TATACONSUM
Large CapTATA CONSUMER PRODUCTS LIMITED
Consumer
Tata Consumer Products is an integrated F&B company, part of the Tata Group, aiming for a larger share of the FMCG market. It is India's largest salt brand, 2nd largest tea brand, and #1 natural mineral water brand. Globally, it is the #2 branded tea player and 4th largest R&G coffee brand in the USA.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 85/100Rev +18% YoY · PAT +21% YoY · margin expansion · +6% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹5,434 Cr | +17.9% | +6.3% |
| EBITDA | ₹792 Cr | +27.5% | +9.8% |
| Operating margin | 15.0% | +200 bps | +100 bps |
| PAT | ₹424 Cr | +21.5% | +10.1% |
| PAT margin | 7.8% | +23 bps | +27 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Consolidated revenue grew 18% in Q4FY26 and 15% in FY26, driven by strong India business volume growth. Q4 EBITDA expanded 100bps to 14.6%, up 27% YoY, though FY26 EBITDA margin saw a slight contraction.
The company delivered robust top-line growth, particularly in India and its 'Growth' businesses, with strong Q4 EBITDA expansion. While India Tea revenue declined due to price pass-through, Salt and Sampann showed strong momentum. International and Non-branded segments had mixed profitability, with geopolitical issues impacting exports. Overall strategic priorities are progressing well.
Branded Business Revenue by Geography (Q4FY26)
Latest issuer-disclosed distribution across 2 reported categories.
'Growth' Businesses
'Growth' businesses crossed ₹4,000 crore revenue in FY26, growing 24% in FY26 and 33% in Q4FY26.
Tata Sampann
Tata Sampann recorded strong momentum, growing 69% in Q4FY26 and 46% in FY26, with broad-based contribution.
India Salt Business
Salt delivered 14% revenue growth in FY26 to cross ₹4,000 crore, supported by double-digit volume growth.
US Coffee Business
The US business delivered 24% YoY growth in Q4FY26, driven by pricing actions, and 23% for the full year.
Tata Starbucks Store Expansion
Tata Starbucks expanded its network with 23 net new store openings during FY26, reaching 502 total stores across 80 cities.
Moderating Tea Prices
Tea prices in North India moderated in Q4FY26, witnessing a seasonal correction post earlier peaks.
Softening Robusta Coffee Prices
Robusta prices softened sequentially in Q4FY26, with average prices at an 8-quarter low.
Geopolitical Disruptions
Capital Foods had a softer Q4FY26 due to export disruption from geopolitical developments, causing combined exports to decline 9%.
International Business Gross Margin Pressure
International EBITDA declined 6% (CC) YoY in Q4FY26, with margin 220 bps lower, driven by gross margin pressure.
Non-Branded Business Margin Contraction
Non-branded EBITDA declined 29% (CC) in Q4FY26, with margin contracting 1,280 bps due to reversal of prior-year fair value benefits.
Commodity Price Fluctuations
The company's forward-looking statements acknowledge risks from commodity price fluctuations, which can impact input costs and pricing environment.
Competitive Intensity
The disclaimer highlights competitive intensity as a factor that may affect actual results.
Geopolitical Instability
Geopolitical disruptions impacted Capital Foods' exports in Q4FY26, demonstrating vulnerability to global events.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The investor presentation primarily reports Q4FY26 results against Q4FY25 and full-year FY26 results against FY25. For a consumer business, year-on-year comparison is crucial to account for seasonality and provide a consistent view of performance trends.
Consolidated Revenue Growth
Consolidated revenue grew 18% in Q4FY26 and 15% in FY26.
India Business Underlying Volume Growth (UVG)
India business delivered 16% underlying volume growth in Q4FY26 and 13% in FY26.
Consolidated EBITDA Growth & Margin
Consolidated EBITDA grew 27% in Q4FY26, with margin expanding 100 bps to 14.6%. FY26 EBITDA grew 12% with margin at 13.9% (-30bps YoY).
India Tea Volume & Revenue Growth
India Tea volumes grew 4% in Q4FY26, but revenue marginally declined as lower input costs were passed on to consumers. FY26 revenue grew 6%.
Strengthen Core & Accelerate Growth Businesses
Management aims to drive more focus on 'Growth' businesses in Tea and Salt dominant markets through a new GTM model.
Drive Execution Excellence Everyday
The company is embracing Channels of the Future, with Modern Trade, E-commerce, Q-commerce, and Emerging Channels showing strong growth.
Drive Digital & Innovation
Management emphasizes innovation-led growth, with innovation revenue scaling 7x since FY21 and 80 new products launched in FY26.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Business Underlying Volume Growth (UVG) | 16% in Q4FY26, 13% in FY26 | Sustained double-digit UVG in India, indicating continued market penetration and demand. |
| 'Growth' Businesses Revenue Growth | 33% in Q4FY26, 24% in FY26 | Continued high growth rates in these segments to drive overall portfolio premiumization and diversification. |
| Innovation-to-Sales Ratio | 4.5% in FY26 | Maintenance or improvement of this ratio, reflecting effective new product development and market acceptance. |
| India Tea Market Share (Value) | -50 bps (MAT Mar'26 vs Mar'25) | Stabilization or recovery of market share, especially after price pass-throughs, to ensure core business strength. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +2.2% / mo
Technical chart
TATACONSUMweekly · 5Y+11.4%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 41. Wait for confirmation.
- SMA20 rising (~2.1% over last month) — short-term momentum positive.
- RSI(14) at 41 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 14% off 52W high · 10% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Balance sheet contributes 10/15 to the score.
- Growth contributes 11/25 to the score.
Main drags
- Fair-value margin of safety is negative at -57.8%.
- Quality is weaker at 0/20; verify the latest quarterly trend.
- Valuation is weaker at 2/30; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 91st percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: ROE is low at 7.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Consumer: 91st pctile, median 67 · Large: 74th pctile, median 74
191 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.5%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸ROE is low at 7.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 71.40
- P/B
- 5.03
- EV/EBITDA
- 32.88
- Market Cap
- 109584.00Cr
Profitability
- ROE
- 7.35%
- ROCE
- 9.24%
- ROA
- 4.51%
- Dividend Y
- 0.90%
Growth (CAGR)
- Revenue 5Y
- 12.00%
- EPS 5Y
- 12.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- 13.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- 20.38×
- Altman Z
- 7.24
- Book Value
- 220.00
Cash Flow
- FCF Yield
- 0.47%
- FCF Positive Y
- 10/5
- OCF
- 2422.00 Cr
- EPS TTM
- 15.59
Shareholding
- Promoter Hold
- 33.83%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 36%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.