New Research Reports

The ongoing geopolitical challenges, if sustained, are expected to have huge bearings on cost inflation (more specifically on crude derivatives) across most of the FMCG companies.

We initiate coverage on Parag Milk with BUY and DCF-based Mar-27E TP of Rs250 (implied P/E of 15x). Strong backend capabilities and brand portfolio enable Parag to scale up front-end capabilities and accelerate growth.

*over or under performance to benchmark index Consolidated revenue grew 26.6% YoY to Rs. 3,537cr, driven by robust domestic markets, with Bangladesh leading the way with 29% growth, followed by Vietnam at...

Domestic Business & Distribution: The company is focused on expanding in lower north markets (UP, Haryana, MP, Rajasthan), with ~80% of distribution additions expected from this region.

Marico Limited is one of India's leading fast-moving consumer goods (FMCG) companies with a strong presence in the beauty and wellness, edible oils, and healthy foods segments. Founded in 1990 and headquartered in Mumbai, the company has built a strong portfolio of well recognized consumer brands across hair care, cooking oils, and nutrition products. Its flagship brands include Parachute coconut oil, Saffola edible oils and healthy foods, and Hair & Care hair oils, which collectively command strong market leadership in their respective categories. Over the years, Marico has also diversified into new-age consumer segments through digital-first brands such as Beardo in male grooming and Plix in plant-based nutrition. The company operates in more than 25 countries across Asia and Africa, with key international markets including Bangladesh, Vietnam, South Africa, and the Middle East region. Marico's business model is focused on building strong consumer brands, expanding distribution across rural and urban markets and leveraging premiumization and innovation...

Dabur's Q3FY26 financial performance demonstrated stable operating momentum, driven by improving demand across categories. Growth was led by HPC, which benefited from premiumisation, strong performance of hair care and oral care, and continued market share gains. In the healthcare business, health supplements, honey and wellness products also posted sustained traction. The management has noted a gradual recovery in consumption, supported by resilience in rural markets,...

Transforming into a digital first play; To double revenues by FY28: Marico is transforming itself into a digital first consumer business from conventional FMCG through inorganic route focusing on expanding in foods and premium personal care categories. It endeavours to double its revenues by FY30 (growing at CAGR of 15%) with core growing at CAGR of 10-12% and new businesses growing at CAGR of 20% over FY25-30. In foods the company is focusing on sub-categories such as premium snacking, health & wellness and modern breakfast. It has recently acquired...

About the stock: Hindustan Unilever (HUL) is India's largest FMCG company with presence of more than 90 years. The company has portfolio of 50+ brands spanning to various categories such as detergents, personal wash and skin care & colour cosmetics. 80% of revenues come from products having leadership positioning in the domestic market. 19 out of 50+ brands are clocking Rs1000cr+ revenues. Q3FY26 performance: HUL's consolidated revenues witnessed 5.7% YoY growth to Rs.16,441cr. Volume growth improved to 4%YoY (vs. Flat in Q2FY26) aided by improved demand conditions and policy measures such as GST. Gross margins...

Mrs. Bectors Foods (MBFSL)’s consolidated revenue grew 8.4% YoY to INR5.3b in 3QFY26, led by strong performance in the bakery segment (+13.1% YoY, B2C – high teens and QSR – mid single digit).

HUL delivered 4% UVG with broad-based growth across categories; in line with expectations

With a 5% upside from the CMP, we maintain our HOLD rating on the stock.

Commodity environment remains supportive with QoQ softening in flour, palm oil and cocoa, aiding margin resilience

Hindustan Unilever (HUVR) registered consolidated revenue growth of 6% (adjusted for the ice-cream demerger) at INR162.3b, compared to our expectation of 4%.

With an upside of 19% from the CMP, we maintain our BUY rating.

BRIT has indicated higher growth in coming quarters as Nov/ Dec has shown double digit sales growth of 12% and GST transition impact (competitors cutting prices rather than grammage increase) will wane off by end of March. We see new management focus on 1) B2C and future platforms 2) market interventions and innovations to gain market share form regional and local players 3) Increased pace of innovations and launches 4) focus on Ecom/ Quick commerce which are growing much faster in non-biscuit segment for BRIT so...

Britannia Industries (BRIT) posted consolidated net revenue growth of 9.5% YoY in 3QFY26 (est. 12.5%, 2QFY26 4%). GST-led trade disruptions weighed on performance in October.

We revise our rating to HOLD from BUY.

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Emami's performance in 3Q FY26 showed broad-based recovery. Management is optimistic about 4Q FY26 and beyond. They are targeting double-digit growth for their brand teams, particularly as GST rates have now stabilized at 5% for ~88% of the portfolio and trade channels.