Risk Reward Update: Godrej Consumer Products Limited | Asia Pacific

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M

Update

August 7, 2026 02:24 PM GMT

Godrej Consumer Products Limited | Asia Pacific

Morgan Stanley India Company Private Limited+

Archana Menon, CFA

Equity Analyst

Risk Reward Update

What’s Changed

Godrej Consumer Products Limited (GOCP.NS)

From

To

Price Target

Rs1,109.00

Rs1,204.00

Bull Case

Rs1,690.00

Rs1,842.00

Base Case

Rs962.00

Rs1,042.00

Bear Case

Rs730.00

Rs788.00

Updated Components

EPS

Bull Base Bear Scenarios

Risk Reward for Godrej Consumer Products Limited (GOCP.NS)

has been updated

Reason for change

Earning Changes: We update our estimates for strong F1Q performance. Our top-

Godrej Consumer Products Limited (GOCP.NS, GCPL IS)

India Consumer | India

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

52-Week Range

Equal-weight

In-Line

Rs1,204.00

Rs1,050.00

Rs1,309.00-967.05

Fiscal Year Ending

03/26 03/27e 03/28e 03/29e

EPS (Rs)**

Prior EPS (Rs)**

20.49

23.41

23.32

27.37

27.16

31.48

31.11

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

line estimates are higher by 4% over F2027-29. We lower our EBITDA margins by

~54-68bp YoY over F2027-29e, as we factor in higher commodity inflation.

Consequently, our EPS estimates for F2027-29 are higher by 0-1%.

Revised PT of Rs1,204 (was Rs1,109): Our base-/bull-/bear-case estimates are

higher by 8-9% led by the above-mentioned earnings changes, roll forward of our RI

model by two months and a slight increase in our medium-term growth assumptions

for India business, due to better-than expected deliver in F1Q. All other RI

assumptions are unchanged.

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