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Revenue
₹4,779 Cr
verified against source
Revenue YoY
10%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Tata Consumer reported a 10% revenue growth to ₹4,779 crore in Q1 FY26, driven by double-digit growth in India branded business (tea, salt) and international markets. However, consolidated EBITDA declined 8% and margins contracted 250 bps, primarily due to elevated tea costs (160 bps impact) and coffee price corrections. Growth businesses (NourishCo, Capital Foods, Organic India) underperformed at 7% aggregate growth due to transitory issues like weather impact on RTD, capacity constraints, and supply chain hiccups. Management expects margins to normalize by Q3 as tea prices decline, with EBITDA margin guidance of 16% by then. Key risks include sustained competitive intensity in tea and potential tariff impacts on US operations.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects consolidated EBITDA margin to reach 16% by Q3 as lower-cost tea inventory flows in.
- NourishCo, Capital Foods, and Organic India are expected to return to 30%+ growth from Q2 FY26.
- Management plans to step up advertising spend from current ~7% to 7.5-8% in the short to medium term.
Risks flagged
- Tea prices remain favorable but competitive pricing actions could pressure margins if rivals cut prices aggressively.
- Falling coffee prices caused non-branded margins to drop from 22% to 12% due to inventory losses; further decline possible.
- Potential US tariffs on Indian goods (e.g., 50% on Brazilian coffee) could disrupt category demand, though competitive position may hold.
- Management expressed low confidence in Nielsen data due to panel rejig and e-commerce underrepresentation, making share trends unreliable.
Key quotes
- I do not think any player is going to win the battle of market share by pricing.
- We figured out what the Germans felt when they reached Stalingrad and figured the supply chain was missing.
- I do take these numbers. We do take directional inputs, but I wouldn't take it as gospel.
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