New Research Reports

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.

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...

With an upside potential of 18% from the CMP, we maintain our BUY rating on the stock.

ITC posted a mixed performance in Q1FY26, with strong revenue growth driven by cigarette and agri business, while margins declined sharply and missed estimates.

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

ITC sustained healthy performance in core segments in a tepid consumption environment, though margins remained under pressure.

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.

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