Neutral Tata Chemicals; target of Rs 1045: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Tata Chemicals

Consolidated EBITDA exceeded our estimate, with a strong operating performance across key geographies, primarily driven by India, the US, Africa, and the UK. Volume growth was steady. However, growth in Soda Ash realization was resilient across key geographies. Globally, demand for Soda Ash has been buoyant, with a favorable demand-supply scenario. All plants across the industry are running at 95% utilization levels. Strong incremental demand is accruing from lithium carbonate batteries and solar panels. The spot market is witnessing a tight demand-supply situation, which will benefit TTCH. The challenging environment of inflated input costs (energy and freight) is likely to persist.

Outlook

Factoring the strong operating performance in 4QFY22, we have raised our FY23/FY24 EBITDA estimate by 5% each. We maintain our Neutral rating with a SoTP-based TP of INR1,045/share.

For all recommendations report, click here

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