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TATACONSUM · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Tata Consumer Products reported strong Q4 FY26 with consolidated revenue growing 18% and full-year revenue crossing INR20,000 crores (up 15%). India business delivered 13% UVG for the full year. Tea volumes grew 4% in India with margin recovered after price cuts taken as tea costs declined. Salt delivered 12% revenue growth with market share up 100 bps. Growth businesses crossed INR4,000 crores (up 24%), with Sampann growing 69% in Q4 to INR1,600 crores for the full year. RTD grew 28% volume. Consolidated EBITDA grew 27% in Q4 with margin expanding 100 bps to 14.6%, though full-year EBITDA margin was 13.9% due to first-half softness from high tea and coffee costs. The company sits on INR3,000 crores net cash with working capital in India at negative 2 days. The Board recommended a dividend of INR10 per share. Management guided to 50-75 bps EBITDA margin expansion for FY27 as a 'given' and expects coffee margins to improve as commodity costs soften over the next 2-3 months. Tea prices are trending benign. The new go-to-market rollout is complete with execution metrics already improving.
Strong quarter with broad-based growth and margin expansion. Management's explicit commitment to 50-75 bps EBITDA margin improvement in FY27 and improving coffee cost outlook are positive for the stock. The stock is nearing completion of a multi-year turnaround story with scale, cash generation, and distribution depth all improving.