Key Metrics of Tata Consumer Products
About Tata Consumer Products
Sectors
Company details
- Website
- tataconsumer.com
- Founded
- 1962
- Registered office
- Tata Centre, 1st Floor, 43, Jawaharlal Nehru Road, Middleton Row, Kolkata, Kolkata, In-wb, 700071
- Listed
- NSE: TATACONSUM · ₹1,025.90
Operational Areas of Tata Consumer Products
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 06 Oct 2026 | CARE | Reaffirmed | — | A1+ | — | ₹1,500 Cr | View |
| 30 Apr 2026 | ICRA | Reaffirmed | AAA | A1+ | Stable | ₹2,350 Cr | View |
| 07 Oct 2025 | CARE | Reaffirmed | — | A1+ | — | ₹1,500 Cr | View |
| 22 Jan 2025 | CARE | Reaffirmed | — | A1+ | — | ₹1,500 Cr | View |
| 23 Jan 2024 | CARE | Other | — | — | — | — | View |
| 25 Jul 2023 | CARE | Other | — | — | — | — | View |
| 04 Aug 2022 | CARE | Reaffirmed | — | A1+ | — | ₹1,430 Cr | View |
| 05 Aug 2021 | CARE | Reaffirmed | — | A1+ | — | ₹715 Cr | View |
| 06 Jul 2021 | CARE | Other | — | — | — | — | View |
| 07 Jul 2020 | CARE | Other | — | — | — | — | View |
| 05 Jul 2019 | CARE | Other | — | A1+ | — | ₹715 Cr | View |
| 24 May 2019 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Oct 2026)
+ Established brands with diversified product offerings and global presence
TCPL benefits from a portfolio of well -established brands with leadership positions across multiple product categories and geographies, underpinning its strong business profile. In India, the company enjoys a leading presence in branded tea and sal t 1SEBI: Securities and Exchange Board of India; RBI: Reserve Bank of India; MCA: Ministry of Corporate Affairs; IRDAI: Insuranc e Regulatory and Development Authority of India; PFRDA: Pension Fund Regulatory and Development Authority.
+ Sustained growth in the company’s scale of operations, while maintaining its operating margins
TCPL’s TOI grew at a CAGR of 13% for four years ended FY26, reaching ₹20,290 crore in FY26, driven by sustained organic growth across its portfolio and strategic acquisitions, with FY26 recording a growth of 15% on a year-over-year (y-o-y) basis. The company’s India branded business grew by 14% on a y -o-y basis to ₹12,779 crore in FY26, driven by steady growth in the core tea and salt portfolios and continued strong traction in growth businesses. While core businesses grew by ~10%, the growth
+ Comfortable financial risk profile
TCPL’s financial risk profile remains strong, supported by its sizeable net worth of over ₹23,000 crore (including acquired goodwill and intangible assets related to acquisition) , robust cash flow generation , and limited reliance on external borrowings. Following the ₹2,995 crore rights issue and repayment of acquisition-related debt raised for Capital Foods and Organic India in FY25, the company has maintained a net debt negative position for two years ended FY26. TCPL’s overall gearing and t
Credit challenges
− Moderate return on capital employed
TCPL continues to invest in inorganic growth opportunities to strengthen its product portfolio, expand brand presence, and enhance category diversification. Significant investments towards strategic acquisitions in the past, including Capital Foods and Organic India in recent time, have led to sizeable capital deployment in the last few years. Consequently, return indicators remained moderate, with consolidated ROCE at 11.36% in FY26 (FY25: 9.43%). CareEdge Ratings expects ROCE to remain
− Exposure to commodity, currency, and competitive risks
TCPL’s profitability remains susceptible to volatility in tea and coffee prices, foreign exchange fluctuations, and intense c ompetition across its key categories. The sharp rise in domestic tea prices and green coffee costs in the US exerted pressure on ma rgins; however, the impact was partially offset through calibrated price increases, premiumisation, cost optimisation initiatives, a nd dynamic sourcing strategies. Commodity risks are mitigated through active tea procurement management and s
Could lead to a downgrade
• Major debt-funded capital expenditure/inorganic growth and delay in profitably ramping up revenues from such investments, which may weaken profitability indicators, capital structure or
Agency-reported financials (CARE, 06 Oct 2026)
| Metric | March 31, 2025 | March 31, 2026 |
|---|---|---|
| Total operating income | ₹20,290 Cr | ₹5,349 Cr |
| PBILDT* | ₹2,792 Cr | ₹724 Cr |
| Profit after tax (PAT) | ₹1,547 Cr | ₹427 Cr |
| Overall gearing (x) | 0.12× | — |
| Interest coverage (x) | 20.37× | 18.52× |
| Revenue growth (YoY) | — | −73.6% |
| PAT margin | 7.6% | 8.0% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Short-term Fund-based Non-fund-based – Working Capital Facilities | Non-fund based limits | ₹850 Cr | ₹850 Cr | 0.0% | AAA / A1+ (Stable) | Reaffirmed | ICRA |
| Short-term – Interchangeable Limits (50.00) (150.00) Short term – Commercial Paper | Commercial paper | ₹1,500 Cr | ₹1,500 Cr | 0.0% | A1+ | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| INE192A14838 | Sep Dec + | Commercial paper | 5.94% | — | — | ₹100 Cr | A1+ | Not stated |
| INE192A14846 | Sep Dec + | Commercial paper | 5.95% | — | — | ₹150 Cr | A1+ | Not stated |
| INE192A14721 | Dec Feb + | Commercial paper | 7.17% | — | — | ₹200 Cr | A1+ | Not stated |
| INE192A14739 | Dec Feb + | Commercial paper | 7.19% | — | — | ₹100 Cr | A1+ | Not stated |
| INE192A14358 | Dec Mar + | Commercial paper | 7.45% | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192A14366 | Dec Mar + | Commercial paper | 7.42% | — | — | ₹100 Cr | A1+ | Not stated |
| INE192A14374 | Dec Mar + | Commercial paper | 7.47% | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192A14382 | Dec Mar + | Commercial paper | 7.47% | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192A14390 | Jan Mar + | Commercial paper | 7.32% | — | — | ₹50.0 Cr | A1+ | Not stated |
| INE192A14408 | Jan Mar + | Commercial paper | 7.34% | — | — | ₹50.0 Cr | A1+ | Not stated |
CARE ratings on record (checked 24 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Commercial Paper (Standalone) | — | Withdrawn |
| CP/ Short Term loan | — | Withdrawn |
| CP/ Short Term loan | ₹1,500 Cr | CARE A1+ |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 72% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 56% chance the next rating action is stable or better
- Interest coverage 18.52×
- Working-capital limits 10% utilised on average
What happened, step by step
- Oct 2026 — ₹2,995 cr raised through equity
- Oct 2026 — Full repayment of debt
“Following the ₹2,995 crore rights issue and repayment of acquisition-related debt raised for Capital Foods and Organic India in FY25, the company has maintained a net debt negative position for two years ended FY26.”
Rated limits by facility
Timeline
From the report
Following the ₹2,995 crore rights issue and repayment of acquisition-related debt raised for Capital Foods and Organic India in FY25, the company has maintained a net debt negative position for two years ended FY26.
From the report
Repayment of debt availed for acquisition in FY25, translated into a significant improvement in the PBILDT interest coverage ratio to 20.37x in FY26 from 8.54x in FY25, while total debt to PBILDT (TD/PBILDT) remained healthy at 1.01x (FY25: 0.97x).
From the report
Consolidated cash flow from operations stood at around ₹2,400 crore in FY26.
From the report
The company’s liquidity is further bolstered by free cash and liquid investments of over ₹4,200 crore as on March 31, 2026, and unutilised bank working capital limits exceeding ~₹500 crore on a standalone basis.
From the report
Average utilisation of fund-based working capital facilities remained low at ~10% for 12 months ended August 2026, providing significant financial headroom.
From the report
TCPL, on a consolidated basis, has sizeable free cash and liquid investments, which stood at more than Rs. 2,000 crore as on September 30, 2025.
From the report
TCPL had healthy cash accruals of ₹1,925 crore in FY25 and liquid investments amounting to ₹3,089 crore (mainly invested in deposits and mutual funds) as on March 31, 2025.
From the report
In FY25, the company generated cash accruals of over ₹1,925 crore against scheduled debt repayment obligation of ₹45 crore (excluding lease liabilities).
From the report
Given the expectation of continued strong cash accruals of ~₹2,200 crore in FY26, CareEdge Ratings expects it to comfortably meet its debt obligations.
From the report
The company has robust liquidity position marked by cash and liquid investments of over ₹3,089 crore as on March 31, 2025, which provides additional support.
From the report
Of the total sanctioned limit, ~80% (or over ₹500 crore) remained unutilised and is available to support incremental working capital requirements in the next year.
From the report
TCPL had healthy cash accruals of ₹1,518 crore in FY24 and liquid investments amounting to ₹2,877 crore (mainly invested in deposits and mutual funds) as on March 31, 2024.
From the report
The increase in short-term debt due to the bridge finance availed for the recent acquisition resulted in overall increase in debt levels as on March 31, 2024.
From the report
TCPL has cash and liquid investments to the tune of ₹2,877 crore (consolidated level) as on March 31, 2024 and ₹2,521 crore as on September 30, 2024.
From the report
It has repaid the short-term debt availed for the acquisitions in FY24 with the funds raised through rights issue amounting to ₹2,997.77 crore.
From the report
It has repaid the short-term debt availed for the acquisitions in FY24 with the funds raised through rights issue amounting to ₹2,997.77 crore.
From the report
Further, the company has ₹562 crore of sanctioned working capital limits which remains unutilised to the extent of 70-75%, hence providing the company additional liquidity.
From the report
The gross cash accruals (GCA) improved fr om ₹1,450 crore in FY22 to ₹1,601 crore in FY23.
From the report
The company has cash (₹1,385 crore) and bank balance (₹1,123 crore) and current investments (₹537 crore) to the tune of ₹3,045 crore on consolidated level on Sept 2023.
From the report
Also, TCPL’s liquidity profile continues to remain strong, with negative net debt position and largely unutilised sanctioned working capital limits.
From the report
The gross cash accruals (GCA) improved from ₹1,450 crore in FY22 to ₹1,601 crore in FY23.
From the report
The company has cash and bank balance (₹2,782 crore) and liquid investments (₹755 crore) to the tune of ₹3,537 crore on consolidated level on March 2023.
From the report
Furthermore, the company has sanctioned fund-based working capital limits amounting to ₹400 crore, which is mostly unutilised, providing the company additional liquidity.
From the report
During FY2 3, the company generated GCA of ₹1, 601 crore against total long -term debt repayment obligations of ₹ 65 crore for FY24.
From the report
Furthermore, the company has sanctioned fund-based working capital limits, which is mostly unutilised, providing the company additional liquidity.
From the report
TCPL’s liquidity profile continues to remain strong, with negative net debt position and largely unutilised sanctioned working capitallimits.
From the report
The gross cash accruals (GCA) improved from ₹1,404 crore in FY21 to ₹1,450 crore in FY22. 1Complete definition of the ratings assigned are available at www.careedge.in and other CARE Ratings Ltd.’s publications 1 CARE Ratings Ltd.
From the report
Liquidity: Strong The liquidity is marked by stable cash accruals and comfortable cash and cash equivalents and liquid investments to the tune of ₹2,798 crore on consolidated basis (including ₹521 crore bank overdraft).
From the report
During FY22, the company generated GCA of ₹1,450 crore against total long-term debt repayment obligations of ₹56 crore for FY23.
From the report
Furthermore, the company has sanctioned fund-based working capital limits, which is mostly unutilised, providing the company additional liquidity.
From the report
Seven Hundred Fifteen Crore Only) Details of instruments/facilities in Annexure -1 @ Total borrowing under CP and fund based facilities from banks to remain within an overall limit of Rs. 715 crore out of which Tata Consumer Products Limited has a sanctioned fund based working capital limit of Rs.400 cr ore Detailed Rationale & Key Rating Drivers The rating assigned to the Commercial Paper Issue of Tata Consumer Products Limited (TCPL) continues to factor in its strong business profile with well established brands and market position across geographies.
From the report
TCPL’s liquidity profile continues to remain strong with negative net debt position and largely unutilized sanctioned working capital limits.
From the report
Liquidity: Strong Liquidity is marked by stable cash accruals and comfortable cash & liquid investments to the tune of Rs. 3,320 crore on consolidated basis (Rs. 1,916 crore on standalone basis) as on March 31, 2021.
From the report
Seven Hundred Fifteen crore only) (A One Plus) Details of instruments/facilities in Annexure -1 @ Total borrowing under CP and fund based facilities from banks to remain within an overall limit of Rs. 715 crore out of which Tata Consumer Products Limitedhas a sanctioned fund based working capital limit of Rs.400 crore Detailed Rationale& Key Rating Drivers The rating assigned to the Commercial Paper Issue of Tata Consumer Products Limited (TCPL) continues to factor in its strong business profile which has further strengthened with acquisition of consumer business of Tata Chemicals Limited.
From the report
TCPL’s liquidity profile continues to remain superior with negative net debt position and largely unutilized sanctioned WC limits.
From the report
Company continues to maintain robust liquidity with cash and cash equivalent of more than Rs. 3300 crore on consolidated basis as on March 31, 2021 (on standalone basis,close to Rs. 1900 crore) and maintains negative net d ebt position.
From the report
Seven Hundred Fifteen crore only) (A One Plus) Details of instruments/facilities in Annexure-1 @ Total borrowing under CP and fund based facilities from banks to remain within an overall limit of Rs. 715 croreout of which Tata Consumer Products Limitedhas a sanctioned fund based working capital limit of Rs.400 crore Detailed Rationale& Key Rating Drivers The rating assigned to the Commercial Paper Issue of Tata Consumer Products Limited (TCPL) continues to derive strength from its superior liquidity position marked byimproving cash accruals,high cash and bank balance and largely unutilized san
From the report
Company continues to maintain robust liquidity with cash and bank balance of Rs. 2443 crore on consolidated basis as on Mar 31, 2020 (on standalone basis, cash balance of Rs. 1462 crore) and maintains negative net debt position .
From the report
Of Rs. 400 crore sanctioned WC limits, utilization level remains below 7% for 12 months ending Mar’20.
From the report
TGBL has high cash and liquid investments to the tune of Rs. 1862 crore against total debt of Rs. 1141.1 crores consequent into net cash surplus and low working capital utilization.
From the report
TGBL holds cash & bank balance and liquid investments in mutual funds to the tune of around Rs. 1862 crores against total debt of Rs. 1141.1 crore as on march 31, 2019 on a consolidated basis.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Tata Consumer Products
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Patanjali Foods |
Dal & Pulses · Food & Beverages | patanjalifoods.com | — | Mumbai, India |
 Swiggy |
E-commerce · Food Delivery | swiggy.com | 2014 | Bangalore, India |
| Biscuits & Bakery · Food & Beverages | britannia.co.in | 1892 | Kolkata, India | |
 KRBL |
Dal & Pulses · Food & Beverages | krblrice.com | — | Delhi, India |
 Heritage Foods |
Dairy, Ghee & Milk Products · Food & Beverages | heritagefoods.in | 1992 | Hyderabad, India |
| Hindustan Foods Limited | · Manufacturing (Food stuffs) | — | — | Mumbai, Maharashtra, India |
 Zydus Wellness |
Packaged Foods & Confectionery · Food & Beverages | zyduswellness.com | — | Ahmedabad, India |
| Dhampur Bio Organics Limited | · Manufacturing (Food stuffs) | — | — | Moradabad, Uttar Pradesh, India |
| Packaged Foods & Confectionery · Food & Beverages | sapphirefoods.in | — | Panchkula, Haryana, India | |
| Packaged Foods & Confectionery · Food & Beverages | waghbakritea.com | 1915 | India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Group companies
Business activities and related parties
Unpolished dals, besan, spices, salt, tea and coffee
Filings
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