Kenya Stalls

研报英文原文证据摘录

Kenya Stalls

Update

July 30, 2026 02:58 AM GMT

Morgan Stanley Asia (Singapore) Pte.+MTata Chemicals Limited | Asia Pacific Vivek Rajamani

Equity Analyst

Kenya Stalls Vivek.Rajamani@morganstanley.comMayank Maheshwari +65 6834-6740

Mayank.Maheshwari@morganstanley.com +65 6834-6719

Tata Chemicals' (TTCH) subsidiary Magadi Ltd has been directed to suspend mining

Morgan Stanley India Company Private Limited+

and export operations by the Kenyan Ministry of Mining, Blue Economy and

Pranitha Shetty

Maritime Affairs pending a compliance review and submission of statutory Research Associate

compliance documents. Magadi is a low-cost, natural soda ash capacity, with margin Pranitha.Shetty@morganstanley.com +91 22 6118-3022

profiles broadly similar to TTCH's India operations. It constitutes ~10% of TTCH's

soda ash capacity, 4-6% to sales and EBITDA and 1-2% of total assets and book

value. We estimate EBITDA impact of ~6–7% for TTCH on a full-year basis if TTCH is

unable to offset volumes from other regions (mainly US). We await more details

around expected timelines for a resolution.

Tata Chemicals Limited (TTCH.NS, TTCH IS)

Magadi primarily serves Africa (43% of volumes), India (~30%) and Southeast Asia India Oil & Gas | India

(~25%), with ~90% of production exported. Soda ash remains well supplied with Stock Rating Underweight

Industry View In-Line

alternative supply sources and still-elevated Chinese inventories (1.73mt) (More in Price target Rs566.00

Sequentially Better). Up/downside to price target (%) (17)

Shr price, close (Jul 29, 2026) Rs679.05

52-Week Range Rs1,026.65-580.30

Sh out, dil, curr (mn) 255

Mkt cap, curr (mn) Rs172,992

EV, curr (mn) Rs147,012

Avg daily trading value (mn) Rs704

Fiscal Year Ending 03/25 03/26e 03/27e 03/28e

EPS (Rs)** 12.84 13.51 16.06 29.48