NSE: TATACONSUM · BSE: 500800
TATA CONSUMER PRODUCT LTD
Sells branded tea, salt, packaged foods and beverages in India and overseas. India Business is the largest segment at 62.5% of FY26 segment revenue, comprising branded tea, Tata Salt, Tata Sampann (pulses and dry fruits), ready-to-drink beverages, Capital Foods and Organic India. International Business contributes 25.7% via overseas tea brands, US coffee and Tata Starbucks in India. Non-Branded Business at 11.7% covers plantation and bulk commodity operations. Materials at 38.4% of revenue are the largest cost line, followed by other operating expenses at 19.6% and employee costs at 8.2%. In Q1 FY27, consolidated revenue rose 12% to Rs 5,349 cr and EBITDA margin expanded 70 bps to 13.6%, with growth businesses scaling rapidly. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India Business (63%), International Business (26%), Non Branded Business (12%), Others (0%). Branded FMCG - tea and salt are mature cash engines, while Sampann, RTD, Capital Foods and Organic India are scaling growth categories
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 12,425 | 13,783 | 15,206 | 17,618 | 20,290 |
| EBITDA (ex other income) | 1,667 | 2,016 | 1,957 | 2,474 | 2,772 |
| margin % | 13.4 | 14.6 | 12.9 | 14.0 | 13.7 |
| Owners' profit | 936 | 1,204 | 1,150 | 1,278 | 1,542 |
| EPS, as reported (₹) | 10.15 | 13.02 | 12.32 | 13.06 | 15.59 |
| ROE % · ROCE % | 6.2 · 8.5 | 7.7 · 10.0 | 7.0 · 8.4 | 6.0 · 7.9 | 6.7 · 8.3 |
| Debt / equity (x) | 0.06 | 0.07 | 0.17 | 0.09 | 0.09 |
| Cash from operations | 1,516 | 1,461 | 1,937 | 2,057 | 2,422 |
| Capex | (273) | (312) | (335) | (460) | (449) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,214 | 4,444 | 4,608 | 4,779 | 4,966 | 5,112 | 5,434 | 5,349 |
| Profit before tax | 397 | 402 | 530 | 465 | 523 | 540 | 644 | 592 |
| Net profit | 367 | 282 | 349 | 332 | 407 | 385 | 424 | 427 |
| EPS (₹) | 3.78 | 2.82 | 3.49 | 3.38 | 4.09 | 3.88 | 4.24 | 4.31 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India Business | 12,779 | 62.5 |
| International Business | 5,251 | 25.7 |
| Non Branded Business | 2,387 | 11.7 |
| Others | 41 | 0.2 |
| Total, before eliminations | 20,457 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CONSUMER PRODUCT LTD ◆ | 98,980 | 60.5 | 4.27 | 33.4 | 6.7 | 7.8 | 11.8 | 14.9 |
| CCL PRODUCTS (I) LTD | 12,529 | 28.9 | 5.34 | 18.4 | 16.6 | 16.2 | 29.1 | 16.4 |
| VINTAGE COFFEE N BVRGS L | 2,229 | 28.3 | 3.92 | 21.1 | 12.7 | 14.0 | — | 20.6 |
| ANDREW YULE & CO. LTD. | 1,109 | — | 3.41 | — | (5.9) | (9.5) | (2.2) | (44.3) |
| GOODRICKE GROUP LTD. | 457 | 17.9 | 1.51 | — | 8.4 | 5.0 | — | (22.7) |
| JAYSHREE TEA & INDUSTRIES | 233 | — | 0.59 | 20.3 | (6.3) | (5.1) | 3.0 | 4.9 |
| THE P K TEA PROD CO LTD | 206 | 38.1 | 1.08 | 17.7 | 2.8 | 3.2 | — | 50.0 |
| UNITED NILGIRI TEA LTD | 202 | 10.0 | 0.84 | — | 9.1 | 10.4 | — | 43.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 60.5 | 14.7 | 18 of 18 | 0% |
| P/B | 4.3 | 0.6 | 24 of 27 | 12% |
| ROCE | 7.8 | 3.0 | 7 of 26 | 76% |
| ROE | 6.7 | 2.3 | 8 of 27 | 73% |
| Debt / Equity | 0.1 | 0.2 | 9 of 26 | 68% |
| EBITDA margin | 14.9 | 11.9 | 12 of 26 | 56% |
| Revenue growth | 11.9 | 1.6 | 9 of 25 | 67% |
| Profit growth | 28.8 | 18.5 | 12 of 27 | 58% |
| Market cap | 98980 | 112 | 1 of 27 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Tata Consumer Q2 revenue up 14%, net profit up 16% | compliance | minimal | — | — |
| 26 Oct 2026 · Recording link for September 2026 results call | investor communications | low | — | — |
| 26 Oct 2026 · Tata Consumer reshuffles senior management leadership | management changes | medium | — | — |
| 26 Oct 2026 · Q2 FY27 revenue up 14%, EBITDA margin expands 40 basis points | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 FY27 revenue up 14%, EBITDA up 18% on strong India volume growth | compliance | low | — | — |
| 26 Oct 2026 · September quarter revenue up 14%, consolidated net profit up 16% | results | high | — | — |
| 26 Oct 2026 · Q2 FY27 revenue up 14%, Group profit up 16%; exceptional items hit standalone profit | results | high | — | — |
| 23 Oct 2026 · Tata Consumer Products schedules three investor meetings in Mumbai | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Tata Consumer Products sets Q2 FY27 results call for October 26 | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 26 to approve Q2 and H1 FY27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.