New Research Reports

Nestle India (Nestle) has seen a strong recovery in FY26, with revenue growth of 15% YoY, supported by a rebound in volume growth (+11% in FY26 vs. broadly flat volumes in FY25).

Hindustan Unilever’s (HUVR) FY26 annual report highlights its key focus on portfolio transformation, driven by increased innovation across high-growth segments and strengthening omnichannel capabilities.

We attended Honasa’s ‘Investor Day’ on 10-Jun-26 where the company shared its vision for FY31. Honasa aims to become the fastest-growing domestic FMCG player and reach >Rs50bn in revenue, with significant expansion of 500bps in EBITDA margin to 15% by FY31.

Company is a differentiated and research-oriented pure play nutrition Company. It is holistic nutrition player that offers products across a whole range starting with micronutrient premixes, right up to therapeutic and clinical products . Company is also one of the largest premix players in India, offering customised vitamin and mineral premixes to leading Indian and multinational FMCG companies. It is also one of the largest licensed suppliers of Micronutrient Powders (MNPs) under UN...

IPO Note

Honasa’s upcoming Analyst Meet is likely to focus less on near-term recovery and more on the sustainability of growth, profitability and the long-term shape of the business.

Hexagon Nutrition Ltd. (HNL) is a global nutrition solutions company engaged in the development and manufacturing of micronutrient premixes, branded clinical nutrition products, and therapeutic nutritional solutions catering to consumers, FMCG players, and international organizations. The company operates in three key segments: (i) premix formulations (B2B2C), (ii) branded nutrition products (B2C), and (iii) therapeutic nutrition solutions including ready-to-use foods (RUFs) and micro nutrient powders (MNPs). HNL has established manufacturing presence across India and international...

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With 9% y/y revenue growth (vs. 10% street estimate) and EBITDA margin of 12.7% (vs. 12.9% street estimate), Mrs. Bector Foods' Q4FY26 result was slightly below estimates on muted demand amid elevated input cost, though growth improved sequentially.

Emami Limited reported a weak 4Q FY26 performance, dragged primarily by two external headwinds -- unseasonably delayed summer season that dented the summer portfolio and geopolitical disruptions in Middle East that impacted the international business. Despite these temporary setbacks, the underlying strength of the core domestic portfolio remained intact.

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

EBITDA increased by 10.8% YoY to Rs. 841cr, driven by cost control measures, calibrated pricing, and operating leverage. This growth was partly offset by higher media spending in the Africa, US, and Middle East businesses. However, the...

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GCPL appears well-positioned for a multi-year earnings re-rating, supported by accelerating India category expansion, improving mix toward higher-margin Home Care, and early signs of recovery in Indonesia.

Food revenue grew 4.4% to Rs. 3,566cr, driven by high single-digit volume growth on the back of a double-digit growth in lifestyle nutrition and coffee. The relaunch of Horlicks, expansion into the ready-to-drink and protein segments, and momentum from the packaged food business gave support. EBITDA increased 7.5% YoY to Rs. 3,725cr, and EBITDA margin expanded 20bps to 23.7%, driven by operating leverage....

The dairy industry continued to witness severe milk shortage and a weak flush season during FY26, resulting in sharp inflation in procurement prices. Despite this, Heritage Foods (Heritage) reported resilient Q4FY26 revenue growth of 10.4% YoY.

With an upside of 15% from the CMP, we maintain our BUY rating.

With an upside potential of 17% from the CMP, we maintain our BUY rating on the stock

Domestic demand trends remained healthy, though International Business was impacted by West-Asia-related disruptions