Tata Chemicals Ltd

- **INR 1,300 crores Capex for FY27** primarily on: - Maintenance capex at Mithapur and US plants - Growth capex in South India (notably Silica plant at Cuddalore) - Capex for the recently acquired Singapore company - **Silica Plant at Cuddalore:** INR 775 crores investment for 50,000 tons capacity; detailed revenue/EBITDA guidance to be provided in Q1 FY27 call. - **Dense Ash Plant:** Repurposing existing cement plant to dense ash production to meet solar glass demand with expected 50% utilization initially. - **Other Projects:** - INR 100 crores immediate debottlenecking capex with expected IRR >20%. - Valinokkam salt plant expected IRR ~20%, offset by logistic cost savings in southern markets. - No new soda ash capex in the US until clear cycle recovery; focus is on non-soda ash business investments such as bicarbonate, salt, bromine, and chemicals.

- India is showing robust demand growth with higher capacity utilization across all sectors. - Solar glass sector expected to drive incremental demand, with initial demand of 7,500-10,000 tons per month as new solar glass capacities commercialize. - The company is repurposing a cement plant to dense ash production to meet growing solar glass demand, anticipating at least 50% utilization initially. - Focus on increasing non-soda ash revenue, which grew 14% from INR 6,118 crores in FY25 to INR 6,946 crores in FY26. - Reduced imports due to geopolitical tensions are boosting domestic volumes and demand. - Capacity expansions and debottlenecking projects underway with capex expected to yield 15-20% IRR, supporting volume growth. - Supply chain responsiveness and disciplined execution expected to improve margins and profitability over next few quarters. - Long-term growth driven by renewable energy products like lithium carbonate and solar glass demand.

- Tata Chemicals is focused on disciplined execution, supply chain strengthening, and cost and cash flow discipline to improve margins and profitability over the next few quarters (Page 16). - Shift towards a higher percentage of non-soda ash business, which saw revenue growth of 14% in FY26, supporting diversified and stable earnings (Page 4). - Capex plans include capacity expansions and repurposing existing plants with expected IRRs mostly around 15-20%, indicating positive future earnings contributions (Page 13). - The dense ash plant repurposing and other expansions aim for higher utilization and operating leverage, improving EBITDA per ton (Page 13). - Domestic market focus is expected to increase with reduced imports, supporting stable volumes and margins (Page 15). - Operational continuity and customer service commitments underpin long-term value creation and sustainable performance for shareholders (Page 16). - Profitability improvement is expected as recently unremunerative exports and market shutdowns stabilize (Pages 9-10).

The transcript provided from Tata Chemicals Limited's Q4 and FY26 earnings call does not mention any details about the current or expected order book or pending orders. The discussion largely focuses on: - Operational performance and capacity expansions. - Impact of geopolitical disruptions on supply chain and raw material sourcing. - Demand outlook, particularly for soda ash and related products. - Pricing, margins, and cost pressures including freight and fuel costs. - Updates on capex and repurposing plants for new product capacities. No explicit information regarding order book status or pending orders is disclosed in the available transcript on page 16 or surrounding pages.

- There is no mention of any new fundraising through debt or equity in the provided transcript. - The company plans capex of around INR 1,300 crores for FY27, funded through maintenance and growth capex. - Net debt (excluding leases) is expected to remain at similar levels as March 2026, indicating no major new debt planned. - Management emphasizes disciplined capital allocation and maintaining balance sheet strength during the current cycle. - Focus remains on sustaining existing operations and investing primarily in non-soda ash businesses, without indicating fresh fundraising through equity or debt.