Analysts/Institutional Investor Meet/Con. Call Updates

November 11, 2026 The General Manager The Manager Corporate Relations Department Listing Department BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza Dalal Street Bandra-Kurla Complex Mumbai – 400 001 Bandra (E) Scrip Code: 500770 Mumbai – 400 051 S ymbol: TATACHEM Dear Sirs, Sub: Transcript of Analysts/Investors Call pertaining to the Financial Results for the second quarter and half-year ended September 30, 2026 Further to our letter dated November 7, 2026, we enclose herewith a copy of the transcript of the Analysts/Investors Call on the Unaudited Consolidated and Audited Standalone Financial Results of the Company for the second quarter and half-year ended September 30, 2026, held on Saturday, November 7, 2026. The same is also being made available on the Company’s website at: www.tatachemicals.com. You are requested to take the same on record. Thanking you, Yours faithfully, For Tata Chemicals Limited Jeraz E. Mahernosh Company Secretary (FCS 7008) Encl: as above “Tata Chemicals Limited Q2 & H1 FY27 Earnings Conference Call” November 07, 2026 MANAGEMENT: MR. R. MUKUNDAN – MANAGING DIRECTOR & CHIEF EXECUTIVE OFFICER – TATA CHEMICALS LIMITED MR. NANDAKUMAR TIRUMALAI – CHIEF FINANCIAL OFFICER – TATA CHEMICALS LIMITED Page 1 of 9 Tata Chemicals Limited November 07, 2026 Moderator: Good evening, ladies and gentlemen, and welcome to the Q2 and H1 FY27 Earnings Conference Call of Tata Chemicals Limited. Please note that this conference is being recorded. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. We have with us today Mr. R. Mukundan, Managing Director and CEO, and Mr. Nandakumar Tirumalai, Chief Financial Officer of Tata Chemicals Limited. Before we begin, I would like to mention that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. I now hand the conference over to Mr. R. Mukundan to begin with the proceedings of the call. Thank you, and over to you, sir. R. Mukundan: Thank you, Swapnali. Good evening, everyone, and welcome to our Q2 FY27 and H1 FY27 earnings call. It's a pleasure to connect with all of you during this festive season, and I would like to start by wishing you and your families a very happy and prosperous Diwali. I begin with a brief overview of the industry landscape, followed by key operational business highlights across our markets and geographies during the quarter and first half of the year. Starting with the customer end, which is the demand scenario across various segments and geographies. In the Living Essentials, which is mainly bicarbonate, salt, and FOS, the demand outlook remains supported by premiumization, increasing consumption acrossfood, feed, pharma, and beverage applications. Salt and bicarbonate are expected to continue to provide stable growth, while prebiotics offer attractive long-term opportunities driven by increasing customer focus on gut health and wellness. In terms of Industrial Essentials, which is mainly soda ash and silica, the near- to medium-term outlookfor the global soda ash industry continues to remain challenging. Market conditions are characterized by persistent oversupply, subdued industrial demand, especially in China, and intense competition across export markets. Significant capacity additions in China over the last two years, coupled with slower-than-expected demand recovery in end-use sectors, have continued to pressure global soda ash prices and producer margins. The ongoing conflict in the Middle East, including disruptions impacting regional shipping routes and energy markets, has increased freight volatility and supply chain risks. While large-scale demand destruction has not materialized, in fact, in some parts of the world, the demand is robust, customers remain cautious in procurement decisions amid macroeconomic uncertainty. China remains the key determinant of global market dynamics. High operating rates, continued exports and competitive pricingfrom Chinese producers continue to influence global soda ash prices and trade flows. This is coupled with weak domestic demand from China's real estate and construction sectors, resulting in additional export volumes entering the international market. Amidst all this, India continues to outperform most global markets. Demand growth remains healthy, supported by strong activity right across segments. Capacity expansion by solar glass manufacturers and continued infrastructure investments are expected to continue to provide above-average global demand growth. Southeast Asia remains highly competitive. While the Page 2 of 9 Tata Chemicals Limited November 07, 2026 region is growing, it remains competitive, especially from Chinese exports, which continue to gain market sharein that region. In terms of Farm Essentials, uneven rainfall and delayed sowing affected demand during parts of the quarter. Although Kharif acreage subsequently recovered, the broader agriculture outlook remains cautious, supported by crop coverage, improving irrigation, policy support, technology adoption, and resilient rural demand. However, weather volatility, crop price movements, and elevated input costs continue to weigh and remain a near-term risk. In terms of supply scenario, broadly, mainland China continues to be the driver of supplies, including in bicarbonate, which saw increased supply on account of new capacity. The global soda ash market, as has already been highlighted, is beset with high Chinese capacity growth and inventory levels. Export volumes from China remain elevated. By the end of September, producer inventory had reached nearly 1.89 million metric tons. Inner Mongolia Berun's phase one, 5 million tons, underwent maintenance outages in October.This capacity is expected to return to full operating ratesat the end of the month. Meanwhile, Qinghai Salt Lake, a Solvay- based soda ash producer, will reduce operating rates at the end of October. The magnitude and duration of these impacts remain uncertain. In addition, Jinjing Technology, parent company of Shandong Haitian, also announced that they willclose its soda ash and bicarbonate production lines. Recent announcement by a U.S. producer to reduce production at Wyoming by 1.5 million tons and exit uneconomic export volume underscores the severity of current market conditions. This remains one of the key concerns, that is, persistent low export realization and the structural demand-supply imbalance which are facing the global soda ash industry. Within India, DGTR has recommended quantity restrictions on soda ash imports for two years after concluding that imports have surged and are causing serious injury to domestic industry. Imports increased by 89% in FY2024 and have remained at elevated levels, driven by global oversupply and capacity additions in export countries and diversion of export volumes to India. The pricing environment remains under pressure for soda ash. The Indian domestic pricing softened towards the later part of the year following improved import availability and increased domestic supply. U.S. export pricing remains under pressure. Looking ahead, pricing is expected to remain range bound as market participantscontinue to contend with elevated inventory level. Any sustained improvement in prices is likely todepend on a combination of supply rationalizationand strong demand growth in the applications and in the geographies. Now, I will turn to the operational highlights and TCL performance in Q2 and H1. The company delivered a relatively resilient operating performance in a very challenging global environment. Higher sales, production volume, improved operating efficiencies, and cost managementhelped mitigate [Showing first 8,000 characters — download PDF for full document]