Webcast Recording of Tata Consumer Products' 63rd Annual General Meeting (AGM) 2025-26

Various audio clips and background noise.

5 years ago, we hit the fast forward button and boldly forade into the FMCG game. From tea and salt to snacking, hydration, breakfast, and beyond, we became the new age FMCG face of the Tata Group. And this is our journey. 2020, the year of transformation. Tata global beverages evolved into Tata consumer products. Team at Salt, we acquired 100% of Nourish Co. and for better became our way forward. We scaled fast. Soulful joined the journey. Starbucks soared to new heights. We laid the groundwork, built a solid distribution base, started crafting a robust digital backbone, established a foundation strong enough to propel us into the future. We became a giant distribution engine. From hydration to health, we spotted white spaces and filled them right. With our innovation engine firing and more people embracing growth mindsets, we began shaping a future focused organization, one that inspires us to always aim for better sourcing, for better nutrition, for a better planet, for better communities. Smarter, faster, hungrier. We dug deeper into rural India, welcomed organic India and Chings into our growing family and reached 275 million households. 150 plus product launches in just 5 years. Our innovation to sales ratios surged to 5.2%. Growth businesses now contribute 28% of our India portfolio. And as the days roll by, we are taking the growth to the next level. Over the past 5 years, we've delivered consistent growth. Net revenue has expanded at a strong 13% CAGGR. Aida has grown steadily at 14% CAGGR and net profits have accelerated with an impressive 23% CAGGR. Meanwhile, our stock prices have scaled at a staggering pace. The journey has only just begun. Powered by empathy, integrity, agility, excellence, ownership. We are one dream, one unstoppable team. Tata consumer products for better.

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Ruskus tatulusk in India tea is more than just a beverage. It's an everyday ritual that energizes the nation. Tata tea agni a leading tea brand in the country stands for jo. This year, the brand set out to celebrate a powerful yet often overlooked embodiment of that energy, the homemakers. Every homemaker carries a fire that fuels every home. Yet, her efforts often go unrecognized. We launched a campaign to change that. With our television commercial, we saluted the indomitable spirit of every homemaker. It resonated deeply with homemakers. But we didn't stop there. to build meaningfulness by contextualizing the brand proposition. We needed to tell their unique stories at scale. But with millions of such stories, telling each one individually was impossible. So we took a different approach. We created an intuitive WhatsApp AI based tool that made honoring homemakers effortless. They say a picture can speak a thousand words. So we invited people to share a photo of a homemaker showcasing her fire within. Our advanced video intelligence AI trained to analyze the surroundings, actions being performed, and the facial expressions of the pictures pieced together visual cues and transformed it into a story, showcasing her as the hero of the Agni TV scene. With cinematic recreation of stories, we turned everyday moments of homemakers into heartfelt stories. For the first time, AI wasn't just processing data. It was recognizing resilience and turning unseen sacrifices into powerful stories. The results were spectacular as the campaign sparked a cultural shift where every homemaker's untold story of Josh was finally seen and celebrated. Oo woo. Be your goodness. Greatness. Woo. Be your goodness. God of greatness. Duclus. Be your goodness. Got greatness. Fore! Foreign! Foreign! for your number Ta ta. Tore.

Welcome aboard. And if there are any questions regarding our HR policy, Yes. Paternity leave policy question. Paternity leave a young man. I already have one sir. In fact, another one is on the way.

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You know, September 9th is Himalaya end day. This time we collaborated with the artist from the Himalayas to bring forth its story of peace. and about five artists we have picked.

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All based in Himachan and they were talking about their experience of being here.

Everybody has their own interesting stories and so every cups has a story. You traced your home into this. It's so beautiful.

Sachin sir, great fan. Thank you.

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Good morning shareholders. I'm Delna Stara, company secretary of Tata Consumer Products Limited. I welcome you all to the 63rd annual general meeting of your company. Even though most of you are familiar with the process for attending the virtual AGM, I would briefly take you through certain important points. All members who have joined this meeting by default are placed on mute mode by the host to avoid any disturbance arising from background noise and to ensure smooth and seamless conduct of this meeting. The live streaming of this meeting is being webcasted on NSDL website. During the Q&A session, chairman will announce the name of registered speaker shareholders who will be given an opportunity to speak one by one. To start speaking, the shareholders are requested to unmute themselves. Each speaker is requested to limit their speech to 3 minutes to allow shareholders to express their views. In case any technical difficulties, you are requested to refer to the helpline number mentioned in the notice of this meeting. I would like to now briefly take you through the e voting process. The company's act and sebi regulations provide for electronic voting. Accordingly, the company has provided its members with the facility to cast their vote through the remote e- voting system administered by NSDL. The remote e- voting period was open from June 6 at 9:00 a.m. till June 9 at 5:00 p.m. India time. For members attending this meeting who have not yet voted, the facility to vote during the meeting is also available which is active now. Members can visit the voting page of NSDL e- voting website and cast their vote and simultaneously attend the meeting. Since the meeting is conducted through audiovisisual means the resolution mentioned in the notice have already been put to vote through remote e voting. There will be no proposing and seconding of resolution. With this I would request the chairman sir to kindly take over the proceedings of the meeting. Over to you chairman sir.

Good morning shareholders. It is my pleasure to welcome you all to the 63rd annual general meeting of the Tata Consumer Product Limited. I thank all the members who have joined this meeting today. The ministry of corporate affairs through its general circulars has permitted the holding of the AGM through video conference and other audiovisisual means. Hence in compliance with the directions of the ministry of corporate affairs and as per the SEBI listing regulations this AGM is being conducted through audiovisisual means the live streaming of this meeting is also being webcast on NSDL's website. The company has taken the requisite steps to enable members to participate and vote on the items being considered in this AGM. As the requisite quorum is present, I am calling this meeting to order. Now I would like to request all our board members who have joined this meeting through video conference to introduce themselves. As I call their names, I request the directors to greet the shareholders. Shika Sharma.

Um good morning shareholders. Welcome to all of you. I'm Shikhas Sharma. I'm an independent director on Tata consumer. I'm the chair of the nomination and governance committee and a member of the audit and risk committees. I'm joining this meeting on VC from Amedabad.

Dr. KP Krishnan.

Good morning and namaskar shareholders. Thank you chair. I am KP Krishnan, independent director of the company. I chair the audit committee and the stakeholders relationship committee and I'm also a member of the corporate social responsibility and sustainability committee. I am joining this meeting through video conferencing facility from Kerala. Thank you

Mr. Baratpuri. You are on mute Barat.

Sorry. Good morning and welcome shareholders. I am Bhat Puri, independent director of the company. I'm chairman of the risk management committee and a member of the audit and nomination and remuneration committees. I'm joining this video conference from Portugal.

Sir David Green.

Good morning shareholders. I am David Green, independent director of the company and chairman of the corporate and social responsibility and sustainability committees. I am also a member of the audit committee and risk management committees of the company. I am joining this meeting through VC from London.

During the year, Mr. PB Balaji ceased to be the director of the company. I would like to express my deep appreciation for the valuable contributions that he made during his tenure as the non-executive director on the board and wish him continued success in his future endeavors. Along with me present here are Sunil Desa managing director and CEO Ajit Krishna Kumar executive director and chief operating officer Ashish Goena group CFO and Delna Sarda company secretary Mr. Shivakumar chief financial of the company has also joined this meeting through audiovisisual means from the corporate office in Bangaluru the statuto auditors Mr. MKkesh Jane and the secretarial auditor Dr. Dr. Aim Kumar Chhatapaday have joined this meeting online from Mumbai and Kolkata resp respectively. Additionally, the members of the senior leadership team of the company have also joined this meeting virtually from the respective locations. The company has received letters along with the board resolutions from 32 corporate shareholders appointing and authorizing representatives under section 113 of the company's act 2013. These representatives represent 33 crores 89 lakhs 33,130 shares totaling to 34.24% of the paid up equity share capital of the company. As there is no physical attendance of members the requirement of appointing proxies is not applicable. The registers as mandated by the companies act 2013 and the documents specified in the AGM notice are available for instruction since the notice convening this meeting is already circulated to the members. I take the same as read. Since the strategy auditors have not made any observations, qualification, disclaimer or comment in the report regarding the financial transactions or matters adversely affecting the functioning of the company. There is no need to read the auditor's report. With that I would like to make some comments about the broad uh macro scenario and also the performance of the company and what the future holds for us. The year began with the positive developments including the signing of the landmark EU trade agreement and the interim India US trade deal. However, by early March, the start of the West Asia crisis brought a lot of concerns about stagation, falling output, and coupled with rising inflation. The world today is being re reshaped by geopolitical shifts, supply chain disruptions and realignments, energy transition and rapid advancements in AI. In this environment, businesses have been prioritizing resilience and business continuity. productivity and trustbased decisions than mere efficiency. In this backdrop, we are fortunate that India remains bright spot in the world and continues to be the fastest growing major economy primarily led by demographic strength, expanding physical and digital infrastructure, significant growth due to consumption and rising aspirations of the population. It continues to offer a strong growth and a very large market. Indian consumers and their consumption patterns are constantly evolving. Lifestyles are changing. New retail formats are emerging are emerging. Digital commerce and particularly quick commerce is changing the way the consumers consume, eat, drink and shop. This presents a significant opportunity for companies who can combine consumer first thinking, innovation, execution, excellence and enjoy a trusted brand. Tata consumer products is extremely well positioned in this scenario.

Specifically coming to the year 2026 the consolidated revenues in rupee terms grow 15% to 20,290 cr and the constant currency growth was around 12%. The growth was pretty broad-based across India, international as well as non-branded businesses and the growth came through both organic mechanisms and also through the acquisitions that we had made. The Aida grew at 12% to rupees 2815 crores and the group net profit grew 20% to,547 crores. The board has recommended a dividend of rupees 10 per share reflecting our confidence in the company's g cash cash generation and long-term outlook. approximately 60% of our profits. Tata Consumer has completed its evolution from being a tea and coffee company to tea, salt and a multicategory FMCG company offering a wide range of beverages and food products. The company has created a very strong foundation encompassing distribution, innovation, digital capabilities and brands. The company touches 290 million households across the country. The company is now leveraging this platform with its diverse mix of heritage and new age brands to tape into wide range of demand and consumption occasions. The core businesses of tea and salt continue to provide stability and scale while the growth businesses continue to build the momentum. Categories such as packaged foods, pantry staples, and ready to drink beverages continue to grow. The growth businesses now account for 30% of the India portfolio, up from the 26% last year. New sales channels led by the rapid expansion of quickcommerce continue to outpace the traditional retail with the new channels now contributing over 35% of our India business. At the same time, the traditional retail remains the backbone to our goto market efforts. Tata consumer has driven growth both organically and through acquisitions. Organic growth is visible in the success of our new launches including products like dry fruits and coldress oil. The integration of recent acquisitions such as capital foods and organic India has significantly expanded our total addressable market. While the organic India has been growing, capital foods are the initial years and is expected to grow significantly to give us a strong presence in that segment. Tata consumer is focusing on digital transformation by embedding a lot of digital cap capabilities across all the functions and the value chain of the company. Company is also investing to leverage AI both in product development cycles as well as in forecasting and predicting consumer trends and marketing and optimizing the overall operations. TCPL is also committed to building a business that is not only profitable but is responsible and future ready. The sustainability roadmap is aligned with the Tata Group's overall vision under the projecting and spans all areas of the company including responsible sourcing, resource efficiency and nutrition enhancement. In closing, I would like to thank all our shareholders for your continued faith and trust in the company. The journey ahead is one of ambition, responsibility, and purpose, and I'm confident that your company is extremely well placed to deliver an enduring value in the times to come. With those words, now I would request Sunil Desa to make a presentation on the performance of the company.

Thank you, Sil. Now I would like to move to the next section and invite all the shareholders who have registered to offer their comments in this AGM. Totally there are 57 shareholders who have registered to speak today. So I would request each shareholder to be very brief and also not repeat anything that has already been said. Thank you and let me start with Arun Kumar Bopana.

Hello. Yes Arun. Good morning sir. Thanks to Delas and team for news VC. Sir, you're a marathon runner. With advancing age there's always receding hairline and expanding waistlines but in your case the fan base of sharehold is increasing. Yesterday we had 44 in DCS and today we have 57 speakers. So I'm going to be brief and spare you of all the ordeal of four hours as in the now it's the woka world or the Trump world TCP has done well. Sunil and Ajit and team in the storm they put up the strongest sale and saw that TCPL of Tata should never fail because the greatest companies do not simply grow they shape the future and set set their flow. So I sent the questions but I'll ask only few questions now. So what is the value addition for shareholders with acquisition of capital foods and organic India? How much of recent growth came from price increases versus actual volume growth? Are we setting industry standards or following established leaders? Can we become India's top three FMG company in the future? And how do we how are we building direct to customer ecosystem? How concerned is management about rising competition from quick commerce driven private labels and against the fast growing regional food brands that are steadily gaining market share day by day? Could TCP eventually consider separating the bureauages and food business in future to unlock shareholder value? So with this I wish you all the best sir. I hope my other share also follow my time and reduce their speeches. Thank you very much. I'm in Bang.

Thank you Mr. Bishwendra Kundu.

Hello. Yes. Hello. I can hear you. Yes, I can hear you. Okay. Thank you. Sir, your voice is not audible. You are breaking sir. Your voice is not audible. Hello. Uh your voice is not audible. Mr. Kundu mean now it is okay. Yes. Hello. Yes. Please continue. Please continue sir. Please. Please. Hello. Yeah, please continue. After the report and account okay for the report and account the company has sir the user has dropped out of the meeting.

Okay. Vita Hollani.

Namaskar and a very good morning chairman sir and board of members. I am Vinita Hunani from Hyderabad, a proud shareholder of the company and a member of Millennium Ma'ams. Firstly, I want to congratulate the management for saving 267 tons of plastic through innovative reuse and optimization in Tata Salt. My first question is with the company generating strong free cash flows and sitting on a healthy net cash position of 300 crores. How do you see the company growing organically or inorganically? Will the company address the gaps in the growth areas or it is open to other new areas of acquisition? My second question is the latest GLP1 program to manage weight and diabetes opens an estimated 2.5 lakh cr market opportunity. How is our company planning to address it? Thank you.

Manus Benerjee

I am audable sir. Yes, you are. Thank you. Thank you, sir. Good morning to everyone. Respected chairman, esteemed board members and fellow shareholders. Myself Manos Benerji joining this virtual ATM from Kolkata. First, I congratulate the management for a robust financially at 2026 performance 15% growth in revenue from operation and consolidated net profit of 20%. I also thanks the board for recommending a final dividend of rupees 10 per equity share up 21% from the previous year. Sir, I have three points for your kind consideration. Number one, sir Tata Starback scaled aggressively in the prior years. What are the current store count targets for FY2027 and how is profitability trending across tire two entire three cities. My second point said our company is doing amongst the best performing companies on quickcommerce and e-commerce platform. So what has really worked well and has allowed you to outperform even compared to GT where you have had longstanding relationship and my final points said do you think that your products 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? that before I conclude I extend my gratitude for the exceptional support provided by our respected company secretary Madame Delas Talaherta and our full team including Mr. Orgo Chhattaraji and Mr. Ship Shank Roy from Kolkata office for their excellent investor services and dedication. I thank you for your patient hearing and wish the company continued success under your leadership. Thank you sir.

Dr. Drao Vipul Jamadar

Namaste and greetings of today to respected chairman all the board members and stakeholders of my company. It is indeed a pleasure to attend this meeting. My name is Dr. Daro Jamada residing in Surat. RTS congratulations to all the stakeholders for such a robust performance year on year. Certain questions which I would request you to address our respected chairman. First this year, innovation remained our paramount growth driver contributing to almost 4.5% of the sales. Also, we have launched 80 products across value added and wellness and convenience category. How future uh ready do you believe our product portfolio is especially when the lifestyle of people is drastically changing with focus on less sugar contents, no palm oil and much more. Additionally, what would be an ideal ratio of R&D in the overall capex if it would be increasing? How how much tailwind can it provide to our margins? Second, there are several headwinds currently locally as well as globally. Some of them highlights out are El Nino prevailing this year, fear of economy entering into higher interest rate cycle, rise of inflationary pressure, volatile crude oil prices and much more. Can you kindly enumerate amongst our wide product ranges which of the one is highest and which one of the uh which one of them is the lowest prone to such headwinds? Supposedly after fully pricing in all the negatives what is the lowest as well as maximum volume growth band for this categories for the coming year. Third, we have a significant export markets currently and individually its contribution is significantly going to increase on topline as well as bottom line with a significant current uh currency depreciation in the background. What are your projections for this market especially when the world believes the southern globe especially Africa and Southeast Asia will be driving the next leg of growth. Additionally, our nation has successfully made FDA packs with several developed nations like EU, EU nations, UK, Australia and New Zealand and some of them are in progress as well. So, how incrementally are we going to tap the uh the existing and explore untapped markets in the future. Fourth, with respect to Starbucks, we have added 23 net new stores in the last quarter with the total stores to 502. One of the key turnaround was that the same s uh same store sales growth turned positive for the full year. So what are your views will will we see the trend to continue likewise and what are the major headwinds in this particular segment as well. Fifth are margins of significant uptick in some of the segments due to lower tea prices in particular and in uh and even lower cost of inventory. So we raised our ad spense from 6.5% to 7.5% of the total sales. But now dynamics have been changed. One of the major headwinds is rising crude oil prices. So now in order to maintain such a uh uptick in margins, what range of price do on average do we need to undertake to maintain this trend of rising and higher margins trajectory? Lastly, from a broader point of view, our companies trying to delever our image from just a tea brand and with a strong runaway from uh uh with many uh mergers and acquisition that we did like organic Indian capital foods. How strong and big are brand Tata Sam shall be in the coming years? Thank you sir for providing this opportunity.

Subashkar

am I audible sir? Yes. Thank you. Good morning everyone respected chairman sir members of the board and fellow shareholder. I am Shuhashkar joining from Kolkata. First of all sir, I would like to extend my heartfelt congratulations to you and the entire management team on achieving the significant milestone of crossing rupees 20,000 cr in revenue. Your effort have truly paid off as reflected in the excellent dividend payout,000% and the uh strong CSR framework. Chairman sir your uh speech was outstanding and provided valuable insighted about our company. Sir I have strongly support all the regulations through remote demoting sir I have a few question uh firstly sir uh aa margin declined to uh 13.9% despite strong revenue growth what is the mediumterm uh uh mediumterm margin outlook and can India both offset uh pressure from international and non-branded business. Secondly, sir, uh the US coffee business has crossed rupees 2,000 cr in revenue. What is the long-term vision for the international business and do you expect it to become a large larger contribute to the group's uh profitability over the next three to five years? Uh sir, lastly sir, does our company have any plan to single West with Bengal? Uh now that a new industry friendly uh double engine government has come to power with the slogan by out Barosa in would the company consider taking step to fulfill the development ambition of the uh people of West Bengal by establishing a large scale heavy industry project in the sing. Lastly, I finish I I would like to express my sincere gratitude to the highly experienced aial investorfriendly company secretary Madame Harda and the entire investor services team for their excellent service. I would especially like thank you for um sending the hard copy of the annual report well in advance and for maintaining regular communication with us. That's all from my side. Thank you sir for the opportunity to speak. Namaskar.

Thank you Mono Jane.

Good morning chairman sir and members of the board. I'm Monu Jin from Surat, a proud shareholder of the company and a member of Millennium Man. My question is last year we saw meaningful improvement in Tata Starbucks performance and crossed a key store milestone. Was the board view on the path to profitability for the joint venture from here? And my second question, how do we see the El Nino affecting our core tea and coffee production and the other agro commodities for the growth business? How is the company prepared to handle it? Thank you.

Lily Pradhan,

am I audible? Yes ma'am. Very good morning respected chairman, board members and fellow shareholders. Myself, Lily Pradhan, a long-standing shareholder from Kolkata attending this meeting through video conferencing. First of all, I sincerely thanks the board of directors, respected chairman, respected MD, respected CFO, respected secretary with secretarial team and also respected moderator. Please continue VC more in future for worldwide participation. I admire secretary's coordination. Delas ma'am very good appreciative personalized human beings at Kolkata ship shankorad overall very good investor services for shareholders communication. Chairman sir, I am genuinely proud of your polite, decent, hardworking, patienceful nature and humble leadership which inspire great confidence among shareholder. I am hopeful that under your able guidance our company will continue to achieve greater and greater success in coming year. I received email of innotes oil in advance and also hard copy of annual report which cover page is very knowledgeable and meaningful and balance sheet also transparent congratulation on my company strong and sustainable growth credit rating of the company is very good company's export is increasing which is very good now I have put some specific question and request In present situation are there plan to invest in expanding the business on all over the world as a international level? What will be the expected return on such investment? What is the timeline? What strategies does management have to scale revenue materially? Next, what has been the trend in operating margins before other income over recent quarters? What are the key risks that could affect a performance and what mitigation strategies are in place? Nothing more. As a woman speaker always request, always support women empowerment which is most important and must be obeying by trusting for dignity and respect. Nothing more. Thank you. Thank you so much with warm regards and best wishes. All the best.

Depend Pradhan.

Hello. Am I loud and clear? Yes, thank you for having me and really thank you for giving this opportunity and please continue having the meetings on a online platform. It's uh very helpful for investors like us joining from overseas. Uh I just had a couple of brief questions. Uh I think someone mentioned about expected uh growth from premierization and uh volume expansion. So uh if you would give an overview on that and uh my second would be uh since the dividend this time has been very healthy uh I would like to ask uh how does the board prioritize between acquisitions, dividends, debt reduction and organic expansions. Um I think someone mentioned about uh opportunities in foreign markets. Uh please give us an overview on that too. And uh lastly uh what milestones should the shareholders be watching over over the next uh 24 to 36 months? I think that will be all from my end. Thank you

Jay Bakshi.

Yes. Very good morning chairman MD board of directors and key managers and CFO. Myself Jadiv Bakshi connecting from the city of Kolkata. First of all, I convey my thanks to our company secretary Dennis Harda ma'am foring good investor friendly relations with the shareholders and presenting a detailed annual report and also thanks to our Kolkata office Mr. Shanks Shankar Ray and Mr. Orgo Chhattaj for helping out to sort out our queries whenever we reached out to them. Sir the initial speech along with MD serve was very much informative about our company appears and also our annual report which is presented rich with diversified products displayed in the pages and personally satisfied and uh as we love to consume our products. Congrats for the achievement of milestone of passing the 20,000 cr annual revenue mark and also for our growth and profitability. So how we plan to manage the headwinds from the volatile commodity cost our long-term growth target over the next 2 three years kindly share and especially for high margin uh categories like the Tata sen and ready to drink beverages. Uh what is the plans regarding Starbucks stores escalation program and how are we coping with the change in consumer through technical innovation and in introduction of higher value premium products. What is the percent of business generated for rapid expansion of quick comps? Kindly share. And the status of R&D facility at LNO for Ayurvedic formation. Kindly throw some light. And congrats once again for the reduced plastic uses by one uh 1,700 metric tons through innovative packing products uh processes and uh also continue with the promoting organic products as we also reaching out to the farmers and uh congrats for the CSR activities and also for the awards which we have received to the all people

Concerned and nothing to add more and continue with our growth story and increase our brand value which will help all with the help of all concerned and with the VC in future so that we can easily get connected. Thank you sir for the opportunity.

Singal.

Good morning chairman and esteemed board members. I am Sha from Kolkata a proud shareholder of the company and a member of Indian banks. My question relates to the advertising strategy. As advertisements shift rapidly from traditional television to digital platforms, Tata consumer has also been adapting its marketing approach though fragmented. However, while the company has been very aggressive in launching new products and entering new categories, the visibility of its advertising campaign does not appear to be equally prominent across its core brands. Apart from campaigns featuring Ranir Singh of fortune secret and Sachin Tendulkar for organic India, we do not see many high visibility initiatives in the FMC sector. Sustained advertising and strong consumer recall are critical for market share gains and long-term growth. Please share some light on how does starter consumer plan to strengthen brand visibility and consumer engagement across its core portfolio in an increasingly digital first advertising environment. Secondly, in the beverages segment where competitors leverage superstars as brand ambassadors, what is Tata consumers strategy? Thank you and I wish the company continued success.

Dishwakil

Am I audible sir?

Yes sir.

Okay. Honorable chairman sir our distinguished board members our honorable young charming and dynamic CS Denlasban and all my staff and shareholder family members. Ladies and gentlemen, a very good morning to you. I am Dh Wakil from Dream City of Mumbai. I am a shareholder of this company. When our certificate was there, the company's name was sometime Tat and Tata Finley also that I am a very old and proud shareholder of our company. At the outset, I thank a lot to our entire CS team headed by Delas Bank for sending me the annual report and all the relevant documents as per my request and the proper meeting link also and her entire secretarial team consisting of Supinder, Nikita and all. I'm very much thankful to them. Then chairman sir why online meeting? You should hold a hybrid meeting. See you all have assembled at a common venue, common class. So we can have a hybrid meeting and you should also convince some informal get together for better interaction and subsequent questions and informations. I need our contract copy with our ITA MUFG in time. Please give the bifurcation of how much they are charging for the rejection every time they are rejecting and how much they are charging for the processing. So the investors and shareholders say they were very happy when we were having the Tata central share department at army and navy building MG road for Palagora. Sir what about the buyback and bonus? Please focus some more light on it. It will definitely help our small shareholders in this difficult time. I wish all the best for the coming festivals to all in our company and to all my shareholder family members and that's all from me. I support all the resolution and I am very much with the company and the management. Ji Krishna to all Jindaral.

So this shareholder is not present in the meeting.

Tamil Majunar

Made sir. Morning tamal morning sir respected chandas Mr. D Suja Mr. Krishna Kumar Mr. K and other directors of the company myself Kamal Kwan Mazuman and equity shareholder from cook my special thanks to our company secretary Mrs. Da Zada and her team consists of Sitrankarai and others for maintaining cordial relationship with shareholders. She signed me a hard copy of annual report well in time so that I may do my homework. I have gone through the entire annual report of 5 n 59 pages and it subsidiaries have some queries and explanation replies from your end and seeking as usual seeking your indulgence because I may not be able to complete it within three per minutes. Sir company revenue achieved strong growth and cross 20,000 cr during financial year 26. What strategic initiatives will help the company to double its turnover within the next five six years and what is Amazon and our website's contribution to the total turnover? How does the company plan to respond to increasing competition from large FMCG players and new entrance in beverages and packaged foods? So segment result excluding finance cost other income exceptional items and other unlockables in page 477 showed nearly 50% increase in profit from Indian business whereas despite increase in revenue relating to international business and non-branded business profit in respect of these two segment decreased from 667 cr to 626 cr and from 407 cr to 280 cr respectively as per the management international business primarily driven by increasing coffee cost and the impact of US time. What is the present status now in this regard and what are the reason for abnormal decrease in profit in respect of non-branded business during the year? Sir hope 10% rupee slide against US dollar during financial year 26 was beneficial for our company. How soluble coffee business performed in MENA and APS-C geographies during financial year 26 and Q1 of financial year 27 and what is the management's revenue growth target for the next two years that is financial year 27 and 28 taking into account the current geopolitical situation? Sir I have noted that growth business account for around 31% of the Indian business during financial year 26. What proportion of total Indian revenue or the management expects over the next five years in this segment? TM salt volume growth during financial year at 26 was 3% and 10% expected. What is its impact on revenue and profitability during financial year 26 and what strategies are being adopted to protect and growth market share in tea and salt category during the coming years? Whether Tata sampan brands extension in the area of dry fruits, dates and others giving positive results. Contribution of Tata Senan brands in the profitability of the company during financial year 36 is to be disclosed. What is your expectation from the brand during the next couple of months? Sir, what are the key priorities for international expansion over the next three years? Sir, it is observed on the subsidiary accounts that capital foods private limited like previous year sold its entire domestic sales of rupees 790 cr to its parent Tata Consumer Products Limited. Whether export of rupees 149 cr also sold through the parent? What is the need to keep it a separate entity when its entire sale is through the parent? Please share your thoughts in this regard. How will the company further scale brands under capital foods and organic India? What is the key priorities to be followed by the company for the expansion of its international business during the next three years? Your thoughts may be please be shared with us in this regard. And sir, I have noted that Bangladesh unit is still bleeding and its accumulated loss is increasing despite increase in paid up capital from Bangladesh Taka 65 cr to 80 cr and it accumulated loss balance as on 30th June 25 stands at Bangladesh taka 96.63 cr. What is your thinking in respect of the saving whether it will become profitable in the coming months? It is also noted from page 182 that star T start box Limited cross 52 schools two very specific 502 stores with a revenue of 1367 cr. How many out of the above become profitable or at last or at least absorbed its total cost during the year? When does the management expects Tata Starbucks to make positive contribution to the consolidated profitability? Answer the management under other expenses in page 381 book 599.65 cr as management service fees during financial year 26. Would you please share details in the suspect? I have three other questions only. The management provided 32.53 cr as fair value loss of financial instruments and 21.064 cr as impairment of investment relating to amalgamated plantation private intent. It is in page 367 and 381. What is your current thinking about the company? Whether the management will carry forward the same investment of the same associate providing impairment charges during the coming years? Sir company launched 80 products new product during financial activities. What was its contribution to total sales and management expectation from these products during the next three years? And lastly the company has 19,154 cr as pre- reserve against equity of 98.98 cr which includes the a issue also and current issue also. With such a huge preol, what is the management's new thinking in this respect to benefit? Whether company has any proposal for buyback of share in the near future with such huge? Thank you all for patient hearing. Thank you chairman for giving me time to complete my speech.

Bal Krishna sirkar.

Hello.

Yes.

Very well sir.

Yes. Very very good morning. I Krishna Shark joining from my residence Kolkata. Thanks to the chairman and MD for excellent and valuable presentation regarding performance of the company. Thanks to the company secretary and secretary department for sending annual report in advance and excellent investor service. Sir, now I come to the financial result. Revenue from operation increased by 15%. Profit after tax increased by 18 69%. Tata consumer product has maintained its steadiness both of its turnover and profitability in spite of several factors with geopolitical tension and uncertainty current slowdown economy. Sir I think most of the question already raised by the previous speakers. Sir my I have only one question. What are the capital expenditure for next two years? Thanks for patient hearing. Best wishes to all you chairman and all the employees. Over to you sir. Thank you very much. Namaste.

Mr. Brahman.

Yes sir. Okay. So, good morning and respected chairman sir, board of directors, fellow shareholders, all the stakeholders and the most valuable employees of the organization. My hearty congratulations on crossing the 20,000 cr revenue and being the number two branded player globally. So when I look at that there is an opportunity lying close to our hands to become a number one branded tea player globally in terms of forthcoming Olympics. So I expect that product should be the forthcoming official drink in the Olympics especially when India is hosting it. So maybe we can look at for some specific product of our soil. Now coming to the other point, I was just looking at another aspect how we are strategically capturing the massive on the transit consumer mindset. This question came to my mind witnessing a great footfall of 2.3 cr which is more than the population of so here this high visibility advertising at major railway hubs and to position our hydration quick energy and portable snacking portfolios such as Tata Plus, Tata Glucco and Tata Sulfill as a default choices for these traveling and to drive immediate impulse volumes. I also have one thought that very products you using the sentence the report first cup that recharge the morning. Few years back the Mr. Bean coffee was the first that recharges us specifically when we were now that bean is closed. So we are deprived of TCB and product. Now even with the closure of big basket operation we are very very much hit being not able to get product. So I request you to kindly look into it. Then one in my mind there are three products that is Tata low sodium salt, Tata copper and Tata life. These were probably launched with a spec addressing some specific needs like hypertension and all. How this affected the public? If it has been a positive impact, it will be a good CSR point to project in the future. Now I refer to page number 54 and 175 of annual report. In page 175 there was one column shifted because of that it says current year dividend is 8.5. So that may error have to look.

Yeah.

Yeah. That is nothing great but I thought it would be my duty to now page number 299. 29. This is of environment but the head is the workers providing training on human rights issues. So these two errors maybe some.

Sorry, I can't make out what you're trying to say.

Sir page number 299, date it is a principle will fix it. It is essential indicator is basically with respect to environment but the...

Okay okay.

Okay okay nothing should be happen. Now page number 301 sir it is showing n parameters. I was wondering with 126 prank whether it is an average or it is a maximum in any plan how it is like that. These are two my queries and also I request once again request chairman look at going to restart DB and as well as make sure that TCP products are available for us maybe through a kiosk or something like that. With this I give a special thank for giving me an opportunity to my point valuable for you. Thank you sir.

Goam diari.

Sir you can listen me sir?

Yes sir.

And you can see me also sir.

Not yet but please I can see you.

Oh so so nice sir that we are very happy to greet you once again. This new year dignified dignified and popular chairman. We have got our usual executive director Mr. Ajit Krishna Kumar, MDCO group CFO Ashid going and all stakeholders. All of you good morning and welcome to all of you. I'm very happy to before Maharati is this thing. I'm especially very much court. I would like to thank Daz her she to our company extremely polite and helpful and all court and to all sharing this all the time and lucky diamond for Tata consumer. Thank you very much for sending me the visual copy on my request. Dear sir, your opening speech was quite eye opening and understand what the company is doing and where the company stands right now after poata chemicals. The way you have made the progress of this company year after year and rewarded the shareholders continuously and steadily with increased dividend and increased benefits. For this we have got no words to express our thanks and gratitudes to you sir. Sir thanks for paying again which is dividend. Congratulations for being on top 10 companies sir. When are you going to become first two three four? I'm very sure in the very near run you'll be doing that magic also sir. Then congratulations for winning lot many awards and accolades dear sir. I wouldn't like to ask many question but I would like to know sir. How many new production products are launched and how many are in pipeline for this? What is the company's road map and topic for this year and the next? Sir, is there any handicap in our company? I don't know if at all there is any. I will be happy enough to know that sir. How many out are on lease and how many do we actually own? What is the percentage growth profit and all that sale? It is very good of course. Sir, how many subsidiaries are in losses? We would like to know and what are you doing to those losses? So Starbucks we have added 22 stores this year and totally 52. How many more you intend to add during the current year? And what is our spend on ID during this quarter specially and how much do we spend on commissions and advertising and how does the company handle cyber threat? Few questions you can answer. I don't want all at sir, as per your you can reply to me. Once again I salute you wholeheartedly and we are thankful. You have done wonders to Tata all companies sir, all group companies where we are there and we are very much thankful. You have got no words absolutely to express gratitude and thank for the way you have brought the companies Tata Motors, chemical, Tata power, Tata consumer, and all those. We are grateful to you and I'm very grateful. TCS and all that also. In the days to come we are very sure you are going to give the best of your company and you will keep the shareholders rewarded and happy throughout. Sir, I support all the appointments and the appointments of all the directors and all the resolutions I have already for all of you. Once again I wish you all the best to all stakeholders, to all those who are connected with us, and to all shareholders and all of you. Thank you very much sir. Here is a grand salute to you. Here is a grand salute to you sir. Thank you sir.

Santoshumar saflam.

Respected chairman and board member and all are attending. My name is Santos Kumas from Kola. Hope all are you well and good. Thanks to CFO for very nice result for this year. Sir, I have some question. First, how is management measuring the success of acquisition organic India and capital goods and when are expected synergies likely fully realized? Second sir, what are growth prospects of international brand such as 8:00 coffee and how significant will be overseas market in the future revenue growth? Sir, what is management vision for company over next five year and what is financial and market position goal would define success by 2030? Sir, how management project? How Tata product positioning itself to benefit from growth demand for health neutralization and premium products? The balance between complete purity among acquisition organic product investment, debt reduction and shareholder return. Last, does management foresee any major acquisition in FMCG or help the situation over next few years? Thank you sir. Then I also thanks to our secretary for their good relation. Thank you. Ramas Swami.

Good morning Chandra sir. Every happy morning to the esteemed team. I am Masu Devaras Swami attending this AGM from Delhi NCR. A very big applause to the team for the best ever performance and awards and acclaims. Sir, I have got a few points for your consideration. Integration of recent acquisitions. Sir, your message to the shareholder and also your brief speech highlights that recent acquisitions continue to integrate well into the TCPL ecosystem helping establish presence in high growth segments. Sir, I request you to kindly provide an update on the financial and operational synergies realized from this integration so far and should we expect further M&A activity in the near future. Sir, as far as capital foods is concerned, we acquired this 75% stake of this company in February 2024 for an amount of rupees 3,900 crores. We are also to pay 200 crores in the current year. Capital Foods has grown 80% CAGR from 24 to 26 whereas our Tata consumer consolidated growth is 15.5% CAGR from 24 to 26 and our growth businesses have grown 24% during the current year. Again said, Chins business is underperforming to overall growth businesses. What steps we are taking to realize its actual growth potential and make it acquisition more accretive and lucrative to the company? My question number two is what is the economic value added during the current year after taking into consideration the opportunity cost of capital and reserves? Sir, I am a shareholder of the company as well as a loyal customer to the company. See we are fans of the products. First of all, many products are not available in Delhi NCR. Sir I have been bringing to the consideration of the leadership this point in some regular AGMs as well as through the social media platforms. Sir, if this market is attended to and serviced, it will yield much better results for the company and satisfy the taste buds of the Delhi NCR customers like me. Number two, soulful. We were getting lot of nutritious products in the soulful website which is now subsumed by the TCPL website and whenever we go to the TCPL website it takes us to the sourceful website and it says that we will come back to you kindly give your email ID. This is the situation there. Though many products are not available when we regularly take the soul food products, somehow I have to struggle through the big basket website to get the products. So kindly know whether the company is in the process of discontinuing some of the products which are not available or new R&D is being undertaken to bring better products for the satisfaction of the customers like me. Sir I thank you very much for the opportunity. I thank my professional colleague DNA in sending the annual report in time and her team for smooth onboarding in this meetings. To conclude, I thank you again for the wonderful guidance to the management team of the company and wish them all the best for making all the things in reality for the best interest of all the stakeholders of the company. Thank you very much sir.

Thank you Navin Bhra.

Honorable Chairman Chandra, our MD and other distinguished board members and management team of Tata Consumer. Good morning to all. Good morning sir. Navin Bra attending the AGM from DI. Congratulations to the team led by Mr. Dishi for remarkable improvement in all round performance of the company since he took over as MD in 2020. Our revenue has touched the historic level of 20,000 cr from 9,600 cr in 2020. Our EPS has grown more than three times since then and dividend payout has also quadrupled and market cap has almost grown by four times. Congratulations to the entire team and congratulations to you Chandra sir for your valuable guidance in this all round performance of our company. I would like to congratulate the team also for the various awards and recognitions. Sir, chairman sir, I have the following couple of questions for your kind consideration and articulations. While we have doubled our revenues in the last six years, I would like to have your strategic vision on our future path for achieving double digit ROE. Sir, even though we have doubled revenues in the last six years, still our ROE is in single digits. So would like to have your strategic vision for achieving double digit ROE in the coming times and also for achieving revenues from 20,000 cr to 50,000 cr. If you could share your strategic vision in this regard. Number two is regarding our growth businesses and channels of the future. Sir, for the first time we have achieved our growth businesses have surpassed our core portfolio of beverages and now forms 30% to 31% of our India portfolio and this business has grown by 24% in the last financial year. So sir, if you can kindly enlighten us on the path ahead for these growth businesses with earning secretive capital allocation for these growth businesses and channels of the future. It will be quite helpful. I support all the resolutions and propose a vote of thanks to the board. Many thanks to Miss Delna and her team for the smooth onboarding in this virtual meeting and sending the physical documents well in time. Highly appreciated. Wish all the very best to the team. Thank you very much.

Mjit Singh.

So this shareholder is not present in the meeting. Pravin Kumar.

Hello, I'm audible.

Yes sir.

Good morning. Very very good morning respected chairperson. Myself Pravin Kumar joining this meeting from New Delhi. Few observation love to share with the entire house and I'm with the company for years now and I have the deepest deepest respect for our respected 40% down retail investor hard money as a retail investor. Company. Incident confidence to take their money out. Everybody knows respected. Sir relation retail investor. Or as far as the question is concerned speaker due respect to them but Maxi beautiful. Deepest respect to you. Make sure next time. Thank you.

Uh ekta jane.

Ma'am you are on mute.

Can I hope I'm audible? Good morning chairman sir and members of the board. I'm Akta Jen from Delhi, a proud shareholder of the company and a member of Millenniums. My question sir is given the changing business sentiment in West Bengal, does management see any structural improvement ahead for the tea business and what is the outlook for tea prices over the medium term? My second question is packaging costs have risen sharply over the last few months especially due to disruptions linked to the West Asia crisis and global supply chain pressures. Along with this the increased input cost and high fuel prices disruption, to what extent is it going to impact our company? Thank you sir.

Ji Jane.

Am I audible sir? Yeah. Good morning chairman sir and the members of board. I am Joti Jen from Asensol West Bengal, a proud shareholder of the company and a member of Millennium Ms. My question to you sir, TCPL has advanced premiumization across categories but India remains highly value conscious. How does the company balance premiumization with affordability to drive volume growth and market penetration? And which categories offer the biggest premiumization opportunities over the next decade and how can a richer premium mix support margins, profitability and long-term value creation? Thank you so much for providing this opportunity to speak. Thank you.

Tapas Kumar Duta.

Hello. Hello. Am I audible? Hello. Good morning everybody. Elected chairman, distinguished member team and my fellow visiting meeting. I myself the customer and equity shareholder of Tata Consumer Products Limited. I want to ask some more questions in addition to previous one sent to you. Page 267: Attrition rate for male employee is 26%. Why are they leaving? How is it affecting company's business? Page 339: When have you done last revaluation of company's property, plant and equipment? Page 339: The company has provided loan to subsidiary I to subsidiary I link corporate loan I4. What is the rate of interest of this loan? Page 342: The whistleblower complaint received by the company and sent to administrators. Please disclose the whistleblower complaint in detail. Page 362: This whole land code. Why don't you depreciate it? Page 362: Capital work in progress as on 31st March 2026 is 5.35 crores. How have you arrived at this figure? Addition, transfer and disposal are not shown in capital work in progress. We have shown only 5.35. How have you arrived at this figure? Page 363: In terms of land, building, plant and machinery, motor vehicles and office equipment, what are the terms and conditions of the agreement? Page 370: Why don't you include packaging materials in inventory? What is your next acquisition target? With this few remarks, I would like to conclude. Thank you for presenting. Over to you for further proceeding.

Mr. Kwani.

Namaste. Yes sir. Namaste. Said to all those who are listening to me, it is a great pleasure. Mr. Chandra, a great company and excellent people governing. Some people used to complain they are Parsi or Hindi, it was bad. We are Indians. This our compliance is good. So the secondary is good. But how you see the future scale growth because we come across 20,000 cr. Way to go. Certainly company like this, vision and mission for next five year, can we reach one lakh crore revenue and 25% of the global revenue? How company will cope up to increase the global revenue? Because you are a company with a net foreign exchange earner, very few companies are there. I am very thankful at this juncture our organization is net foreign exchange earner. Can you distinguish this total digital and non-digital revenue? And our dry food business, how we are going to expand that? Some subsidiaries are bleeding and some are good. How scale is important at this juncture? Because innovative product few and the scale is not important. What our organization is doing to improve increase the scale and quality? Also our name is there. You explain any expired product, how you tackle that? Because food and beverages sometimes expired products are there or some complaints are there. How you tackle it? Please improve the small cities marketing. Thank you and best wishes from Han Kwan.

Thank you sir. Leashaudible.

Sir. Respected chairman sir, you're audible.

Thank you sir. Respected chairman sir, board of directors and my fellow members, good afternoon and regards to everyone. Myself, I'm joining this meeting from Mumbai. Without say, I would sincerely thank our company secretary the Dasma and his team for extending very good services and also sending the AGM notice well in time. I found the AGM notice and I'm delighted to say it's so beautiful, full of colors and certificates in place. Also thank you Sunil G for such an informative and wonderful presentation. Thank you chairman sir for the insightful and well-presented addresses. I pray to God that he always shower his blessings upon you. My previous speakers have already asked all the necessary questions. I do not have any further question to ask. I hope the company will continue video conference meeting in future. So I would like to say I strongly support all the resolutions placed before the meeting today. Thank you chairman sir. Kumar Gupta.

Hello. Hello.

Yeah.

Yeah. Good afternoon respected chairman, board of directors, fellow shareholders. My name is Mano Gupta. I have joined this meeting from my resident city of Joy Kolkata. I feel proud to be a shareholder of Tata Consumer Products Limited from 1988. Sir, I thanks to you and your entire team for excellent result of the company and I thanks to the company secretary and the team to help us to join this meeting through VC. Sir, I'm very sorry to hear Mr. Pravin Kumar's views about the community based that Parsi non-Parsi. First, I belong to the land of Bengal. Swami Vivekananda said in Chicago in 1894 that first we are Indian, then we are Hindu, Muslim, Sikh, Parsi. First we are Indian. And sir, your company secretary is doing very excellent work to help the people to join the meeting or to help the people whenever we call, she always ready to help the people. So such type of either she belongs to Parsi community or she belongs to Hindu, that's not an issue. But she is doing a good job with this entire team. We want to see your smiling face always because earlier we have seen you always. So keep smiling. If you will smile, a right signal will go in the stock market and everyone will be benefited. Your smiling will send a right signal in the mind of employees and the investors. Sir, bonus... marketally... So how we are facing that challenge? To group plan in this context, have you any plan to bring investment in Bengal under the leadership of our beloved chief minister Mamata Banerjee? He is inviting to all and I believe that Tatas will come definitely. And sir, what's your future outlook for the consumer products? Why our share price is deprived? Compared to balance sheet profitability and payout, our share price is more than 1,800 rupees. So why the where is the lacuna that our sale prices are not going up? So think about that. And I strongly support all the resolutions. People of Kolkata are waiting for your visit to this city of joy to announce some investment in Bengal. Thank you sir.

Shiny Shaji Shaji.

Hello can you hear me sir?

Yes ma'am.

Thank you sir. Respect the chairman sir, board of directors and my fellow members. Good afternoon to all. My name is Shin Shaji. I am joining from Mumbai. First of all, I would like to thank the company secretary and the secretary team for sending the AGM notice in time. It helps shareholders understand the company's performance and prepare for this meeting. I congratulate the management and all the employees for their hard work and dedication. I am happy to see the company continually grow and strengthen its position in the market. I also hope the company will continue to offer video conferencing option for future meetings as it is very convenient for members. I wish the company and its team all the very best for a successful future. Thank you for giving me the opportunity to speak. Thank you sir.

You write 11 manufacturing unit are ISO certified. In this relation I like to know your IT and cyber security system ISO 27,000 certified or not. Then page 174 register address Kolkata office you gave wrong information because register has shifted from this address 2 years back. So be careful when you provide information regarding register and transfer agent. Now page 112, 20, 226 - attracting and retaining talent. Sir, what is the attrition rate and have you any plan employee stock option plan to retain the talent? Now page 120, 280. Sir, there is some penalty and fine for irregular availment of excess input tax credit, and same line also for irregular availment of excess input tax credit. Sir, it is not justified that Tata group company has irregular availment. So what is the wrong about these two cases? Please clarify it. And there is a penalty also in 280. Sir, why you pay the penalty? Why you process about payment in time? So we avoid penalty and fine, be careful. Then page 284 - R&D. Sir, I like to know our research and development center is accredited by department of science and technology or any agency. Page 294 - for consumer. Sir, have you done any consumer satisfaction service? If you done, what is the score of this service? Then page 341. Sir, I found some disputed case pending from 1998. Sir, why so long pending this particular case and how many cost incurred in the last 28 years, and same thing I found one case is pending 2004. I'd like to know particularly these two cases, how many hearing take place and what is the litigation cost in these two cases. Then page 366 - there your investment in unquoted shares. I like to know this is demat or physical form. Please give the percentage wise how much percent in physical, how much percent in demat. And sir my last question page 1381 - other expenses I found some expenses is going about 20-25% high just like rent, manufacturing expenses, and freight. Sir, what is the reason for hike in these three cases? Sir, thank you for patient hearing. Hope next year we will again meet with better performance and higher dividend. Thank you so much.

Sri Kon Jawar. Mr. Sir, Mr. Javar is not responding to the unmute request. Hello.

Yes, sir. Hello. Yes, sir. Good morning, sir. Chairman. So how to attract the more distributors and they are going at digital advertisement. So I request the management should take the advertisement on YouTube and Facebook or media so it get more revenue and profit. Sir, thank you for giving you opportunity and also thank to our secretary team who giving it response. I give thank you, sir.

Thank you sir Mr. Rashid Kumarak.

Am I audible? Yes, you are audible, sir. Hello. Yes, you are audible, sir. Good afternoon. Yeah. Good afternoon respected chairman, board of directors, MD, company secretary, fellow members joining at 63rd AGM of Tata Consumer Products Limited. My name is Rashitar joining from Kolkata. At first I extend gratitude to our company secretary Delnage ma'am for sending me the hard copy of annual report very well in advance and allow me to speak. Also thanks to our Kolkata Mr. Chief Sharai and Arnold Chhatji for handling good customers relations and shareholders relationship. Sir, your opening remarks and respected MD opening remarks is very prospective and sustainability of my company. I have thanks to my company's management team for excellent financial performance consolidated revenue growth near about 15% and group net profit achieved 20% near about 1,547 crores and ROC is 42 and net cash position 2,978 crores excellent. Sir I have some brief views we'd like to share four points only. With rising inflation and supply chain volatility, operating margins have faced industry-wise pressure. What cost optimization framework or pricing power strategies are being deployed to protect and expand our margins? Share your thoughts. As new agile competitors and disruptive innovations enter our industry space, what is our core defense mechanism and strategy to maintain or capture additional market share over the next 3 to 5 years? Share your thoughts. Balance sheet currently shows a significant cash position. Net cash position as on financial year 26 was 2978 crores. Could management clarify the strategic priorities for capital allocation moving forward, particularly regarding research and development investments, mergers and acquisitions, or enhanced share buybacks? Share your thoughts. In annual report highlights plans for expanding into new geographic markets, product lines. What are the top execution risks management has identified for this rollout and what is the projected timeline to achieve segment break even? Share your thoughts. How is the company systematically leveraging emerging tech like AI and automation to improve internal operational efficiencies and customer experience, and what capital budget has been allocated towards this? Both robust steps are of the board and the nomination and remuneration committee taking to ensure seamless succession planning for the key CXOs, thereby minimizing key man leadership risk. This is my final question. As business operations become increasingly digitalized and distributed, what progressive measures are being taken to fortify our cyber security and infrastructure against high risk breaches and operational downtime? Thanking you sir. I pray to God for your good health and everybody of my company and regarding good dividend year-to-year basis. Thanking you sir. Thank you and celestian misses.

Hello.

Hello. Am I audible? Yes, you are. Uh yes. Thank you, sir. Respected chairman, Mr. N Chandra Shakharan, other board members, my fellow shareholders in this VC, I Mrs. E. Mascarina speaking from Mumbai. First of all, I thank the company secretary Madame Delra Dh and her team for sending me an annual report which is really very beautiful and colorful and also registering me as a speaker at my request and giving me this platform which was very easy to too many shareholders otherwise everything was nice. The annual report is full of information and dividend good dividend of rupees 10, good market cap, and also crossing the milestone everything in the annual report is given written covering with pictures. Now I come to congratulating you for all the awards the entire team for the awards and accolades which are on page 62 and 63 also very good CSR work also ESG has taken very good care there are many pages covering on ESG. I thank you for it and the entire team and the secretarial as well as communication team. Now I come to my queries on page 10.1. I find that the 55,000 outlets for listed pharmacy retail in 55 cities. I would like some throw some light on it because I am not able to understand it. Then how much is spent in percentage on R&D innovations? Do we have that ashwagandha dip tea which is herbal? Why don't we have vending machines for tea, coffee, soups in every lane like we have in Japan? So our sales will increase multifold. Also coming to the salt on page 16 we have 11 varieties of salt. Which among them is very popular and we enjoy a very good margin? Lastly but not the least, future roadmap for the next five years. Which vertical will be the growth engine along with good margins with the background of Middle East wars and political disturbances and not the least is Trump's tariff. I support all the resolutions. I wish you and the entire Tata Consumer team for very good health as health is wealth. With this I thank you very much for giving me this platform to speak. Thank you once again. Namaskar. Now Mr. Alas will speak.

Sir, I'm the next speaker in the queue. If you permit me, I will proceed. Yes sir. Can I speak sir? Yes sir. Yeah. Respected chairman sir, very distinguished members of the board and my fellow shareholders. Good morning, good afternoon to you all. At the outset, I thank the management, company secretary and the team for sending me such a voluminous, informative, illustrative annual report full of information, facts and figures and pictures. The pictures are so attractive about our products that it is mindboggling. I would like to know our stand in these three industrial companies: ITC, Nestle, Hindustan Unilever and ourselves. Where do we stand compared to these other competitors? I would like to know our product line is very good, our product mix is very good and I would like to know any new launches are going to take place in the near future and in the pipeline is there any other acquisition? I would like to know now the Trump policy on export is very harsh. So how does Trump's tariff affect us and we are an export company. Dollar rising day by day against the falling rupee, what is the impact on this on our profitability? Rest many questions have been asked by my predecessor shareholders I don't want to add anything more but I'd like to see the plant of any product which increases the economic value of our company. With this sir, I thank you very much for patient hearing, good health, good luck and goodbye sir thank you.

Mr. Tranil Ma.

Hello am I able? Yes sir. Thank you sir. Good afternoon to all. This is an MA attend this 63rd AGM of the company from my residence Kandandy Mumbai. From my side has only two questions. The question number one that looking to the global situation how much the growth can we expect and how much it will affect to our revenue and the bottom line for the current FY 2026-27. And the second question that how AI affects to our company looking to the future growth. With this we are supporting all the resolution and thanks to the secretary department lead by Mr. Dhage Darura for their cooperation and supports and all the best for the bright future of our company. Thank you.

Swanish Goyel. So this speaker is not present in the meeting. Barat Neandi. N Gandhi. If he's not available can be moved to next speaker Landhi. Sir she isn't present in the meeting. Okay Amit Kumar.

Good morning sir. Amit side from Gura. I am sir ex employee of Tata consumer and I have a concern regarding policies related concerns. Last year in 2022 I resigned the company and they gave me a termination letter for not serving a notice period. Most people get leaving for not serving totally probation period. Sir concern related exit managing. Sir I will look into this, I'll look into this. More concern 9 months full month. Request. Thank you Anindia. Thank you sir.

Thank you Anindia. Thank you sir. Anindia Roy.

Hello sir. Sir good afternoon. Can you hear me and see me sir? I can hear you sir but I can't see you yet. You can't see me sir? Hear me? Yes sir. Yes sir, I can see you. Well, thank you. Thank you, sir. Good afternoon, chairman of the meeting and other esteemed board of directors online and employees of the company and our company secretary, Mrs. M. Delasa whom I thank very much because she gave me the platform and sent me the annual report hard copy with a very welcoming letter. Thank you sir. I thank the management and employees of the company for this glorious performance. Now let me share a few of my feelings and observations about last year's performance of the company. Another year of company's outstanding and glorious performance is engraved in the balance sheet for fiscal year 25-26. Coordinated unified discipline and dedicated service of all employees and management is visible in the balance sheet. Unbelievable achievement in all areas of F&B division dealing in 132 number of products in the market. I roughly counted that out of which rupees 20,290 crores of revenue earned. This is 3000 crores revenue more than last year under such global geopolitical adverse situations. Sir, I must say India's pride is Tata group of companies. Not any country only but this planet as a whole desires and aspires for our most desirable products, our service and treatment. Under this F&B division in everyday routine we are zero waste to landfill company. Water and energy conservation, maintaining greenhouse effect and CSR activities are areas of exceeding excellent performance every moment. So many prestigious honors and recognitions. Chairman sir, you are awarded doctorate by universities and institutions from abroad. You are photographer and most astonishing you are a six star finisher in a long distance world marathon. Sir I salute your discipline. My question is why don't we have any bakery products at least till day. So can we have any small eateries or joints in and around Kolkata or elsewhere where we can serve affordable breakfast and lunch for the visitors with practical civic lessons? We Indians as a whole lack in civic senses. And before I close, I must thank Mr. Ship Shankar Roy and Chatty at your registered office for their cordial and everlasting behavior. So whenever I need some information and drop in your place, they came up with positive vibes and gesture. I thank you all sir for your good health. If you are good health, the company's result will be definitely positive. Thank you sir. Nothing more, this is very late. Thank you. Thank you sir. Over to you.

Amit Kumar Banerjee.

Hello. Yes sir. Hello. Yes sir. Good afternoon to everyone. Respected chairman of the meeting. Other board members present. Myself Amit Kumar Banerjee from city of Kolkata. Thank you for getting me connected opportunity to speak on such a beautiful occasion, our 63rd annual general meeting of Tata Consumer Products Limited. Sir, first of all I thank the entire team management for presenting such a remarkable performance during the year under review. Yes, much speakers are there also they raised questions. Still being shareholders are failing to say something on a special occasion on this day. Performance is concerned it is very nice good growth. Strong financial presentations. Total revenue increased. Profit after tax also increased. EPS is also increased to 16.53. Here it was 8.25. CSR activities is also good. 123 price 14. So very overall good performance presented. So what is the step taken for substantial growth of revenue of the company and current business scenario about opportunity and challenges year ahead? Kindly share your views. Consider bonus if it is possible for equity shareholders. Consider also one plant visit to any plant of the company. I thank our company secretary Madame Harder and secretary team members for excellent good investor services. I hope our management will definitely improve necessary infrastructure, transparency at all levels, look after better prospects for long term growth of the company. Keeping in mind shareholders rewarding policy. I thank all team members, secretary team and also the smooth video conferencing meeting today. Myself Amit Kumar Banerjee over to you for further proceedings. Thank you sir.

Yes am I audible sir? Yes sir. Hello sir. I am a sir. Yes. Have a good day. Yes. Have a good day. I Atam Shah is shareholder of Tata Consumer Product Limited. My respective chairman sir and board of directors, our chief financial officer, our company secretary and her total team and our chairman and all our independent directors and all shareholder present in this 63rd annual general meeting. Today is 10th June. Welcome to our city of joy sir and also thanks to our register of correspondents chief Shankur babu and babu. Thank you very much to everybody. And my previous number of queries and their requests. Sir chairman sir, your speech is very informative. Rising aspiration of population and their lifestyle changing, it's very important for us. Sir my question is in this regard. One thing I want to know - the ready to drink beverage which is startup Glucon. Sir what is its latest market share? What do you think about the near future only particular area or another area? Thank you very much. I have already given my vote. Also a very good year ahead with good result and good dividend and bonus share. Thank you very much. I wish a good year ahead with good result and good health to everybody. Thank you very much. Namaskar.

Mr.

Hello sir, sir. Yeah. Good afternoon sir G. Good afternoon sir. Good afternoon everybody attending this. Myself your equity holder from Kolkata. Thank you Sirji for providing the platform to speak something before you. Thanks to our secretary department, especially thanks to our secretary madam for calling me and taking my knowhow and also for making such a nice and colorful annual report. Thank you sir. This is my third AGM only due to virtual though I'm your very old shareholder. So if possible please follow this virtual AGM in next year also so more investors from different parts of the world could join and express their views and company could take benefit from their views. Sirji thank you for giving a good result and also thank you for increasing our dividend from rupees 8.25 to rupees 10. Our reserve is rupees 21,689 crores on equity of only rupees 99 crores. Bonus please try to declare bonus here sir. As per BSE site, our promoter holding only 33.83%. Is there any plan to increase our holding? A few questions. What is the crop position of tea this year? What is the average auction price of tea this year? Please say something on future outlook for tea and coffee amid Iran Israel war. Sirji, is there any plan to enter into dairy business and biscuit business? One suggestion for CSR committee: please use some CSR fund to provide drinking water nearby your business points and nearby your factories and in nearby villages because jal is life. Sir I have one request for plant visit for very old shareholders. Please organize a factory visit program so that we can see our plant how it is running. At last, please maintain your smile which you are full. We are always with you as a long-term investor. Thank you. Thank you Sirji.

Thank you sir Kish. Hello. Yes sir. Okay. Thank you Shakman from Hyderabad. [fragmented content] Thank you Mr. SP Benia.

Chairman sir, can you hear me and see me? I can both hear you and see you SP. Chairman sir, I am from Bombay. So at the outset I thank our company secretary for allowing me to speak by sending a link and also the speaker number. Sir, I am the speaker. I am 52nd speaker. Since many shareholders give their names and the intention is not to speak next year, please allow them to speak after all other shareholders have spoken. Sir, I congratulate our MD Mr. Sunil Duza for showing excellent performance. Our revenue has increased by 15% and our margins are also improved in spite of increase in revenue. However, our margins are much lower compared to Hindustan Unilever. Our margins are less than half of HUL. When do you expect our margins to double to match HUL? Our cash flow has also improved substantially. Our Q4 was probably the best quarter. So continue to show good results quarter and quarter and wish you luck for the future. I would also recommend holding hybrid meetings so that we can meet our management also. Entire Bata group holds physical meetings in Pune. I go to Pune to attend the physical meetings. So please do not give any bonus or split or rights. Let our price go up like MRF. So thank you very much and all the best for the future.

Thank you sir. Desh Batya.

Hello. Hello sir. Am I sir? Yes sir. First chairman. Congratulations. Number 58, 63. Congratulations. All India India 57 speakers, 57 speaker, physical video hybrid solution. Next meeting hybrid. Connect. All spices outic. She say dry fruit. Tata tea, Tata coffee. Third largest brand in India. Market app. Next meeting. Balance sheet plant 434. Page number 434. Property and plant. 774.54 last free lander assets. Asset 65.92. 414, 98.96, 21,000, 68.57, last year 19,92.13,786.44, 44, 98 capital. CSR activity 154, 157. Excellent. Last bonus. Secretary. Speaker number 53. Three. Speaker number. Thank you. Thank you. All the best.

Hello. Yes sir. Am I am I audible? Yeah. I'm the I'm the Chandra Ma. and join with Gita Babuita. Okay.

Respected chairman sir, learned and competent board of directors. First of all, thanks to our company secretary for sending me the registered speaker link in time which enables me to speak in front of you. Sir, I have only one question. The question is: our company's revenue, profitability, cash flow, app levels for the next 3 years. With this I end my speech. Over to you chairman sir for further proceeding. Thank you.

Thank you Mr. Narendra Zeri.

Hello respected chairman, respected chairman, distinguished member on the board of directors, my fellow shareholders. Sir, I am grateful to the secretary for sending me the annual report. Sir, annual report at a glance gives the impression that company is in a well financially well position. Colorful photos give a very good impression. But when we look at the profit and loss account and earning per share and 10 year highlight, our impression is lost in the context of 818 rupees premium you charged for the rights share last year. Anyway that matter is over but sir, 10 rupees dividend is not sufficient, not justified bearing in mind the 800 rupees premium you charged. Sir, dividend premium has to be charged on the basis of the earning per share or dividend paying capacity. Now free pricing has been misused by all companies in India. Dividend is not free. Dividend is controlled by manufacturer legal and accounting policies. Why the dividend is not free? If there is free pricing and dividend is not control, it is unjust to the shareholder. Secondly, our annual report contains 500 pages. Now unfortunately I request you that Reliance report has only 280 pages. Most of the pages, nearly 160 pages, are for integrated report and for colorful photos. These colorful photos do not satisfy us when the dividend is merely 10% bearing in mind the 800 premium we have paid to you. So this dividend premium has to be based on the earning per share earning capacity of the company. Can you give us a guarantee that next year you will report 20 rupees earning per share? We would like to know. Shareholders ask for dividend bonus. How can bonus come unless earning per share improves? Sir, I also like to know on the introductory page you have 12 legal advisors. Will you advise us why you require so many legal advisors? One or two or three would not do. Now regarding the virtual meeting, we are yearly advised by the Ministry of Company Affairs that company may hold meetings virtually. This virtual meeting has no virtue left in it, only advisory not legally binding. Sir, will you please enlighten if you hold a physical meeting, is there penalty involved? Other companies hold physical meetings, there is no penalty. On the contrary, virtual meeting is burdensome on the shareholder. Company is not paying penalty and burden on the shareholders. Virtual meeting has no virtue left in it. Only thing is that you want to remain in good books of the Government of India, so you are holding virtual meeting, and it is most beneficial and advantageous to the company and not to the shareholder. Sir, last year our managing director has got three photos inside the report. This year only one photo is there. You see, behind every successful person there is a successful team. So I request managing director and also secretary team that second photo should be printed along with the managing director photo. Sir, I hope you will reconsider the suggestion and bring down the number of pages. These 180 pages you can devote to colorful photos, some photos are repetitive in nature. It does not impress us. Ultimately these are going into waste whereas dividend supports our life. So you must increase dividend and reduce the number of pages. Sir, this is our request on behalf of all shareholders. I hope you will not make it a prestige issue. If Reliance can do it, why we cannot? I hope you will keep this in mind and wish you best of luck in the coming year.

Thank you sir. Mr. Narin uh Mr. Miss Praashi Shennai.

Hello. Am I audible, sir? You're audible, ma'am. Yeah. Welcome, sir. Respected honorable chairman, other dignitaries on the board and my fellow shareholders. Good afternoon to all of you. I received the AGM report well in time which is colorful, informative, transparent and contains all the information as per corporate governance. I thank the company secretary and his team for the same. The chairman has given a beautiful picture regarding the company and its working in all parameters. Thank you chairman sir. I'm glad to [lost you ma'am] 2526 and I'm glad to note that the company is doing outstanding work in the field of CSR activities. Now my question: whatever questions I wanted to ask, most of them are covered by my predecessor so I don't want to repeat. I just have one question which nobody has asked: what is the attrition rate? I wish the company good luck for a bright future and pray God that the profit of the company shall reach the peak in due course. Chairman sir, last but not the least, my honest request to you, please continue with the virtual AGM so that people all over will have an opportunity to express their views. I strongly and wholeheartedly support all the resolutions put forth in today's meeting. Thank you chairman sir.

Thank you ma'am Sunil Kumar Modak.

Hello. Yes sir. I am audible. No sir you are audible. Very good noon to all. Very good noon to all respected chairman, board of directors, company secretary, MD and my fellow shareholders joining this meeting from VC. Myself Sudil Kumar Modak joining this 63rd AGM from Kolkata virtually. First of all, I thank company secretary and team for sending me the AGM related papers in time and also giving maintaining very good investor services. Sir, our company is among the top FMCG company in our country. This year revenue and profit achieved significantly. CSR activity is very good. Congrats for the awards and accolades you have received this year. Sir, my question: what is the management view towards the growth of the company? What is the capital expenditure for coming two years? Is there any new product introduced this financial year? Please continue this VC meeting. I have already cast my vote in favor of the resolutions. Sir, consider any plant visit as requested by the shareholder earlier. Thank you. With this I conclude my speech. Hope we will meet next year with better results. Thank you sir.

Thank you. With that we have come to the end of all the comments and speeches by the shareholders. I have noted down all the comments and questions that have been asked. They fall into a specific number of categories. I'm going to take each of those categories and try to answer them. There was a question regarding international business. What is the market that we focus on? The international markets for us are primarily United States, UK and Canada. These are the three markets in which we are focused and they have been typically growing and will continue to grow between 5 to 7%. And this year the growth and the margin expansion in the UK was pretty significant, whereas in the US because of rising coffee prices there was a margin reduction, but we will continue to expand in these markets. That's the plan. Then there was a question regarding the Sampann brand and how well it is doing. The growth businesses this year have been growing at 24%, and the plan is to increase the margin in these businesses. And we already see the launch of some new categories helping us not only to grow the business but also increase the margin. The margin will happen with the right product mix and also with increasing volumes. Third, there was a question regarding Starbucks. Starbucks has 52 stores and our plan is to add 50 to 100 stores a year. It is a very high potential business. We have had discussions with our partner and we think eventually the company can have 8,000 stores in India and we are continuing to add 50 to 100 stores. This year we have made both EBITDA and EBIT positive. Now as we grow we want to also improve the margin and start adding to the profitability. Fourth, there was a question regarding how the acquisitions are doing and when will they produce returns. The acquisitions some are in the early stages. We have Capital Foods, Soulful and Organic. Organic has delivered good growth this year, and Capital Foods and Soulful have to grow faster. The plan is to get these acquisitions to start contributing at least 25% growth rate year on year. So we have work to do, but margin wise, Arun Kumar Bopana asked a question about what value they create. They are in a high margin. They operate at 48% gross margin compared to the 35-36% with the rest of the product portfolio. The dividend policy is to provide 50 to 75% of PAT, and this year the company has provided 60% on a standalone basis and 62% on a consolidated basis as dividend, and it is a very healthy dividend. In terms of product launches, we launched about 80 products, and the company is focused on innovation. Innovation is contributing to 4.5% of sales and our plan is to take it to 5%. R&D expenses are small today, less than 0.5%, around 70 crores, and we will continue to see investments in R&D. I think the way to look at Tata Consumer Products is we are building this business over a medium to long term. This company was only a beverage company predominantly focused on tea and a little bit on coffee and very small on water. Now it has gained the status of a truly food products and beverages FMCG company. We are adding to the portfolio, some we are organically launching products through R&D, and then we are continuing to acquire to fill gaps so that the company can build a portfolio and this has enormous growth potential. So we will continue to grow and also continue to talk about margins. There's a lot of questions on EBITDA margin. How will we maintain margin? What is the margin trajectory? Why are you half of some competitors? But the way to look at it is that the margin sequentially keeps improving. In a tough year when there are supply chain issues, commodity price increases especially in categories where we have significant exposure like tea, it does impact margin. We are operating around 14% EBITDA margin. The company in medium term will look at 17% and eventually the goal is to cross 20% EBITDA margin. There has to be an improvement of 50 to 100 bps in a good year, 100 bps in other years, 50 bps at least. That's the margin trajectory the company is focused on. Then there was a question about salt. Salt is a very strong business, volume wise it's more than 4,000 crores and we have a large number of categories. The orange salt is the best selling product, but all the categories are selling well and contributing very good margin and profits. Subsidiaries most of them are only for legal reasons, otherwise we are constantly looking at simplifying the company and we'll ensure we remain optimal and nimble. Then there was a question about attrition rate. Attrition rate was 11%. FMCG ranking: we are fourth in terms of market cap among FMCG companies. Goal is to expand the company and portfolio and product mix and manage premiumization versus volume. One shareholder asked if India is not a market for premiumization. That is not true. I think we are both a mass market and a premium market. We have multiple customer segments, so we need to address the needs of all segments. We will launch mass market products as well as premium products. Then there was a question whether we will grow organically or through acquisition. Have we done with all acquisitions? Will focus be only on organic growth? Definitely the management and board is conscious of the fact that capital has gone in, so we have to get the acquisitions to deliver strong growth and returns on capital. Whether it is Soulful, Organic India or Capital Foods, at the same time we will constantly evaluate any new opportunities to add to the portfolio. The board will take the right call and the focus will always be to improve both return on equity and return on capital employed. This is a journey we have to achieve because there have been acquisitions not only now and even before, so the capital has been deployed. The performance has to get to a stage where ROE will get better. With regard to the registered office, I think what is given in the annual report is the correct address because the company shifted its registered office to the Tata Center on January 1st this year. The dividend number of 8.25 you see is for last year, so that's also correctly represented. In terms of capex, generally the company spends about 2.4 to 2.5% of turnover in capex. So between capex and R&D you can say the company spends around 3%. But this year in FY27 the company is going to spend more money because there is an additional tea extraction unit being put. As a result, the company's budget for FY27 is going to be about 700 crores. There was a question about cash flow projections for the next three years. The company's cash flow currently we are operating about in excess of 100% of EBITDA to be free cash flow and we want to keep improving that number. I think with that, broadly the many questions have been answered. There was a question on legal advisors. The legal advisors are many because legal advice is needed for different jurisdictions. So we need in each jurisdiction people with that jurisdiction knowledge. There are many comments that have been given which are very important. One is the availability of products. I think that's a comment we have received at least I have also given to the company myself because sometimes we don't get those products. We need to make sure both awareness and availability. Some shareholders said advertisements are happening only for specific products like salt or glucose plus, but many products are not known. We'll take that feedback on board. We'll also take the feedback on availability whether in Kolkata or in Coimbatore or any other place. Then there was a question about quick commerce. Quick commerce contributes and e-commerce contributes about 19%, and it's one of the highest in the industry. We see it as a very interesting opportunity and channel. Then there was a comment about improving ROC and dividend from subsidiaries. Can they be maximized? Can you consider a bonus plan? All these things we hear you. Some may not make sense, some will. We will definitely look at each one and address them as appropriate. Growth will be both volume based and pricing based. Company is very clear that volume growth is important because we can't deliver growth only based on pricing. Whenever there is significant increase in commodity prices, we definitely have to take a price increase like we did for tea, but it's not always possible. That's broadly the answers to all questions. Some shareholders asked about specific items in the financial statements and balance sheets. I'll have the CFO respond to them separately. With those responses, I would like to conclude the meeting by saying that the e-voting process during the meeting has already commenced and encourage members who have not yet voted to do so. E-voting will remain open for the next 15 minutes to allow members to cast their votes. I also authorize the company secretary to accept, acknowledge, and counter sign the scrutinizers report and declare the consolidated voting results upon receiving the scrutinizers report. The voting results will be announced within two working days after the conclusion of the meeting. The results will be communicated to the stock exchanges and displayed on the company's website, NSDL's website and the notice board at the registered office of the company. Once again, I extend my gratitude to all of you shareholders for your participation, comments and feedback in today's meeting and look forward to your continued support to the company. I also would like to express my gratitude to the directors who joined this meeting today and for their ongoing support throughout the year. Now with your permission, myself, board of directors and the members of the management would like to leave the meeting. I request all of you a healthy and happy rest of the year and see you next year. Thank you so much.

Plus the e voting process which began at the start of the meeting is now closed. I'm pleased to confirm that the requisite quorum was present throughout the meeting. The company will announce the results of this meeting within two working days. With this I officially declare the meeting concluded. Thank you everyone for attending the meeting and take care.