New Research Reports

We recommend a BUY with a near-term TP of Rs 405, implying an upside of 10% from the CMP.

We recently upgraded GCPL to BUY from Reduce, as we see that most headwinds are in the base. GCPL has capability of recovering business, given prudent execution.

Bikaji's growth narrative continues to swiftly improve under its professional management, which has a dual focus—strengthening core operations and enhancing fundamentals through strategic M&A initiatives.

We recently downgraded Dabur to REDUCE, given its weak execution. Dabur, in its Q4FY25 business update, noted a mid-single-digit decline in the domestic business, which is a key business concern in our view.

We met with the management of Marico (MRCO) to discuss industry trends, the company’s growth across verticals, and its long-term strategies. MRCO is focused on achieving steady double-digit growth, driven by the gradually improving trajectory in its core categories, rapid scaling of new-age businesses, and stable growth in international markets.

We initiate coverage of Bikaji Foods International (BIKAJI) with a “BUY” recommendation and a target price of Rs 775.

Marico posted mixed performance in Q3FY25, led by a sequential improvement in volume growth in the domestic business and revenue beating estimates, while OPM fell y-o-y and missed estimates.

Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline (~2% YoY volume decline) due to continued stress in wholesale channel for core ADHO (~80% revenue salience), while diversification journey continues, though at a moderated pace.

Zydus Wellness Limited’s (ZWL’s) Q3FY25 numbers were mixed with revenue beating estimates and growing by 14.6% y-o-y to Rs. 462 crore (versus expectation of Rs. 435 crore), while OPM stood flat y-o-y at 3.1% and missed expectations of 5.8%. Volume growth stood at 4.8%.

For Q3FY25, BRITs reported revenue stood at INR 45,926 Mn, up 7.9% YoY (-1.6% QoQ), beat our estimates by 2.1%. Gross margins declined by 515bps YoY (-280bps QoQ) to 38.7%.

Britannia’s Q3FY25 numbers beat estimates on all fronts. Consolidated revenue grew 7.9% y-o-y to Rs. 4,593 crore (higher than our and average street expectation of Rs. 4,499 crore) with standalone revenue growing by 7.7% and subsidiaries’ revenue increasing 13.3%.

With an upside of 5% from the CMP, we maintain our HOLD stance

Britannia Industries (BRIT) posted operating revenue growth of 6% YoY in 3QFY25 (in line) and volume growth of 6% (est. 5%). Other operating income surged 101% due to government grants related to Ranjangaon factory.

Compared to consensus, there was a beat on sales at 1% and on EBITDA at 6%. EBITDA beat on lower SG&A as a % of sales

Raw material costs, especially for palm oil and potatoes, continued to rise in the third quarter as expected. The reinstatement of import duties on crude and refined palm oil exacerbated the RM cost issue and its consequent impact on margins.