Good evening, ladies and gentlemen, and welcome to the Q2 and H1FY 2026 earnings conference call of Tata Chemicals Limited. Please note that this conference is being recorded. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star and then zero on your touchstone phone. We have with us today R. Mukundan, Managing Director and CEO, and Nandakumar Tirumalai, Chief Financial Officer of Tata Chemicals Limited. Before we begin, I would like to mention that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. I now invite Mukundan to begin proceedings of the call. Sir, you may proceed.
Okay. Thank you. Thank you to all. Good evening and welcome, everyone, to our Q2 H1FY 2026 earnings call. I'll start the discussion with a brief overview of industry and our operational highlights across business and geographies. Overall, the global demand for all key products is estimated to be flat in the near term, with stable demand in Europe, Africa, and America, and also in regions in India and Asia, excluding China. The demand is robust. The demand in China is seeing a slight downward trend, and Southeast Asia has remained weak with abundant supply of input material. Medium to long term, the story for the products we are in remains positive, with the growth of solar PV and EV growth, even though there are short-term margin challenges. Geopolitical risk and tariff uncertainties persist. The tariff announcements did negatively impact PV glass manufacturing in Malaysia and Vietnam.
Slow pace of economic recovery is expected to continue into 2026. The tariff issues are getting more slightly solved as we move along, and as they get resolved, I think the situation will ease further. The soda market, as I said, continues to be oversupplied with high inventory levels. The global operating margins do remain high. China inventory, especially, is high at 1.65 million tons, placing continued pressure on the spot prices coming out of China. The prices continue to weaken during Q2 FY 2026, whereas the supply-demand balance continues to be soft and will be range-bound in the medium term. The Chinese soda prices declined approximately by 56%-58% between Q2 FY 2023 and Q2 FY 2026. This is because of the intense competition we are seeing there due to new capacity coming on stream in Inner Mongolia.
The cash margins are under pressure, especially in China, and most of the production is today at negative cash margin. The soda prices have remained unchanged in Q2, average import prices ranging between $232-$236 into India. The MIP has been extended till 2025 in India, but it has not restricted the market prices as importers continue to supply and exert significant pressure on dense soda prices. There is an anti-dumping duty recommendation submitted by DGFT, subject to Ministry of Finance approval. In the U.S., export pricing to Asia has continued to drop due to persistent oversupply situation and spot offers from China. Overall, we expect the pricing to be subdued in the current range and remain there for the rest of the year. Now, we'll move into operational highlights in the business and geographies. On a standalone basis, the company has done well. Revenue from operations were up 19%.
EBITDA at INR 240 was up 67%, and profit after tax at INR 178 crore was up 80%. On the consolidated result, while revenue was down marginally 3% on INR 3,877 , this is mainly due to reconfiguring of U.K. because this quarter we did not have the lost stock sales, which has gone to zero, and the lost stock was still operational in Q2 of the previous year. In addition to that, I think the EBITDA itself this year has been lower at 6.8x compared to 537. This is because of the same lower volume and lower realization. The profit after tax has been impacted on two counts. One is the one-time provisioning of INR 65 crore in the U.K.
This is because of all the contractual obligations that were reviewed this quarter after complete cessation of operation, and we have estimated that it is prudent to provide for INR 65 crore, which is the future obligations brought forward both from supply and sales side. In terms of the U.S., there is a one-time reduction in the work in progress, which led to underabsorption of fixed costs by about $5 million. Overall, I would say about INR 105 crore is the broad impact of one-time events of the quarter. Unit-wise, India's performance is higher than the previous year due to higher volume and operational efficiency. Quarterly volume of all products increased, including sales volume of FOS, which went to 858 metric tons in Q2 compared to 675 metric tons in Q2 of the last year. In the U.S., both export volume and prices were lower than Q2 FY 2025. Domestic was at par.
In the U.K., the cessation of lost stock operation led to better operational performance. The reconfiguration in the U.K. is complete. The focus is on value-added non-cyclical products. We do expect to turn positive in the third quarter of this year and definitely overall moving to positive by the fourth quarter of this year in the U.K. Kenya saw lower sales volume due to shipment delays. However, the second half of the year should see the volumes come back because most of the shipment issues have been resolved. The pricing will be lower than what it was the previous year. There was a pending litigation in Kenya with the county government. That dispute has been resolved with the appeal court ruling in our favor and highlighting that this decision was arbitrary and illegal, and we are not obliged to pay the amount.
Rallis saw overall revenue degrowth of 7%, volume degrowth 10%, and price growth of 3%. Overall, EBITDA stood at 18% in Q2 FY 2026. In conclusion, our focus continues to remain to focus on maximizing volume, focusing on customer delivery and servicing customers well, focusing on what we can control in terms of costs and working capital, and ensuring that we build upon the restructured U.K. operation to at least ensure that all operations are positive. The areas of focus for us remain to keep a close watch on exports from the U.S. because that is the item that is one part of the business which is under pressure in terms of margin and ensure that the customer contracts are done in a manner that it is a positive or range-bound for the company. With this, I hand it back to the moderator for open for Q&A.
Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to please use handsets while asking a question. Participants, you are also requested to limit your questions to two per participant, and you can rejoin the queue in case of further questions. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Our first question comes from the line of Saurabh Jain from HSBC. Please go ahead.
Thank you for the opportunity. My first question is on the litigation issue in Kenya. Is it fair to assume that everything here is now settled and there are no further case complications that can arise out of this issue?
No, I think there is an opportunity, as in any litigation. The parties can go and appeal in the Supreme Court. That is the final court of justice. That opportunity is for 14 days. We are observing the matter. As of now, the ruling which has come in our favor also will help us in case this matter does go to the Supreme Court.
Understood. Because I thought there is also a parallel re-approach that the local government body, they went to High Court again. Does this judgment which has come into our favor by the Court of Appeal supersede that High Court orders?
Ladies and gentlemen, please stay with us. The management line seems to have disconnected. While we reconnect with the management. Ladies and gentlemen, we now have the management line reconnected.
Yeah.
Saurabh, may I ask you to please repeat your question?
Yeah. I was asking.
Yeah. Saurabh, I understood the question. I think in terms of the land rate matter, this is the main one. I think we will await the judgment on this. The other matters were also on the other matter which we have not highlighted but also got resolved during the quarter was all the tax-related matters. I think that has also been resolved. We have settled the matter after agreeing to pay INR 16 crore. That is also expensed out in this quarter.
Okay. So the tax matter is now closed, and you would still await the judgment by the High Court on the same issue of the land rates?
No, I think now. No, no, no. Now we are awaiting the matter if they take it to Supreme Court. That's it.
Understood.
If it doesn't go, then the matter is settled.
Understood.
We have always been open to reasonable discussions and going by the processes to arrive at land rate. This was very arbitrary. The amount arrived at. Yeah. That's it.
Got it. That is useful. Secondly, on the anti-dumping duty which has been recommended, I would understand that you would not be able to comment on what is going to happen, what is not. Just want to get your thoughts because what we understand from the media reports is that the pricing gap could actually be about $70-$100 per ton. If at all this sees application and execution, how much of this you could actually be seeing the increase in the pricing for Tata Chemicals and henceforth going to EBITDA?
I'll give you a bit of color. I think the upper end of the band, you're right, it is in that range. The lower end of the band actually varies by country and by supplier. The lower end of the band is actually as close to about $30. You could take a range-bound. In reality, I think this will make the current producers' operations remunerative. That's all I would say. I think it is fundamentally then dependent on, once it comes into effect, the overall issue of the dumped material not being available. It'll go to reasonable pricing.
Understood. Do you think it also involves imports from the U.S.? Currently, what are the political developments between India and the U.S.? There could be some potential hindrances in terms of hesitation from the government's part in kind of bringing this up and kind of allowing this thing to happen.
Saurabh, all I can say is that this is a mathematical calculation. It does not go by country-specific situation. I think it is product by product. I think that is really what has been done. The quantity of imports from Turkey, U.S. have been very high. For example, China did not appear in this whole anti-dumping because China imports were not in the high-volume category.
Sure. That is useful. One more question I may squeeze in. What is your expectation in terms of the soda ash capacity addition in China? Because we are hearing two news pieces. One, there could be phase two of capacity addition in the existing Inner Mongolia capacity. Any color on that would be useful.
Because this question is going to come from many, let me just give a color of at least my understanding of the situation. The policy of the Chinese government, as far as the central planning document is concerned, they want 50% of the Chinese capacity as natural and 50% as synthetic. That is their stated position. Now, which effectively means another 5 million-6 million tons of natural has to come on stream. By the same very token, they have to take out the synthetic capacity to make it a balance. That is what they want to reach. The news report you are reading in terms of natural capacity coming on stream is in line with what they have said as a stated objective. What we are not reading and we are not seeing immediately is the closure of the synthetic capacities, which effectively takes the whole proportion to 50/50.
Understood. By when would these capacities be coming online? Any more detail on that side?
Not really. Saurabh, all I can say is that this is a stated position, and the work would have started. Usually, it takes 36 months for anything to come on stream. If you are today in 2025-2026, you would expect something of these numbers to happen by 2029-2030. It could be delayed. It could come 6 to 8 months faster, but that is where it is, the range of dates. For everybody's view, the stated policy is it will be 50/50. Today, it is very much skewed in synthetic. It was 100% synthetic at some point in time. It is 25% natural now. They want to take it to 50/50.
Understood. So what is the reference of this 50/50?
Sorry, to interrupt, Saurabh, we request you to please rejoin the queue if you have further questions.
No, I'm not asking any new question. I'm just trying to take the reference point of this 50% capacity for my own reading purposes. Is it possible to direct us where this thing is announced by the China government, which document we can refer?
Ladies and gentlemen, please stay with us. We seem to have lost the line for the management once again. Ladies and gentlemen, we have now reconnected with the management. We thank you for your patience.
Yep. Sorry. I was just asking for the reference to where we could read the 50% target share that the China government is aiming.
See, that is something which we understand. If we could, we'll send you the references of the government.
Sure, sure.
Thank you.
Thank you so much, and I'll join back the queue.
Thank you. Ladies and gentlemen, in order that the management is able to address questions from all participants in the queue, you are requested to please restrict yourselves to two questions only. You may rejoin the queue for further questions. We have our next question from the line of Ankur Periwal from Axis Capital. Please go ahead.
Yeah. Hi, sir. Thanks for the opportunity. First question on the U.S. business. This quarter, again, on a Q-on-Q basis, we saw a sharp dip in EBITDA. I understand you highlighted last time that the domestic share was much higher in Q1 and hence higher EBITDA share. If you can just help us understand better, how should one look at this mix and possibly a sustainable number on how this number will move in the coming quarter?
Yes.
Thanks.
Broadly, as I mentioned, out of that, the EBITDA, which was $188 million in the last quarter and it is $77 million this quarter, this quarter number is depressed on one account that there was a drawdown of work in progress, which was mainly on account of certain reconfigurations the plant had done. Nothing to do with sales, it is fundamentally internal work, material work in progress stocks which had to be drawn down. That led to underabsorption of fixed costs. That is about $5 million there. You should really treat the $77 million as INR 117 crore, broadly in terms of the number. That is what I would say. The rest, I think this quarter, there is an overemphasis on export because that export, which got pushed this quarter, has moved into previous quarter, has moved into this quarter.
That would contribute approximately, in my view, about another INR 15 crore. In all, I would say it is about, if I were to correct this, it would be about INR 55 crore is what would be the normalized run rate at the current pricing.
Sure, sir. That's helpful. Your earlier comments did mention a higher share of exports. What will be the percentage exports share right now versus, let's say, last quarter, Q1?
See, usually, our numbers are almost 50/50. I think. This quarter, the Q was higher by about 20 odd thousand tons.
Okay. That's helpful, sir. Secondly, on the U.K. business, given the shutdown in lost stock operations as well as the pharma-grade plant commissioning, one, where are we in terms of timeline for the pharma-grade plant? And secondly, from a profitability perspective, X of pharma-grade, is this INR 40 crore odd EBITDA a sustainable number, or there could be further positive surprise there?
I think the 40 reflects the current state of operation. I think what we will see as a positive move is that. In terms of the bicarbonate itself, the volumes, if you look at the volume chart, broadly, the volumes in the bicarbonate have been depressed by almost, in my view, about 4,000 odd tons for the quarter. I think we will see a pickup in the volume of the salt, the bicarb being produced and sold. That would consistently keep increasing because we also had to switch out from the current internal source of soda ash to externally bought-out soda ash. That has meant some reconfiguration, some restatement of the operating rate. That would pick up in Q3 and reach the final number by Q4 to the steady state.
In terms of the salt, again, I think you would see first pharmaceutical-grade salt being sold in the market in Q3. We expect that we would normalize this over a period of the next two quarters. This is going to quarter on quarter continue to improve. Also, all the historical issues related to the lost stock soda ash operations, with this quarter, we have actually provisioned for fully. The reconfiguration is complete. You would continue to see improved numbers. The numbers would only track up from where it is seen in this quarter.
Sure, sir. Thanks for all those answers. Thank you, and all the best.
Thank you. Our next question comes from the line of Vivek Rajamani from Morgan Stanley. Please go ahead.
Hi, sir. Thank you so much for the opportunity. The first question was on India. Could you just explain why the unit margins in India fell sequentially? Is this more of a seasonality element, or is this more of a mix issue? I just wanted some more color on that. That's the first question.
No, in terms of the margin itself. The issue fundamentally is the volumes are higher, but the prices were down. Overall, if you look at it, the revenue has tracked up. Also, compared to previous quarters, the margin is down primarily because of the pricing being continuing to be under pressure. We do expect that the prices have more or less stabilized within the Indian market. We do not anticipate any further shifts in this margin number. The higher volumes would continue to track, so we should be able to sort of continue to deliver the current state of performance in terms of outputs.
Sure, sir. So just to clarify, you would expect India to be operating at this level going forward, assuming the market stays stable?
No, the market is staying stable because, see, there are two issues which have happened. One is the anti-dumping notice itself has given a salutary effect in terms of imports coming down a bit, and the pressure on pricing going away. To that extent, I think we will see that the numbers are more or less maintained in terms of the margin and pricing. Volume, of course, we will try to do whatever best we can.
Sure, sir. Thanks for that. The second question was, you've obviously explained with respect to the U.K. part of the business now getting better incrementally. I just wanted to understand, you'd given a target of about INR 600 crore of savings. I think you'd previously mentioned that you're fairly confident of doing that despite how the market would broadly behave. Given the updated views that you have of the industry, I just wanted to check once again on the INR 600 crore target for this year and how you feel about achieving that by the end of fiscal 2026.
In terms of the additional number of INR 200 crore odd, as I said, is because of capacity, but it's more or less playing out exactly as we said. There's no change in that number. In terms of the fixed cost, I think probably we would be there or thereabouts, maybe about INR 30, INR 40 crore odd because that is mainly the issue related to the rupee depreciating with the U.K. pound and other pound. Not really in local currency, our numbers are tracking what we had anticipated. We will have an impact on the fixed cost side. I think the big issue is going to be in terms of what I would call the other reconfiguration we had to do that has probably been partly eaten by the pricing pressure in U.S. export pricing.
Overall, I think we would be, in a broad sense, instead of INR 600 crore, we would say that we should be there about 75% of the numbers we gave, more or less.
I'm sure, sir. That's very helpful. I'll rejoin the queue and all the very best.
Thank you. Our next question comes from the line of Abhijit Akella from Kotak Securities. Please go ahead.
Yeah. Good evening. Thank you so much for taking my questions. Just with regard to this upcoming U.S. contract renegotiation, would it be possible to just share your preliminary thoughts about what one might expect in terms of direction of pricing? Also, any rough sense we could get regarding how much the differential between average export price and domestic price is at present in the U.S.?
In terms of the negotiation, there is a final leg, Abhijit. I can only say that the contracting on the domestic is progressing well, and it is in the range now. On the export side, I think while many markets are okay, I think it is turning out to be tough in terms of the Southeast Asian market. We will come back with specific numbers on the export side only. The domestic should remain pretty much in the range we have been doing the last two years. Yes.
Okay. Fine. Thank you. With regard to these INR 1,500 crore NCDs that we are proposing to issue, is this for refinancing some of the existing debt, or what exactly is the thought process behind that?
No, this is a general-purpose NCD because we have plans in India and other places which we will highlight as soon as we sort of get all the approvals in place. Clearly, to give a broad color, I think our aim is to debottleneck India and also ensure Indian capacity goes up in phases by 15%. Again, additional 35% would be a 50% increase in the Indian capacity. We will be coming back with the details of the same by the third quarter of results. We also would be looking at adding silicate capacity both in Cuddalore and in Mithapur. We need to grow the business. This is only for a very general-purpose, short-term general purpose.
Got it. Thank you. The CapEx numbers. INR 1,000 crore for this year is what we had projected. Any updated sense we could get for this year and next year?
It's going to be around that number, Abhijit. I think the issue is that in third quarter, we'll give you much better color. The reason being that we are also reworking on growth in India. I think let's come back with all the comprehensive number to you. As I mentioned, we do believe that there is a component of growth which we should be doing in India in terms of the soda ash, at least another 500,000 ton. 150,000 ton of that should come very quickly. The 350,000 will take a little time, but I think we'll bring it in two steps. We are also looking in terms of augmenting bicarb capacity as well as silica. There are three vectors of growth. FOS capacity of 5,000 ton of L55 has been commissioned.
That unit should continue to grow on its own until it reaches 80% utilization of the current 5,000 ton we have and of P95 and L55, 5,000 which has been commissioned. I think we will continue to run the current unit. Right now, the focus is entirely ensuring that the FOS unit quickly reaches its piece of 80% utilization so that we can add another 5,000 ton. We will be adding in two phases, one in Cuddalore, about 42,000 ton, and about 60,000 ton in Mithapur of silica. At the same time, adding 500,000 ton of soda ash. These are numbers we are working through. We'll come back to you with a specific plan. All this is general-purpose fundraise to make sure that we get through these programs in time.
Got it. Thank you so much and wish you all the best.
Thank you. Our next question is from the line of Naushad Choudhary from Aditya Birla Asset Management Company. Please go ahead.
Hi. A few clarifications. First, on the U.S. Normalized EBITDA. You said to earlier participants. Was it a $55 million annual. You said, or INR 55 crore quarterly on that? Is the new normal at current price?
No, there's a INR 77 crore number there. What I said was there are two one-offs this quarter. One is about $5 million of working capital chains. Let's say overexposure of exports to domestic. Both put together is about INR 50 crore- INR 55 crore of depression which has happened, which should adjust in the normal course of business.
Okay. So on a full-year basis, should we expect the similar rate which we had last year with 5%-10% deviation, or should it be more than that?
No, I think you need to look at the current quarter as a starting point. With adjustment of the figure I said, I think that is the way you should look at the figure now because it then sort of also adjusts for the pricing changes between last year and this year.
Okay. On the power and freight cost side, I can see the reduction in the overall global power cost, which is reflecting in our numbers. At the same time, freight cost also globally has gone down meaningfully. How should I rate this? Is there any different kind of arrangement happening in our business on the freight side? I can take that, Mukund, on power and fuel part?
Yeah. Yeah.
Power and fuel, last year, we had the U.K. plant working for the entire six months' time on the quarter also. That is a major savings in the U.K. The problem with power and fuel is mainly U.K., and the rate is almost same as last year's Q2. Yeah. Okay. Last, on the soda ash price point of view, what do you think? What can lead to further drop in the prices from this level? Any possibility of it going down further from the current level?
Let me take that. I think as far as the domestic market is concerned, I think we would expect that to be range-bound. I think in exports, we do see that the intensity of competition being very high in Southeast Asia. That intensity will continue because the bulk of the Chinese materials seems to be flowing into that market. That market is getting impacted fairly strongly. It also is flowing into what I would call as Northeast Asia, which is basically markets around Taiwan, Korea, and Japan. Basically, it is the Asian market which is under pressure, excluding India. That is because of the flow-through of the Chinese market situation.
Okay. All right. Thank you.
Thank you. Our next question comes from the line of Sumant Kumar from Motilal Oswal. Please go ahead.
Hello?
Yeah.
Hello? Yeah. Sir, can you talk on standalone operating performance when we see YUI significant improvement? How is the contribution of salt this quarter in the operating profit side? Also soda ash?
I think this run rate should continue. Sumant. I think. As I mentioned, we expect the current rate to continue. There could be slight improvement because our utilization, there is still headroom for us to grow the bicarb business with the current capacities we have. There is still unsold, let's say, there is headroom to grow the new L55 capacities that have come. Those orders will flow in. That will improve the numbers as we speak. Otherwise, we are pretty much close to near full utilization of whatever we can do in soda ash, in every other product, including silicate. I think the fundamental, what we are able to do will be these incremental ones. They will play through in the Q3 and Q4.
What I'm asking, in this quarter, when you see YUI, the salt. Operating performance improvement and soda ash improvement in this quarter. What was the key reason for that?
No, I think the key reason is basically the volume. Last year, the same quarter last year, we had. While the rains were heavy this year also, the damage because of the rain which had happened in Mittalpur as a one-time issue has not happened. I think those numbers are not that depressed. I think fundamentally, you have got to look at the India number. If you look at the India number for the soda ash broadly, it is up quarter on quarter, basically from previous year's same quarter to this quarter, about 30 odd thousand ton. Similarly, if you look at the salt number, it is almost up by about 50 odd thousand ton. That is because of the new capacities which have come. It has nothing to do with rain. I think those are the two drivers.
The other driver, of course, is the improvement and increase in the number in the bicarb. Bicarb also has grown by 14,000 ton. If you ask me, going forward, where is the room to grow further? Bicarbonate has room to grow further. Also, FOS, which is not listed in this, has room to grow further because the 5,000 ton has been commissioned this month. Those would be the ones which will drive the growth in the domestic market. I believe the current units which have been delivering, both for Q1 and Q2 in soda ash and the bicarb and salt, will continue at the similar clip. The growth will fundamentally be driven off the capacity available in bicarb, growing the market and also growing the FOS market.
The improvement in salt also, operating level? Or year-over-year or quarter-over-quarter?
Salt will continue to be at the current rate, the current rate of sales. You can take H1, just H1 number of salt. Broadly, if you look at it, the similar number should repeat in H2 overall.
Okay. Thank you.
Thank you. Our next question comes from the line of Satish Kapoor from Kapoor Company . Please go ahead.
Yeah. Namaskar, sir. Thank you for the opportunity. Sir, as you were mentioning, hello?
Yeah.
Yeah, sir. As you were mentioning about incremental volume from the bicarb also, there were some regulatory changes with respect to flu gas treatment at the power plants. Are we continuing with our supply to the players in power plants, or how are the installations going ahead? If you could just give some color.
We have not had major changes in that. Our ability to sort of place additional and increase the market is continuing. Bicarb is an under-penetrated product in India, and its applications are increasing. We are working with all segments, not just with flue gas treatment. It is across all segments.
Okay. Sir, there was a global soda ash conference that was scheduled in the month of October. If you could give us some color, what are the key takeaways from the same? Sir, taking into account the global inventory levels, sir, they were at alarming 1.7 million. Some number was there. How has that moved post the second quarter, post September onwards? How are the inventory globally shaping up? If you could just give some color on the same.
The inventory issue is mainly in China. It is 1.7 million. I think the Chinese situation is fundamentally being driven off the issues with that market, as well as Malaysia, Vietnam, where they put up solar capacity, solar PV capacity, that's coming under pressure because of tariff regime. Hopefully, because of the tariff issues getting resolved, I think we could see easing of that. The main issue there has been that exports out of the specific product had come to almost standstill, and that we believe will move in the positive direction. That is the positive call. We do not anticipate it to worsen beyond this. If at all, if some of this trade and tariff-related frictions come down, I think we would expect that the numbers would improve. The pressure is mainly in China and Southeast Asia.
Okay, sir. Lastly, on the debt part, sir. The net debt has moved up. How much is on account of the repricing of the currency? What are the current year's maturity? What would we be likely closing the year in terms of the net debt number?
Nandakumar, will answer that .
Thank you, Mukundan. Yeah. So the debt has gone up in the H1 compared to March ending, mainly on the currency part. Of course, INR 250 crore is the impact of the currency impact. And the remaining is because of the higher inventory levels we had in H1. And some part may normalize of the inventory part in H2. Currency part, I can't comment.
Okay. But what are the current maturities? And how should we likely be closing the year? Just on a constant currency basis or. Yeah, that's it.
There is no long-term debt falling due in the second half. The next debt falling due is next December 26th only. What is falling due is already we repaid now and refinanced that now. Second half would be the same loan in H1 in H2. Working capital is also there. Long-term, nothing is being falling due in H2.
Okay, sir. The key takeaways, anything, sir, you want to mention about the global soda ash conference where we must have also participated?
Yeah. I think the key takeaways are the following: that the reconfiguration around the globe is underway. I think that reconfiguration has begun. Many of the unremunerated capacities have yet to be addressed, both in Europe and also now increasingly in China. I think that process should get underway. We expect that normalization of that process to happen in the next 18 months or so. Secondly, I think the medium-term view remains positive. While there have been, let's say, some kind of a pullback from the sustainability commitments in several parts of the world, in general, the customers are moving ahead with that. There is also an anticipation that friction on tariffs may come down going forward, which should ease the market conditions going forward. Overall, the mood is that it is going to remain range-bound in the current level.
It will start to ease as the geopolitics and the pressures come off due to reconfiguring of capacities, both in Europe and in China.
Thank you for all the replies, sir, and all the best. Thank you.
Thank you.
Thank you. Ladies and gentlemen, we will take that as our last question for today. I would now like to hand the conference over to R. Mukundan for closing comments. Over to you, sir.
Thank you. Thank you for joining the call today. As highlighted, I think while the immediate term pressure on the soda ash pricing would continue and it's going to remain range-bound, we are looking forward to normalization as we move forward, both from the capacity front as well as the geopolitic tariff front. In addition to which, we welcome the move of ADD from DGFT. We hope that this resolves itself. Over a period of time, we continue to be positive on the Indian market. Hence, by quarter three, we'll come back with certain capacity additions which we plan on doing in the Indian market. Part of the capital raise is also to ensure that we are adequately supported for that move. Our endeavor is going to continue to be to move in a very capital-efficient and cost-efficient manner to continue to grow the business.
Thank you all, and see you in Q3 FY 2026 results.
Thank you. On behalf of Tata Chemicals Limited, that concludes this conference. Thank you all for joining us. You may now disconnect your lines.