New Research Reports

Colgate Palmolive India’s Q1FY26 performance stood below our expectations across the board, reflecting persistent headwinds from tough operating conditions led by muted urban demand and elevated competition intensity.

Milk Products & Nutrition face pressure with muted growth We cut FY26/FY27 estimates by 4.4/6.8% given 1) pressure on Milk Products & Nutrition category (~38% of sales) due to muted growth in dairy and rising competitive intensity in low growth infant nutrition and 2) higher overheads /depreciation due to near doubling of gross block over last 3 years. NESTLE posted a weak quarter with 5.9% sales growth and flattish EBIDTA as...

Nestle India (Nestle) reported a 5.9% YoY revenue growth in 1QFY26, in line with our expectations. Domestic sales grew 5.5% YoY. We believe volume growth was in the low single digits.

Nestle’s Q1FY26 performance was weak as multiple headwinds led to decline in margins and double-digit decline in PAT.

Market share gains, the lower base (owing to elections) and sustained premiumisation drove an 11% rise in United Breweries’ volumes in Q1 (above the Street’s 5-7% estimate).

With an upside of 12% from the CMP, we maintain our BUY rating on the stock.

United Breweries (UBBL) delivered strong revenue growth of 16% YoY (est. 10%) in 1QFY26. Volume growth was 11% YoY (est. 4%, 5% in 4Q, 6% in FY25), aided by share gain and a low base from the election-impacted
quarter last year.

Tata Consumer Products (TATACONS) reported 10% revenue growth in 1QFY26, while EBIT declined 12% YoY. EBIT was affected by higher input costs in the Branded business (India/international business EBIT down 11%/12% YoY) and declining coffee prices in the non-branded business (EBIT down 33%).

Colgate’s Q1FY26 performance was weak with numbers missing estimates on all fronts. Standalone revenues declined by 4.2% y-o-y to Rs. 1,434 crore, missing our and the average street’s expectation of Rs. 1,525 crore and Rs. 1,498 crore, respectively.

We cut FY26/27 EPS by 7.1/7.4% given subdued urban demand, competitive pressures and little scope to increase margins from current elevated levels. CLGT 1Q26 was a miss on estimates with 4.4% revenue decline led by 2.8% volume decline (high base, subdued urban demand and intensifying competitive pressures). Near term outlook remains cautious as impact of high base, tepid urban demand, heightened competition and promotions/...