Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,897.10 last close on 15 Oct 2026 +0.08%
Research updated
Tata Consumer Products Ltd.
NSE: TATACONSUMConsumer DefensivePackaged Foods
- Last close
- ₹991.45
- Day change
- +₹3.55 (+0.36%)vs
- Market cap
- ₹94,891 crIndian rupees
- Research updated
- 1 report
About Tata Consumer Products
Tata Consumer Products Ltd. is a prominent company in the fast-moving consumer goods (FMCG) sector, focusing on diversified offerings that cater to the everyday needs of consumers. The primary function of Tata Consumer Products is to provide a wide array of food and beverage products, ensuring quality and innovation for its global customer base. With a robust portfolio that includes leading brands such as Tata Tea, Tata Salt, and Tata Sampann, the company influences sectors ranging from beverages to packaged foods. As part of the well-regarded Tata Group, Tata Consumer Products leverages its strong brand heritage and extensive distribution network to maintain significant market presence both in India and internationally. By prioritizing sustainable practices and health-oriented products, Tata Consumer Products plays a crucial role in driving industry standards and consumer preferences in the evolving FMCG landscape, making it a key player in shaping market trends and addressing global consumer demands.
- Sector
- Consumer Defensive
- Industry
- Packaged Foods
- Listing
- NSE: TATACONSUM
- Chief executive
- Mr. Sunil Alaric D'Souza
- Employees
- 11,233
- Headquarters
- Mumbai, India
- ISIN
- INE192A01025
- Website
- tataconsumer.com
Public research · Report of
Business model & financial foundation
Tata Consumer Products (NSE: TATACONSUM), Branded food and beverages: revenue of ₹20,290 crore in FY26 (+15.2% on FY25), an EBITDA margin of 13.9%, net profit of ₹1,542 crore and net cash of ₹2,978 crore.
- Revenue, FY26 (₹ crore)
- 20,290
- consolidated
- Revenue growth, FY26
- +15.2%
- on FY25
- EBITDA margin, FY26
- 13.9%
- EBITDA (company reported; rounded INR crore) / revenue
- Net profit, FY26 (₹ crore)
- 1,542
- to owners
- Return on equity, FY26
- 6.9%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,978
- Company net debt (negative = reported net cash)
- Market capitalisation (₹ crore)
- 99,028
- at the close of 13 Oct 2026
Company profile
Integrated branded food and beverages group selling tea, coffee, salt, staples, ready-to-drink beverages and wellness products in India and overseas. Core brands finance a shift toward faster-growing foods and newer channels; commodity costs and pricing pass-through determine near-term margins. Non-branded coffee and plantations diversify earnings, while Starbucks and plantation associates are equity-accounted.
| Item | Value |
|---|---|
| Legal name | Tata Consumer Products Limited (formerly Tata Global Beverages) |
| Exchange and ticker | NSE: TATACONSUM; BSE: 500800 |
| ISIN | INE192A01025 |
| CIN | L15491WB1962PLC031425 |
| Sector | Consumer Defensive |
| Industry | Branded food and beverages |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022) |
| Market capitalisation | ₹99,028 crore (13 Oct 2026) |
| Shares outstanding | 98.96 crore shares (FY26) |
| Price | ₹955.0 (close, 13 Oct 2026) |
| 52-week range | ₹945.0 - ₹1,283 (to 13 Oct 2026) |
| Website | https://www.tataconsumer.com |
Corporate structure and shareholding
Parent: Tata group.
| Entity | Holding | Business |
|---|---|---|
| Tata Consumer Products UK Group | 100% | International tea and coffee |
| Capital Foods | 80% | Ching's Secret and Smith & Jones packaged foods; Sept 2026 stake update |
| Organic India | 100% | Organic tea and wellness supplements |
| Tata Starbucks | 50% | Coffee shops; equity-accounted joint venture |
| Amalgamated Plantations | 41.03% | Tea plantations; equity-accounted associate |
| Kanan Devan Hills Plantations | 28.52% | Tea plantations; associate |
34 subsidiaries, 2 JVs and 2 associates at 31 March 2026. Capital Foods stake rose from 75% to 80% on 1 September 2026; latest filing source to be attached.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 33.84% | 33.84% | 33.83% | 33.83% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 22.06% | 21.19% | 20.79% | 20.08% |
| Domestic institutions | 22.20% | 23.47% | 24.19% | 25.01% |
| of which mutual funds | 9.24% | 8.66% | 9.00% | 10.24% |
| Retail | 21.89% | 21.50% | 21.18% | 21.07% |
| Other | 0.01% | 0.01% | 0.01% | 0.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Tata Consumer Products is an integrated foods and beverages manufacturer/marketer: core salt and packaged tea fund expansion in staples, ready-to-drink, Capital Foods and Organic India. India statutory segment includes exported acquired brands in a different classification from managerial business snapshots; never sum both. International tea and US coffee combine mature categories with pricing and FX exposure. Non-branded coffee extracts/plantations respond to coffee realisation and capacity. Starbucks and plantation associates are equity-accounted; their losses are below group tax in the model. Consolidated accounts required, March yearend, INR crore and crore shares. CapitalFoods holding80% after September acquisition; FY26 AOC holdings75% are historical.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Total Branded Business | 18,030 | 88.9% | 2,130 | 98.0% |
| Non-Branded Business | 2,387 | 11.8% | 280.5 | 12.9% |
| Others / unallocated / eliminations | -126.1 | -0.6% | -237.6 | -10.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Unilever (HINDUNILVR) | India packaged tea and distribution competitor |
| Nestle India (NESTLEIND) | Packaged foods and coffee; growth/quality benchmark |
| Britannia (BRITANNIA) | Food brand and distribution economics |
| Dabur (DABUR) | India FMCG and wellness distribution |
| Marico (MARICO) | Consumer brands, input-price sensitivity and digital channel |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 12,347 | 13,660 | 15,206 | 17,618 | 20,290 |
| Cost of revenue (vendor classification) * | 7,327 | 8,291 | 8,871 | 10,333 | 12,192 |
| Other operating costs (vendor classification) * | 2,249 | 2,444 | 2,724 | 3,293 | 3,544 |
| EBITDA (vendor classification) * | 1,836 | 2,005 | 2,492 | 2,648 | 2,912 |
| EBIT (company reported; rounded INR crore) | 1,528 | 1,881 | 1,946 | 1,902 | 2,188 |
| Finance costs | 72.3 | 87.2 | 129.8 | 290.2 | 137.0 |
| Profit before tax | 1,456 | 1,794 | 1,696 | 1,777 | 2,173 |
| Tax expense | 377.0 | 447.0 | 394.7 | 396.2 | 535.3 |
| PAT before share of JV/associates | 1,015 | 1,320 | 1,301 | 1,380 | 1,638 |
| Diluted EPS (INR) | 10.03 | 12.86 | 12.20 | 13.06 | 15.58 |
| Materials consumed + stock-in-trade purchases + inventory change | 8,564 | 10,069 | 11,856 | ||
| Employee benefits expense | 1,259 | 1,430 | 1,661 | ||
| Other expenses | 3,099 | 3,640 | 3,982 | ||
| EBITDA (company reported; rounded INR crore) | 2,323 | 2,502 | 2,815 | ||
| Other income | 245.6 | 193.3 | 164.8 | ||
| Depreciation and amortisation | 377.2 | 600.7 | 626.7 | ||
| Exceptional items (net, negative = charge) | -327.0 | -5.11 | -20.1 | ||
| Share of JV/associates (signed) | -85.6 | -93.2 | -90.7 | ||
| Non-controlling interest share of profit | 65.1 | 8.63 | 4.50 | ||
| Profit attributable to owners | 1,150 | 1,278 | 1,542 | ||
| Other income retained in company EBITDA | 39.3 | 23.1 | 23.0 | ||
| Interest and investment income excluded from EBITDA | 206.3 | 170.2 | 141.8 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including noncontrolling interests | 16,294 | 17,127 | 17,436 | 21,390 | 23,189 |
| Borrowings excluding lease liabilities | 1,412 | 1,600 | 2,954 | 1,849 | 2,120 |
| Cash and cash equivalents (balance sheet) | 1,498 | 1,540 | 2,320 | 2,726 | 3,047 |
| Trade receivables * | 835.2 | 798.3 | 896.8 | 869.8 | 1,148 |
| Inventories * | 2,267 | 2,702 | 2,769 | 3,600 | 3,527 |
| Trade payables * | 1,916 | 2,348 | 2,707 | 3,508 | 3,875 |
| Net property, plant and equipment (excluding ROU) | 33.7 | 53.6 | 1,977 | 2,066 | 2,161 |
| Capital work in progress (excluding investment property) | 209.4 | 286.1 | 171.4 | 206.8 | 459.9 |
| Total assets * | 21,118 | 22,811 | 28,021 | 31,978 | 34,453 |
| Company net debt (negative = reported net cash) | -1,808 | -2,978 | |||
| Lease liabilities (total) | 523.4 | 544.0 | 699.2 | ||
| Current lease liabilities | 63.8 | 70.4 | 90.6 | ||
| Noncurrent lease liabilities | 459.6 | 473.6 | 608.6 | ||
| Equity attributable to owners of parent | 16,057 | 20,001 | 21,788 | ||
| Purchase commitments for NCI shares | 1,537 | 1,331 | |||
| Contingent consideration payable (total) | 135.3 | 59.7 | |||
| Goodwill | 11,330 | 11,884 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,344 | 1,434 | 1,937 | 2,057 | 2,422 |
| Free cash flow (vendor definition) * | 1,242 | 1,150 | 1,602 | 1,597 | 1,973 |
| Dividends paid (owners + NCI) | -398.2 | -573.4 | -808.9 | -741.5 | -820.3 |
| Payment for PPE incl. intangibles | -246.1 | -139.9 | -334.7 | -459.5 | -448.6 |
| Acquisition of subsidiaries/JV investment/deferred consideration | -3,884 | -1,934 | -27.7 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Actual issued shares at year end | 93.30 | 93.65 | 95.28 | 98.95 | 98.96 |
| Diluted shares implied by owners PAT / published diluted EPS | 94.29 | 97.89 | 98.99 | ||
| Reported weighted average diluted shares (EPS Note30) | 94.35 | 97.92 | 99.02 | ||
| Reported weighted average basic shares | 94.32 | 97.87 | 98.95 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 4,214 | 4,444 | 4,608 | 4,779 | 4,966 | 5,112 | 5,434 | 5,349 |
| Cost of revenue (vendor classification) * | 2,377 | 2,618 | 2,677 | 2,863 | 2,925 | 3,191 | 3,067 | |
| Other operating costs (vendor classification) * | 847.7 | 882.4 | 967.1 | 923.6 | 1,032 | 1,016 | 1,112 | |
| EBITDA (vendor classification) * | 672.3 | 616.2 | 677.5 | 648.1 | 753.8 | 845.0 | 796.1 | |
| EBIT (company reported) | 480.0 | 428.0 | 471.0 | 466.0 | 522.0 | 569.0 | 631.0 | 565.0 |
| Finance costs | 98.7 | 57.9 | 40.0 | 33.8 | 33.2 | 31.6 | 38.4 | 39.1 |
| Profit before tax (after exceptional) | 397.1 | 401.9 | 529.7 | 465.4 | 523.3 | 539.9 | 644.2 | 592.2 |
| Tax expense (charge positive) | 37.7 | 102.2 | 122.6 | 119.0 | 126.2 | 137.1 | 153.0 | 147.4 |
| PAT before share of JV/associates | 359.3 | 299.8 | 407.1 | 346.4 | 397.1 | 402.8 | 491.2 | 444.9 |
| Diluted EPS (INR) | 3.74 | 2.82 | 3.49 | 3.37 | 4.09 | 3.88 | 4.24 | 4.31 |
| Materials + stock-in-trade purchases + inventory change | 2,377 | 2,618 | 2,677 | 2,863 | 2,876 | 2,925 | 3,191 | 3,067 |
| Employee benefits expense | 363.5 | 378.0 | 343.6 | 385.6 | 406.7 | 434.5 | 434.2 | 445.8 |
| Other expenses | 847.7 | 882.4 | 967.1 | 923.6 | 1,011 | 1,032 | 1,016 | 1,112 |
| EBITDA (company reported; rounded INR crore) | 629.0 | 578.0 | 625.0 | 615.0 | 675.0 | 728.0 | 796.0 | 730.0 |
| Other income | 46.0 | 51.6 | 56.5 | 41.2 | 38.0 | 33.0 | 52.6 | 71.9 |
| Depreciation and amortisation | 149.3 | 150.3 | 153.1 | 148.9 | 153.3 | 159.3 | 165.2 | 164.8 |
| Exceptional items (net, signed) | -27.2 | -6.16 | 45.3 | 0.00 | 0.00 | -22.9 | 2.80 | 0.00 |
| Share of profit of JVs and associates | 7.87 | -17.8 | -58.4 | -14.7 | 9.46 | -18.3 | -67.2 | -17.7 |
| Profit attributable to NCI | 2.79 | 3.04 | 3.87 | -2.40 | 2.05 | -0.09 | 4.94 | 0.21 |
| Profit attributable to owners of parent | 364.4 | 278.9 | 344.9 | 334.2 | 404.5 | 384.6 | 419.1 | 427.0 |
| Other income retained in company EBITDA | 3.13 | 13.2 | 3.56 | 8.44 | 3.56 | 7.64 | 3.35 | 5.67 |
| Unallocated interest/investment income excluded from EBITDA | 42.8 | 38.4 | 53.0 | 32.7 | 34.5 | 25.4 | 49.2 | 66.3 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 7.0% | 10.6% | 11.3% | 15.9% | 15.2% |
| EBITDA margin | 15.3% | 14.2% | 13.9% | ||
| Net margin | 7.6% | 7.3% | 7.6% | ||
| Return on equity | 6.7% | 6.6% | 6.9% | ||
| Return on capital employed | 8.7% | 10.3% | 9.9% | 8.7% | 9.0% |
| Return on assets | 4.5% | 4.3% | 4.6% | ||
| Net debt (₹ crore) | -1,808 | -2,978 | |||
| Net debt / EBITDA | -0.72x | -1.06x | |||
| Interest cover | 21.2x | 21.6x | 15.0x | 6.55x | 16.0x |
| Asset turnover | 0.60x | 0.62x | 0.60x | 0.59x | 0.61x |
| Receivable days | 25 | 21 | 22 | 18 | 21 |
| Inventory days (on revenue) | 67 | 72 | 66 | 75 | 63 |
| Payable days (on revenue) | 57 | 63 | 65 | 73 | 70 |
| Cash conversion | 1.68x | 1.61x | 1.57x | ||
| Capex intensity | 2.0% | 1.0% | 2.2% | 2.6% | 2.2% |
| Free cash flow (₹ crore) | 1,098 | 1,294 | 1,602 | 1,597 | 1,973 |
| Dividend payout | 70.3% | 58.0% | 53.2% | ||
| EPS, diluted (₹) | 10.03 | 12.86 | 12.20 | 13.06 | 15.58 |
| Book value per share (₹) | 174.6 | 182.9 | 183.0 | 216.2 | 234.3 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company reported; rounded INR crore) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Company net debt (negative = reported net cash).
- Net debt / EBITDA: net debt / EBITDA (company reported; rounded INR crore).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Report history
Reports on Tata Consumer Products
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Prices are the last close on the NSE, 15 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 16 Oct 2026.
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