Key Metrics of Tata Chemicals
About Tata Chemicals
Sectors
Company details
- Website
- tatachemicals.com
- Founded
- 1939
- Registered office
- Bombay House, 24, Homi Mody Street, Fort, Mumbai 400 001, Mumbai, In-mh, 400001
- Listed
- NSE: TATACHEM · ₹615.80
Operational Areas of Tata Chemicals
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
Sign in with access to company financials to review vendor evidence.
Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 01 Dec 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,500 Cr | View |
| 06 Oct 2025 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹5,000 Cr | View |
| 07 Oct 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹5,000 Cr | View |
| 25 Jun 2024 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹5,300 Cr | View |
| 09 Oct 2023 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹3,300 Cr | View |
| 19 Jul 2022 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹3,300 Cr | View |
| 13 Oct 2021 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹6,600 Cr | View |
| 06 Jul 2021 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹8,690 Cr | View |
| 28 Sep 2020 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹8,690 Cr | View |
| 11 Mar 2020 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹8,690 Cr | View |
| 25 Jul 2019 | CARE | Other | — | — | — | — | View |
| 07 Jan 2019 | CARE | Reaffirmed | AA+ | A1+ | Stable | ₹4,595 Cr | View |
Credit strengths (CARE, Dec 2025)
+ Experienced promoters and well-established presence in global soda ash industry
As part of the Tata Group, TCL is promoted by Tata Sons Private Limited (TSPL), which holds 31.90% stake in the company, with other Tata Group entities holding 6.08%. TCL benefits from its strategic importance within the Tata Group and financial flexibility and support derived from TSPL. TCL is the world’s third-largest producer of soda ash, with an annual soda ash production capacity of 3.98 million metric tonne (MMT), ~two-thirds derived from natural soda ash operations, supporting lower opera
+ Geographically diversified operations and presence in both basic and specialty chemicals
TCL operates a global distribution network supported by 15 manufacturing sites across five countries, with a strong presence in the United States, Europe, East Africa and Asia. Its portfolio comprises Basic Chemistry products—soda ash, sodium bicarbonate and salt—and Specialty Products, including agrochemicals, seeds, silica and prebiotics. In FY25, 81% of TCL’s revenue came from Basic Chemistry, led by soda ash (56%), salt (16%) and bicarbonate (5%), while Specialty Products contributed 19%, wi
+ Stable operational performance
In FY25, TCL’s TOI declined by 3.4% compared to the previous year and PBILDT margin contracted, primarily due to global soda ash oversupply and resultant price pressure. Despite this moderation, the company maintained stable operational performance across regions and product lines. Strong demand in key markets such as India and China supported volumes, while efficiency initiatives, high-capacity utilisation and a diversified product and geographic portfolio helped mitigate the impact of weaker p
+ Comfortable financial risk profile
Being one of the strategically important companies within the Tata Group, TCL continues to benefit from strong financial flexibility and refinancing ability. The company’s total debt increased from ₹5,859 crore in FY24 to ₹7,343 crore in FY25 (FY refers to April 01 to March 31), and further to ₹7,495 crore in H1FY26, largely reflecting increased working capital and currency translation impact on foreign debt. TCL issued ₹1,700 crore of non-convertible debentures (NCDs) in FY25 to refinance its S
+ Liquidity: Strong
TCL maintains a strong liquidity profile, supported by consolidated cash and liquid investments of ₹1,136 crore as at end-H1FY26. Working capital utilisation remained moderate, with average fund-based and non-fund-based limits utilised at 30% and 35%, respectively, for the 12 months ended October 2025, providing adequate liquidity headroom. The company also benefits from strong financial flexibility owing to its Tata Group parentage, which enhances its ability to refinance and access capital mar
Credit challenges
− Inherent risks associated with soda ash business
The soda ash business is inherently exposed to cyclicality arising from global demand-supply imbalances, capacity additions and regional trade flows. Prices rose sharply in FY22 due to strong demand, and declined significantly FY23 onwards, as global supply expanded, particularly from China, Mongolia and Turkish exporters, while demand growth normalised. This resulted in a steep decline of over 25% in realisations in FY25 compared to the previous year, compressing margins. Pricing and demand wea
Could lead to an upgrade
• Sustainability of revenue growth and improvement in profit before interest, lease rentals, depreciation and taxation (PBILDT) margin to 22% on a sustained basis. • Consolidated net debt/PBILDT below 1.50x on a sustained basis.
Could lead to a downgrade
• Large debt-funded capex/ acquisition, if any, undertaken by the company thereby deteriorating the consolidated net debt/PBILDT beyond 3.0x on a sustained basis. • Substantial decline in profitability or substantial increase in debt leading to deterioration in interest cover below 5.0x on a sustained basis.
Agency-reported financials (CARE, 07 Oct 2024)
| Metric | Q1FY25 |
|---|---|
| Total operating income | ₹3,789 Cr |
| PBILDT | ₹574 Cr |
| PAT | ₹190 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 4.32× |
| EBITDA margin | 15.1% |
| Implied interest cost (EBITDA ÷ coverage) | ₹133 Cr |
| PAT margin | 5.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹1,300 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹2,000 Cr | — | A1+ | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹1,700 Cr | — | AA+ (Stable) | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹1,500 Cr | — | AA+ (Stable) | Assigned | CARE |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE092A08071 | Aug Aug | Debentures & bonds | 7.81% | — | — | ₹1,700 Cr | AA+ | Not stated |
| INE092A08055 | — | Debentures & bonds | — | — | — | — | — | Not stated |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹2,000 Cr | CARE A1+ |
| Non Convertible Debentures | — | Withdrawn |
| Non Convertible Debentures | ₹3,200 Cr | CARE AA+; Stable |
| Term loan / Working Capital Facility | ₹1,300 Cr | CARE AA+; Stable |
Lenders
| Fund-based - LT | Term loan / Working Capital Facility | Axis Bank Ltd. |
| Fund-based - LT | Term loan / Working Capital Facility | Bank of Baroda |
| Fund-based - LT | Term loan / Working Capital Facility | Citi Bank |
| Fund-based - LT | Term loan / Working Capital Facility | Crédit Agricole Corporate and Investment Bank |
| Fund-based - LT | Term loan / Working Capital Facility | DBS Bank India Ltd. |
| Fund-based - LT | Term loan / Working Capital Facility | HDFC Bank Ltd. |
| Fund-based - LT | Term loan / Working Capital Facility | ICICI Bank Ltd. |
| Fund-based - LT | Term loan / Working Capital Facility | Kotak Mahindra Bank Ltd. |
| Fund-based - LT | Term loan / Working Capital Facility | South Indian Bank Ltd. |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | Bank of Baroda |
| Non-fund-based - ST | BG/LC | Citi Bank |
| Non-fund-based - ST | BG/LC | Crédit Agricole Corporate and Investment Bank |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | HSBC Ltd. |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | Kotak Mahindra Bank Ltd. |
| Non-fund-based - ST | BG/LC | Proposed |
| Non-fund-based - ST | BG/LC | Standard Chartered Bank |
Credit assessment · Cement
CARE Ratings’ Criteria for Rating Cement Companies (Sep 2024) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 70% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 73% chance the next rating action is stable or better
- Current rating AA+ (investment grade)
What happened, step by step
- Dec 2025 — ₹1,700 cr raised through NCDs / bonds
- Dec 2025 — Full repayment of term loans
“TCL issued ₹1,700 crore of non-convertible debentures (NCDs) in FY25 to refinance its Singapore loan, reducing exposure to foreign currency volatility.”
Rated limits by facility
Timeline
From the report
TCL issued ₹1,700 crore of non-convertible debentures (NCDs) in FY25 to refinance its Singapore loan, reducing exposure to foreign currency volatility.
From the report
In FY26, the board approved an additional ₹1,500 crore NCD issuance to prepay term loans in its UK subsidiaries, replacing overseas borrowings with rupee-denominated debt and improving the currency risk profile of the consolidated entity.
From the report
Liquidity: Strong TCL maintains a strong liquidity profile, supported by consolidated cash and liquid investments of ₹1,136 crore as at end-H1FY26.
From the report
In FY25, the company issued non -convertible debentures (NCDs) amounting to ₹1,700 crore through private placement to refinance part of its foreign currency debt.
From the report
Liquidity: Strong TCL has a strong liquidity position, underpinned by cash and bank balances and liquid investments of ~₹1,407 crore.
From the report
The existing cash and liquid investments, cash accruals for FY25 along-with recent NCD issue of ₹1700 crore in August 2024 are expected to be more than adequate to meet its opex, capex and debt servicing requirements for FY25.
From the report
TCL (Standalone) TCL’s liquidity profile, on a standalone basis continues to remain strong as evinced by the cash and bank balances and current investments of ₹403 crore as on March 31, 2024.
From the report
The average fund-based working capital limit utilisation in May 2024 was around 25%.
From the report
TCL on a standalone basis continues to be debt free.
From the report
TCL (Standalone) The liquidity profile of TCL on a standalone basis continues to remain strong as evinced by the cash and bank balances and current investments of ₹1,444 crore as on March 31, 2023.
From the report
The standalone entity continues to be debt free and does not have any debt repayment obligations in FY23.
From the report
TCL (Standalone) The liquidity profile of TCL on a standalone basis continues to remain strong as evinced by the cash and bank balances and current investments of ₹1,593.66 crore as on March 31, 2022.
From the report
The standalone entity continues to be debt free and does not have any debt repayment obligations except for lease liability payments to the tune of ₹3.25 crore in FY23.
From the report
Liquidity: Strong TCL Consolidated The liquidity profile of T CL on a consolidated basis continues to remain strong as evinced by cash and bank balances of Rs.1,411.01 crore and unencumbered current investments (in mutual funds) to the tune of Rs.1,563.49 crore as on March 31, 2021.
From the report
The cash balance and liquid investments stood at Rs.3,293 crore as on June 30, 20 21, at the consolidated level.
From the report
The standalone entity continues to be debt free and does not have any debt repayment obligations except for lease liability payments to the tune of Rs.4.10 crore in FY22. 2 CARE Ratings Limited Press Release Analytical approach: Consolidated For arriving at the ratings, CARE has considered the audited consolidated financial statements published in the FY21 annual report.
From the report
Liquidity: Strong TCL Consolidated The liquidity profile of T CL on a consolidated basis continues to remain strong as evinced by cash and bank balances of Rs.1,411.01 crore and unencumbered current investments (in mutual funds) to the tune of Rs.1,563.49 crore as on March 31, 2021.
From the report
The unutilized fund based working capital limits (fully unutilized) as on June 30, 2020 were Rs.343 crore The standalone entity continues to be debt free and does not have any debt repayment obligations except for lease liability payments to the tune of Rs.4.10 crore in FY22.
From the report
Liquidity: Strong TCL Consolidated The liquidity profile of TCL on a consolidated basis continues to remain strong as evinced by cash and bank balances of Rs.2057.20 crore and unencumbered current investments (in mutual funds) to the tune of Rs.1601.02 crore as on March 31, 2020.
From the report
The cash and cash equivalents and current investments stood at Rs.3,258 crore as on June 30, 2020.
From the report
TCL has also undertaken re-financing to the tune of USD 375 million (~Rs.2829.38 crore) in Q1FY21 which reduces the actual repayment obligation in FY21 to a significant extent. 2 CARE Ratings Limited Press Release TCL (Standalone) The liquidity profile of TCL on a standalone basis continues to remain strong as evinced by cash and bank balances and current investments of Rs.2160.21 crore as on March 31, 2020 and that of Rs.1999 crore as on June 30, 2020.
From the report
The standalone entity continues to be debt free and does not have any debt repayment obligations.
From the report
Liquidity: Strong Liquidity comfort is derived through cash and cash equivalents of ~Rs.1,952.19 crore and investment in liquid mutual funds was at Rs.2253.03 crore as on March 31, 2019 .
From the report
The cash flow from operating activities was at Rs.1,150.70 crore in H1FY20 as against Rs.758.63 crore in H1FY20.
From the report
Robust liquidity Liquidity comfort is derived through cash and cash equivalents of Rs.3,665 crore, against total debt of Rs.1,192 crore consequent into net cash surplus as on September 30, 2018 on standalone basis, and cash & cash equivalents of Rs.3,769 crore against total debt of Rs.1,097 crore as on March 31, 2018 on standalone basis, which resulted in low working capital limits utilisation.
From the report
Besides, on consolidated basis, TCL has cash and cash equivalents of Rs.4,483 crore against total debt of Rs.6,108 crore in FY18.
From the report
Additionally, TCL’s gross cash accruals remained strong at Rs.2,946 crore in FY18 (vis-à-vis Rs.1,720 crore FY17) consequent into healthy operating cash-flows and operating free cash-flows.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Tata Chemicals
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Apollo Tyres |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | apollotyres.com | 1972 | Ernakulam, India |
 CEAT |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | ceat.in | 1924 | Mumbai, India |
| Polymers & Petrochemicals · Cement, Building Materials & Polymers | haldiapetrochemicals.com | — | Kolkata, India | |
 Pidilite Industries |
Paints, Panels & Construction Chemicals · Cement, Building Materials & Polymers | pidilite.com | 1959 | Mumbai, India |
| Aarti Industries Ltd | Discovered Companies · Other Industries | — | — | Vapi, Gujarat, India |
 Atul |
Discovered Companies · Other Industries | atul.co.in | 1947 | India |
 Gujarat Fluorochemicals Limited |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | gfl.co.in | 1987 | Basal, Himachal Pradesh, India |
| Jubilant Ingrevia Limited | Discovered Companies · Other Industries | — | — | Amroha, Uttar Pradesh, India |
 Sumitomo Chemical India Limited |
Polymers & Petrochemicals · Cement, Building Materials & Polymers | sumitomo-chem.co.jp | — | Mumbai, Maharashtra, India |
| Privi Speciality Chemicals Limited | Polymers & Petrochemicals · Cement, Building Materials & Polymers | — | — | Navi Mumbai, Maharashtra, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
chemical industry
Filings
No filings on record yet.