Equity Snap: Tata Chemicals (TTCH IN): 1QFY27 results disappoint, sodium-ion battery under testing

研报英文原文证据摘录

Equity Snap: Tata Chemicals (TTCH IN): 1QFY27 results disappoint, sodium-ion battery under testing

28 July 2026

Equity Snap: Tata Chemicals Equities Chemicals

(TTCH IN)

1QFY27 results disappoint, sodium-ion battery under

testing India

◆ Earnings miss attributed to higher costs and pressure on Saurabh Jain*

soda ash realisations in SE Asia; India margins a positive Analyst,HSBC SecuritiesIndia Materialsand CapitalandMarketsEnergy (India) Private

surprise due to inventory gains/INR depreciation Limited saurabh2jain@hsbc.co.in

+91 22 6164 0691

Tata Chemicals (TTCH IN, INR698.90, Hold, TP INR760.00)

* Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is(Priced as of 27 Jul 2026)

not registered/ qualified pursuant to FINRA regulations

Tata Chemicals reported losses in 1QFY27: Revenues increased 14% y-o-y but

higher costs led to a 14% decline in reported EBITDA (-21% y-o-y adj. for an

INR430m reversal of provisions). Net losses reported at INR170m. US EBITDA only

break-even given lower SE Asia realisations and higher logistics costs. UK EBITDA

negative given higher gas costs and one-offs; Africa EBITDA only break-even given

higher raw material costs; India positively surprised with strong margins leading to a

35% y-o-y EBITDA growth benefitting from lower priced coal inventory and INR

depreciation benefitted the soda ash realisation.

A healthy volumes growth in a tough environment: Demand remained

unaffected despite the Middle East conflict and thus soda ash volumes grew 10% y-

o-y/7% q-o-q, bicarbonate grew 5% y-o-y (adj.), salt grew 16% y-o-y/8% q-o-q. India

volumes were lower q-o-q given plant optimisation towards salt volumes.

Sodium-ion batteries: Tata chemicals developed a full battery solution and pilot

testing is underway.