Godrej Consumer Products: 1Q27E update: Better vs expected; aided by improvement in IBD Quick Note

Research evidence excerpt

Godrej Consumer Products: 1Q27E update: Better vs expected; aided by improvement in IBD Quick Note

Global Markets Research

Godrej Consumer Products GOCP.NS GCPL IN 3 July 2026

EQUITY: GENERAL CONSUMER

Rating1Q27E update: Better vs expected; aided by improvement in IBD Remains Buy

Target price INR 1,300 RemainsQuick Note

Closing price INR 1,077 3 July 20261QFY27E business update: Under-promise; over-deliver?

• GCPL’s 1QFY27 business update highlights - consolidated revenue growth will be

in high-teens y-y (likely to be 16-17%), ahead of its full-year guidance of double-digit Research Analysts

growth shared on 11 May in its annual investor meet. This will be driven by high- India Consumer Related

single-digit volume growth y-y, according to management. Mihir P. Shah - NFASL

• Consolidated EBITDA growth will be in “higher than double-digits” (likely to be in mihir.shah1@nomura.com

14% y-y, in our view) and again ahead of its guidance of double-digit growth, +91 22 403 74232

according to management. Riya Patni - NFASL

riya.patni@nomura.com

Geography-wise trends: +91 22 405 33473

• India business (62% of consolidated sales – FY26) sales growth will be in double-

digits y-y (likely to be in 13%-14%), led by high-single-digit y-y volume growth, as

per management.

• International business (IBD) (38% of consolidated sales – FY26)

○ Indonesia (12% of consolidated sales – FY26) business demonstrated a strong

sequential recovery with mid-teens revenue growth (vs low single-digit growth in

4Q) led by double-digit volume growth and market share gains, according to

GCPL. Management believes that the competitive pressures are abating and the

profitability of the business is back.

○ GAUM (Godrej Africa, USA, Middle East – 21% of consolidated sales of FY26)