Tata Consumer Products Q3FY26 (Consolidated) results

• Tata Consumer Products’ (TCPL’s) consolidated revenues grew by 15% y-o-y to Rs. 5,112 crore, slightly better than our expectation of Rs. 4,996 crore. India beverage revenues grew by 7% y-o-y (packaged beverages volume growth of 3%), foods business grew by 19% y-o-y (volume growth of 16%), international business grew by 11% y-o-y on CC terms and non-branded business grew by 20% y-o-y on CC terms. Growth businesses recorded robust growth of 29% y-o-y and surpassed Rs. 1,000 crore in quarterly revenue.
• Gross margin and OPM rose by 170 bps and 139 bps y-o-y to 42.8% and 14.1%, respectively. OPM came in line with our expectation of 14.1%.
• Operating profit grew by 27.6% y-o-y to Rs. 721 crore and adjusted PAT increased by 23.1% y-o-y to Rs. 403 core, in line with our expectation of Rs. 404 crore. Innovation pipeline remained strong with 15 new product launches during the quarter.

Results (Consolidated)                                                                         Rs. crore

 Actual vs estimates                                                   Rs. crore