Motilal Oswal stays Neutral on Tata Chemicals with Rs 700 target
Motilal Oswal cited resilient India operations but continued pressure from overseas soda ash oversupply. It sees longer-term support from solar glass, EV demand and specialty and battery diversification, forecasting 10% revenue CAGR and 27% EBITDA CAGR over FY26-FY28.
Motilal Oswal retained a Neutral rating on Tata Chemicals with a Rs 700 target, citing persistent global soda ash oversupply despite strong India operations. It expects gradual benefits from solar glass, EV demand, and specialty/battery diversification.
Why this matters
The Neutral call follows Tata Chemicals' ₹17 crore Q1 loss and EBITDA-margin contraction, with weak soda ash pricing eroding margins. Motilal Oswal sees resilient India operations but continued overseas soda ash oversupply.
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