Tata Consumer Products

研报英文原文证据摘录

Tata Consumer Products

Global Markets Research

Tata Consumer Products TACN.NS TATACONS IN 26 July 2026

EQUITY: CONSUMER RELATED

Growth business outshines and changing the company’s DNA Rating Remains Buy

1QFY27: In-line with consensus; volumes/sales grew 13%/12% y-y; OPM at 13.5% drive OP Target price

growth to 19.3%; FY27 guidance of double-digit sales growth and OPM to expand 50-75bp Increased from INR 1,475

maintained INR 1,450

Core (Tea & Salt) hold-up despite headwinds; guidance of 5-7% volume + 2-4% price growth Closing24 July 2026price INR 1,088

Consolidated sales grew 12% y-y, in-line with the Bloomberg consensus estimate of 13%, with India Implied upside +35.6%volume growth of 13% y-y. Tea volumes grew 2% y-y (vs flat expectation) despite the heat-wave and

lower consumption due to gas shortage. However, Tea sales declined 4% as the company passed on the Market Cap (USD mn) 11,153.0

benefits of earlier lower tea prices. Salt volumes and sales grew 7% y-y in-line with the company’s long- ADT (USD mn) 26.5

tern guidance. TATACONS initiated calibrated price hikes in both tea (+1-2%) and salt (+6%) in June

which should support sales growth and margins. Tea inflation currently is c.7-10% while it is still early days Relative performance chart

for procuring new crops. Management has highlighted it will hike prices (likely in end-2Q) to protect its

margins. We expect early double-digit sales growth to sustain in FY27F.

Growth business (36% of India) grew 47% y-y; guidance of 30%+ growth maintained

Ready-to-drink (RTD/water) sales/volumes grew 41%/35% y-y. Sampann sales grew 58% y-y, with

30%+ growth in core products (Pulses, Spices, Poha and Vermicelli), strong performance in dry fruits, cold

pressed oils and additional growth from new innovations / launches.