Analysts/Institutional Investor Meet/Con. Call Updates

October 29, 2026 National Stock Exchange of India BSE Limited The Calcutta Stock Exchange Limited Phiroze Jeejeebhoy Towers Limited Exchange Plaza, C-1, G Block Dalal Street 7 Lyons Range Bandra Kurla Complex, Bandra (E) Mumbai 400001 Kolkata 700 001 Mumbai 400 051 Scrip Code – 10000027 (Demat) Scrip Code – TATACONSUM Scrip Code - 500800 27 (Physical) Sub: Transcript of Earnings Conference Call pertaining to financial results for the quarter and half year ended September 30, 2026 Dear Sir/Madam, In accordance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulations"), please find enclosed the transcript of Earnings Conference Call held on Monday, October 26, 2026, in respect of the financial results for the quarter and half year ended September 30, 2026. The same can also be viewed at https://www.tataconsumer.com/investors/financial-information/call- transcripts. This is for your information and records and treat the same as compliance with the applicable provisions of the SEBI Listing Regulations. Yours faithfully, For Tata Consumer Products Limited Delnaz Dara Harda Company Secretary & Compliance Officer Membership No.: ACS73704 Encl.: as above 11/13 Botawala Building 1st Floor Office No 2-6 Horniman Circle Fort Mumbai 400 001 India Tel: 91-22-6121-8400 | Fax: 91-22-61218499 Registered Office: Tata Centre, 1st Floor, 43, Jawaharlal Nehru Road, Kolkata – 700 071 Corporate Identity Number (CIN): L15491WB1962PLC031425 Email: investor.relations@tataconsumer.com Website: www.tataconsumer.com Public “Tata Consumer Products Limited Q2 FY27 Earnings Conference Call” October 26, 2026 MANAGEMENT: MR. SUNIL D'SOUZA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER MR. ASHISH GOENKA – GROUP CHIEF FINANCIAL OFFICER MR. AJIT KRISHNAKUMAR – EXECUTIVE DIRECTOR AND CHIEF OPERATING OFFICER MS. NIDHI VERMA – HEAD INVESTOR RELATIONS AND CORPORATE COMMUNICATIONS Page 1 of 17 Tata Consumer Products Limited October 26, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Tata Consumer Products Q2 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Nidhi Verma, Head of Investor Relations and Corporate Communications. Thank you, and over to you. Nidhi Verma: Thank you. Thank you so much, everyone, for joining us today. We announced our Q2 FY27 results earlier in the evening. I hope you've had a chance to go through the materials. As usual, I am joined by Mr. Sunil D'Souza, Managing Director and CEO; Mr. Ashish Goenka, Group CFO; and Mr. Ajit Krishnakumar, Executive Director and COO. In terms of the format, we'll walk you through key business updates for the first 20 minutes or so, and then we will open the floor for Q&A. So with that, I just want to quickly draw your attention to the disclaimer statement, which is on your screen. With that, I'll hand it over to Sunil. Sunil D'Souza: Thanks, Nidhi. So, in summary, we grew top line 14% with UVG of 11% in the India business. Salt was another strong quarter of 9% volume and 15% revenue. India tea volumes were flat. Revenue was marginally lower year-on-year. Growth businesses had another strong quarter. Sampann was up 57%. Ready-to-Drink is now strongly back on the growth trajectory with 47%. Capital Foods and Organic India were up 15%, but the domestic business was very strong because international was impacted by shipping disruptions as well as the Mundra Port issue in early September. International business grew 7% in constant currency was negative 2%, but had a very, very strong margin delivery. Non-branded grew 12%, 9% in constant currency. Consolidated EBITDA was up 18%, with margins expanding 40 bps to bring EBITDA margin to 14%. Starbucks had probably one of their strongest quarters ever, revenue growing 15% and with strong same-store sales growth. I think now they have 5 or 6 successive quarters of positive same-store sales growth and very strong results. So India Salt crossed -- was close to INR1,100 crores. It's coming to touching distance of India Tea/Coffee now, up 15%. India Tea/Coffee largely impacted by weather, a little bit of price increases in tea and a little bit of a hangover of the disruptions in Q1, of the LPG issues, was down 1%. Growth businesses up 40% to close to INR1,400 crores, continue to be now powering ahead of our salt and tea-coffee businesses. International close to INR1,300 crores, up 7%, non-branded up 12% and consolidated up 14%. Constant currency was 11%. In terms of first half, India Salt up 11%. India tea and coffee, if you remember, the first quarter was minus 4% on revenue. This quarter was minus 1%. So overall, minus 3% as you've taken up prices. Growth businesses up 43%, international up 11%; non-branded up 3% and Page 2 of 17 Tata Consumer Products Limited October 26, 2026 consolidated at close to INR11,000 crores. The beauty of the portfolio, if you look at it, salt, tea-coffee, growth, international, now we've got 4 strong legs on the TCPL stool. In terms of financial performance, revenue up 14%, EBITDA up 18%, profit before taxes up 21% and net profit at INR470 crores, growing 16%. EPS of 4.75. And as we said, if we amortize -- because we amortize certain brands, if I take that off, our adjusted EPS is 5.18. For the first half, revenue up 13%, EBITDA 18%, profit before tax 24%, net profit up 22%, adjusted EPS of 9.85. In terms of the businesses, overall, our A&P-to-Sales for the quarter was 5.5% and for the -- first half was 5.8%. Just a perspective here is we've reclassified visibility separately and A&P separately. That's why this number you will see separately. Visibility is knocked off from revenue up top. In the ballpark, we are in the same number of about 6.3% to 6.5% in total A&P-to-Sales. Growth businesses up 40%, now contribute to 38% of India business. We've started our significant transformational journey with AI with about 1,600/ 1,700 salesmen, which we have on date as of now with an objective by December to reach 100% of our salespeople operating. There is a personalized AI sales companion guiding the salesmen outlet by outlet, SKU by SKU on what exactly to do. And where the salesman misses the outlet, there is a voice agent, which does call up the retailer and does the ordering process. The sales executive gets a concise summary of what exactly the DSR did at every single outlet with a follow-up on what coaching is needed out there. That's on the sales front. On the operations front, we have started deploying -- we've deployed AI to recognize close to 120 different types of leaves that come into the factory so that we qualify quality and pricing of the leaf, per se, of stuff entering into the factory. In the Himalayan factory, we've got AI starting to do online bottle inspection. Around the corner, we've got a history of tea in terms of temperature, rainfall, crop price, etcetera. We are going to use that to start guiding our procurement team on when to buy, at what price to buy. We've already started automation with invoice validation and payment. We've got an engine running at the back end online on consumer insights. We are feeding both to our R&D team as well as our marketing innovation. We've started trade spend optimizer as a pilot, which we rolled out for tea for the entire country starting this month, and we have started to see substantial savings. And apart from that, we are looking at experimenting with AI calling for retailers where we can drop frequency to visits to outlets which order less than two times a month. So, we move from a weekly to a fortnightly frequency with the alternate week AI agent calling in to make [Showing first 8,000 characters — download PDF for full document]