# Tata Consumer Products (TATACONSUM.NSE)

Canonical: https://gigainvestors.com/s/TATACONSUM.NSE

Analysis as of: 2026-10-16T07:33:24.446Z. Financial observations: FY2012–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 987.90 per share; close as of 2026-10-14.

Estimated value: low INR 180.95 per share, central INR 198.20 per share, high INR 220.08 per share. Buy at or below the central value INR 198.20 per share. Valuation as of 2026-10-16T07:33:24.446Z; scenarios are not confidence intervals.

Expected annual return: 4.4% at the stated quote. About 4.4% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.11×

- FY2019: 0.09×

- FY2020: 0.11×

- FY2021: 0.11×

- FY2022: 0.12×

- FY2023: 0.11×

- FY2024: 0.13×

- FY2025: 0.11×

- FY2026: 0.11×

### moat: pass

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC, median of available years: 16.7%

- ROIC, second-lowest year: 16.2%

- Conservative return floor, median: 11.1%

- Conservative return floor, second lowest: 5.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 6.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 17.2%

- FY2023: 15.6%

- FY2024: 20.2%

- FY2025: 16.7%

- FY2026: 16.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 63B

- Net income, five-year total: INR 61B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -2.1 pp

- Working capital / revenue, change between three-year averages: -15.5 pp

- Working capital / revenue, final three-year average: 5.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.95×

- FY2023: 1.00×

- FY2024: 1.04×

- FY2025: 1.05×

- FY2026: 1.06×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 5.94 to 13.06 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.8%

- Ordinary dilution, 5-year annual growth: 1.4%

- Market cap gain: INR 906B

- Cumulative retained earnings: INR 36B

- Diluted shares, 10-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: 1.4%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 10.3%

- Per-share value change: INR 7.12

- Per-share value, starting three-year median: INR 5.94

- Per-share value, ending three-year median: INR 13.06

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 1.1%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 87B

- ROIC, last three-year median: 16.7%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 5.94

- FY2018: INR 7.85

- FY2019: INR 6.47

- FY2020: INR 4.99

- FY2021: INR 9.30

- FY2022: INR 10.15

- FY2023: INR 13.02

- FY2024: INR 12.32

- FY2025: INR 13.06

- FY2026: INR 15.58

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 0.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.57×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.87×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.7%

- FY2018: 1.3%

- FY2019: 1.8%

- FY2020: -3.4%

- FY2021: -4.0%

- FY2022: -2.8%

- FY2023: -1.1%

- FY2024: -2.8%

- FY2025: -2.4%

- FY2026: -2.6%

## Holders

## Price story

Price needs cash profits to grow 23.9% a year for ten years · sales +15.2%

Story as of 2026-10-16T09:59:56.049Z; price observation 2026-10-14.

Price needs cash profits to grow 23.9% a year for ten years

### Sales · FY2025–2026

sales +15.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 68B 

- FY2018: INR 68B 

- FY2019: INR 73B 

- FY2020: INR 96B 

- FY2021: INR 116B 

- FY2022: INR 124B 

- FY2023: INR 138B 

- FY2024: INR 152B 

- FY2025: INR 176B 

- FY2026: INR 203B 

### Gross margin · FY2026

gross margin 39.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 39.0% 

- FY2024: 41.4% 

- FY2025: 40.7% 

- FY2026: 39.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in tea & coffee; annual sales are INR 202.9 billion.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2026: revenue 202900000000; grossProfit 79782500000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 39.3% to 41.4% during 2024–26; it earns 16.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.446Z); FY2024: grossProfit / revenue = 41.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.446Z); FY2025: grossProfit / revenue = 40.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.446Z); FY2026: grossProfit / revenue = 39.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.446Z); 10-year return on capital observations [[2022,0.17199337407599166],[2023,0.15578492044797534],[2024,0.20200465257687],[2025,0.16665585845105754],[2026,0.16232143392680415]]; median 0.16665585845105754. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2017: growth capex 120000000; upkeep 1260000000; owner earnings 3890000000. Growth capex / owner earnings = 0.030848329048843187.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2018: growth capex 235964190.19649506; upkeep 3354035809.803505; owner earnings 2765964190.196495. Growth capex / owner earnings = 0.08530992231672098.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2019: growth capex 1590000000; upkeep 1230000000; owner earnings 4080000000. Growth capex / owner earnings = 0.3897058823529412.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2020: growth capex 0; upkeep 1600000000; owner earnings 5420000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2021: growth capex 0; upkeep 2110000000; owner earnings 9010000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2022: growth capex 0; upkeep 2730000000; cash acquisitions 5114500000; owner earnings 8882200000. Growth capex plus acquisitions / owner earnings = 0.575814550449213.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2023: growth capex 80000000; upkeep 3040000000; cash acquisitions 550700000; owner earnings 12040000000. Growth capex plus acquisitions / owner earnings = 0.05238372093023256.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2024: growth capex 0; upkeep 3350000000; cash acquisitions 38594400000; owner earnings 11920000000. Growth capex plus acquisitions / owner earnings = 3.237785234899329.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2025: growth capex 0; upkeep 4600000000; cash acquisitions 18090000000; owner earnings 13444600000. Growth capex plus acquisitions / owner earnings = 1.345521622063877.

- Source: https://www.screener.in/company/TATACONSUM/consolidated/ (filed 2026-10-16T07:33:24.446Z); FY2026: growth capex 0; upkeep 4490000000; cash acquisitions 0; owner earnings 16405300000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.446Z); Dividend observations: [[2017,1890000000],[2018,2120000000],[2019,2160000000],[2020,2220000000],[2021,2670000000],[2022,3980000000],[2023,5730000000],[2024,8090000000],[2025,7410000000],[2026,8200000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price assumes cash profits grow 23.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:24.446Z); Ten-year compound average after fade. Initial solved rate 0.3356353194630822. Price 987.9000244140625; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share -0.5733333333333334 → FY2026 16.575523605706874. Closing-price date 2026-10-14.

## Monthly share-price history (INR per share)

- 2016-11: INR 123.85 per share

- 2016-12: INR 122.00 per share

- 2017-01: INR 128.85 per share

- 2017-02: INR 138.05 per share

- 2017-03: INR 150.55 per share

- 2017-04: INR 153.10 per share

- 2017-05: INR 149.40 per share

- 2017-06: INR 150.65 per share

- 2017-07: INR 169.55 per share

- 2017-08: INR 198.00 per share

- 2017-09: INR 205.80 per share

- 2017-10: INR 226.95 per share

- 2017-11: INR 287.10 per share

- 2017-12: INR 316.40 per share

- 2018-01: INR 290.65 per share

- 2018-02: INR 275.50 per share

- 2018-03: INR 258.75 per share

- 2018-04: INR 297.55 per share

- 2018-05: INR 269.20 per share

- 2018-06: INR 269.35 per share

- 2018-07: INR 246.90 per share

- 2018-08: INR 234.30 per share

- 2018-09: INR 233.75 per share

- 2018-10: INR 217.85 per share

- 2018-11: INR 218.65 per share

- 2018-12: INR 219.40 per share

- 2019-01: INR 203.80 per share

- 2019-02: INR 193.70 per share

- 2019-03: INR 203.95 per share

- 2019-04: INR 209.20 per share

- 2019-05: INR 244.00 per share

- 2019-06: INR 269.70 per share

- 2019-07: INR 251.60 per share

- 2019-08: INR 278.50 per share

- 2019-09: INR 276.00 per share

- 2019-10: INR 317.00 per share

- 2019-11: INR 323.15 per share

- 2019-12: INR 321.35 per share

- 2020-01: INR 383.40 per share

- 2020-02: INR 346.15 per share

- 2020-03: INR 294.85 per share

- 2020-04: INR 351.60 per share

- 2020-05: INR 366.90 per share

- 2020-06: INR 387.45 per share

- 2020-07: INR 428.05 per share

- 2020-08: INR 532.35 per share

- 2020-09: INR 499.95 per share

- 2020-10: INR 492.85 per share

- 2020-11: INR 538.00 per share

- 2020-12: INR 589.90 per share

- 2021-01: INR 559.80 per share

- 2021-02: INR 609.15 per share

- 2021-03: INR 638.90 per share

- 2021-04: INR 669.50 per share

- 2021-05: INR 663.85 per share

- 2021-06: INR 754.40 per share

- 2021-07: INR 756.25 per share

- 2021-08: INR 864.95 per share

- 2021-09: INR 813.60 per share

- 2021-10: INR 809.50 per share

- 2021-11: INR 778.60 per share

- 2021-12: INR 743.45 per share

- 2022-01: INR 727.30 per share

- 2022-02: INR 718.60 per share

- 2022-03: INR 777.40 per share

- 2022-04: INR 823.75 per share

- 2022-05: INR 759.75 per share

- 2022-06: INR 706.35 per share

- 2022-07: INR 811.65 per share

- 2022-08: INR 809.65 per share

- 2022-09: INR 802.85 per share

- 2022-10: INR 770.15 per share

- 2022-11: INR 818.05 per share

- 2022-12: INR 766.95 per share

- 2023-01: INR 729.50 per share

- 2023-02: INR 715.30 per share

- 2023-03: INR 708.85 per share

- 2023-04: INR 763.85 per share

- 2023-05: INR 798.65 per share

- 2023-06: INR 860.90 per share

- 2023-07: INR 859.30 per share

- 2023-08: INR 834.35 per share

- 2023-09: INR 876.90 per share

- 2023-10: INR 900.50 per share

- 2023-11: INR 940.75 per share

- 2023-12: INR 1,086.80 per share

- 2024-01: INR 1,118.00 per share

- 2024-02: INR 1,190.05 per share

- 2024-03: INR 1,096.20 per share

- 2024-04: INR 1,108.35 per share

- 2024-05: INR 1,060.25 per share

- 2024-06: INR 1,097.45 per share

- 2024-07: INR 1,188.95 per share

- 2024-08: INR 1,200.15 per share

- 2024-09: INR 1,196.95 per share

- 2024-10: INR 1,002.55 per share

- 2024-11: INR 958.65 per share

- 2024-12: INR 914.70 per share

- 2025-01: INR 1,024.65 per share

- 2025-02: INR 963.70 per share

- 2025-03: INR 1,001.90 per share

- 2025-04: INR 1,165.80 per share

- 2025-05: INR 1,106.30 per share

- 2025-06: INR 1,098.90 per share

- 2025-07: INR 1,073.20 per share

- 2025-08: INR 1,065.40 per share

- 2025-09: INR 1,129.30 per share

- 2025-10: INR 1,165.00 per share

- 2025-11: INR 1,172.40 per share

- 2025-12: INR 1,192.00 per share

- 2026-01: INR 1,133.90 per share

- 2026-02: INR 1,141.00 per share

- 2026-03: INR 1,014.80 per share

- 2026-04: INR 1,144.60 per share

- 2026-05: INR 1,178.40 per share

- 2026-06: INR 1,075.60 per share

- 2026-07: INR 1,083.10 per share

- 2026-08: INR 1,037.50 per share

- 2026-09: INR 949.50 per share

- 2026-10: INR 991.45 per share

## Annual estimated value (INR per share)

- FY2019: low INR 57.81 per share, central INR 62.82 per share, high INR 69.17 per share

- FY2020: low INR 70.55 per share, central INR 76.86 per share, high INR 84.87 per share

- FY2021: low INR 97.18 per share, central INR 104.79 per share, high INR 114.43 per share

- FY2022: low INR 96.49 per share, central INR 104.62 per share, high INR 114.95 per share

- FY2023: low INR 127.04 per share, central INR 138.48 per share, high INR 152.99 per share

- FY2024: low INR 141.50 per share, central INR 155.08 per share, high INR 172.31 per share

- FY2025: low INR 156.13 per share, central INR 171.14 per share, high INR 190.18 per share

- FY2026: low INR 180.95 per share, central INR 198.20 per share, high INR 220.08 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:10.076Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations