27-Oct-2026 07:59:27

Morgan stanley on Tata Cons: OW, TP Rs 1202

2Q revenue, EBITDA and adj. PAT grew +14%, +17% and +18% YoY, which was +1%, +1% and -3% vs MSe. EBITDA margin was 13.8% (+31bps YoY, +30bps QoQ; MSe 13.9%). Strong top-line growth momentum is positive - India branded revenue growth rose to +17% (13% each for last 3 quarters) with volume growth at +11% YoY. Management guided for YoY EBITDA margin expansion in 2H, without committing to 50-70bps guidance for F27. Margin concerns, though valid, are in price.

TATA CONSUMER PRODUCT LTD

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