TATACHEM · Chemicals
Tata Chemicals Ltd. reported revenue of ₹3,509 cr for January to March 2025, +1.0% on the year and −2.3% on the quarter. Over the last four quarters revenue comes to ₹14,887 cr, −3.5% on the four before.
Operating profit (EBITDA) was ₹327 cr, a margin of 9.3%, −343 bps on the year and −277 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 9.3% to 24.7%). Operating costs grew +4.9%, faster than revenue at +1.0%, so operating profit grew less than sales.
The net loss was ₹49.0 cr, with earnings per share of −₹2.20. Profit over the last four quarters totals ₹387 cr, −11.0% on the four before.
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 ₹9.22 over the last four quarters, the stock at ₹604.75 trades at 65.6 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.
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Other income carrying 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, 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 ₹3,509 cr (+1.0% on the year) and net profit of −₹49.0 cr (— on the year) for January to March 2025.
Profit before other income, exceptional items and tax moved −345.2% on the year, against — for reported profit.
1 check raised a question: Operating margin fell sharply on the year. Pricing, input costs, or mix?
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