New Research Reports

With a 17% upside from the CMP, we maintain our BUY rating on the stock.

CCL Products Q2FY26 performance was above our expectations. Sales grew 53% YoY to Rs11.3bn, driven by 20+% YoY volume growth and 33% YoY increase in realization due to improved coffee blends and higher prices. Gross margin contracted by 524bps YoY to 34.5%, primarily due to higher input costs. Consequently, EBITDA margin contracted by 107bps YoY to 17.5%, despite operational efficiencies and a favorable product mix. PAT increased by 36% YoY to Rs1,009mn. CCL maintained its volume and EBITDA growth guidance of 1020% and 15-20%, respectively and expects to close FY26 toward the upper end of this range. We value the stock at a PER of 25x FY27E EPS, arriving at a target...

Tata Consumer Products is poised to maintain strong growth momentum in H2FY26, driven by sustained double-digit performance in India Foods and Beverages.

About the stock: Tata Consumer Products (TCPL) was formed with a vision to synergise, simplify and scale the principal consumer products interests of the Tata Group under one roof. Under the vision it has transformed itself from commodities tea/coffee business to high margins food and beverage business. TCPL's product portfolio includes tea, coffee, salt, pulses, spices, dry fruits, water, ready-to-drink (RTD), ready-to-cook (RTC), and breakfast cereals, snacks, and mini meals. Q2FY26 performance: TCPL's consolidated revenues grew by 18% YoY to Rs.4,965.9cr driven by 15% growth in the India beverage business and 19% growth...

Tata Consumer Products (TATACONS) reported ~8% YoY growth in EBIT, marking a recovery after three consecutive quarters of decline.

In FY25, India’s tea production declined 5% YoY but rebounded in the current season (Jan–Jul’25) with 14% growth, led by Assam and West Bengal. This stabilized prices after a peak in Jun’25.

Quarterly Update Q1FY26

With a 12% upside from the CMP, we maintain our BUY rating on the stock.

CCL Products Q1FY26 profitability was below our expectations. Sales grew 37% YoY to Rs10.7bn, driven by 9-10% YoY volume growth and 27-28% YoY increase in realization due to improved coffee blends. Gross margin contracted by 543bps YoY to 32.6%, driven by higher input cost. Consequently, EBITDA margin contracted by 178bps YoY to 15.1%. EBITDA grew 22% YoY to Rs1.6bn, driven by a favorable product mix in B2B and growth in the B2C category. PAT increased by 1% YoY to Rs724mn. CCL maintained its volume and EBITDA growth guidance of 10-20% and 15-20%, respectively. Management expects some price...

*over or under performance to benchmark index Tata Consumer Products, a leading Tata Group company, has a global presence in food and beverages. It is the world's second-largest tea company, with significant...

Consolidated revenue grew by 9.8% YoY (+3.7% QoQ) to INR 47,789 Mn., below our estimates (-3.4%), led by weakness in Capital Foods, Organic India, and NourishCo’s, which were impacted by transitory disruptions, partly offset by a resilient performance in the India Business, which grew 11.0% YoY (+6.4% QoQ).

Tata Consumer Products (TATACONS) reported 10% revenue growth in 1QFY26, while EBIT declined 12% YoY. EBIT was affected by higher input costs in the Branded business (India/international business EBIT down 11%/12% YoY) and declining coffee prices in the non-branded business (EBIT down 33%).

Tata Consumer Products’ (TATACONS) FY25 annual report highlights the management’s strategic efforts to reinforce its foundation by broadening distribution reach and market presence, driving growth through portfolio expansion, pursuing new opportunities, and prioritizing innovation.

Quarterly Update Q4FY25

With a 15% upside from the CMP, we maintain our BUY rating on the stock

Tea market share losses to unorganised / regional players are limiting inflation pass-through. Margin recovery now reliant on deflation

Tata Consumer Products (TATACONS) reported 17% revenue growth in 4QFY25, while EBIT declined 9% YoY. EBIT was affected by higher input costs (tea cost inflation) in Indian branded business, which declined 25% YoY, and a 4% EBIT drop in international branded beverage segment.

TCPL’s Q4FY25 numbers were good with consolidated revenue growing by 17.3% y-o-y to Rs. 4,608 crore (12% y-o-y organic revenue growth), with India beverage business revenues growing by 17% y-o-y (9% y-o-y organic growth), India foods business improving 27% y-o-y (organic growth at 17%), international business growing by 5% y-o-y and non-branded business reporting a 25% y-o-y growth.