1QFY27: In Line; Inflation and Margin Remain Key

研报英文原文证据摘录

1QFY27: In Line; Inflation and Margin Remain Key

Update

July 24, 2026 04:07 PM GMT

Morgan Stanley India Company Private Limited+MTata Consumer Products Ltd | Asia Pacific Archana Menon, CFA

Equity Analyst

1QF27: In Line; Inflation and Archana.Menon@morganstanley.comShravan Vohra +91 22 6118-2215

Shravan.Vohra@morganstanley.com +91 22 6118-2039

Margin Remain Key Gaurav Varma

Research Associate

Gaurav.Varma@morganstanley.com +91 22 6118-1033

AlphaSignals Earnings Reaction

Unchanged In-line Largely unchanged

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Tata Consumer Products Ltd (TACN.NS, TATACONS IS)

Key Takeaways India Consumer | India

Top-line growth at +12% in 1Q (+18% in 4Q), with India branded growth Stock Rating Overweight

Industry View In-Line

maintained at 13% (similar to the past two quarters), while unbranded growth Price target Rs1,351.00

was weaker. Up/downside to price target (%) 24

Shr price, close (Jul 24, 2026) Rs1,088.00

EBITDA margins was 13.5% (+85bps YoY, - 100bps QoQ). QoQ decline in India 52-Week Range Rs1,282.70-1,007.20

Sh out, dil, curr (mn) 990

margins was due to transitory impact of inflation, higher A&P spends and forex Mkt cap, curr (mn) Rs1,076,685

EV, curr (mn) Rs1,077,696

loss. Avg daily trading value (mn) Rs1,683

Management reiterated its guidance: Double-digit revenue growth, 30% revenue Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

growth for growth businesses and 50-70bps EBITDA margin improvement in F27. EPS (Rs)** 15.79 19.88 23.72 28.34

EPS (Rs)§ 16.21 20.03 23.98 28.47

For tea, current inflation is ~7-10%; still early days of the procurement period. Revenue, net (Rs mn) 202,904 224,523 249,178 276,820