Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Sep - Newspaper Advertisement - Special Window for re-lodgement of transfer requests of physical shares
Source: Bse
Tata Chemicals Limited (TATACHEM)
Small CapChemicals stocks · Small cap · NSE
Tata Chemicals Limited is a global producer of basic chemistry products like soda ash, bicarb, and salt, with operations across four continents. It also has a specialty products portfolio including specialty silica and prebiotics, and a crop care business through its subsidiary Rallis India.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals16 Oct 2026 · screener
Latest result27 Jul, 11:29 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage12/14 · 86%
Valuation2026-07-20 · Rf 6.8% · Chemicals P/E 33.1 (n=45)
Technical timing lens
Trend score and candlestick chart
43NeutralSMA20 -2.7% / mo · MACD + · sector -4.2pp vs Nifty 500 (3M)
Stock trend: 41
Sector RS: 46
Sector 3M: -9.8% vs Nifty 500 -5.6%
Chemicals FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
TATACHEMD candles · FIT view-8.0%Latest close ₹637.65 on 2026-10-19
Bar
-0.1%
RSI
51
MACD hist
2.52
52W pos
17%
2026-10-19O ₹638.00H ₹647.05L ₹623.50C ₹637.65Vol 22.4L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
TATACHEMNifty ChemicalsNifty 500
- TATACHEM
- -8.1%
- Nifty 500
- -5.6%
- Nifty Chemicals
- -8.5%
- Vs Nifty 500
- -2.5 pp
Chart stats
19 Oct 2026- From 52W high
- -32.5%
- 52W range position
- 16%
- ATR (14)
- 4.0%
- Volume vs 20D
- 0.91x
- Avg traded value
- ₹118 Cr
- 20D price channel
- ₹586.5 - ₹698.5
₹944.5
₹580.3 - ₹944.5
₹25.3
Latest completed session
20-session average
37.9% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · OVERVALUED29
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +14.4% · PAT -81.0% YoY
Technical
Neutral43
Price trend and sector-relative-strength timing.
Valuation
Legacy model—
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence57
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -81% YoY · margin compression · Rev +14% YoY · +24% QoQ
Filed 27 Jul 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹4,255 Cr | +14.4% | +23.8% |
| EBITDA | ₹538 Cr | -17.1% | +96.4% |
| Operating margin | 13.0% | -400 bps | +500 bps |
| PAT | ₹60 Cr | -81.0% | NDF |
| PAT margin | 1.4% | -709 bps | +6296 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- —
- P/B
- 0.76
- EV/EBITDA
- 8.18
- Market Cap
- 16124.00Cr
Profitability
- ROE
- 1.27%
- ROCE
- 3.42%
- ROA
- -5.05%
- Dividend Y
- 1.74%
Growth (CAGR)
- Revenue 5Y
- 7.00%
- EPS 5Y
- 3.00%
- Revenue 3Y
- -5.00%
- EPS 3Y
- -51.00%
Balance Sheet
- Debt/Equity
- 0.38
- Interest Coverage
- 2.87×
- Altman Z
- 2.02
- Book Value
- 832.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- 1269.00 Cr
- EPS TTM
- -84.97
Shareholding
- Promoter Hold
- 37.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 15%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 14.6k-2.0% vs prev
Net Profit
₹ CrLatest: -1,715-543.2% vs prev
Return on Equity
%Latest: -8.1-552.0% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 51. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~2.8% over last month) — short-term momentum negative.
- RSI(14) at 51 — sideways, no extreme reading.
- MACD above signal, histogram expanding — bullish momentum building.
- 31% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
24
RS percentile
Stage 4 Downtrend
1M return
-8.0%
3M return
-8.1%
6M return
-10.2%
1Y return
-29.5%
RS 1D
+5
RS 20D
+1
Sector rank
#13
Industry rank
#15
Stage evidence
- Price is 7.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -1.2%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
neutral
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 70.59+1.74%
RS vs Nifty 50071
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 29 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation7/30
Growth4/25
Quality0/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
1
Raw sum
29
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
29/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Growth is weaker at 4/25; verify the latest quarterly trend.
- Valuation is weaker at 7/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
—
PB
0.8
EV/EBITDA
8.2
ROE
1.3%
ROCE
3.4%
FCF Yield
—
Debt/Equity
0.4
MoS
—
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
29
Previous: 29
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
—
No stored baseline yet
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
37
37
37
35
35
35
35
29
29
29
29
29
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
—
Growth-justified P/E
9.8
Growth-justified Value
—
— MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Chemicals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SWANCORP
Small
SWAN CORP LIMITED
Specialty Chemicals
match 163
33
37.2
-4.5%
+20%
WATCHLIST
BASF
Small
BASF India Limited
Specialty Chemicals
match 149
24
23.9
10.9%
-227%
OVERVALUED
GUJALKALI
Small
Gujarat Alkalies and Chemicals Limited
Specialty Chemicals
match 146
33
67.1
-0.1%
-1138%
WATCHLIST
MOL
Small
Meghmani Organics Limited
Specialty Chemicals
match 145
31
23.6
1.9%
-1349%
OVERVALUED
UNIENTER
Small
Uniphos Enterprises Limited
Specialty Chemicals
match 144
33
29.6
0.8%
-405%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-17T07:31:07.318Z
Management commentary snapshot
Q4FY26 consolidated results impacted by lower soda ash realizations and a significant ₹1,837 Cr goodwill impairment in the US, leading to a net loss of ₹279 Cr. Full-year FY26 revenue and EBITDA also declined.
The company's core soda ash business faces significant headwinds from lower realizations and excess global capacity, leading to substantial impairment charges and a net loss in Q4FY26. While non-soda ash revenue shows growth and new capacities are coming online, the overall profitability is under pressure, and debt has increased.
Growth engines
Growth in Non-Cyclical Business
positiveNon-Soda ash revenue grown by 14% from ₹6,118 Cr in FY25 to ₹6,946 Cr in FY26, aligning with company's focus.
New Capacity Deliveries
positiveExpansion of Soda Ash (230kT) and Bi-carb (140kT) in Mithapur, and new salt plant (70kT) in UK, are delivering additional volumes in FY26.
Strategic Acquisitions & Specialty Expansion
positiveAcquisition of premium pharma grade Bi-carb plant in Singapore completed Mar 2026. Pearl grade Silica 3000 MTPA and FOS L 55 – 4500 MTPA commissioned in FY26.
Capacity and execution
Iodised Vacuum Salt Dried (IVSD) plant – Mithapur, Gujarat
neutralCommissioning Q1 FY2028, 82.5 KTPA capacity addition, ₹100 Cr capex.
Precipitated Silica Plant – Cuddalore, Tamil Nadu
neutralCommissioning Q4 FY2028, 50 KTPA capacity addition, ₹775 Cr capex.
Dense Soda Ash – Mithapur, Gujarat
neutralCommissioning Q3 FY2028, 350 KTPA capacity addition, ₹135 Cr capex.
Iodised Vacuum Salt Dried (IVSD) plant – Valinokkam, Tamil Nadu
neutralCommissioning Q2 FY2029, 210 KTPA capacity addition, ₹515 Cr capex.
Tailwinds
Sustainability-Driven Demand
positiveSustainability-driven demand (solar PV, EV) supports a positive medium-to-long-term trend for the company's products.
Headwinds
Lower Soda Ash Realizations
negativePerformance for Q4FY26 and FY26 impacted by lower soda ash realisations, particularly unremunerative prices in South-east Asia.
Weak Global Macroeconomic Conditions
negativeGlobal demand growth is expected to remain broadly flat in the near term, constrained by weak macroeconomic conditions and excess capacity.
Increased Production & Shipping Costs
negativeThe Middle East conflict has driven up energy and raw material prices, increasing soda ash production costs and pushing higher shipping expenses.
Risk radar
Goodwill Impairment
negativeImpairment charge of ₹1,837 Cr on goodwill in US recognized amidst current soda ash market conditions.
Deferred Tax Assets Write-off
negative₹182 Cr of deferred tax assets write off recognized in US.
Increased Debt Levels
negativeDebt increased to ₹5,961 Cr (Mar 26) from ₹4,884 Cr (Mar 25) due to lower cash generation and ₹460 Cr exchange rate impact on overseas loans.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Both sequential (QoQ) and annual (YoY) comparisons are crucial. QoQ highlights the immediate impact of market conditions and impairment on profitability, while YoY reflects the broader trend of declining realizations and the effect of strategic shifts like plant closures and new capacity additions.
Sector KPIs management disclosed
Consolidated Revenue (Q4FY26)
negative₹3,438 Cr (vs PQ ₹3,550 Cr, PY ₹3,509 Cr)
Consolidated EBITDA (Q4FY26)
negative₹274 Cr (vs PQ ₹345 Cr, PY ₹327 Cr)
Consolidated PAT (Q4FY26)
negative₹(279) Cr (vs PQ ₹(15) Cr, PY ₹(12) Cr)
Consolidated Revenue (FY26)
negative₹14,584 Cr (vs PY ₹14,887 Cr)
Management forward view
Strategic Direction on Track
neutralStrategic direction of the Company is on track, focusing on growing non-cyclical business and broadening the specialty portfolio.
Capitalizing on Growth Opportunities
neutralRobust balance sheet and low leverage (debt-to-equity of 0.36) to capitalize on value-accretive organic and inorganic growth opportunities.
Operational Efficiency Improvements
positiveTimely cessation of the Lostock UK soda ash plant in Jan 2025 helped stem ongoing EBITDA erosion and resulted in a structurally lower fixed-cost base.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Global Soda Ash Realizations | Lower realization across all geographies, particularly unremunerative prices in South-east Asia. | Improvement in global soda ash pricing and demand sentiment, especially for US exports. |
| Non-Soda Ash Revenue Contribution | Grown by 14% in FY26 to ₹6,946 Cr, in line with strategic focus. | Continued growth and increasing share of non-cyclical businesses to offset cyclicality. |
| Net Debt Levels | ₹5,961 Cr (Mar 26), up from ₹4,884 Cr (Mar 25). | Stabilization or reduction in net debt, especially given ongoing capex plans and lower cash generation. |
| Project Commissioning & Ramp-up | Several projects commissioned in FY26, others planned till FY29. | Timely commissioning and effective utilization ramp-up of new capacities to contribute to volumes and profitability. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
57Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 20th percentile of the scored universe and 15th percentile within Chemicals. Main check: results consistency is weak at 15/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
147 docs text-extracted · 57 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
20th percentile
overall median 67 · Chemicals: 15th pctile, median 73 · Small: 23rd pctile, median 66
Evidence depth
Financial-only
147 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
67
acceptable · profit to cash conversion
Balance sheet
73
acceptable · leverage and solvency
Discipline
40
weak · capital discipline
Results
15
weak · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
Trust risks
- ▸3 latest quarters had PAT decline worse than 25% YoY.
- ▸ROCE is low at 3.4%.
- ▸ROE is low at 1.3%.
- ▸1/4 latest quarters had positive YoY revenue growth.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Tata Chemicals Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 1 Sep - CSIR-CSMCRI finds Mithapur ecosystem healthy; 637 birds across 40 species recorded after wastewater pipeline transition.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 14 Jul - Newspaper Advertisement- Special window for re-lodgement of transfer requests of physical shares
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 4 Jun
Source: Bse
Annual report
Annual Report 2026
Source: Bse
Annual report
Annual Report 2025
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.