Upgrades

Bajaj Consumer (BaCo) posted a muted Q1FY26 performance, with revenue up 7.4% YoY (+3.7% ex-Banjara’s acquisition) led by 4% value growth in Almond Drops Hair Oil (ADHO) and flat volumes.

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

We retain BRIT as high conviction pick given positive demand and margin outlook and benefits of sustained innovations and cost control. BRIT delivered ~9% revenue growth led by ~6% realization amid 2% volume growth in 1Q while GM is down 316bps YoY due to high base and ~25% decline in Other Operating...

*over or under performance to benchmark index Nestle India Ltd, a subsidiary of Nestle S.A., is a food processing company, which primarily manufactures milk products along with other food products such as beverages and cereals. In Q1FY26, Nestle's revenue from operations grew 5.9% YoY to Rs. 5,096cr, led by...

ZWL’s Q1FY26 numbers were soft, with muted revenue growth and lower margins that dragged down PAT. Consolidated revenue grew by 2.4% y-o-y to Rs. 861 crore, in line with our expectation of Rs. 858 crore.

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

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

HUL’s standalone revenue grew by 3.9% y-o-y to Rs. 15,931 crore, largely in line with our and average street expectations of Rs. 15,954 crore and Rs. 16,065 crore, respectively. Domestic volume grew by 3% y-o-y.