GS on Tata Cons ; Buy, TP Rs 1325

Strong 2QFY27 despite a tough environment, largely in-line with estimates India business: Double digit volume growth and 17% revenue growth, pricing to significantly accelerate in 2H 'Growth' businesses deliver 40% growth driven by Sampann & RTD Capital Foods and Organic India domestic growth at 24%, exports impacted due to shipping delays Salt continues to deliver strong growth, tea muted Management reiterated their guidance for 50–70 bps of consolidated EBITDA margin expansion in FY27

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