Dear Shareholders,

We are operating in an era defined by profound structural shifts, heightened geopolitical sensitivity and rapid technological advancements. The global landscape has become increasingly fragmented, leading to a “high-volatility, low-visibility” environment where traditional forecasting models are constantly tested. We believe that to thrive in this current environment, an organisation needs to invest in resiliency and be nimble in reacting to situations.

Amid these global headwinds, India continues to experience credible economic growth. India's trajectory is underpinned by strong demographic fundamentals and an accelerating digital public infrastructure. Government measures such as income tax cuts, reduced interest rates and GST 2.0 have enhanced disposable incomes, while easing inflation, especially food inflation and steady government investment have strengthened macroeconomic stability. This provides a robust canvas for the Indian consumer market, where we see an irreversible trend toward premiumisation, health & wellness and digital-native consumption.

These shifts affirm the relevance of our strategic direction. Over the past years, we have systematically diversified our portfolio, nurtured our brands and built new growth engines while strengthening our core categories. In tandem, we have built future ready capabilities across our business operations to enable the next phase of growth.

Your Company crossed the historic revenue threshold of ₹ 20,000 crore this year and is now a multi category F&B Company, with our growth businesses accounting for 31% of our India portfolio, reflecting the tangible progress made in reshaping our product mix and tapping into new and large market opportunities.

Our financial performance in FY 2025–26 reflects the strength and resilience of our portfolio. Consolidated revenues for the year grew at 15% year-on-year. Growth was broad-based across India, International and Non-Branded businesses, highlighting the strength of our diversified model. EBITDA for the year grew to ₹ 2,815 crore, with margins at 13.9%, supported by scale efficiencies, an improved portfolio mix and disciplined cost management. Group Net Profit at ₹1,547 Crores, reflecting robust earnings growth and strong operating leverage. We concluded the year with a net cash position of ₹ 2,978 crore, reinforcing a robust balance sheet that supports our long-term growth ambitions.

Our core businesses of tea and salt continued to provide stability and scale. In tea, we navigated a volatile commodity environment by calibrating pricing and implementing targeted market interventions to ensure growth with margins improving sequentially every quarter. The salt business delivered good growth with continued premiumisation, strengthening our leadership in branded salt. Our International business growth accelerated year on year, led by the US coffee business, with margins stabilising as the volatility in the coffee markets receded.

Beyond the core, our growth businesses continued to build momentum. Categories such as packaged foods, pantry staples and ready-to-drink beverages continued to scale, supported by innovation, expanding distribution and evolving consumer preferences. Our recent acquisitions continued to integrate well into the Tata Consumer Products ecosystem, expanding into adjacencies and helping establish brand presence in high-growth segments.

The work we've done over the past few years has put us in a strong position. With a solid financial base and a portfolio that reaches millions, we are ready to scale further. Our focus is on the fundamentals: driving growth, enhancing margins and strengthening our brand equity. We are committed to turning this operational discipline into consistent long-term value for our stakeholders.

I extend my sincere gratitude to our employees, partners, investors and consumers for their continued trust and support. Together, we will continue to build a business that combines performance with purpose, resilience with agility and growth with responsibility.