MORGAN STANLEY ON TATA CHEMICALS • Underweight with target price of Rs 843 • Believe the share price will fall relative to the country index over the next 45 days • Estimate that there is about an 80% + probability for the scenario • TTCH should see subdued soda ash earnings in F2025 • well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play • See soda ash margins reverting to below mid-cycle levels • Valuations are tracking near +1sd and appear rich MORGAN STANLEY ON TATA CHEMICALS • Underweight with target price of Rs 843 • Believe the share price will fall relative to the country index over the next 45 days • Estimate that there is about an 80% + probability for the scenario • TTCH should see subdued soda ash earnings in F2025 • well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play • See soda ash margins reverting to below mid-cycle levels • Valuations are tracking near +1sd and appear rich

MORGAN STANLEY ON TATA CHEMICALS

• Underweight with target price of Rs 843

• Believe the share price will fall relative to the country index over the next 45 days

• Estimate that there is about an 80% + probability for the scenario

• TTCH should see subdued soda ash earnings in F2025

• well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play

• See soda ash margins reverting to below mid-cycle levels

• Valuations are tracking near +1sd and appear rich MORGAN STANLEY ON TATA CHEMICALS

• Underweight with target price of Rs 843

• Believe the share price will fall relative to the country index over the next 45 days

• Estimate that there is about an 80% + probability for the scenario

• TTCH should see subdued soda ash earnings in F2025

• well-supplied soda ash markets, mixed demand sentiment and unfavorable competitive dynamics at play

• See soda ash margins reverting to below mid-cycle levels

• Valuations are tracking near +1sd and appear rich