TATACHEM · Chemicals
Tata Chemicals Ltd. reported revenue of ₹3,877 cr for July to September 2025, −3.1% on the year and +4.2% on the quarter. Over the last four quarters revenue comes to ₹14,695 cr, −2.0% on the four before.
Operating profit (EBITDA) was ₹537 cr, a margin of 13.9%, −160 bps on the year and −360 bps on the quarter. Over the last 8 quarters the margin has ranged from 9.3% to 17.5%, averaging 13.8%. Operating costs grew −1.2%, faster than revenue at −3.1%, so operating profit grew less than sales.
Net profit was ₹154 cr, −42.3% on the year and −51.3% on the quarter, with earnings per share of ₹3.02. Profit before other income, one-offs and tax fell 44.9%, so the profit growth came from the business itself. The tax rate was 35% against an average of 23% over the previous 5 quarters, which weighed on profit this quarter.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
On earnings per share of ₹8.63 over the last four quarters, the stock at ₹604.75 trades at 70.1 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Source: Quarterly statements
Operating margin slipped on the year.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,730 cr | ₹3,475 cr | ₹3,789 cr | ₹3,999 cr | ₹3,590 cr | ₹3,509 cr | ₹3,719 cr | ₹3,877 cr | ₹3,550 cr | ₹3,438 cr | ₹4,255 cr | ₹4,177 cr |
| YoY | — | — | −10% | +0% | −4% | +1% | −2% | −3% | −1% | −2% | +14% | +8% |
| EBITDA margin | 14.5% | 12.7% | 15.1% | 15.5% | 12.1% | 9.3% | 17.5% | 13.9% | 9.7% | 8.0% | 12.6% | 9.1% |
| Other income, % of PBT | 37% | — | 41% | 44% | — | — | 38% | 54% | — | — | 51% | — |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | — | 33% | 23% | — | — | 12% | 35% | — | — | 45% | — |
| Net profit | ₹194 cr | −₹841 cr | ₹190 cr | ₹267 cr | −₹21.0 cr | −₹49.0 cr | ₹316 cr | ₹154 cr | −₹69.0 cr | −₹2,116 cr | ₹60.0 cr | −₹50.0 cr |
| YoY | — | — | −68% | −46% | −111% | — | +66% | −42% | — | — | −81% | −132% |
| Core profit YoY | — | — | −76% | −54% | −96% | −345% | +32% | −45% | −1,667% | — | −76% | −212% |
| EPS | ₹6.20 | −₹33.36 | ₹5.89 | ₹7.61 | −₹2.08 | −₹2.20 | ₹9.89 | ₹3.02 | −₹3.65 | −₹83.67 | −₹0.67 | −₹4.79 |
| Flags | 1 | · | 2 | 2 | 1 | 1 | 2 | 1 | ✓ | ✓ | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Tata Chemicals Ltd. reported revenue of ₹3,877 cr (−3.1% on the year) and net profit of ₹154 cr (−42.3% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved −44.9% on the year, against −42.3% for reported profit.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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