India Consumer Staples: Q1 updates: GCPL delivers revenue beat backed by strong overseas; DABUR benefits from HPC and overseas growth

Research evidence excerpt

India Consumer Staples: Q1 updates: GCPL delivers revenue beat backed by strong overseas; DABUR benefits from HPC and overseas growth

J P M O R G A N Asia Pacific Equity Research

05 July 2026

India Consumer Staples

Q1 updates: GCPL delivers revenue beat backed by

strong overseas; DABUR benefits from HPC and

overseas growth

GCPL (OW): Revenue beat led by sequential step-up across markets, costs Consumer, Retail, Media

ACbeginning to ease. GCPL clocked high-teens consolidated revenue growth in Latika Chopra, CFA

Q1FY27, well ahead of our estimate of 12%, backed by strong HSD consol. UVG. (91-22) 6157-3584

The domestic business registered DD revenue growth (in-line), led by HSD UVG latika.chopra@jpmorgan.com

(JPMe: 8%), with growth broad-based across categories. Indonesia growth Himanshu Singh

surprised with strong mid-teens revenue/DD UVG (though on a favorable base), (91-22) 6157-3610

as GCPL gained share in an abating competitive environment. GAUM continued himanshu.x6.singh@jpmorgan.com

its momentum with extremely strong DD/teens revenue/volume growth. We now Saransh S Gokhale

forecast 17% revenue growth backed by 12%/16%/30% growth for India/ (91-22) 6157 3578

saransh.gokhale@jpmchase.com

Indonesia/GAUM. J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

However, a steep increase in RM inflation would weigh on margin, leading to

consolidated EBITDA growth of ~15% y/y (JPMe). Input costs have started to

ease, implying sequential margin improvement ahead supported by calibrated

pricing, cost-savings programs, and media optimization.

GCPL expects to deliver its FY27 guidance and likely exceed it in select metrics

after this healthy print.