Tata Consumer’s 11% volume growth strengthens its case

Tata Consumer Products Limited (NSE: TATACONSUM) reported Q2 FY27 revenue growth of 14% to ₹5,661 crore and net profit growth of 16% to ₹470 crore. Its India branded business delivered 11% underlying volume growth, while growth businesses expanded 40%. What happened? The September quarter showed broad-based growth across several businesses: Tata Salt: Revenue grew 15%, supported by strong volumes. Tata Sampann: Revenue increased 57%. Ready-to-drink beverages: Revenue grew 47%. Growth businesses: Now account for 38% of the India business. Tata Starbucks: Revenue increased 15%, with a multi-quarter high in same-store sales growth. Consolidated EBITDA increased 18% to ₹794 crore, outpacing revenue growth. My analysis The most encouraging signal is that growth is being supported by volumes, not just price increases. India's branded business delivered 11% underlying volume growth, suggesting healthy consumer demand across important categories.