Tata Consumer Products Ltd’s (TCPL’s) Q4FY25 numbers were good, with revenues growing by 17% y-o-y (12% organic growth), while OPM declined by 256 bps y-o-y to 13.5% (versus 13.1% expected). Adjusted PAT fell by 6.3% y-o-y. Management maintained guidance of mid single-digit volume growth in core business and growth businesses growing at 30%. Margins to normalise, volumes to recover in 2-3 quarters with tea inflation cooling off and prices maintained at current levels.
OutlookStock trades at 67x/56x its FY26E/FY27E EPS, respectively. We maintain Buy with a revised PT of Rs. 1,340.
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