TATACHEM · Chemicals
Tata Chemicals Ltd. reported revenue of ₹4,177 cr for July to September 2026, +7.7% on the year and −1.8% on the quarter. That is faster than this quarter has grown in recent years (−1.5% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹15,420 cr, +4.9% on the four before.
Operating profit (EBITDA) was ₹381 cr, a margin of 9.1%, −473 bps on the year and −352 bps on the quarter. Over the last 8 quarters the margin has ranged from 8.0% to 17.5%, averaging 11.5%. Operating costs grew +13.7%, faster than revenue at +7.7%, so operating profit grew less than sales.
The company swung to a net loss of ₹50.0 cr from a profit of ₹154 cr a year earlier, with earnings per share of −₹4.79. Profit before other income, one-offs and tax fell 212.0%, so 80 points of the headline growth came from outside the core business. Profit over the last four quarters totals −₹2,175 cr, −643.8% on the four before.
Of the 17 companies in Speciality chemicals and CRAMS that have reported Q2 FY27 so far, Tata Chemicals Ltd. ranks 14th on revenue growth; the sector median is +20.9%. Its margin moved −473 bps on the year against a sector median of −270 bps.
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.
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.
Swung to a loss from a profit a year ago. One quarter, or a trend?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Other income carrying profit, Tax rate lifting profit, 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. 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 ₹4,177 cr (+7.7% on the year) and net profit of −₹50.0 cr (−132.5% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved −212.0% on the year, against −132.5% for reported profit.
2 checks raised a question: Swung to a loss from a profit a year ago. One quarter, or a trend?
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