TATA CONSUMER PRODUCTS Margin Trend — Quarter by Quarter

TATA CONSUMER PRODUCTS's EBITDA margin moved from 15.3% in Q4 FY24 to 14.6% in Q4 FY26 across 7 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q4 FY26	14.6%	+100 bps
Q3 FY26	14.2%	+120 bps
Q2 FY26	13.6%	+80 bps
Q4 FY25	13.6%	-250 bps
Q2 FY25	14.9%	-30 bps
Q1 FY25	15.4%	+80 bps
Q4 FY24	15.3%	+170 bps

What management said about ebitda margin

Q4 FY26 · Double-digit revenue growth in FY27

Management expects consolidated revenue to grow at double digits, with EBITDA growth ahead of revenue.

Q4 FY26 · 50-75 bps EBITDA margin expansion in FY27

Full-year EBITDA margin expected to expand by 50-75 basis points over FY26, despite A&P normalization.

Q3 FY26 · EBITDA margin target of 14.5-15% by Q4 FY26

Management expects to exit Q4 with EBITDA margins in the 14.5-15% range, driven by scale and portfolio mix.

Q3 FY26 · Long-term EBITDA margin aspiration of 17%+

Over the longer term, management targets EBITDA margins above 17% for the India foods business.

Q3 FY26 · International margins to normalize in one quarter

US coffee price increases have been passed on; margins expected to normalize in about one quarter.

Q2 FY26 · Consolidated EBITDA margin target of ~15% by Q4 FY26

Management expects to reach ~15% EBITDA margin by Q4, implying 130-160 bps expansion from current 13.6%, barring coffee cost headwinds.

Q2 FY26 · India tea gross margin to remain in 34%-36% range

Tea gross margins will be maintained at 34%-36% to balance profitability and market share; pricing adjustments will be made as needed.

Q2 FY26 · U.S. coffee price increases in January and possibly March 2026

Price increases announced for January 2026; a second round may be needed in March to normalize margins, subject to coffee cost and tariff evolution.

Q1 FY26 · EBITDA margin of 16% by Q3 FY26

Management expects consolidated EBITDA margin to reach 16% by Q3 as lower-cost tea inventory flows in.

Q4 FY25 · EBITDA margin recovery to ~16% by Q2/Q3 FY26

Management expects EBITDA margins to normalize to ~16% as tea costs soften with a normal crop, with recovery starting by end of Q2 FY26.

Q4 FY25 · Capital Foods and Organic India to grow at 30%

Management remains confident of 30% revenue growth for Capital Foods and Organic India in FY26, with margins in line with business case.

Q3 FY25 · Tea margin pressure to ease from Q4 FY25

Management expects Q3 to be the peak of tea margin pressure, with gradual improvement as price hikes flow through and new crop arrives in Q1 FY26.