Analyst Mtg update: Speedboat Momentum with Mothership Stability

Research evidence excerpt

Analyst Mtg update: Speedboat Momentum with Mothership Stability

India | Consumer Products

Godrej Consumer Products EquityMayResearch11, 2026

COMPANY UPDATEAnalyst Mtg update: Speedboat Momentum

RATING BUYwith Mothership Stability

PRICE INR1,042.50^

Mgmt identified 'speedboat' portfolio with medium-term growth >30% while

mothership (base) should grow at a moderate pace. The combined should PRICE TARGET | % TO PT INR1,400 | +34%

translate into teen India revenue growth until FY30 - volume growth is a 52W HIGH-LOW INR1,308.40 - INR967.25

key focus across markets, with focus on recouping margins to averages. FLOAT (%) | ADV MM (USD) 39.3% | 21.65

Air freshener is the star category that is going global. The focus on MARKET CAP INR1.1T | $11.3B

simplification has yielded results, evident especially in strong OCF growth TICKER GCPL IN ^Prior trading day's closing price unless otherwise

and Africa margins. noted.

India speedboats...: Air, laundry & incense sticks have attained scale and are expected to grow FY (Mar) CHANGE TO JEFe JEF vs CONS

at >30% CAGR, contributing c15% to India's business. Their scale should rise to 20% in FY27 2027 2028 2027 2028

and 40% by FY30. However, dynamics vary - for example, laundry (Fab) being in a competitive REV NA NA NA NA

market is nearing break-even with Rs5bn in ARR. At the same time, incense sticks are closer

EPS NA NA NA NA

to India margins and have a 13% share despite at a premium to illicit competition.

...& mothership: RNF molecule is across formats in HI. Rising incense stick penetration 2027 (INR) Q1 Q2 Q3 Q4 FY

supports market expansion, which will help upgrade into electricals in the future. Overall, HI EPS -- -- -- -- 23.45

should grow in HSD in medium-term, even while LV growth may remain modest (offset by PREV