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Motilal Oswal Report
Tata Chemicals Ltd.’s Q1 FY25 consolidated Ebitda declined 45% YoY, due to subdued operating performance across geographies, with India/U.S./UK/Kenya reporting Ebitda decline of 19%/58%/84%/61% YoY.
Factoring in weak Q1 performance and pricing-led margin pressure across geographies, we cut our FY25/FY26 Ebitda estimates by 6%/3%.
Reiterate our Neutral rating with an SoTP-based target price of Rs 980.
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