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Model Note · TATA CONSUMER PRODUCT LTD · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
TATA CONSUMER PRODUCT LTD Discounted cash flow · base FY26
TATA CONSUMER PRODUCT LTD
Value per share, this model₹395
CMP 2026-09-10₹991.00
Difference(60.2)%
Growth the CMP implies43.9%/yr
This note states the assumptions and the arithmetic of one model of TATA CONSUMER PRODUCT LTD, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
15% a year
FY26 15.2% · 5-yr CAGR 11.8%
EBITDA margin
13.7%
FY26 13.7% · 5-yr average 13.7%
Depreciation · capex, % of revenue
3.1% · 2.2%, fading to 1.2× depreciation
FY26 3.1% · 2.2%
Working capital, % of added revenue · tax
3.9% · 24.6%
14 working-capital days · effective 24.6%
Discount rate
11.00%
1-yr beta 0.65
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(926) · ₹0 · ₹0 cr
FY26 net debt ₹(926) cr
Shares
98.96 crore
98.96 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
20,290
23,334
26,834
30,859
35,488
40,811
growth %
15.2
15.0
15.0
15.0
15.0
15.0
EBITDA
2,772
3,197
3,676
4,228
4,862
5,591
Depreciation
(627)
(723)
(832)
(957)
(1,100)
(1,265)
NOPAT
1,617
1,865
2,145
2,466
2,836
3,262
less capex
(449)
(513)
(692)
(913)
(1,185)
(1,518)
less working-capital build
—
(119)
(137)
(157)
(181)
(208)
Free cash flow to firm
—
1,956
2,148
2,353
2,571
2,801
Present value
1,857
1,837
1,812
1,784
1,751
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · TATA CONSUMER PRODUCT LTD · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
9,041
PV of the terminal value (76% of EV)
29,091
Enterprise value
38,132
less net debt
926
less non-controlling interest
0
add non-operating investments
0
Equity value
39,058
÷ 98.96 crore shares
₹395
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
407
437
472
515
569
10.5%
377
401
430
464
506
11.0%
350
371
395
423
457
11.5%
327
345
365
389
416
12.0%
308
323
340
359
382
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
