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Operating performance below our estimates

Consolidated

* TTCH reported total revenue of INR38.8b (est. INR41.9b) in 2QFY26 (down 3% YoY/up 4% QoQ).

* EBITDA margin contracted by 160bp YoY to 13.9% (est. ~14.9%). EBITDA stood at INR5.4b (est. INR6.3b), down 13% YoY/17% QoQ.

* Adj. net profit was INR1.3b vs. ~INR1.9b in 2QFY25 (est. ~INR2.1b).

* Basic Chemistry Products revenue fell 2% YoY to INR29.8b, EBIT declined 53% YoY to INR1.2b, and EBIT margins stood at 4%.

* Specialty Products revenue grew 2% YoY to INR9b, EBIT was up 2% YoY at INR1.2b, and EBIT margins stood at 13.7%.

* For 1HFY26, revenue/EBITDA declined 2%/1% to INR76b/INR12b, while adj. PAT grew 15% to INR3.8b.

* Gross debt stood at INR67.2b as of Sept’25 vs. INR63.0b as of Mar’25. CFO stood at INR5.4b as of Sept’25 vs. INR6.7b as of Sept’24.

Standalone

* Standalone revenue came in at INR12b, up 19% YoY.

* EBITDA margin expanded by 560bp YoY to 19.9%. EBITDA grew 67% YoY to INR2.4b.

* Adj. PAT stood at INR1.8b, up 80% YoY

* For 1H, revenue/EBITDA/adj. PAT grew 15%/35%/37% to INR23b/INR5b/INR4b

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