Tata Consumer Products Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Tata Consumer Products Ltd trades at ₹1,083, in a downtrend and 1 weeks into that stage. That is −3.6% against its own 200-day average. It sits at 21% of a 52-week range of ₹1,042 to ₹1,234. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (9 weeks and counting).

Today the stock is in a downtrend — week 1 of stage 4, confirmed. At ₹1,083 it trades −3.6% versus its 200-day average and sits at 21% of its 52-week range (₹1,042–₹1,234).

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +847% while the NIFTY 500 moved +276% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (9 weeks and counting; last ahead the week of 2026-06-17) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Tata Consumer Products Ltd trades at 65.0× P/E, mid-range by its own standards (48th percentile). Its long-run median P/E is 66.3×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 65.0× is mid-range by its own standards (48th percentile), against a long-run median of 66.3× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +20.7% against a +1.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +7.7%/yr price move, ~+12.9%/yr came from earnings growth and ~−5.2 pp from the multiple (compressing); over 10y, of the +22.7%/yr price move, ~+14.7%/yr came from earnings growth and ~+8.0 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 7.5% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Tata Consumer Products Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −13.7% and has held its recovery at +23.5%, ROCE holding at 9.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

4-Factor Sector Score

51.1/100 — rank 2 of 6 in FMCG - Foods · 82% evidence confidence

Tata Consumer Products Ltd scores 51.1 out of 100 against the 6 companies it is compared with in FMCG - Foods, ranking 2. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 23.1 + 10.2 + 6.7 + 11.1 = 51.1. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Tata Consumer Products Ltd reported ₹5,349 Cr of revenue in the Jun 26 quarter, +11.9% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 11.8% a year. The last full year, FY26, came in at ₹20,290 Cr. The last four reported quarters add to ₹20,861 Cr.

FY26 revenue came in at ₹20,290 Cr (+15.2% on the year), capping 10 years at 11.8% compound. The latest quarter (Jun 26) printed ₹5,349 Cr, +11.9% year on year — the 11th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +15.6% growth against the decade's 11.8% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +15.6% over the last 4 quarters against +14.8%/yr over the last 8 — stabilising; TTM profit +23.5% vs +18.7%/yr — accelerating.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Tata Consumer Products Ltd's operating margin is 14.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0% to 15.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 14.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 6.0%–15.0%.

Why the margin moved: operating margin went +0.8 pp year on year while gross margin went +2.6 pp — the gain came mostly from the gross line: input costs and pricing.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Tata Consumer Products Ltd earned ₹427 Cr of net profit in the Jun 26 quarter, +28.6% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹1,547 Cr. That is 8.0% of the quarter's revenue. The same quarter a year earlier earned ₹332 Cr.

Jun 26 profit was ₹427 Cr, +28.6% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹1,547 Cr (+20.2%).

Why profit moved: revenue contributed +11.9% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +24.4% vs revenue +15.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 158% of Tata Consumer Products Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹2,422 Cr of operating cash against ₹1,547 Cr of profit. After ₹1,432 Cr of capital spending, ₹990 Cr was left as free cash.

FY26: operating cash of ₹2,422 Cr against reported profit of ₹1,547 Cr, leaving free cash of ₹990 Cr after ₹1,432 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 158% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 158%: the cash cycle tightened 53 days between FY21 and FY26 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 6.7× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Tata Consumer Products Ltd's cash conversion cycle runs 8 days in FY26, down from 61 days in FY21. Capital spending ran ₹10,740 Cr over the last 3 years. At FY26 sales of ₹20,290 Cr each day of that cycle holds about ₹55.6 Cr, so roughly ₹445 Cr sits inside the business at any moment.

FY26: debtors at 21 days, inventory at 125 days — roughly 4.1 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 8 days, tighter than FY21's 61.

The full loop: cash goes out to suppliers and production on day 0; stock waits 125 days to sell; customers pay about 21 days after that; and suppliers themselves are paid at 138 days — netting out to the 8-day cycle.

In money terms: at FY26 sales of ₹20,290 Cr, each day of the cycle holds about ₹55.6 Cr — so the 8-day loop keeps roughly ₹445 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹10,740 Cr over the last 3 fiscal years against ₹1,605 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹481 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Tata Consumer Products Ltd earns a ROCE of 9% in FY26. That is up from a trough of 4% in FY16. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 7.6% net margin on 0.59× asset turns.

FY26 ROCE is 9%, recovered from a FY16 trough of 4% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 7.6% net margin × 0.59× asset turns × 1.57× balance-sheet leverage ≈ 7.0% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 7.5% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.

Tata Consumer Products Ltd carries ₹2,820 Cr of borrowings against ₹21,788 Cr of equity in FY26, a debt-to-equity of 0.13. Operating profit covers the interest bill 20×. Over 5 years borrowings went from ₹1,634 Cr to ₹2,820 Cr. Capital spending ran ₹10,740 Cr across the last 3 of those years.

FY26: borrowings of ₹2,820 Cr against equity of ₹21,788 Cr — a debt-to-equity of 0.13. Operating profit covers the interest bill 20×. Over 5 years borrowings went from ₹1,634 Cr to ₹2,820 Cr while capital spending ran ₹10,740 Cr in just the last 3 — part of the build-out is riding on borrowed money.

The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 7.5% on reported income across 14 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 6.3 points of Tata Consumer Products Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 25.0% of the company. Foreign institutions moved −4.0 points over the same window, to 20.1%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +6.3 points over 8 quarters to 25.0%; Foreign institutions: −4.0 points over 8 quarters to 20.1%; Promoters: +0.3 points over 8 quarters to 33.8%.

Why the register moved: rotation — foreign institutions −4.0 points against domestic institutions +6.3 points over 8 quarters, with promoters holding steady — one class of institutions handing the register to the other, not a verdict change by the people closest to the numbers.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Tata Consumer Products Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

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