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 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...

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

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.

NEST was witnessing sequential improvement in growth delivery, supported by the company’s own initiatives along with steady improvement in macros. GST rate reductions will further boost the FMCG sector from 3QFY26 onward.

We expect the Company to outperform in H1FY26E over H2FY25, led by stronger volume offtake aided by continued transformation in the and on the back of improving macro tailwinds.

We have revised our FY26E/FY27E EPS estimates by -5.7%/-1.9%, as we factor in weaker EBITDA margins led by contraction in gross margins. We reiterate our “ACCUMULATE” rating on the stock, supported by its volume-led growth strategy. We expect margin pressure to remain persistent in the near term
but expect gradual recovery from H2FY26E onwards

Considering the near-term challenges, we have downgraded the stock from BUY to HOLD and revised our TP to Rs 355/share, implying an upside potential of 7% from the CMP.

With an upside of 8% from the CMP, we maintain our HOLD stance

MRCO delivered 22% revenue growth along with ~9% volume growth led by prices hikes taken in Parachute, robust growth in Foods and Premium Personal Care along with sustained recovery in VAHO. IBD continues to grow strong...

Over the last three decades, Suresh Narayanan’s tenure (ten years) as CMD of Nestlé India has been one of the most celebrated.

With a 7% upside from the CMP, we maintain our HOLD rating on the stock

With an upside potential of 6% from the CMP, we maintain our HOLD rating on the stock

In Q1FY26, Nestle India reported revenue largely in-line with our expectations, but earnings missed our estimates led by poor operational performance, lower other income and elevated depreciation and interest expenses.

Colgate Palmolive India’s Q1FY26 performance stood below our expectations across the board, reflecting persistent headwinds from tough operating conditions led by muted urban demand and elevated competition intensity.

Milk Products & Nutrition face pressure with muted growth We cut FY26/FY27 estimates by 4.4/6.8% given 1) pressure on Milk Products & Nutrition category (~38% of sales) due to muted growth in dairy and rising competitive intensity in low growth infant nutrition and 2) higher overheads /depreciation due to near doubling of gross block over last 3 years. NESTLE posted a weak quarter with 5.9% sales growth and flattish EBIDTA as...

Nestle India (Nestle) reported a 5.9% YoY revenue growth in 1QFY26, in line with our expectations. Domestic sales grew 5.5% YoY. We believe volume growth was in the low single digits.

We cut FY26/27 EPS by 7.1/7.4% given subdued urban demand, competitive pressures and little scope to increase margins from current elevated levels. CLGT 1Q26 was a miss on estimates with 4.4% revenue decline led by 2.8% volume decline (high base, subdued urban demand and intensifying competitive pressures). Near term outlook remains cautious as impact of high base, tepid urban demand, heightened competition and promotions/...

In spite of unseasonal rains, the company reported strong revenue growth of 10.1% YoY. EBITDA margin contracted to 6.5% in Q1FY26 vs 9.1% YoY due to revenue mix change partially led by early monsoon.