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*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...

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...

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

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

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...

We remain optimistic about the company's long-term prospects. We maintain our BUY rating on the stock, with a TP of Rs 1,500/share, implying a 13% upside potential from the CMP.

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 NesCafe, Maggi, Milkybar, Milkmaid and Nestea. Q3FY26 performance: Nestle recorded strong performance with consolidated revenues growing by 18.6% YoY to Rs.5,667cr. Domestic business revenues grew by 18.3% YoY to Rs.5,402.6cr while export revenues grew by 22.9% YoY to...

Nestle India (Nestle) reported an 18.5% YoY (11% two-year CAGR) revenue growth in 3QFY26, ahead of our expectations.

Godrej Consumer’s (GCPL) consolidated revenue rose 9% YoY to INR40.8b (est. INR41.4b), while volume growth stood at 7%. EBITDA grew 16.5% YoY (est. 14%) on the back of better-than-expected India and Indonesia margins.

Execution is improving as consumption recovers for Bajaj Consumer, with Q3FY26 delivering a positive earnings surprise. This was aided by the GST-led transition, sharper distribution execution and improving channel productivity.

Britannia's performance was steady owing to resilient brand traction, stable demand and sustained momentum across core categories and adjacencies. The management commentary highlights a sharper focus on regional competitiveness, innovation-led refreshes and stronger execution in rural markets, supported by an expanding pipeline of biscuits, dairy and value-added adjacencies. Emphasis on distribution efficiency, premium offerings, channel-specific launches and cost discipline is expected to result in steady but moderated growth as the company...

Strong Q2; Margin to expand by 200bps in FY27 Q2FY26 performance: India business grew by 35% YoY driven by mix of volume and price led growth. Volume growth stood at 7% YoY continuing its positive growth trajectory for 10th consecutive quarter. International business grew by 20% YoY on constant currency basis. Inflated copra prices (+113% YoY) and high base led to 814bps YoY decline in gross margins to 42.6%. EBIDTA margins declined by...

Marico (MRCO) reported a consolidated revenue growth of 31% YoY (in line) in 2QFY26. Domestic revenue growth was 35% YoY with volume growth of 7%.

Management expects demand recovery in H2FY26, supported by festive consumption, rural improvement, and easing input costs.

Britannia Industries (BRIT) posted consolidated revenue growth of 4% YoY in 2QFY26 (below). Adjusted for the GST transition impact, sales growth would have been ~6-6.5% YoY, as the business faced short-term headwinds in September due to de-stocking.

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...

We maintain REDUCE on Britannia, with a Sep-26E TP of Rs5,750, on 48x P/E (in line with its last 5Y average forward P/E). Q2 net sales grew at ~4%, 1%/4% below our estimate/consensus expectation.

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....

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%).