ICICI Direct has given Buy recommendation for Tata Consumer Products with a target price of Rs. 950 in its research report issued on Aug 11, 2022

ICICI Direct’s research report on Tata Consumer Products

Tata Consumer Products (TCPL) is one of the major FMCG companies present in tea, coffee & other beverages in India, UK, US, Canada & some other geographies. In India, it also has salt, pulses, spices & other foods products. Its subsidiary NourishCo is present in packaged water & other beverages. The company is in a JV with Starbucks, which has 275 stores in India. The company has 2000+ distribution directly reaching to 1.3 million outlets in India, which will be increased to 1.5 million outlets by March 2023 • TCPL also increased its rural/ semi urban distributors 4x to 8000+ after the consolidation of consumer business.


We maintain our BUY rating on the stock. We value the stock at Rs 950 on ascribing 55x FY24 earnings multiple.

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