CEO's Message

Dear Shareholders,

Navigating a Challenging Year

FY26 presented a demanding operating environment. Shifting trade dynamics, geopolitical headwinds, energy market volatility and supply imbalances created significant industry-wide pressure. Against this backdrop, Tata Chemicals stayed the course—focused on operational resilience, disciplined capital deployment and long-term value creation.

Following a sharp correction the previous year, the global soda ash market stabilised at approximately 70 million tonnes of demand. Core segments—glass and detergents—remained solid, while emerging applications in solar glass and lithium-ion batteries added incremental demand support. However, elevated supply from China sustained pricing pressure, with soda ash prices declining over 10% through the year and margin compression intensifying in the second half.

Financial Performance

Tata Chemicals delivered stable volumes through the year, a testament to our supply chain reliability and customer relationships. Net Sales Realisation (NSR) declined across geographies—approximately ₹1,850 per MT in India, ~USD 37 per MT on US exports and ~GBP 74 per MT in the UK for soda ash.

Overall revenue declined 2% and EBITDA came in at ₹1,805 crore, down 8% year-on-year. Our teams responded with a sharp focus on costs; fixed-cost discipline delivered savings of ₹68 crore (~2%), partially cushioning the impact of lower realisations. While these results reflect industry-wide headwinds, our underlying operational performance remained robust.

Growth Agenda — Progress on Multiple Fronts

Even in a difficult market, we made meaningful progress on our strategic priorities. Newly commissioned soda ash and sodium bicarbonate capacities were successfully ramped up, enabling us to achieve record soda ash production of 1 million tonnes in Mithapur—a landmark for the business.

Capacity expansion in India continues across multiple fronts: 50 KTPA of precipitated silica at Cuddalore, 210 KTPA of IVSD Salt at Valinokkam and debottlenecking projects for Bicarbonate and IVSD Salt at Mithapur. These investments will strengthen our portfolio breadth and improve long-term competitiveness.

A significant strategic milestone during the year was the acquisition of Novabay Pte. Limited in Singapore. This strengthens our footprint in premium sodium bicarbonate markets and opens new avenues for global growth.

Accelerating Digital Transformation

Digital capability is becoming a decisive competitive advantage and FY26 marked an important step change for Tata Chemicals. We launched a Unified Digital Core built on SAP and Ariba, delivering over 100 process improvements across functions. Our data and analytics infrastructure was significantly enhanced through the digital data stack and we formally established a data office to govern and accelerate our data strategy.

We are increasingly deploying advanced analytics and intelligent automation to drive productivity, enhance supply chain visibility and enable faster, evidence-based decision-making across the enterprise.

Sustainability as a Strategic Pillar

Our commitment to responsible growth did not waver through the market cycle. During FY26, we advanced initiatives across energy efficiency, renewable energy adoption, water stewardship and circular economy principles. Significant projects include the stabilisation of the 50 KTPA electric calciner soda ash project and a 5 MW solar power plant in Kenya—both of which reflect our commitment to reducing our environmental footprint while building future-ready assets.

Outlook: Confident in the Long-Term Thesis

Near-term soda ash pricing will continue to reflect global supply dynamics. However, we remain confident in the long-term fundamentals of the industry. Demand from solar glass and lithium-based applications is expected to grow robustly as the global energy transition accelerates.

Our sodium bicarbonate, salt and specialty portfolios—serving pharma, food and feed markets along with our farm portfolio through our subsidiary Rallis — are increasingly well-positioned for sustained, diversified growth.

In FY27, our priorities are clear: deepen customer partnerships, drive further cost efficiencies and strengthen the organisational resilience that will enable us to navigate market cycles and create enduring value for all stakeholders.

I am grateful for your continued confidence in Tata Chemicals. We are building a company that is stronger, more agile and better positioned than ever to capitalise on the opportunities ahead.