Tata Chemicals Q4 Review – Too Much Optimism Built In: Motilal Oswal

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Tata Chemicals Ltd.’s consolidated Ebitda came in below our estimates – largely dragged down by North America and Europe – due to the absence of operating leverage and one-time costs.

In the last six months, the company has rallied approximately 126%, whereas the Nifty has appreciated by ~20%.

This outperformance is largely attributable to its plans to enter into the energy science business.

Government of India has announced the production linked incentive incentive for the electric vehicle battery business, but plans are yet to be finalised (highlighted by the management during the Q4 FY21 call).

Click on the attachment to read the full report:

Motilal Oswal Tata Chemicasl Q4FY21 Result Update.pdf


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