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Motilal Oswal Report
There are certain short-term challenges in the soda ash demand-supply dynamics owing to weak demand in Western Europe, that result in suppliers (majorly from Turkey) exporting soda ash beyond Europe (impacting global prices adversely).
However, the situation is expected to balance out in the medium term with the emergence of new applications, such as solar glass and lithium-ion batteries.
We broadly maintain our FY25/FY26 Ebitda estimates and reiterate our Neutral rating with an SoTP-based target price of Rs 980.
Tata Chemicals Ltd.'s Q4 FY24 consolidated Ebitda declined 54% YoY, primarily due to a subdued operating performance across geographies with India/US/UK/Kenya reporting 26%/68%/72%/57% decline YoY.
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