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Motilal Oswal Report
Following Tata Chemicals Ltd.'s June quarter earning, the brokerage firm Motilal Oswal believes that the near-term environment remains challenging , with the soda ash demand-supply balance yet to meaningfully improve despite expectations of future demand from solar glass and electric vehicles.
Benefits from these end-use industries are likely to play out gradually, while the current oversupply persists.
Further, diversification from the commodity business (primarily soda ash) to the specialty segment/batteries is also expected to pay off for Tata Chemicals in the mediumto-long run.
Although the company has expansion plans in India, the payoff remains contingent on a broader cyclical recovery, limiting near-term upside.
The brokerage expecta Tata Chemicals to record a revenue/Ebitda compound annual growth rate of 10%/27% over FY26-28. Reiterates Neutral with an SoTP-based target price of Rs 700.
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