisition PPE and intangibles, outflow negative | -1,265 | -1,544 | -1,834 | -2,005 | -1,205 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 25.48 | 25.48 | 25.48 | 25.48 | 25.48 |
| Strategic listed shares market value at15Oct2026 | 8,136 | ||||
| Total tax and holding haircut assumption (%) | 25.0% | ||||
| Discounted non-core equities | 6,102 | ||||
| Market NCI claim on Rallis | 1,749 | ||||
| Tata Sons ordinary shares held | 10,237 | ||||
| Tata Sons carrying value, NOT monetisable NAV | 57.0 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations, continuing | 3,999 | 3,590 | 3,509 | 3,719 | 3,877 | 3,550 | 3,438 | 4,255 |
| Cost of revenue (vendor classification) * | 857.0 | 514.0 | 709.0 | 1,186 | 812.0 | 671.0 | 1,394 | |
| Other operating costs (vendor classification) * | 2,023 | 2,115 | 1,989 | 1,367 | 1,888 | 1,969 | 1,761 | |
| EBITDA (vendor classification) * | 770.0 | 494.0 | 393.0 | 787.0 | 420.0 | -1,486 | 594.0 | |
| Operating EBIT before other income and exceptional | 341.0 | 154.0 | 34.0 | 369.0 | 252.0 | 52.0 | -69.0 | 219.0 |
| Finance costs | 145.0 | 148.0 | 137.0 | 147.0 | 144.0 | 146.0 | 153.0 | 148.0 |
| PBT after exceptional items and JV/associate share | 348.0 | -4.00 | -92.0 | 360.0 | 236.0 | -73.0 | -1,982 | 110.0 |
| Continuing operations tax expense, credit negative | 81.0 | 17.0 | -25.0 | 44.0 | 82.0 | -4.00 | 134.0 | 50.0 |
| Total profit after tax including discontinued and NCI | 267.0 | -21.0 | -49.0 | 316.0 | 154.0 | -69.0 | -2,116 | 60.0 |
| Diluted EPS, continuing and discontinued (₹) | 7.61 | -2.08 | -2.19 | 9.89 | 3.02 | -3.65 | -83.68 | -0.67 |
| Materials, traded purchases and inventory change | 857.0 | 514.0 | 709.0 | 733.0 | 968.0 | 812.0 | 671.0 | 859.0 |
| Employee benefits expense | 501.0 | 527.0 | 484.0 | 517.0 | 514.0 | 505.0 | 524.0 | 545.0 |
| Other operating expenses including power and freight | 2,023 | 2,115 | 1,989 | 1,820 | 1,858 | 1,888 | 1,969 | 2,296 |
| Operating EBITDA excluding other income and exceptional | 618.0 | 434.0 | 327.0 | 649.0 | 537.0 | 345.0 | 274.0 | 555.0 |
| Other income | 108.0 | 28.0 | 42.0 | 96.0 | 138.0 | 38.0 | 44.0 | 56.0 |
| Depreciation and amortisation | 277.0 | 280.0 | 293.0 | 280.0 | 285.0 | 293.0 | 343.0 | 336.0 |
| Exceptional items, signed gain positive | 0.00 | -70.0 | -55.0 | 0.00 | -65.0 | -54.0 | -1,837 | 0.00 |
| JV and associate profit share, signed profit positive | 44.0 | 32.0 | 24.0 | 42.0 | 55.0 | 37.0 | 33.0 | -17.0 |
| PAT attributable to non-controlling interests | 73.0 | 32.0 | 7.00 | 64.0 | 77.0 | 24.0 | 16.0 | 77.0 |
| Total PAT attributable to owners | 194.0 | -53.0 | -56.0 | 252.0 | 77.0 | -93.0 | -2,132 | -17.0 |
| Discontinued operations PAT, signed | 0.00 | 0.00 | 18.0 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Statutory cost of materials consumed | 714.0 | 657.0 | 580.0 | 827.0 | 733.0 | 710.0 | 688.0 | 887.0 |
| Statutory purchases of stock-in-trade | 40.0 | 61.0 | 84.0 | 148.0 | 68.0 | 33.0 | 56.0 | 146.0 |
| Statutory inventory change, expense positive | 103.0 | -204.0 | 45.0 | -242.0 | 167.0 | 69.0 | -73.0 | -174.0 |
| Statutory power and fuel | 591.0 | 690.0 | 593.0 | 453.0 | 442.0 | 444.0 | 460.0 | 535.0 |
| Statutory freight and forwarding | 689.0 | 645.0 | 735.0 | 704.0 | 716.0 | 767.0 | 768.0 | 974.0 |
| Statutory other expenses excluding power and freight | 743.0 | 780.0 | 661.0 | 663.0 | 700.0 | 677.0 | 741.0 | 787.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 24.1% | 33.3% | -7.5% | -3.5% | -2.0% |
| EBITDA margin | 18.5% | 13.1% | 12.4% | ||
| Net margin | 1.7% | 1.6% | -13.0% | ||
| Return on equity | 1.2% | 1.0% | -8.5% | ||
| Return on capital employed | 7.8% | 11.5% | 6.8% | 2.9% | 2.1% |
| Return on assets | 0.7% | 0.6% | -4.9% | ||
| Net debt (₹ crore) | 3,804 | 4,884 | 5,961 | ||
| Net debt / EBITDA | 1.34x | 2.50x | 3.30x | ||
| Interest cover | 8.34x | 9.43x | 3.52x | 1.47x | 1.02x |
| Asset turnover | 0.40x | 0.48x | 0.43x | 0.40x | 0.38x |
| Receivable days | 56 | 57 | 45 | 47 | 52 |
| Inventory days (on revenue) | 67 | 55 | 60 | 63 | 77 |
| Payable days (on revenue) | 71 | 57 | 56 | 62 | 64 |
| Cash conversion | 11.3x | 7.49x | -0.67x | ||
| Capex intensity | 10.1% | 9.3% | 11.9% | 13.5% | 8.3% |
| Free cash flow (₹ crore) | -814.0 | 804.0 | 1,182 | -244.0 | 64.0 |
| Dividend payout | 166.8% | 162.6% | -14.8% | ||
| EPS, diluted (₹) | 49.37 | 90.95 | 10.52 | 9.23 | -74.42 |
| Book value per share (₹) | 752.0 | 810.3 | 907.3 | 883.2 | 870.4 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income and exceptional) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt excluding leases including liquid investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income and exceptional).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS, continuing and discontinued).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 2, information to 24 Oct 2026); market data at the close of 24 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Tata Chemicals includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Tata Chemicals
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 24 Oct 2026; page updated 25 Oct 2026.
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