Tata Consumer Products CEO Interaction: Multiple growth engines with improving profitability

Research evidence excerpt

Tata Consumer Products CEO Interaction: Multiple growth engines with improving profitability

J P M O R G A N Asia Pacific Equity Research

27 May 2026

Tata Consumer Products Overweight

TACN.NS, TATACONS IN

CEO Interaction: Multiple growth engines with Price (26 May 26):Rs1,187.60

improving profitability Price Target (Sep-27):Rs1,340.00

We hosted Mr. Sunil D’Souza, MD and CEO, as part of the JPM India Consumer CEO Consumer, Retail, Media

ACFireside Chat series. He expressed confidence in increasing FY27 revenue at a double- Latika Chopra, CFA

digit rate led by ~30% expansion in the growth businesses (~30% of India revenue) (91-22) 6157-3584

and supported by volume in the core tea and salt businesses rising at a MSD+ rate. latika.chopra@jpmorgan.com

Consumer sentiment has stayed stable so far. TCPL further emphasized a disciplined Himanshu Singh

expansion playbook—entering large categories with a “trust deficit” where it can (91-22) 6157-3610

build capability over time and earn margins, supported by an asset-light supply chain himanshu.x6.singh@jpmorgan.com

J.P. Morgan India Private Limited, J.P. Morgan

build-out. The company is leveraging the rapidly growing Quick Commerce channel Tower, Santacruz(E), Mumbai - 400098, SEBI

(~20% of India revenue) to scale up its growth portfolio and support an accelerated Registration: INH000001873, (91-22) 6157-3000.

innovation pace. Further, the refreshed go-to-market approach is enabling deeper

penetration and expanded reach in general trade channels. An improving margin

Style Exposure

trajectory for Sampann/Nourishco, innovation-led premiumization, selective pricing

and sustained focus on productivity measures along with operating leverage provide

management with confidence to deliver on the stated guidance of annual EBITDA