{"id":182561,"date":"2026-05-08T10:20:00","date_gmt":"2026-05-08T14:20:00","guid":{"rendered":"https:\/\/alphastreet.com\/india\/tata-consumer-products-ltd-tataconsum-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-08T10:47:54","modified_gmt":"2026-05-08T14:47:54","slug":"tata-consumer-products-ltd-tataconsum-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/tata-consumer-products-ltd-tataconsum-q4-2026-earnings-call-transcript\/","title":{"rendered":"Tata Consumer Products Ltd (TATACONSUM) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

Tata Consumer Products Ltd (NSE: TATACONSUM) Q4 2026 Earnings Call dated May. 08, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Nidhi Verma<\/strong> \u2014 Head of Investor Relations and Corporate Communications<\/em><\/p>\n

Sunil D’Souza<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Ashish Goenka<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Mihir Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Abneesh Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Vivek Maheshwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Nihal Mahesh Jham<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Soman<\/strong> \u2014 Analyst<\/em><\/p>\n

Jayant Parasramka<\/strong> \u2014 Analyst<\/em><\/p>\n

Percy Panthaki<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen. Good day and welcome to Tata Consumer Products Q4FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nidhi Varma, Head of Investor Relations and Corporate Communications.<\/p>\n

Thank you. And over to you.<\/p>\n

Nidhi Verma<\/strong> \u2014 Head of Investor Relations and Corporate Communications<\/em><\/p>\n

Thank you and welcome everyone to the Q4FY26 conference call for Tata Consumer Products. We announced our results for the quarter and year a while ago and we also shared the materials. Hope you’ve had some time to go through those. In the call. Today I’m joined by Mr. Sunil D’, Souza, Managing Director and CEO, Mr. Ashish Goenka Group CFO and Mr. Ajit Krishna Kumar, Executive Director and COO. So in terms of the format, the way we usually do, we spend about 15, 20 minutes walking you through the key highlights of the performance and then we’ll open the floor for Q and A.<\/p>\n

I just want to draw your attention to the disclaimer statement that is on the screen. With that, I hand it over to Sunit.<\/p>\n

Sunil D’Souza<\/strong> \u2014 Managing Director and Chief Executive Officer<\/em><\/p>\n

Thanks Milik. So in summary, our consolidated revenue for the quarter grew 18 with the India business delivering 16% UVG. For the full year we’ve crossed 20,000 crores. Revenue grew 15% with India business UVG of 13 India tea volumes grew 4. Revenue was minus 1. Primarily because you’ve taken price cuts as we’ve seen tea costs go down. Just as a rider margin has come back to where it should be. As a result of this, for the full year, revenue for tea was up 6. Salt delivered 12% revenue growth with stellar volume growth as well.<\/p>\n

Overall for the full year, top line was up 14. Growth businesses crossed the 4,000 crore mark growing 24% in this year. For the quarter, growth has come back to where it should be with 33%. Sampan grew 69 in Q4 and 46 full year. RTD continued its strong performance. 28% volume, 23% revenue in Q4 and overall was 10% for the year, Capital Foods and Organic India grew 8 while the domestic business grew 15. But because of the Middle Eastern issues, shipping got disrupted for the month of March including for the US etc where we transship via Dubai.<\/p>\n

And therefore we had a hit on the international business. For the full year, combined revenue was up 12. International maintained a strong trajectory. It’s actually now competing for growth numbers with India. It delivered 11% constant currency growth in Q4 led by the US coffee business. Full year was 9, non branded was up by 41 in Q4 and for full year by 23 with healthy profitability. Profitability in the non branded which was elevated last year due to pricing is now back to normal. Consolidated EBITDA grew 27, top line 18, EBITDA 27 and therefore margin expanded 100bps to 14.6 for the full year.<\/p>\n

Because of the softness in the first two quarters, EBITDA margin for the full year was 13.9. Working capital was down now to 21 from 26 days last year and India was minus 2 versus minus 1 last year. Innovation to sales ratio came in at a 4.5 with 80 new product launches during the year. The board recommended a dividend of Rupees ten per share which is a substantial increase on where it was last year. So for the quarter India beverages 1600 growing 4, India foods up 21, international up 21, non branded up 43 overall 5400 crores at 18% growth for the full year, India beverages up 8, India foods 18 international up 16 and non branded up 25 overall a 15% growth.<\/p>\n

Constant currency. I will not repeat the numbers but to say that while EBITDA grew 27 PBT was up 32%. Group net profit was before break before exceptionals was 48 and group net profit grew 22. And we are now sitting with roughly 3000 crores of net cash. Sorry, just if you go back, there is one more metric that we are publishing starting this quarter is adjusted eps. And the reason is because we also amortize some of the brands that we’ve acquired and as the amortization winds down we will have an expansion on eps.<\/p>\n

So we will continue to show adjusted EPS also as a factor. So for the full year 15 top line 12% EBITDA growth 23% PBT 24 group net profit before exceptionals 20 after and EPS adjusted EPS of 17.3, reported EPS of 15.6. So our ANP to sales was slightly soft this quarter because we spent a significant amount in Q2 and Q3. So we normalized it a bit. But as I said directionally we will be the 7.5 to 8.5 ratio as we go forward. Salt market share was up by 100bps. Tea market share was down 50. But just to reiterate, Nielsen doesn’t capture Quickcom and E Com which is now 21% of our portfolio.<\/p>\n

Modern Trade. Half of Modern Trade doesn’t report their numbers and they extrapolate and if you triangulate between Home Panel, the Kantar Home panel reported numbers by competition and the Nielsen numbers, you would figure that these numbers are a bit off. Going forward we will probably stop reporting this because we use them now only for execution and not for actual benchmarking. I talked about growth businesses contributed 31% of our business. India business in FY26 for the quarter grew 33 contributing 33%.<\/p>\n

We have finished our entire rollout of our new go to market system. So in geographies where salt is very strong, we’ve got salt distributor and everything else. There are 64 cities where salt and tea combined. Business is overwhelming. So that’s we call it core and the rest is clubbed under the growth distributor. And in about 17 cities we were common distributors. But we’ve changed the frequency and or the number of salesmen who go to the outlet. As a result of this we’ve already started to see execution metrics, especially lines per outlet go up significantly.<\/p>\n

And we do expect that to start to roll into actual revenue numbers. We have continued to focus on channels of the future. Modern trade was up 20 contributing to 15% of India business. E com plus Quickcom was up 62 contributing to 19%. We incubated three channels during this year. Food services exited at an ARR of 170 crores present in roughly 60 cities. Vending exited at an ARR of 100 crores and we have now about 8000 plus machines. Pharmacy exited at an ARR of 30 crores and we cover about 42,000 outlets nationally now.<\/p>\n

Innovation to sales we continue to ramp up. It’s now 4.5% of our sales and we’ve grown innovation revenue 7x from where we started. We launched 80 new products this year, roughly doubling the number from last year. And our innovation was all focused on the three pillars that we’ve defined. Health and wellness, convenience and premiumization. We also made strides on sustainability. We have featured in the S and P Global Sustainability yearbook for the second consecutive year. We have ranked among top three companies among India 60 most sustainable companies by BW Business World for second year in a row and since formation we’ve grown top line at a 16% CAGR for India, 7% for international consolidated at 13%.<\/p>\n

EBITDA has grown ahead at 14%. Group net profit has grown still ahead at 22% and we’ve driven shareholder returns. Net working capital in India is -2 total working capital the point to notice our working capital in India is less than While we’ve more than doubled the business, it is less than when we started off six years back. Adjusted EPS more than 3.5 times. Free cash flow to EBITDA was 107% and we’ve consistently improved our dividends in terms of the macros. Tea prices largely benign right now, trending about 5% ahead of where they were the same period last year.<\/p>\n

But barring any unforeseen climate change, we should have largely benign tea costs. Coffee prices coming down right now as we speak. It is $2.99 is what Arabica is trading at. Which means in the next probably two months or so you’ll start to see coffee margins climb up. In the US I talked about 4% volume minus 1% of revenue for India packaged beverages. Coffee also grew 20% in Q4 and overall for the full year 43%. India foods volume was up 15 primarily driven by salt but net revenue was also up 21 and salt on already high market share.<\/p>\n

We continued to improve market share from there. Sampan grew 69% with broad based contribution across categories. Dry fruits and cold pressed oils which we launched about two years back as of now are close to hitting a 500 crore each ARR RTD. We’ve grown 28% on volume, 23% on revenue and 260 crores total. Tata Copper plus continues to go from strength to strength up by 33% in Q4 and 26% for the full year. Capital Foods and Organic India Organic India 135 crores. Capital Foods 213 combined gross margin as we said roughly around 45 to 50% above our base which is at 47%.<\/p>\n

Domestic business in Q4 grew 15 13% overall in FY26. Exports declined primarily because of the hit in Q4, very specifically the month of March. Non branded business revenue was up 41. Soluble revenue was up 43. Starbucks good part is now this is the third successive quarter of positive same store sales growth, same store sales growth of 5 and total Starbucks growth of 7%. We opened 23 net stores, 502 total stores and now we are present in 80 cities. UK revenue growth of 3, there’s volume growth of 4, market share continues to retain at a 19 and value market share in fruit and herbal continues to inch up US Very strong revenue growth driven by price volume was a bit soft, market share continues to improve.<\/p>\n

Bags is 4.3 and we continue to gain share on K cups as well Canada we had volume growth in Q4 and revenue growth of +7. Big part was focus is to grow. We’ve already got close to a 4550 share in black. Focus is to gain specialty. So if you observe specialty grew faster than base overall value market share of 25. I hand it over to Ashish to talk to you about the financials.<\/p>\n

Ashish Goenka<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Thank you Sunil. As Sunil mentioned we had a strong quarter Standalone revenue growth of 16%. Consolidated revenue grew 18%. Growth was largely volume led and broad based with India growing at 13%. International and non branded delivering 11% and 41% respectively in constant currency growth was also complemented by margin expansion. Our standalone EBITDA grew at 51% while consolidated EBITDA saw 27% growth. Margins on a better level expanded by 100 basis points over last year. In terms of consolidated financials I think we have spoken about the numbers.<\/p>\n

Full year growth was at 15% and EBITDA growth was 12%. Of course we were impacted by the high tea cost in the first half of the year and through the year coffee in US specifically remained elevated and therefore overall EBITDA margins contracted versus last year. On segment I think nothing particular to report. India has significantly improved over last year while international and non branded we saw some contraction in margins while the growth remains healthy largely on account of the overturning of the commodity cost per US coffee in international and overall terminal price impacts in non branded coffee.<\/p>\n

I think that’s all from my side. We will probably spend more time on Q and A signing back to Nidhi.<\/p>\n

Nidhi Verma<\/strong> \u2014 Head of Investor Relations and Corporate Communications<\/em><\/p>\n

Thank you. Siddhiya Moderator we can go to the Q and A queue now and requesting all participants to limit their questions to two at a time please.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue you may press star and 2. Participants are requested to use handsets while asking a question and to restrict to two questions at a time. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Take a first question from the line of Mihir Shah from Nomura.<\/p>\n

Please go ahead.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Hi sir, thank you for taking my question and congrats on a good set of numbers. Firstly on gross margins they have compressed sequentially. This seems largely due to the non branded coffee and international business while India margin seems to have improved. With the elevated cost levels from crude and fuel etc. That we are seeing now. Can one, expect the near term margins to be under pressure. And what level of margins should one consider for FY27 especially when you say NP will go back to seven and a half from 6.7 in FY26 that we saw and with the rising pressure on items that we are seeing currently.<\/p>\n

So that’s my first question.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So let me answer that. This thing, we’ve seen some increases in packaging costs, etc. Number one. Number two, we’ve seen some increases because of places where we use lpg. Now the good and bad part of our portfolio, I think we’ve got a fairly balanced portfolio of I would say slightly stronger commodities and a piece of highly processed food. So far we’ve not seen a big impact on the margins per se. Now if fuel price goes up then it’s broad based inflation and then it’s a different story. But with the current set of variables we don’t see a high pressure per se.<\/p>\n

And I think we’ve got enough in our equity for all the categories for us to take increases to make sure we will mitigate margins. So let me put it this way, I wouldn’t lose sleep on trying to figure out margins at least in the next two, three months. Longer term your guess is as good as mine. But right now we remain confident of delivering top line numbers and EBITDA ahead of top line and top line and we will grow at double digits. So yeah,<\/p>\n

Mihir Shah<\/strong><\/p>\n

Understood. Just one small clarification that Sunil, should we still hold to that 5070 basis points of expansion over FY26 that we had indicated or do you think that it can come with a little bit of delay?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

No, no, no. So 50 to 75, 80 bps is a given. I mean it’s not an option. We will deliberate number one. Number two, just a rider saying that we’ve got seasonality in our businesses so it will be quarter to quarter. So it’s not that it’s automatically jumping up to the 50 to 100 for the full year number straight away. So you have to cycle quarter by quarter because we’ve got seasonality, you will see that in play. 50 to 75 for the full year will happen.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Understood. That clears. That’s. Thank you for that. Secondly, when one looks at the Sampana growth of close to 70% is a material step up. If you can share your thoughts on what really drove this. Was it largely due to the higher NPDs that we have seen or there is some tailwind from the new GTM strategy that is going about and also on company Margins post the beverage margins recovering, can one assume that the food and beverage margins are at similar levels and SAMPAN margins have seen some improvement?<\/p>\n

So your thoughts on both these?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So the reason for SAMPAN growth from a portfolio perspective is I would say broad based but a little bit of higher impetus in the npds. But we have seen growth across pulses, Poha, Vermicelli, everything. I mean whole portfolio. I think we’re getting stronger as a brand and portfolio per se. That’s number one. Number two, the Quickcom E Com shift by consumers is helping us as well because then distribution and availability is not a constraint and we’re able to reach every single consumer. That’s number two.<\/p>\n

Number three, from a margin perspective, we’ve always said there’s no reason SAMPAN can’t hit a mid teens plus number and we are starting to get close to that. But we don’t look at food, we look at tea separately. We look at salt separately and Sampan separately. Salt is on a very strong wicket. Beverages has come back to a strong wicket. Tea, sorry, SAMPAN per se is I would say headed towards a mid teens sort of margin. So from a margin perspective overall I would think we’re in a good place.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Got it. That’s all from my side. Thank you very much and wishing all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll take our next question from the line of Abneesh Roy from Nuama Institutional Equities. Please go ahead.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Congrats. Two questions. So first of course on your comment that the market share data you may stop giving and is more from execution part rather than a benchmark. So specific question is how do you then benchmark because you must be having those E Commerce quick Commerce data which you must be getting. So how reliable is that? And apart from this, if the data is not covering so many channels, how relevant is it even from a execution part of thing, how relevant is it from that also?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So for Quickcom Ecom the good part is Nielsen does have a panel and does give us data so we get that data. And by the way we’re market leaders on T. On Quickcom and E Com I would just urge you to go through different annual reports, different analyst calls to pick up numbers and do comparisons on T number one. And the reason I say benchmarks is my team has got very, very specific targets in terms of channels, in terms of numeric reach, etc. So more than market share, I mean the numeric reach etc.<\/p>\n

Is what I would look at share among handlers and numeric reach. But the overall Market share I would say broadly I don’t find the directional numbers right. And that’s why we are starting to stopping to publish because I don’t want to get this discussion every time saying the numbers are not right, etc. Salt by sheer weight of the fact that we’ve got a 40% share and therefore we’re very highly distributed and we are the number one. I think broadly the number works. Now I don’t have any benchmark anywhere in the industry to do any other comparison on salt.<\/p>\n

So that’s why salt will still look at the number. But beverages like I said 25. We just gave the number 20% is Quickcom E com out of 15 modern trade if you take out half it’s about another seven institutions is about four, five for me. So overall GT is just about 55 and the number is off. Right. So doesn’t make sense.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Understood. Second and last question will be on the beverage business. Two subparts here. One is Canpa is now number three in water pan India and very aggressive advertising. 15 rupee pricing Campashure Amitabh Bachchan brand ambassador here. Special question is from a margin perspective for you in Narishko, how are things and from a long term growth perspective given Kampa will keep getting more aggressive as they get the back end right. How is the long term growth? I’m sure next 2\/4 the growth will be very strong given the El Nino impact.<\/p>\n

That’s the first part. Second part, very small U.S. Business you highlighted margins will improve. But what about pricing in developed market? Once commodity cools off, pricing also cools off very quickly. Right. So if you could comment on that part.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So let me, let me go with the second answer. First number one is today, while commodities costs have softened, there is inventory in the channel of raw material and therefore the entire margin expansion hasn’t happened. And even after I would say two, three months when the inventory levels start to go down and the newer inventory starts to flow in, the margins would just come back to where they were for the industry before this entire upcycle on coffee prices. That said, you could see action on pricing specifically driven by promos on the shop floor.<\/p>\n

We remain alert to that. But I would say till broadly the industry comes back to the margins which used to be there just about two years back, I don’t see too much of a fight breaking out on the shop floor and therefore margins I would say would broadly. Will they come back to exactly where they were? I am not sure but they will definitely improve from where we are currently. So that is the reason why we remain extremely confident, that is number one. And by the way, the good part is even in this scenario of compressed margins, we have continued to drive significant top line and therefore gain market share in the US So that is one on the second part, I wouldn’t compete about competitors with numbers and data which I am not too clued in about.<\/p>\n

All that I can say is we remain confident of growing 30% consistently and improving our whole margin portfolio profile as well. In Narishko we have three different verticals that we are very clearly focused on. Number one is water in its whole stack. And you will see a bunch of launches happening right now. We have Himalayan, we have Spring Alive, we have Alkaline and we have Tata Copper. You will see more of launches across the spectrum and functional waters. That’s number one. Number two, you have affordable cups and I would term it as affordable and profitable cups.<\/p>\n

So I wouldn’t worry about people trying pricing actions in that category. And the number three is where I have every right to win, which is tea and coffee. We have right now Kombucha, Green tea, Fruit Tea. We’ve got coffee in cans and coffee in pet. And you will see more launches in the coffee space, sorry, tea space as well as we go forward, we’ve grown Tata Copper by 33% last quarter. There’s no reason why this trajectory can’t continue at this level for a long, long time because A, we do have a strong brand proposition.<\/p>\n

B, we’ve still, I mean, not covered the entire country in the manufacturing distribution terms. And see, per capita consumption of water itself is at abysmal levels in India when you compare to the rest of the world. So geographic expansion, per capita consumption and portfolio expansion, all three will drive Narishko.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Vivek Maheshwari from Jefferies. Please go ahead.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Hi Sunil and team. Two questions. The first one is on the growth categories. Now that Capital Foods and, you know, Capital Foods and Organic India are kind of, you know, doing well in the domestic market, are you thinking about more acquisitions and adding, you know, more to your, you know, portfolio? And where do you think it salience settles at in the next three, four years? That’s the first question.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So Vivek, let me say while we’ve improved our performance in Capital Foods and Organic India, I think we’ve got Runway to improve it still more significantly with the split GTM that we have rolled out. We’ve already started seeing my single biggest indicator is lines sold. And for that we have started to see significant improvement in capital foods and organic India. When I look at by category and when I look by type of distributors, the growth guys are growing the fastest on lines per outlet, which means we are, we are doing the retailing and distribution of the products backed by media spends on the brand as well.<\/p>\n

Whether it is Sachin Tendulkar or it is the Ranveer Singh on the capital food side, I think that’s doing very well for us. And you will see a lot of innovation also rolling out in the pipeline. So therefore we should be accelerating on capital foods and organic India. You will see a lot of launches organically across different platforms as we go forward, including some new platforms that we’re going to launch. So therefore the growth portfolio will continue to chug along at this 30% number at least in the near term.<\/p>\n

On the acquisitions front, we remain open. But right now let me say what we like is not for sale. What is for sale we don’t like. Right? So from that perspective, if and when something comes along which we think will be attractive, we will look at it. So we’ve never said no in terms of percentage right now for the short term, short to medium term, I would say 30% growth is a given for the growth businesses and we will keep recalibrating as we go forward.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Interesting. Got it. And the second bit is you have already answered. So you have a very unique raw material basket versus most of your competitors. You have mentioned about international margins and drivers for that. But because of this volatility and whatever geopolitical bit, whether from margin perspective or growth perspective, are there any, should there be anything that we bear in mind from us, Canada and UK perspective that in case if geopolitical things do not settle down in time, are there any areas?<\/p>\n

Because this is a piece which is very difficult to understand for us sitting in India. So just wanted to be sure on that.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So overall, if you look at it, Vivek, how does the entire Middle east situation impact us? Number one is in terms of availability of raw material and therefore business continuity. Right. So for the India business itself we used to have some plastic closures and PET etc which we used to import. We’ve already shifted about, I would say about 15, 20 days back and we are fully, I mean there is no issue on continuity. That’s number one. Number two is the issue is lpg. LPG for specific categories where we used to use lpg, most of the places we found alternate suppliers who are supplying without a problem and or we switch to dual use burners.<\/p>\n

So that is not an issue at all. The third piece is where if there is a fuel price increase and there is broad based inflation, that is what should worry us. As of now I am not sure where this is headed. I don’t see a reason why it should only impact us. It will be an industry wide phenomenon if it happens and therefore you would see price increases, people making sure margins are protected. My hypothesis is if there is a broad based fuel price uptick it will translate to price increases as everyone in the industry moves to protect margins.<\/p>\n

But per se, as of now with the moves that have happened, I don’t see too much of an impact. And if there is an impact, like I said, we do have the equity strength to take pricing and make sure we mitigate that.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

And Sumil, just to confirm whatever comments you have made, you know just now are applicable to international business, each of the geographies as well.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

Absolutely. Because international, remember in UK, Canada, etc. It’s primarily tea and therefore, I mean the big, big impact is tea prices more than anything else and that hasn’t changed. Similarly in the US it is coffee which is probably 90, 90% of my business and again coffee prices are coming down rather than going up and therefore doesn’t change. There might be minor uptick here, there, but nothing significant.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Superb. Thank you very much. Wish you all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Nihal Jam from hsbc. Please go ahead.<\/p>\n

Nihal Mahesh Jham<\/strong><\/p>\n

Sunil. Good evening. The first question was on Capital Foods and Organic India that there was an impact in the international but we had the thought that even the domestic portfolio could start touching a 30% growth this quarter itself. So what are the issues? It’s mainly the distribution which you’ve rehashed or there are some other issues which had come up for this quarter’s growth.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

No. So this quarter Organic India did touch close to 30%. I think there were 26 or 27 if I’m not mistaken. Capital Foods was a bit subdued. I would have loved for it to grow but it still grew double digit. The primary reason was as we relayed the entire go to market. Remember between November and February we relayed our entire go to market in the top cities that had a bit of a hiccup. That said, we remain quite confident of coming to the 30% mark very quickly.<\/p>\n

Nihal Mahesh Jham<\/strong><\/p>\n

Understood. The second question was on the T bit last quarter you did highlight there was a worry of a slight spike. I think in the opening remarks you did mention about some comfort. But just to clarify that. But on the tea prices, there is comfort that at least based on showing that you’re seeing that the prices look comfortable for the year ahead or at least for the season ahead.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So like I said, I’ve stopped trying to forecast commodities too far ahead because things go up and down. But as of now for this year, tea prices have trended well, they are roughly, I think in the same ballpark as the price same period last year. And so therefore it’s largely benign. And that’s why we had given off pricing to make sure that we are competitive. As of now, we don’t see any reason to change the guidance for that.<\/p>\n

Nihal Mahesh Jham<\/strong><\/p>\n

Just one last question on sampan. So it’s obviously great to see the kind of growth the business is delivering. I think when you mention about the margin you’re referring to the map or the contribution margin that you highlighted earlier. When is it possible that on the EBITDA bit someone gets profitable and starts giving a sizable contribution given on top line, it’s already the fastest growing part of the portfolio.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

See in a structure like mine where my front end is common and my entire backend operations are common, I would not try to do a mathematical exercise to allocate overheads by different categories and therefore calculate ebitda. Right. So I mean we always maintain saying we will do P and L by category up to margin after promotion and advertising expenses. Below that all the costs are all fixed and then the targets for the teams who are handling those lines are fixed costs. And that’s how we play it.<\/p>\n

So for every single category, whether it is I mentioned the 33 to 35 for tea or the 35 range for salt or the mid teens for sampan, it is all margin after promotion expenses.<\/p>\n

Nihal Mahesh Jham<\/strong><\/p>\n

Understood? That’s it. Wish you all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We’ll move on to our next question from the line of Aditya Soman from clsa. Please go ahead. Sorry to interrupt. Aditya, please use your handset mode.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Yeah. Hi, good evening and thanks for the opportunity. Two questions for me. So firstly on the so we received also feedback from quick Commerce players and E commerce players about how Tata consumers doing is amongst the best performing companies on their platform. So from your perspective, what has really worked well and has allowed you to outperform even compared with GT where you had long standing relationships. So that’s one and second on P despite obviously you’re doing very well on these channels.<\/p>\n

The 4% volume growth, would you say that’s a satisfactory number or would you sort of aspire to see that number improve over the next Few quarters. So<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

Let me answer the second question first. We’ve always mentioned for tea we will target mid single digit growth and a couple of basis points of price mix. Therefore mid to high single digit total top line growth. From that perspective, we are almost there but not there in this quarter. So I would aspire for a slightly higher number. That’s number one. Number two, on the quick commerce E commerce bus, our philosophy is very clear. We will be where the consumer is and if the consumer is shifting from GT modern trade to E Com Quickcom, we will be there first and then we’ll figure out all the other pieces later.<\/p>\n

So that’s been our motto, number one. Number two is remember we came from significantly behind on distribution. While you might say relationships on gt when we started six years back we were half a million outlets with a numeric reach of 2 million. Today we are about a 2 million outlets with a a numeric reach of 4 and a half. So from that perspective we’ve expanded significantly, but we are still behind where we want to be on distribution. And the ability to reach consumers through Quickcom E. Com and gain momentum is primarily because a we’ve got the most trusted brand name in the country, B we are very, very sure of the quality of the products that we offer.<\/p>\n

And therefore when we connect straight with the consumer, we hit it out of the park. Right? And in fact that is one of the things which I use to beat up my sales guys saying as long as I am talking straight to the consumer, which is what happens on Quickcom E. Com I am a winner and I am number one, right? So therefore if they get my execution right and close distribution gaps, there is no reason I should be number one. I shouldn’t be number one even in GT channels.<\/p>\n

Aditya Soman<\/strong><\/p>\n

That’s very clear and just in terms of profitability across channels. So would it be fair to say that like, for, like for the same products profitability could be lower on these new channels, but obviously you see more premiumization. So overall the product or at a category level, your margins could be better. Would that be the right way to look at it?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

Now you have to remember when you put all in cost, right, if you look at only up to gross margin level, there are different costs on different channels. If you take the cost of the field force and put it onto GT channels and the cost of logistics and you put visibility on the E Com Quickcom channels, you might broadly be surprised that it lands up in the same ballpark. So I wouldn’t want to do that calculation. And the other piece Like I mentioned, right. I would rather go play where the consumer is even if it’s a slightly lower margin than not go just because it is lower margin and land up with no margin.<\/p>\n

So that’s number two. Number three, remember there is a game of roas as well. As you build scale on these channels, you initially have to spend higher visibility to get momentum going. Once you get momentum going, that same advertising dollar gives you significantly higher return by building scale. So there is a advantage to be had by first mover. And I do think that in quite a bit of the categories we are getting there.<\/p>\n

Aditya Soman<\/strong><\/p>\n

That’s very clear. And thanks so much for such a detailed answer. Thank you and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of jayant Parasramka from 3P Investment Managers. Please go ahead.<\/p>\n

Jayant Parasramka<\/strong><\/p>\n

Yeah, hi, thank you for the question. Just a couple of points on A and P spends. If you were correct, you said it is going to go up. So with gross margins likely to be under pressure in some of the categories we still think about 60 to 70 basis points EBITDA margin expansions can happen given how current status quo which we are maintaining.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So a couple of things right. As long as I don’t increase the middle of my P and L, my top line continues to grow double digits, it has to drop to the bottom line. That’s number one. Number two, I did mention that if there are some tweaks and some small niggles on cost aspects, we have the ability to take pricing up and therefore make sure that margins are well protected. So I wouldn’t worry about it. I would say a food business in India should be between, I would say 7.5 to about 8.5 sort of. So 7 to 8.5 sort of a to S ratio.<\/p>\n

We are broadly operating in that ballpark and if you look at the full year, we are almost in that ballpark. Right. So for the full year there will be ups and downs in quarters because for example for T there is a peak in north India in quarter three, for example quarter three, quarter four. So you will find slightly ahead of that advertising ramping up or for example there are specific big days and big events around. We will ramp it up then. But broadly in the ballpark we should be in the 7 sort of range coming in and I don’t expect that to impact my overall EBITDA margins.<\/p>\n

Jayant Parasramka<\/strong><\/p>\n

Sure. My second question is slightly strategic. I’m just trying to understand. On Sampan you’ve launched protein makanas and also you have a brand simply better just from an Indian perspective, are you seeing people move towards more healthier kind of food? Is that a strategic shift which is happening pretty fast and are we looking to take advantage of that given our scale, given our bigger scale as a business?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So absolutely, if you saw the slide on innovation. Innovation is focused on the three big macro trends in the Indian consumer, health and wellness, convenience and premiumization. The other piece is communication, moving to digital and online shopping as well. So you see us going aggressively between E Com, Quickcom and therefore advertising dollars also being or rupees also being spent on that. So that is a secular trend, number one. Number two, you will see Sampan and you’ll see Tata simply better.<\/p>\n

That’s because the base categories we are present in Sampan and when we are adding something, subtracting something and making sure it is better than what you consume on a regular basis, that is branded under Tata Simply better. So cold press oils is not a regular oil. It is better for you oil and therefore it is Tata simply better.<\/p>\n

Jayant Parasramka<\/strong><\/p>\n

Sure. Thanks. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Next question is from the line of Kaivalya bank from IIFL Capital. Please go ahead.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Hi sir, this is Percy, can you hear me?<\/p>\n

Operator<\/strong><\/p>\n

Yes please. Hello.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Yeah, so I just wanted to understand on T cost, did you say that it is in FY27 likely to be flat? Yoy.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So Percy, I said as of now we are seeing it roughly flat. And I have mentioned on a couple of calls I’ve stopped trying to forecast commodity costs too far ahead because with all the bumps that we have on climate, weather, etc. I don’t know what, I don’t know. And we will react, we will be agile to move pricing, etc. In line with the commodity trends. For now, the season has already started. Plucking and auctions are up fully in April and we are seeing costs roughly benign.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Okay, let me put it other way. The T margins that you have enjoyed in FY26, the India T margins, are you happy with that or do you plan to see a expansion in those margins in FY27 through initiatives of your own? And if there is a small cost impact, you will pass that on. So therefore you will still see an expansion in India T margins. Would that be a fair assessment or no?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So the t margins for Q4 are roughly where we want to be. We were not there in the beginning of the year. They started expanding as we went through the year and we had taken pricing and cost went down roughly right now where we should be and we’ll aim to be in this ballpark.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Understood. Secondly, just wanted to ask on product portfolio. Over the last few quarters you’ve launched several products and categories. Do you think that your product portfolio is now more or less complete and you would focus more on driving sales in the existing products or would you plan to expand it further?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So Parsee, with our ambition of growing double digit and continuing to deliver EBITDA margins ahead of or EBITDA ahead of top line, we will not only grow our organic portfolio which exists today, but we will continue to drive, as I clearly mentioned, its distribution, marketing, brand building and innovation. So as we see consumer trends come up, you will continue to see innovation coming out. So I think we are a long, long, long way away from saying we’ve got the perfect portfolio. I do think we will continue to aggressively expand distribution, continue to spend behind building strong brands and continuing to expand on innovation.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Can you give some gaps as to where broadly? Of course I understand you can’t comment on new launches, but where broadly do you think are the gaps in your portfolio which you can sort of fill over the next one or two years? And a related question is that as I see it now, your portfolio is actually pretty wide. Do you run the risk of spreading yourself too thin in terms of proliferating the number of products and not being able to give enough attention and focus on individual product from sort of either a sales point of view or a general organizational point of view?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So Parsee, last three quarters I think we’ve been in a strong double digit top line growth 18, 15, 18. So that’s number one. Number two, these are all driven by base UVG and not by pricing actions. I think that proves the ability of the system to execute all these innovation technology at scale. That’s number one. Number two, remember not all the innovations that you see are immediately lining up in the distributors warehouses and therefore complicating the system. Today there is this beautiful channel called E Com Quickcom which allows you to launch so your test market is you can do it in a city on Quickcom, do a quick test and then roll out total Quickcom, then modern trade, then samt, then GT so.<\/p>\n

So as long as your playbook is very clear on how you’re going to expand at lowest risk, lowest cost and highest impact. I don’t think there is a problem in launching innovation. The critical piece is to have your framework on where you want to play and launch innovation in that space. I think that is the more critical space. So I wouldn’t see an issue out there at as far as portfolio goes. Let me just leave you with. We are right now in the food and beverage space, which is still got, I would say enough white spaces for us to go after, especially in very, very specific nutrition, health and wellness and premium categories.<\/p>\n

So you will continue to see launches across our portfolio in that space.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Got it. Last one. Just give the ARR of Sampan as a brand overall, including all its categories.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So Sampan overall for the full year ended at close to 1400 crores. But remember, starting from a 35, 37 growth, if I’m not mistaken, in Q1, we are now at a 60%. I don’t. Yeah, this is 1600 crores is the actual number for Sampan for the full year per se.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Okay. Okay, that’s very helpful, sir. Thank you so much.<\/p>\n

Operator<\/strong><\/p>\n

Thank you<\/p>\n

Nidhi Verma<\/strong><\/p>\n

Moderator. We’ll go to the webcast now and take a few questions from there.<\/p>\n

Operator<\/strong><\/p>\n

Sure. Please go ahead.<\/p>\n

Nidhi Verma<\/strong><\/p>\n

There is a question from Atul. I’m<\/p>\n

Operator<\/strong><\/p>\n

Sorry to interrupt. Can you come a little closer to the microphone? You’re sounding distant.<\/p>\n

Nidhi Verma<\/strong><\/p>\n

Sure. Okay. So there is a question from Atul. He’s asking what is your strategy on tactical aggression in high margin protein segments? Are we looking to go organic or all options on the table given that we have enough cash on our balance sheet.<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So let me answer it in this way. Yeah. Protein is a segment which is trending and we are looking at it closely. But the acquisition strategy doesn’t pertain to protein alone. As I said, we are very clear where we want to play, where we don’t want to play. And if there is attractive acquisition which comes across any of the segments that we play in, we will look at it protein included. But protein per se. You would have seen some of our launches come out. Makana for example, or we have launched Edmame, etc.<\/p>\n

That is, let me just say it’s a teaser. You would see much more ramping up in this space, but ramping up with a plan.<\/p>\n

Nidhi Verma<\/strong><\/p>\n

Thank you. There is a question on consumption patterns Atul is asking in terms of the adoption of Semaglutide, which is the GLP1 trend that we are seeing. How are you developing products that serve the needs of that category?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So GLP support is what food and beverage companies are looking at. We are also looking at that right now. There is nothing on the anvil. We will wait and watch but we trigger ready to see if this category takes off.<\/p>\n

Nidhi Verma<\/strong><\/p>\n

Thank you. There is a question from Omkar from UTI Pension. He is asking Organic India has approximately 40% revenue coming from exports. Yet it has been able to grow 24% during the quarter. But Capital Foods has approximately 20% export mix and yet it has delivered below expectations. What could possibly be the reason for it?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So the primary reason is because for Organic India the single biggest market is the US and we carry inventory onshore out there in the US during the tariff up and down which impacted organic India quite a bit. We had pumped up inventory and therefore there was enough inventory sitting onshore in the us. Whereas for Capital Foods it is fob India to many of the retailers and most of them do US transshipments happen at the Middle east etc. And that shipping got disrupted in the month of March. Come April it is back to normal and we do expect to start delivering decent growth even in that category.<\/p>\n

Nidhi Verma<\/strong><\/p>\n

Thank you. Thank you. Sunil, there is a question from Abhishek Mathur at Systematics Group. He’s asking what is driving the strong volume growth in salt? Is it coming from loose, unorganized or there are some other drivers?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

There are multiple drivers. Starting with the first thing which I said when Tata Consumer was formed we decided to play not only in vacuum evaporated, iodized salt, we said we will play in salt. So actually if you look at my salt portfolio today it’s almost like a Udpi restaurant menu, right? You got salt with zinc, you’ve got salt with iron, you’ve got salt light, you’ve got salt super light, you’ve got rock salt, you’ve got salt, you’ve got solar salt, you’ve got vacuum evaporated. So we have created a portfolio on salt which caters right from the premium down to a value play that’s number one.<\/p>\n

Number two, over a period of time we’ve continued to build the brand with media and strengthen it. In fact top of mind I think right now I would dare say Tata Salt is probably right up there among the top Indian brands. Our top of mind is now about 88. So 88 out of 100 Indians, if you ask them salt they’ll say Tata Salt. As simple as that. Number three is distribution and we continue to expand and we continue to re engineer our distribution systems to make sure we are delivering. There were very many Cities, I think 24 if I’m not mistaken where salt was overwhelming and therefore if it’s a very, very strong market it’s good to separate it out, to give it single minded focus.<\/p>\n

That has started to play off as well. So yeah, multiple things in play I would say not one.<\/p>\n

Nidhi Verma<\/strong><\/p>\n

Thank you. Sunil, there is another question. Perhaps in the interest of time we’ll take one last There is a question from Bharat. He’s asking what is explaining the unbranded solubles growth given that coffee prices are in deflation now what is the outlook for this segment on growth and margins in FY27?<\/p>\n

Sunil D’Souza<\/strong><\/p>\n

So the growth is primarily when you compare with last year. So the coffee prices are elevated even when you compare to last year and that is what is driving the unbranded soluble growth. Incidentally, on the unbranded solubles growth, just FYI I think Vietnam is now running at a 99% utilization and we had already started a project to expand capacity out in Vietnam which should be online by I think very early in 2027. That will give it the real next leg of growth going forward. Today our board has also officially approved capacity expansion on tea extracts which again we’ve running out of capacity and we will start on that project as well.<\/p>\n

So the whole solubles unbranded business will continue to go from strength to strength.<\/p>\n

Nidhi Verma<\/strong><\/p>\n

Thank you. Thank you Surat. With that we conclude this call. I know we are running out of time. There might be some pending questions in which case you can get in touch with me or Kaivan from the investor relations team. Our details are on the last slide of the investor presentation. On behalf of the management I want to thank you all for joining today and have a great evening.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. On behalf of Tata Consumer Products Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines. Sam.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. Tata Consumer Products Ltd (NSE: TATACONSUM) Q4 2026 Earnings Call dated May. 08, 2026 Corporate Participants: Nidhi Verma \u2014 Head of Investor Relations and Corporate Communications Sunil D’Souza \u2014 Managing Director and Chief Executive Officer […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":109778,"url":"https:\/\/alphastreet.com\/india\/infosys-limited-infy-q4-2021-earnings-call\/","url_meta":{"origin":182561,"position":0},"title":"Infosys Limited (INFY) Q4 2021 Earnings Call","author":"Sahil Anand","date":"April 21, 2021","format":false,"excerpt":"Infosys Limited (NYSE: INFY) Q4 2021 earnings call dated\u00a0Apr. 14, 2021 Corporate Participants: Sandeep Mahindroo\u00a0\u2014\u00a0Vice President, Financial Controller & Head \u2013 Investor Relations Salil Parekh\u00a0\u2014\u00a0Chief Executive Officer and Managing Director Pravin Rao\u00a0\u2014\u00a0Chief Operating Officer and Whole-time Director Nilanjan Roy\u00a0\u2014\u00a0Chief Financial Officer Analysts: Ankur Rudra\u00a0\u2014\u00a0JPMorgan \u2014 Analyst Diviya Nagarajan\u00a0\u2014\u00a0UBS \u2014 Analyst\u2026","rel":"","context":"In "Earnings"","block_context":{"text":"Earnings","link":"https:\/\/alphastreet.com\/india\/category\/earnings\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/04\/Infosys-Limited-Q4-2021-Earnings-Call.png?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":177785,"url":"https:\/\/alphastreet.com\/india\/tata-consumer-products-stock-responds-to-recent-earnings-and-sector-conditions\/","url_meta":{"origin":182561,"position":1},"title":"Tata Consumer Products Stock Responds to Recent Earnings and Sector Conditions","author":"Staff Correspondent","date":"January 27, 2026","format":false,"excerpt":"Shares of Tata Consumer Products Ltd (NSE: TATACONSUM) moved modestly in today\u2019s trading, with a small intraday percentage change as investors gauged recent earnings data and sector cost pressures. 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The risk of\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":130756,"url":"https:\/\/alphastreet.com\/india\/united-spirits-limited-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182561,"position":4},"title":"United Spirits Limited Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"June 23, 2022","format":false,"excerpt":"https:\/\/youtu.be\/Vvcm7ol3-Ew Key highlights from United Spirits Limited (MCDOWELL-N) Q4 FY22 Earnings Concall \u00a0 Management Update: MCDOWELL-N expects volatility, temporary import supply constraint and inflationary headwinds to remain in short term, putting pressure on its growth and margins. \u00a0 Q&A Highlights: Avi Mehta - Macquarie Group - Analyst EBITDA and working\u2026","rel":"","context":"In "Concall Highlights"","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2021\/11\/Earnings-Coverage.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":143860,"url":"https:\/\/alphastreet.com\/india\/tata-coffee-ltd-tatacoffee-q4-fy23-earnings-concall-transcript\/","url_meta":{"origin":182561,"position":5},"title":"Tata Coffee Ltd (TATACOFFEE) Q4 FY23 Earnings Concall Transcript","author":"IRS_INDIA","date":"April 20, 2023","format":false,"excerpt":"Tata Coffee Ltd (NSE:TATACOFFEE) Q4 FY23 Earnings Concall dated Apr. 19, 2023. 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Venkataramanan\u00a0--\u00a0Executive Director Finance and Chief Financial Officer Unidentified Speaker\u00a0-- Analysts: Aniruddha Joshi\u00a0--\u00a0ICICI Securities -- Analyst Yash Bhandari\u00a0--\u00a0Neo Markets -- Analyst Varun Singh\u00a0--\u00a0ICICI Securities -- Analyst Unidentified\u2026","rel":"","context":"In "Consumer"","block_context":{"text":"Consumer","link":"https:\/\/alphastreet.com\/india\/category\/consumer-stocks\/"},"img":{"alt_text":"Earnings Conference Call Transcript","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2020\/09\/Transcript-thumbnail-e1657213425955.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/users\/2377"}],"replies":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/comments?post=182561"}],"version-history":[{"count":1,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182561\/revisions"}],"predecessor-version":[{"id":182563,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/posts\/182561\/revisions\/182563"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media\/147581"}],"wp:attachment":[{"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/media?parent=182561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/categories?post=182561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alphastreet.com\/india\/wp-json\/wp\/v2\/tags?post=182561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}