India Beverages Volume Growth
4%
+4% YoY
India packaged beverages volume grew 4% in Q4, with tea revenue down 1% due to price cuts.
TATACONSUMERPRODUCTS
Consumer
23 Apr 2026
Tata Consumer Products Ltd — Q4 FY26
Tata Consumer Products delivered a strong Q4 FY26 with consolidated revenue growing 18% YoY to ₹5,400 crore, driven by broad-based volume-led growth.
✓ Verified against BSE filing
2-Min Summary
Tata Consumer Products delivered a strong Q4 FY26 with consolidated revenue growing 18% YoY to ₹5,400 crore, driven by broad-based volume-led growth. India business grew 16%, with salt volumes surging and Sampann accelerating 69%. EBITDA margin expanded 100 bps to 14.6%, aided by benign tea costs and operating leverage. Management guided for 50-75 bps margin expansion in FY27, supported by A&P spend normalization (7.5-8.5% of sales) and pricing power. Growth businesses (NourishCo, Sampann, etc.) now contribute 31% of India revenue and are expected to sustain ~30% growth. Key risk: potential broad-based inflation from fuel price increases could pressure margins if not passed through via pricing.
Key Numbers
Sampann Revenue
₹1,600 Cr
+69% YoY
Sampann full-year revenue reached ₹1,600 crore, driven by broad-based growth across pulses, poha, and vermicelli.
E-commerce + Quick Commerce Contribution
19%
+62% YoY
E-com plus quick commerce grew 62% and now contributes 19% of India business revenue.
Starbucks Same-Store Sales Growth
5%
+5% YoY
Third consecutive quarter of positive same-store sales growth; total Starbucks revenue grew 7%.
Management Guidance
50-75 bps EBITDA margin expansion in FY27
Management reiterated 50-75 bps margin expansion for FY27, driven by operating leverage and benign commodity costs.
marginsA&P spend to normalize at 7.5-8.5% of sales
Advertising and promotion spend will be in the 7.5-8.5% range going forward, after a soft Q4.
marginsGrowth businesses to sustain ~30% growth
Growth businesses (NourishCo, Sampann, etc.) are expected to continue growing at around 30% in the near term.
growthVietnam soluble capacity expansion online by early 2027
Board approved capacity expansion in Vietnam for solubles, expected to be operational by early 2027.
capexKey Risks
Broad-based fuel price inflation
If fuel prices rise broadly, it could lead to cost inflation across the industry, potentially pressuring margins if pricing actions are not taken.
medium · management_commentaryGeopolitical disruption in Middle East impacting exports
Shipping disruptions via Dubai in March impacted international business; management noted normalization in April but risk remains.
medium · management_commentaryTea price volatility
Management acknowledged difficulty in forecasting tea prices due to climate and weather uncertainties, which could impact margins.
medium · analyst_questionUS coffee margin recovery may be delayed
While coffee prices are softening, inventory in the channel may delay margin improvement; competitive pricing actions could also cap upside.
low · analyst_questionNotable Quotes
50 to 75 80 whips is a given. I mean there it's not an option. We will deliver it.
What we like is not for sale. What is for sale we don't like.
I would rather go play where the consumer is even if it's a slightly lower margin than not go just because it is lower margin and land up with no margin.