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Informist, Friday, Oct. 23, 2026

 

By Ravina Warkad

 

MUMBAI – Tata Consumer Products Ltd. is expected to report double-digit growth in its consolidated net profit for the September quarter, mostly aided by growth in Tata Sampann, the company's food and grocery brand and Nourishco, a wholly-owned subsidiary selling ready-to-drink beverages. The salt business is expected to post strong revenue growth led by pricing. Meanwhile, tea sales are likely to remain flat, with some brokerages projecting a minuscule increase.

 

Tata Consumer is expected to report a consolidated net profit of INR 4.6 billion for the September quarter, up 15% on year, according to the average of estimates from 11 brokerages. The highest estimate for net profit is INR 4.95 billion from Mirae Asset Sharekhan Ltd. and the lowest is INR 4.45 billion from Nirmal Bang Equities Pvt. Ltd.

 

The company's net revenue is projected at INR 56 billion, up nearly 13% on year, according to the average of estimates. Revenue estimates range from a high of INR 57 billion from Mirae to a low of INR 55.35 billion from Systematix Shares and Stocks (India) Ltd. On a sequential basis, Tata Consumer's net profit is likely to rise 9% while revenue is expected to rise nearly 5%.

 

The company's acquisitions, Capital Foods and Organic India, are likely to report double-digit revenue growth. In the salt business, Kotak expects 13% revenue growth and 9% volume growth. Tata Sampann is expected to post 42% revenue growth on year, and NourishCo is expected to post 40% value growth led by a favourable season, as per the brokerage.

 

While the monsoon deficit is likely to weigh on rural income and consumption, warmer weather is likely to benefit the summer portfolio of NourishCo, Nuvama said. NourishCo's ready-to-drink products are expected to deliver 30% value growth and 25% volume growth, as per the brokerage.

 

Mirae lists Tata Consumer and Hindustan Unilever Ltd. as the most exposed to tea input cost inflation, which is up 9% on year. The brokerage, however, expects the gross margins of the company to expand, even as most other companies in the industry are likely to see margins contract due to higher palm oil, sugar, and crude oil costs.

 

Systematix expects the company to deliver better operating profit margins compared to others in the industry, aided by "pricing, operating leverage from new high-growth business." 

 

The company's earnings before interest, tax, depreciation, and amortisation margin are likely to expand. The company's September quarter EBITDA is expected at INR 7.72 billion, up 14% on year. The highest EBITDA estimate is INR 7.84 billion from Nirmal Bang while the lowest is INR 7.58 billion from Yes Securities. On a sequential basis, the company's EBITDA is projected to rise almost 6%.

 

The company will detail its September quarter earnings Monday. Shares of Tata Consumer ended slightly up at INR 963.90 on the National Stock Exchange Friday. The shares are down 13% since the company detailed its June quarter earnings.

 

Of the 13 research reports on the company available with Informist, 12 have a 'buy' recommendation on the stock, with an average target price of INR 1,370, which is 44% higher than the current market price.

 

The following are the Jul-Sept earnings estimates for Tata Consumer Products Ltd. from 11 brokerages, in descending order by estimate of net profit, in INR billion

 

 

Brokerage	Net Sales	Net Profit	EBITDA
Mirae Asset Sharekhan Ltd.	57.11	4.95	N.A.
Systematix Shares and Stocks (India) Ltd.	55.35	4.82	7.65
Equirus Securities Pvt. Ltd.	56.02	4.71	7.73
YES Securities (India) Ltd.	55.36	4.67	7.58
JM Financial Institutional Securities Pvt. Ltd.	56.20	4.67	7.75
360 ONE Capital Market Pvt. Ltd.	56.19	4.65	N.A.
Kotak Securities Ltd.	56.11	4.62	7.66
Elara Securities (India) Pvt. Ltd.	56.40	4.61	7.75
Nuvama Wealth Management Ltd.	56.19	4.57	7.81
Motilal Oswal Financial Services Ltd.	55.84	4.53	7.70
Nirmal Bang Equities Pvt. Ltd.	55.61	4.45	7.84
Average	56.03	4.66	7.72

 

End

 

Edited by Himanshi Gupta

 

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