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Tata Consumer Products — Q4 FY26
Tata Consumer Products delivered a strong Q4 FY26 with consolidated revenue growing 18% YoY to INR 5,400 crore, driven by broad-based volume growth.
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Tata Consumer Products delivered a strong Q4 FY26 with consolidated revenue growing 18% YoY to INR 5,400 crore, driven by broad-based volume growth. India business UVG was 16%, with salt revenue up 12% and Sampann surging 69%. EBITDA margin expanded 100 bps YoY to 14.6%, aided by benign tea costs and operating leverage. Growth businesses crossed INR 4,000 crore for the full year, growing 24%. Management guided for double-digit revenue growth and 50-75 bps EBITDA margin expansion in FY27, with A&P spend normalizing to 7.5-8.5% of sales. Key risks include potential fuel-driven inflation and competitive intensity in tea and water segments.
टाटा कंज्यूमर प्रोडक्ट्स ने वित्त वर्ष 2026 की चौथी तिमाही में शानदार प्रदर्शन किया। कंपनी की कुल आय पिछले साल की तुलना में 18% बढ़कर 5,400 करोड़ रुपये हो गई, जिसकी वजह हर तरह के उत्पादों की बिक्री में बढ़ोतरी है। भारत में बिक्री की मात्रा 16% बढ़ी। नमक की बिक्री 12% और सांपन्न ब्रांड की 69% बढ़ी। कमाई पर खर्च का अनुपात 14.6% रहा, जो पिछले साल से 1% ज्यादा है। इससे कंपनी को ज्यादा मुनाफा हुआ। अगले साल कंपनी को दो अंकों में आय बढ़ने और मुनाफे में और सुधार की उम्मीद है। हालांकि, चाय और पानी के बाजार में कड़ी प्रतिस्पर्धा और ईंधन की कीमतों में बढ़ोतरी का जोखिम है।
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Fuel price inflation impact on margins
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Read Transcript →Quarter Snapshot
India Business UVG
16%
+3pp YoY
India underlying volume growth for Q4 was 16%, indicating strong demand across categories.
Sampann Revenue Growth
69%
+23pp YoY
Tata Sampann grew 69% in Q4, driven by broad-based contribution and new product launches.
e-Comm + Quick Comm Growth
62%
+62% YoY
E-commerce and quick commerce channels grew 62%, now contributing 19% of India business.
Salt Market Share Gain
100 bps
+100bps YoY
Salt market share increased by 100 basis points, driven by portfolio expansion and brand strength.
What Changed vs Last Quarter
NEW
Double-digit revenue growth in FY27
Management expects consolidated revenue to grow at double digits, with EBITDA growth ahead of revenue.
NEW
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.
NEW
A&P spend to normalize to 7.5-8.5% of sales
Advertising and promotion spend will be in the 7.5-8.5% range going forward, up from 6.7% in FY26.
UPDATED
Growth businesses to sustain ~30% growth
Growth businesses (Sampann, NourishCo, Capital Foods, Organic India) expected to continue growing at around 30% in the near term.
DROPPED
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.
DROPPED
Long-term EBITDA margin aspiration of 17%+
Over the longer term, management targets EBITDA margins above 17% for the India foods business.
DROPPED
International margins to normalize in one quarter
US coffee price increases have been passed on; margins expected to normalize in about one quarter.
NEW RISK
Fuel price inflation impact on margins
Rising crude and fuel costs could lead to broad-based inflation, pressuring margins across the portfolio.
NEW RISK
International business margin compression
International and non-branded segments saw margin contraction due to elevated coffee costs and terminal pricing impacts.
NEW RISK
Geopolitical disruption in Middle East
Shipping disruptions in March impacted exports and Capital Foods' international business, though resolved in April.
RISK GONE
Coffee price volatility
Coffee prices remain elevated and unpredictable, impacting international margins. Management noted a recent uptick after Venezuela action.
RISK GONE
US tariffs on Capital Foods exports
20% of Capital Foods revenue comes from exports, largely US, where tariffs remain at 50% on non-tea/coffee items, impacting growth.
RISK GONE
Tea price uptick risk
Tea prices saw a small uptick at end of Q3; if sustained, could pressure margins after inventory is consumed.
🤫 Topics management stopped discussing
Mentioned in Q1 FY26, Q2 FY26, Q3 FY26, Q4 FY25
Management expects to exit Q4 with EBITDA margins in the 14.5-15% range, driven by scale and portfolio mix.
Mentioned in Q3 FY25, Q4 FY25
Management remains confident of 30% revenue growth for Capital Foods and Organic India in FY26, with margins in line with business case.
Mentioned in Q3 FY25, Q3 FY26
Coffee prices remain elevated and unpredictable, impacting international margins. Management noted a recent uptick after Venezuela action.
Mentioned in Q2 FY25, Q3 FY26
Over the longer term, management targets EBITDA margins above 17% for the India foods business.
Mentioned in Q1 FY25, Q3 FY25
Tea input costs remain elevated with only 40% passed through; if prices don't ease or further hikes aren't taken, margins could remain under pressure for two more quarters.
Fast read
Guidance and risk preview
Management expects consolidated revenue to grow at double digits, with EBITDA growth ahead of revenue.
Rising crude and fuel costs could lead to broad-based inflation, pressuring margins across the portfolio.
View Risks →