Transcript of Analysts/Investor Call pertaining to the Financial results for the quarter ended June 30, 2026.

August 3, 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 Symbol: TATACHEM Dear Sirs, Sub: Transcript of Analysts/Investors Call pertaining to the Financial Results for the quarter ended June 30, 2026 Further to our letter dated July 27, 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 quarter ended June 30, 2026, held on Monday, July 27, 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 Q1FY27 Earnings Conference Call” July 27, 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 14 Tata Chemicals Limited July 27, 2026 Moderator: Good evening, ladies and gentlemen, and welcome to the Q1FY27 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 the conference call, please signal an operator by pressing star and then zero on your touchtone phone. We have with us today R. Mukundan, Managing Director and CEO, and 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 invite R. Mukundan to begin the proceedings of the call. Over to you, sir. R. Mukundan: Thank you, Sagar. Good evening and welcome everyone to our Q1 earnings call. I will start the discussion with a brief overview of the industry then move on to our operational highlights across businesses and geographies. Before I begin, I just wanted to say that this quarter we made a significant accounting change which Nandu will explain at the end of my overall presentation in terms of the segment change to align that with the way we are running the business. Instead of two segments, which is basic chemistry and specialty products, we have now renamed them as Living, Industry, and Farm Essentials. The Farm Essential business is particularly comprising of Rallis and also Morocco, which is reported as a JV income. In terms of Living essentials, it is mainly comprising of products which are salt, bicarbonate, prebiotics, and everything which goes into feed, food, and pharma. The Industrial essentials comprises of products around soda ash, silica, and industrial chemicals which includes things like bromine, chlorine, and caustic. Let me start now highlighting the demand scenario across geographies for each of these three segments. In Living essential, mainly the food, feed, pharma, the core products which are salt, bicarbonate, and FOS, they continue to have a stable demand continuing to grow with supported by premiumization in this segment. Also, prebiotics is expected to grow faster due to rising health and wellness consumption. Industrial essentials, which is mainly soda ash, the near-term outlook, unlike the previous one, is challenging due to global oversupply, especially coming out of China, and also elevated raw material and freight costs which are caused by the geopolitical tensions in Middle East. Despite these cost pressures, the market was adequately supplied, in addition to which there were no major market demand disruptions except in Arabian Gulf. So, while global soda ash growth, while it is subdued, it has not gone down despite all the other macroeconomic challenges. The long-term fundamentals remain positive, mainly on view of the focus on renewable as well as electrification, and India continues to demonstrate stronger demand momentum. China and US remain flat, mostly flat. Demand in LATAM has strengthened, especially supported by rising lithium carbonate production. Exports to Argentina and Chile have increased by 53% and 32% respectively, and Southeast Asian market mainly demand declined marginally; Page 2 of 14 Tata Chemicals Limited July 27, 2026 however, this is also a place where there is a maximum pricing pressure coming out of Chinese exports. In terms of Farm essential, Indian farm sector outlook remains moderately positive, supported by improved irrigation technology supplies. There is, of course, focus by the team on monsoon variability, potential El Niño conditions, and higher input costs, but we do remain positive in terms of the outcome during the year despite certain pressures coming on the overall system, especially driven by higher commodity prices which farmers will have, which will ensure that they will save all the crop and hence use crop protection products to get those products to market. In terms of supply scenario, the bicarbonate saw additional supply coming in from competition, but overall the supply scenario remains balanced. In terms of soda ash, the market are more than adequately supplied. The Chinese inventories reached an all-time high of 1.73 million mt, and Chinese producers continue to operate at high utilization rate. The export volumes from China remain elevated and with no significant supply curtailments which are announced, the market rebalancing will be mainly driven off supply rationalization which we are closely watching. In terms of pricing environment, as I said, this demand-supply environment, especially in soda ash in the industrial segment, continues to compress the margin. Chinese soda ash export prices are in the range of USD 160 to 180 FOB, translating to USD 170 to 190 CIF in Southeast Asia, which is where the most, which remains the most challenging markets for us. So, in our view, global pricing is expected to remain subdued given elevated inventory levels. However, the several domestic markets will continue to have steady pricing and move in steadily on the back of steady demand. Now I will move to operational highlights. Despite the challenging environment in one segment of our business, which is the Industrial essentials, the company delivered resilient performance due to higher sales and production volume across segments, more especially in the Living essential and in Farm segment, and strong operating efficiencies and disciplined cost management. The revenue from operation on consolidated basis was up 14%. EBITDA was down by about INR 100 crores compared to previous year despite sharply lower realization, and net debt was INR 5,692 crores lower than previous quarter on account of monetization of assets. Standalone was a very strong performance. The revenue was up 10%, EBITDA was up 35%, and profit after tax from continuing operations was up 12% compared to Q1 of last year. In terms of unit-wise performance, as I mentioned, the standalone has done well both on higher volumes and stronger realizations with higher fixed cost control. We also capitalized some of the projects which has led to higher depreciation, and the domestic demand has remained steady right across all products. However, the input costs have increased due to Middle East conflict. US has a higher revenue compared to previous year due to higher volumes, partially offset by slightly lower pricing during the quarter. EBITDA was impacted due to lower realization and higher fixed cost, which was mainly not with fixed costs were fixed in US dollar; however, because of the exchange rate impact in rupee terms, they w [Showing first 8,000 characters — download PDF for full document]