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The acquisition of Capital Foods will help TATACONS to expand its pantry platform with products like Chutneys, Blended Masalas, Sauces and Soups. With this acquisition, TATACONS will be present across multiple cuisines that appeal to the Indian consumer namely Indian/Chinese cuisines through the Sampann portfolio and Chings and Western cuisines through Smith & Jones.
We maintain our BUY rating on the stock with the revised TP of Rs 1,450/share (47x CY25EPS) vs. the earlier TP of Rs 1,200/share (45x CY25 EPS), implying an upside of 24% from the CMP.
In its bid to diversify its revenue stream, ITC’s non-cigarette business has seen a net revenue growth of 2.5x and PBIT growth of 3.2x over the last decade. ROCE of the non-cigarette business has expanded by 730 bps over the period.
