New Research Reports

Radico Khaitan reported strong revenue growth of 32% YoY (est. 22%) in 1QFY26, with total volume growing 37% (beat).

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.

Hindustan Unilever’s (HUVR) 1QFY26 consolidated revenue was up 5% at INR165.1b (in line), with underlying volume growth (UVG) of 4% (est. 3% and 2% in 4QFY25), led by a steady recovery in rural markets (~1/3 of portfolio) and a gradual improvement in urban demand.

Consolidated revenue grew by 9.8% YoY (+3.7% QoQ) to INR 47,789 Mn., below our estimates (-3.4%), led by weakness in Capital Foods, Organic India, and NourishCo’s, which were impacted by transitory disruptions, partly offset by a resilient performance in the India Business, which grew 11.0% YoY (+6.4% QoQ).

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%.

Despite rising competitive intensity and lower volumes, Varun Beverages (VBL) delivered better-than-expected Q2CY25 profitability due to better control on overheads and favourable currency movement in the Africa market.

With a 15% upside potential from the CMP, we maintain our BUY rating on the stock.

2QCY25 was a muted quarter for Varun Beverages (VBL) as its revenue declined 2% YoY due to the early onset of monsoon in the peak summer months of India.

In Q1FY26, Nestle India reported revenue largely in-line with our expectations, but earnings missed our estimates led by poor operational performance, lower other income and elevated depreciation and interest expenses.

We maintain our BUY rating on the stock.