New Research Reports

Innovation and premiumization success demand a premium

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.

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

Godrej Consumer (GCPL)’s FY25 strategy focused on expanding the existing categories by innovating products across various sizes and price points while broadening distribution to enhance consumer reach, streamlining operations through radical simplification by reducing SKUs, personnel, and processes.

*over or under performance to benchmark index cant market share gains across portfolio. Growth of the personal care segment was flat, with 1.0% YoY increase, mainly due...

Dabur’s consolidated revenues grew 1.7% y-o-y to Rs. 3,405 crore hit by unseasonal rains during peak summer months which impacted the performance of summer-centric portfolio.

We hosted Vishal Kedia, who heads Global Strategy at GCPL, at our recent conference Emkay Confluence 2025 with a group of investors, to gauge the company’s strategy ahead and assess its recent performance.

International markets grew 15.1% YoY, led by 16.1% YoY growth in South Africa, on strong currency movement and commissioning of new can line in Durban. EBITDA grew 0.4% YoY to Rs. 1,999cr and margin expanded 75bps YoY to 27.9%, on newer, high-efficiency lines and strong currency in international operations. The company delivered a resilient performance driven by robust execution, *over or under performance to benchmark index expanded distribution and operational ramp-up of new plants. The management is focused on strategic international expansion, backward integration, snack...

Revenue from operations net of excise and GST stood at the level of Rs. 70,174 million in Q2 CY2025, down 2.5% YoY. For H1 CY25, revenue grew by 9.3% to Rs. 125,843 million.

Britannia’s consolidated revenues grew 8.8% y-o-y to Rs. 4,622 crore, largely in line with ours and the street’s average expectation of Rs. 4,609 crore. Gross margins fell 310 bps y-o-y to 40.3%, while OPM declined 135 bps y-o-y to 16.4% due to higher input costs and higher employee costs.

Godrej Consumer’s (GCPL) consolidated revenue rose 10% YoY to INR36.6b (est. INR36.8b), while volume growth stood at 8%. EBITDA declined 4% YoY (est. +4%) due to weak India and Indonesia margins.

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

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

*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...

*over or under performance to benchmark index Tata Consumer Products, a leading Tata Group company, has a global presence in food and beverages. It is the world's second-largest tea company, with significant...

RKL’s Q1 numbers were robust, beating estimates on all fronts. Consolidated net revenue grew by 32.5% y-o-y to Rs. 1,506 crore, higher than our and average street expectation of Rs. 1,346 crore and Rs. 1,355 crore, respectively, aided by y-o-y IMFL volume growth of 37.5%.

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...

We maintain REDUCE, lowering our Jun-26E TP by 6% to Rs5,500, based on 48x P/E (revised from 50x, now aligned with the 5Y average forward P/E). Q1 results were in line, adjusting for the Phantom Stock Option Scheme expenses.

With a 9% rise in domestic volumes (vs. the Street’s 8%) and a 20.1% EBITDA margin (vs. 20.3% est.), Marico posted good revenue but a weaker operating performance.

In Q2CY25, consolidated revenue stood at INR 70,174 Mn., down 2.5% YoY (+26.1% QoQ), sharply below our estimates, as the overall volumes were impacted by early onset of monsoons and erratic rain patterns in India.