India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 1

Tata Consumer Products Ltd.

Tata Consumer Products Ltd.

Q4FY25

RESEARCH ANALYST KRChoksey Research

Result Update
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO> th 9576
Phone: +91-22-6696 5555, Fax: +91-22-6691
28 Apr 2025
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 2

Tata Consumer Products Ltd. Resilient performance amid cost headwinds; gradual recovery on the horizon

CMP* Target Potential Upside Market Cap (INR Mn) Recommendation Sector
INR 1,156 INR 1,278 10.6% 11,43,860 ACCUMULATE Consumer

Result highlights
 TCPL’s Q4FY25 consolidated revenue stood at INR 46,082 Mn up 17.3% YoY (+3.7% QoQ), which was above our estimates by 1.7%.
 EBITDA came it at INR 6,210 Mn down1.4% YoY (+10.0% QoQ), which was below our estimates by 4.5% driven by higher-than-
expected operating expenses. EBITDA margin contracted by -256 bps YoY (+77 bps QoQ) to 13.5%. Adj. net profit stood at INR
2,995 Mn up 30.7% YoY (+5.1% QoQ), which was below our estimate driven by higher-than-expected depreciation and exceptional
items recorded for the quarter.
 We revise our FY26E/FY27E EPS estimate -1.0%/+5.0%, reflecting near-term pressure led by inflation, and recovery in margins
alongside a gradual rebound in volume growth in outer year, particularly within the core India Foods and Beverages businesses.
We expect Revenue/EBITDA/Adj. PAT to grow at CAGR 15.5%/23.7%/34.2%, respectively, over FY25-FY27E. The stock is currently
trading at P/E of 61.7x/49.1 on FY26E/ FY27E EPS, respectively. We value Tata consumer at a P/E multiple of 54x on FY27E EPS,
implying a target price of INR 1,278. We maintain our ‘ACCUMULATE’ rating on Tata Consumer Products Ltd.

MARKET DATA KEY FINANCIALS

Particulars (INR Mn) FY23 FY24 FY25 FY26E FY27E
Shares O/S (Mn) 989
Revenue 1,37,832 1,52,059 1,76,183 2,03,551 2,35,116
Mkt Cap (INR Mn) 11,43,860 EBITDA 18,565 22,841 24,794 31,486 37,920
PAT 12,038 11,503 12,785 18,626 23,381
52 Wk H/L (INR) 1,250/ 883
Adj. PAT 10,443 14,774 12,836 18,626 23,381
Volume Avg (3m K) 1,884 EPS 13.0 12.1 12.9 18.8 23.6
Adj. EPS 11.2 15.5 13.0 18.8 23.6
Face Value (INR) 1
EBITDA Margin (%) 13.5% 15.0% 14.1% 15.5% 16.1%
Bloomberg Code TATACONS IN Adj. NPM (%) 7.6% 9.7% 7.3% 9.2% 9.9%
Source: Company, DevenChoksey Research
Broad-based growth drives strong momentum across India and global businesses
SHARE PRICE PERFORMANCE
 In Q4FY25, revenue reached INR 46,082 Mn, showing a growth of 17.3% YoY (+3.7% QoQ), with
175 12.0% organic growth excluding the impacts of Organic India and Capital Foods. Total
consolidated revenue YoY growth driven across the segment led by Indian Business, which
150 grew by 18.4% YoY (+3.6% QoQ). For FY25, total consolidated revenue grew by 15.9% YoY with
9.0% YoY organic growth.
125  India business segment – India Beverages revenue grew 17.2% YoY (+2.1% QoQ), with 9.0% YoY
organic growth, supported by 2.0% YoY tea volume growth. The segment retained leadership
in the E-commerce channel with 42.0% value market share. The coffee business continued its
100
strong momentum, growing 44.0% YoY in Q4FY25, aided by calibrated price hikes.
75  The Indian Foods business recorded a 27.0% YoY revenue growth (17.0% YoY organic excl.
Capital Foods), with 6.0% YoY volume growth. The salt segment grew at 13.0% YoY, majorly
Apr-23
Apr-22

Apr-24

Apr-25
Oct-23
Oct-22

Oct-24

driven by pricing and mid-single-digit volume growth. The value-added salt portfolio
expanded by 31.0% YoY, contributing to a 30-bps market share gain. The Tata Sampan
portfolio continued to show strong growth of 30.0% YoY, while Tata Soulful reported 32.0%
TATACONSUM SENSEX YoY growth in FY25.
 For Q4FY25, Nourishco’s Ready-to-Drink (RTD) business reported revenue of INR 2,120 Mn,
increased by 10.0% YoY, with strong volume growth of 17.0% YoY. For FY25, RTD volume grew
MARKET INFO
by 13.0% YoY, and revenue was up by 2.0% YoY. The premium segment grew 29.0% YoY. New
launches such as Tata Lyfe Alkaline Water and new flavors of Tata Gluco+ further supported
SENSEX 79,213
momentum.
NIFTY 24,039

SHARE HOLDING PATTERN (%)

Particulars Mar-25 Dec-24 Sep-24
Promoters
FIIs
33.8
21.5
33.8
23.2
33.8
24.4
15.5% 35.0%
DIIs 22.0 19.5 18.7
Others 22.7 23.5 23.1
Revenue CAGR between FY25 Adj. PAT CAGR between FY25
Total 100 100 100
and FY27E and FY27E
*Based on the previous closing
*Note: All the market data is as of previous closing.

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 3

Tata Consumer Products Ltd.

 The International business grew by 13.4% YoY (while grew at 2.0% YoY CC). For the year FY25, revenue was up 5.0% YoY CC, with all
geographies demonstrating growth. South Africa and the Middle East delivered exceptional performances, both growing over 20.0% YoY.
EBIT margins expanded 190 bps YoY for FY25, aided by improved pricing and operational efficiencies.
 Revenue for the Non-Branded Business grew at 24.7% YoY, led by strong realizations in both the solubles and plantations businesses. The
solubles business grew 12.0% YoY as multi-decadal high coffee prices continued to impact demand. FY25 has been a record year for the non-
branded business, with revenue growing 20.0% YoY and operating profit growing 63.0% YoY.
 Tata Starbucks ended FY25 with 479 stores across 80 cities, adding 58 new outlets during the year. It entered six new cities in Q4FY25 and
opened Mumbai’s 100th and Bengaluru’s first drive-thru store. Revenue grew 5.0% YoY, with stronger growth in H2FY25. The brand was also
recognized among the ‘Best Workplaces for Women’ by Great Place to Work.
 In Q4FY25, Capital Foods showed a decline of 1.3% QoQ revenue, reaching INR 2,130 Mn. While Organic India experienced an increase of 17.2%
QoQ revenue, totaling INR 1,090 Mn.
 Capital Foods and Organic India continue to show steady progress, with a focus on accelerating growth through innovation and expanding
distribution, particularly in the food service and pharma channels.
Margins are impacted by input costs
 For Q4FY25, gross margin contracted by 420 bps YoY, impacted by rising tea and coffee input costs.
 EBITDA declined by 1.4% YoY (+10.0% QoQ) to INR 6,210 Mn, with EBITDA margin contracting 256 bps YoY to 13.5%, primarily due to raw
material headwinds and higher other expenses (+15.1% YoY). Adjusted for tea inflation, EBITDA margins would have expanded by 80 bps.
 Company expects some YoY margin pressure to continue till end-1Q26E and early-2Q26E
 EBIT margin declined 293 bps YoY (+83 bps QoQ) due to higher amortization charges from the Capital Foods and Organic India acquisitions.
 Adj. Net Profit fell 30.7% YoY (+5.1% QoQ) to INR 2,995 Mn, impacted by lower EBIT and a 372.6% YoY increase in tax.
Highlights from the management commentary
 International Business - Integration of Capital Foods & Organic India’s international operations has opened further opportunities for growth
outside the core beverages business.
 Distribution Channel - The E-commerce channel grew 66.0% YoY for Q4FY25 and 57.0% YoY for FY25, while Modern Trade increased 26.0% YoY
for Q4FY25 and 18.0% YoY for FY25 (excluding Capital Foods & Organic India). The company continues to expand into Food Services and
Pharmacies, with the rollout progressing as planned.
 Pricing Strategy - The company implemented graduated tea price hikes and re-indexed RTD pricing to recover margins while remaining
competitive. About 28.0–29.0% of annual tea cost inflation and 46.0% for the quarter were passed on through pricing. Though initial
consumer down-trading impacted the premium segment, growth has resumed. Pricing in pulses remains aligned with market dynamics. The
company avoids forecasting due to external unpredictability, such as droughts. Tea price relief is expected if crop output improves, while
coffee prices, post-tariff dip, have rebounded.

Key Con-call Highlights:

India Foods Business
 Revenue grew at 27.0% YoY (of which ~17% was organic), with salt volumes up 4.0% YoY. Tata Sampann grew 30.0% YoY in FY25, led by strong
procurement, pricing alignment, and supply chain responsiveness. Dry fruits crossed INR 1,000 Mn+ run rate, and cold-pressed oils reached
INR 700 Mn+. Tata Soulful posted 32.0% YoY growth in FY25. Categories are expanding with focused innovation across segments like
chutneys, millets, and value-added variants.
India Packaged Beverages Business
 India Beverages grew 17.0% YoY in Q4FY25 (9.0% organic). Tea volumes rose 2.0% YoY, recovering from H1FY25 softness. The company took
calibrated price hikes covering 46.0% of Q4FY25 tea cost inflation, and 28.0-29% for FY25. Coffee continued its strong momentum with 44.0%
YoY growth in Q4FY25. Market share expansion remains key, with premium and mass segments both recovering from earlier down-trading.
Ready-to-Drink (RTD) Business
 RTD returned to growth with Q4FY25 volume up 17.0% YoY and revenue up 10.0% YoY. Full-year volumes rose 13.0%, while revenue grew 2.0%.
Pricing was re-indexed, and distribution channels were optimized. Tata Copper grew 23.0% YoY, and the premium RTD segment expanded by
~30.0% YoY. March exit volume growth stood at 38.0%, signalling strong recovery momentum.
Capital Foods & Organic India
 Capital Foods posted INR 2,130 Mn and Organic India INR 1,090 Mn revenue in Q4FY25. Both achieved business case gross margins of +50%,
with operating margins in line despite increased marketing spend. New product launches (e.g., INR 10 Ching’s noodles) and pharma/food
services channel rollouts continue to gain traction across 40+ cities. Export revenues (~INR 900 Mn) are growing, with the U.S. and Middle
East being key markets.

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 4

Tata Consumer Products Ltd.

Tata Starbucks
 Tata Starbucks added 6 stores in Q4FY25 and 58 in FY25, reaching 479 outlets across 80 cities. While store additions were moderated
due to demand trends, expansion remains steady. The brand continues to hold its leadership position and has crossed 100 stores in
Mumbai. Revenue rose 5.0% YoY in FY25, with stronger H2FY25 performance. Recognized among ‘Best Workplaces for Women’.
Non-Branded Business
 Revenue rose 12.0% YoY in Q4FY25, driven by strong plantation performance. Revenue grew 20.0% YoY with a 63.0% jump in operating
profit. Solubles business showed stable performance, with limited margin volatility due to pass-through pricing mechanisms.
International Operations
 In Q4FY25, revenue grew 2.0% CC, EBIT up 21.0% YoY for full year with 190 bps margin expansion. UK margins improved despite a 7.0%
revenue decline due to the prior-year base and planned ad spend. U.S. tea revenue grew 15.0%, coffee 3.0%; Canada posted 5.0%
revenue growth. International EBIT margin at 12.6% remains accretive to the group margin.
Distribution Channels
 Modern Trade grew 26.0% YoY, and E-commerce surged 66% YoY in Q4FY25. Overall numeric reach doubled, and the direct reach
tripled over the past four years. Quick commerce now forms part of the strategy selectively, based on margin viability. NourishCo
plans to deepen its reach in existing states rather than geographic expansion.
Other Key Highlights
 Growth businesses (Tata Sampann, RTD, Soulful, Organic India, Capital Foods) contributed 28.0% of India revenue, growing
66.0% in FY25.
 Acquisitions contributed 5.0% to the company's 17% revenue growth, with 12% being organic growth.
 41 product launches in FY25; innovation-to-sales ratio at 5.2%.
 EBITDA margin would have expanded 80 bps YoY in FY25 if the tea inflation impact had been neutralized.
 Net working capital in India is now at -1 day.
 The company board has recommended a dividend of INR. 8.25/share of INR. 1 each for FY24- 25.
 The acquisition of Organic India and Capital Foods brought synergy benefits that impacted employee costs.
 Going forward, the company expects only normative increases in employee costs, in line with inflation.
 Management guided for EBITDA to grow ahead of revenue with margin normalization by Q2/Q3FY26.

New product launches in Q4FY25

Source: Company, DevenChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 5

Tata Consumer Products Ltd.

Story in Charts
EBITDA YoY margin sees contraction due to RM
Indian Branded revenue contribution (%) headwinds
incrased due to strong demand & market
expansion 48,000 18.0%

16.0%
15.3%
10.2% 10.9% 10.0% 10.8% 14.9% 16.0%

11.5% 46,000

13.5%
12.7%
14.0%

26.8% 24.0% 26.4% 26.7% 25.8% 44,000

12.0%

42,000

10.0%

8.0%

40,000

6.0%

63.0% 64.5% 62.7% 63.4% 63.4% 38, 000

4. 0%

36, 000

2.0%

39,269 43,521 42,145 44,436 46,082

34,000 0.0%

Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25

India Branded International Branded Non-Branded Revenue (INR Mn) EBITDA Margin (%)

North India Tea prices came down QoQ due Coffee Prices showed increasing trend
to end of the plucking season
374

212
208 207
245 285
217 221
152
229 250 190
214
215 246
133 220
222
146 186
137 149
109 128
117

Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25

Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25

N. India Tea (INR/kg) S. India Tea (INR/kg) Arabica Coffee ($c/lbs0 Robusta Coffee ($c/lbs)
Kenya Tea (INR/kg)

Source: Company, DevenChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 6

Tata Consumer Products Ltd.

Valuation and view
In Q4FY25, Tata Consumer Products reported strong revenue growth across segments, driven by solid performance in India. India Foods
and Beverages posted resilient volume and value growth, while innovations and e-commerce momentum further strengthened the
portfolio. International operations and acquisitions like Organic India and Capital Foods added strategic depth. However, profitability was
impacted by persistent tea inflation and elevated input costs, weighing on EBITDA margins. Despite margin pressures, the company
maintained healthy cash flow, invested in innovation, and expanded its retail footprint.
We revise our FY26E/FY27E EPS estimate -1.0%/+5.0%, reflecting near-term pressure led by inflation, and recovery in margins alongside a
gradual rebound in volume growth in outer year, particularly within the core India Foods and Beverages businesses. We expect
Revenue/EBITDA/Adj. PAT to grow at CAGR 15.5%/23.7%/34.2%, respectively, over FY25-FY27E. The stock is currently trading at P/E of
61.7x/49.1 on FY26E/ FY27E EPS, respectively. We value Tata consumer at a P/E multiple of 54x on FY27E EPS, implying a target price of
INR 1,278. We maintain our ‘ACCUMULATE’ rating on Tata Consumer Products Ltd.

NTM P/E Chart NTM P/E Chart

80x 85x

74x
75x
68x
65x
62x

56x 55x
1-year Avg. NTM P/E = 66.6x 3-year Avg. NTM P/E = 62.0x
50x
45x
Apr-24

Apr-25
Feb-25
Jun-24

Aug-24

Oct-24

Dec-24

Apr-23
Apr-22

Apr-24

Apr-25
Oct-23
Oct-22

Oct-24
1-Year Fwd PE 1-Year Avg. 1-Year Fwd PE 3-Year Avg.
STD +1 STD +2 STD +1 STD +2
STD -1 STD -2 STD -1 STD -2

NTM P/E Chart NTM P/E Chart

70x 75x

55x 60x

45x
40x
30x 10- Year Avg. NTM P/E = 42.8x
25x 5-year Avg. NTM P/E = 51.8x
15x
10x
0x
Apr-21
Apr-18

Apr-19

Apr-20

Apr-22

Apr-24
Apr-23

Apr-25

Apr-23
Apr-16

Apr-17

Apr-18

Apr-21

Apr-22

Apr-24

Apr-25
Apr-15

Apr-19

Apr-20

1-Year Fwd PE 5-Year Avg. 1-Year Fwd PE 10-Year Avg.

STD +1 STD +2 STD +1 STD +2
STD -1 STD -2 STD -1 STD -2

Source: Bloomberg, DevenChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 7

Tata Consumer Products Ltd.

Result Snapshot
Particulars (INR Mn) Q4FY25 Q3FY25 Q4FY24 Q-o-Q Y-o-Y FY25 FY24 YoY
Revenue from operations 46,082 44,436 39,269 3.7% 17.3% 1,76,183 1,52,059 15.9%
Total Expenditure 39,873 38,788 32,973 2.8% 20.9% 1,51,390 1,29,218 17.2%
Cost of Raw Materials 18,656 18,067 15,662 3.3% 19.1% 69,974 57,302 22.1%
Purchase of Stock 8,895 8,592 7,577 3.5% 17.4% 34,344 29,553 16.2%
Changes in Inventories (785) (474) (2,080) (65.7%) 62.2% (3,625) (1,216) (198.1%)
Employee Cost 3,436 3,780 3,413 (9.1%) 0.7% 14,301 12,586 13.6%
Other Expenses 9,671 8,824 8,402 9.6% 15.1% 36,396 30,993 17.4%
EBITDA 6,210 5,647 6,296 10.0% (1.4%) 24,794 22,841 8.5%
EBITDA Margins (%) 13.5% 12.7% 16.0% 77 bps (256 bps) 14.1% 15.0% (95 bps)
Depreciation 1,531 1,503 1,158 1.8% 32.2% 6,007 3,772 59.3%
EBIT 4,679 4,144 5,138 12.9% (8.9%) 18,786 19,070 (1.5%)
Interest Expense 400 579 428 (31.0%) (6.6%) 2,902 1,298 123.6%
Other income 565 516 385 9.5% 47.0% 1,933 2,456 (21.3%)
PBT 4,844 4,081 5,095 18.7% (4.9%) 17,817 20,228 (11.9%)
Exceptional Items 453 (62) (2,158) 835.7% (121.0%) (51) (3,270) (98.4%)
Tax 1,226 1,022 260 20.0% 372.6% 3,962 3,947 0.4%
Share of Associates/Minorities (622) (209) (511) (198.1%) (21.8%) (1,018) (1,507) 32.4%
PAT 3,449 2,789 2,166 23.7% 59.2% 12,785 11,503 11.1%
PAT Margin 7.5% 6.3% 5.5% 121 bps 197 bps 7.3% 7.6% (31 bps)
EPS 3.5 2.8 2.3 23.8% 53.1% 13.1 12.3 6.7%

Adjusted PAT 2,995 2,850 4,324 5.1% (30.7%) 12,836 14,774 (13.1%)
Adj. PAT Margin 6.5% 6.4% 11.0% 9 bps (451 bps) 7.3% 9.7% (243 bps)
Adj. EPS 3.0 2.9 4.6 5.1% (33.5%) 13.0 15.8 (18.0%)

Source: Company, DevenChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 8

Tata Consumer Products Ltd.

KEY FINANCIALS
Exhibit 1: Profit & Loss Statement Exhibit 2: Balance Sheet
Particulars (INR Particulars
FY24 FY25 FY26E FY27E FY24 FY25 FY26E FY27E
Mn) (INR Mn)
Revenues 1,52,059 1,76,183 2,03,551 2,35,116 Equity

COGS 85,639 1,00,693 1,15,590 1,31,751 Equity Capital 953 990 990 990

Gross profit 66,419 75,490 87,961 1,03,366 Other Equity 1,73,409 2,12,914 2,24,792 2,39,981

Total Equity 1,74,361 2,13,903 2,25,781 2,40,970

Employee cost 12,586 14,301 16,284 18,461
Non-Current
Other expenses 30,993 36,396 40,191 46,984
Liabilities
EBITDA 22,841 24,794 31,486 37,920 Borrowings 1,684 1,907 1,907 1,907

EBITDA Margin 15.0% 14.1% 15.5% 16.1% Lease Liabiities 4,596 4,736 4,736 4,736

D&A 3,772 6,007 5,902 6,074 Other Current

37,658 40,820 40,820 40,820
Liabilities
EBIT 19,070 18,786 25,584 31,846 Total Non-
Current 43,937 47,463 47,463 47,463
Interest expense 1,298 2,902 1,618 1,538 Liabilities
Current
Other income 2,456 1,933 1,998 1,998 Liabilities
Borrowings 27,855 16,580 6,580 11,580
PBT 16,957 17,766 25,963 32,306
Trade Paybles 27,072 35,084 40,275 45,906
Tax 3,947 3,962 6,426 7,503
Lease Liabiities 638 704 704 704
Minority interest 651 86 188 236
Other current
6,346 6,043 6,043 6,043
PAT 11,503 12,785 18,626 23,381 liabilities

Adj. PAT 14,774 12,836 18,626 23,381 Total Current

61,911 58,411 53,602 64,233
Liabilities
EPS (INR) 12.1 12.9 18.8 23.6
Total Liabilities 1,05,848 1,05,874 1,01,064 1,11,695
Adj. EPS 15.5 13.0 18.8 23.6
Total Equity &
2,80,209 3,19,777 3,26,846 3,52,666
Exhibit 3: Cash Flow Statement Liabilities
Particulars (INR
FY24 FY25 FY26E FY27E Non-Current
Mn)
Assets
CFFO 19,367 20,567 25,571 30,710
PPE 19,772 20,656 22,360 22,598
CFFI (19,309) (23,536) (3,000) (3,000) Investments 3,535 3,413 3,413 3,413

CFFF 2,556 4,527 (6,932) (6,152) Other current

1,82,637 2,06,011 1,89,060 1,85,748
assets
Net Inc/Dec in cash 2,613 1,557 15,639 21,558
Total Non-
2,05,943 2,30,080 2,14,833 2,11,759
Opening Cash 8,904 11,719 13,777 29,416 Current Assets

Current Assets
Closing Cash 11,719 13,777 29,416 50,974
Inventories 27,694 35,999 41,325 47,103
Exhibit 4: Key Ratios
Trade
Key Ratios FY24 FY25 FY26E FY27E 8,968 8,698 10,049 11,607
Receivables
EBITDA Margin (%) 15.0% 14.1% 15.5% 16.1%
Investments 2,386 2,922 2,922 2,922
Tax rate (%) 23.3% 22.3% 24.8% 23.2%
Cash and Bank 23,198 27,259 42,898 64,456
Net Profit Margin (%) 7.6% 7.3% 9.2% 9.9%
RoE (%) 6.6% 6.0% 8.2% 9.7% Oher current
12,021 14,818 14,818 14,818
assets
RoCE (%) 9.4% 8.1% 10.9% 12.5%
Total Current
12.1 12.9 18.8 23.6 74,266 89,697 1,12,012 1,40,907
EPS (INR) Assets
PE 74.6x 89.1x 61.4x 48.9x
Total Assets 2,80,209 3,19,777 3,26,846 3,52,666
Source: Company, DevenChoksey Research

RESEARCH ANALYST KRChoksey Research Phone: +91-22-6696 5555, Fax: +91-22-6691 9576
Ishank Gupta, [email protected], +91-22-6696 5519 is also available on Bloomberg KRCS<GO>
www.krchoksey.com
Thomson Reuters, Factset and Capital IQ
 India Equity Institutional Research II Result Update – Q4 FY25 II 28th April 2025 Page 9

Tata Consumer Products Ltd.

Rating Legend (Expected over a 12-month period)
Tata Consumer Products Ltd.
Our Rating Upside
Date CMP (INR) TP(INR) Recommendation
Buy More than 15%
28-Apr-25 1,156 1,278 ACCUMULATE
31-Jan-25 1,025 1,120 ACCUMULATE Accumulate 5% – 15%
18-Oct-24 1,093 1,136 ACCUMULATE Hold 0 – 5%
08-Aug-24 1,200 1,310 ACCUMULATE
Reduce -5% – 0
21-Feb-24 1,154 1,352 BUY
18-Jan-24 1,139 1,322 BUY Sell Less than – 5%

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ISHANK NAVAL Digitally signed by ISHANK

NAVAL GUPTA

GUPTA Date: 2025.04.28 12:24:38

+05'30'

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