13-Oct-2026 11:02:20

KOTAK SECURITIES ON TATA CONSUMER PRODUCTS ; ADD | TP ₹1,080 | EARLIER TP ₹1,165 | UPGRADED FROM REDUCE

• Upgrade follows ~25% stock correction over the past 4–5 months. • Growth portfolio scaling strongly, up 47% YoY in Q1; expected to contribute ~40% of India business by FY29E. • Revenue/EBITDA/EPS expected to compound at 10.5%/14%/18% CAGR over FY26–29E. • Valuation multiple cut to 41x Sep-28E adjusted EPS from 44x earlier. • Lower multiple reflects slowing core tea growth and higher cost of equity. • FY27E–FY29E EBITDA and EPS estimates remain below Bloomberg

TATA CONSUMER PRODUCT LTD

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