New Research Reports

A sequential recovery was visible in AWL’s performance in Q2FY26, with Foods profitability sustaining its strong momentum while edible oils’ growth remained largely price-led amid subdued consumption trends.

HUL's performance during the quarter was stable due to strong execution abilities, *over or under performance to benchmark index GST adjustments and a moderate seasonal environment. GST cuts are expected to support consumption recovery and improve channel momentum during the festive period. HUL's strategic focus on premiumisation, science-led innovation and digital acceleration continues to reinforce brand leadership across key categories. By expanding its e-commerce presence and by using data-led marketing and supply chain digitisation, the company has enhanced execution agility and consumer reach....

Colgate's revenue fell during the quarter due to temporary distribution disruptions following the revision in GST rates on oral care portfolio. However, its business fundamentals remained strong with continued brand investments and steady demand in premium segments. The company's strategic focus on innovation, product diversification and rural penetration is expected to aid recovery in the second half of FY26. Ongoing cost optimization under the funding the growth' program, coupled with innovation-led launches in oral and personal care should...

Godrej Consumer’s (GCPL) consolidated revenue rose 4% YoY to INR38.3b (est. INR39.3b), while volume growth stood at 3%. EBITDA declined 4% YoY (est. -5%) due to soft margins for the Indian and Indonesian operations.

Dabur India reported another quarter of too many moving parts, with the outlook likely to get better in the near term. The fact that it gained market share in 95% of its portfolio indicates market growth (also) is to be blamed for the unexciting Q2FY26 revenue print.

With an upside potential of 18% from the CMP, we maintain our BUY rating on the stock

Company is a multi-category Indian food company with operations spanning several decades, offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts. According to the Technopak Report, in Fiscal 2024, company was one of the top four companies in terms of revenue from operations among select leading spices and convenience food peers. Company's products, under its brands MTR and Eastern, are crafted with...

IPO NOTE

The company is planning to outsource its low-value products to improve asset productivity and margins in long run. Additionally, as a part of its strategy it is expanding into higher-margin convenience food by launching...

Orkla India Ltd. (OIL) is one of India's leading packaged food companies offering a wide range of spices, masalas, ready-to-eat and ready-to-cook meals, beverages and sweets under the MTR and Eastern brands. The company's portfolio comprises approximately 400 products across categories as of Jun'25. Orkla commands a strong market presence in the South Indian states of Karnataka, Kerala, Andhra Pradesh and Telangana. Furthermore, the company has presence in over 45 countries across the globe with a focus on geographies such as the GCC (Gulf Cooperation Council) countries, the USA and Canada. As of Jun'25, the company...

With an upside of 12% from the CMP, we maintain our BUY rating on the stock

Management expects a gradual demand recovery in H2FY26E, supported by improving macro indicators and internal execution initiatives.

Colgate’s Q2FY26 result reaffirms that business remains structurally fatigued, with no visible triggers for a turnaround. Revenue declined 6.2% YoY, implying a 7-8% volume decline amid GST-led destocking and continued competitive intensity.

Broadly as estimated amid the GST rate-cut transition and a prolonged monsoon, HUL’s Q2FY26 performance was weak. Revenue inched up ~1% y/y to Rs155bn (vs. the Street’s Rs158bn estimate) with flat volumes and a 22.9% EBITDA margin (vs. 22.2%).

With a 6% upside from the CMP, we maintain our HOLD rating on the stock.

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...

Colgate’s (CLGT) 2QFY26 performance remained weak as its revenue fell 6% YoY to INR15.2b (in line) on a high base of 10% growth and due to the impact of GST-led transition (trade disruptions).

While structural growth drivers remain intact, led by the company’s volume-centric strategy and improving demand across rural and urban markets, we prefer to await clearer signs of margin recovery.

About the stock: Nestle India (Nestle) is a subsidiary of NESTL S.A. of Switzerland. With nine manufacturing facilities and a strong distribution network of 5.3mn outlets, the company is one of largest food processing companies in India. The company's product portfolio includes renowned international brands such as...

We maintain our BUY rating on the stock, with a TP of Rs 1,410/share, implying a 10% upside potential from the CMP.