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

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...

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).

Compared to consensus, sales came in 3% lower while EBITDA was in line

Partially helped by robust growth in domestic business, CCLP posted 12.8% growth in revenues in Q1 at Rs 326.12 crs compared to Rs 289.20 crs in the same quarter a year ago., but slightly lower than Rs 331.58 crs reported in Q4. Part of the fall in revenues in Q1 compared to Q4 is attributed to higher off take of small packs of freeze dried coffee in Q4. Despite rise in green coffee prices and rise in freight costs, OPM expanded by 40 bps in Q1 all thanks to improved product mix. Helped by nearly 15%...

Tata Consumer Products (previously known as Tata Global Beverages Limited -TGBL) is an Indian multinational non-alcoholic beverages company and a subsidiary of Tata group TGBL markets under the major brands like...

CCL Product's Q1FY22 result was a mixed bag. While top-line was higher than our estimate by 9%, its EBITDA was 5% below our forecast. Net sales increased by 13% YoY to Rs3,261 mn mainly on higher offtake. EBIDTA grew 14.5% YoY to Rs720 mn. However, sharp increase in tax expense (+35% YoY to Rs99 mn) restricted its net profit...

CCL Product's Q4FY21 net sales was in line with our estimate while EBIDTA was 15% above our estimate. Net sales increased by 25.3% YoY to Rs3,316 mn on improvement in offtake. EBIDTA grew 20.5% YoY to Rs852 mn led by higher sales. However, sharp...

Tata Consumer Products (previously known as Tata Global Beverages Limited -TGBL) is an Indian multinational non-alcoholic beverages company and a subsidiary of Tata group. TGBL markets under the major brands like...

We revise our FY21 estimates upwards on account of recent merger with TCL's consumer products business. However, we believe the uptick in demand will take its course of time and maintain HOLD rating on the stock with a revised target price of Rs. 418 based on 36x FY22E EPS. Revenue growth aided by steady rise in volume Company's overall revenue increased to Rs. 1,962cr (+2.6% YoY), with major growth from non-branded segment (+20.0% YoY to Rs. 239cr). Amongst geographical segments, India remains major revenue contributor (49%) with revenue growth of 6%...