Downgrades

Considering the near-term challenges, we maintain our HOLD rating on the stock and revise our TP to Rs 320/share. The TP implies an upside potential of 3% from the CMP.

GCPL is set for a stronger H2FY26 with recovery in Personal Wash post-GST cut and continued momentum in Household Insecticides and Hair Colour.

Emami’s consolidated revenue declined 10% in 2QFY26 (inline), impacted by GST 2.0-led temporary trade disruptions in Sep’25 and extended monsoon affecting the summer portfolio.

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...

P&G Hygiene and Healthcare’s (PGHH) 2QFY26 revenue growth was broadly in line with our expectations, but profitability was a miss. Similar margin anomalies have been observed in past quarters.

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

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

With an upside of 12% from the CMP, we maintain our BUY 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).

Emami's performance in 1Q FY26 was impacted by external factors like
unseasonal weather which particularly affected its summer-focused portfolio.
Despite these challenges, the company's core domestic business, excluding
talc, demonstrated resilience with a 6% y-o-y revenue growth.

JYL’s Q1FY26 performance was subdued with revenue/ volume growth of 1.4%/ 3.6% YoY impacted by heightened competitive intensity across segments.

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.

Emami’s Q1FY26 performance beat estimates on all fronts, despite a weak summer which hit revenue growth of summer-centric portfolio.

Emami reported a flat consolidated revenue in 1QFY26 (vs. an est. of -3%), as growth in the core portfolio was offset by a sharp decline in the summercentric Talc and Heat powder.

Dabur’s 1QFY26 performance was largely in line with our estimates. Cons. revenue increased ~2% YoY. Excluding the impact of seasonal portfolio, consol. sales grew by 7%.

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

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/...