GODREJ CONSUMER PRODUCTS (=) : Investor Meet 2026 takeaways: Speedboats to lift growth

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GODREJ CONSUMER PRODUCTS (=) : Investor Meet 2026 takeaways: Speedboats to lift growth

EQUITIES

FOOD & HPC

GODREJ CONSUMER PRODUCTS NEUTRALPRICE* INR1,011  TARGET PRICE INR1,130 (UPSIDE 12%)

Investor Meet 2026 takeaways: Speedboats to lift growth

At its 2026 analyst meet, GCPL management took stock of the targets set for FY26 and laid out12 MAY 2026

Securities Research Report expectations for FY27. In FY26, GCPL met its sales and volume growth targets but missed the

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double-digit EBITDA growth guidance due to elevated palm oil prices. In FY27, GCPL expects to

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deliver a high single digit UVG, double digit consolidated revenue and EBITDA growth. These targets

Kunal Vora, CFA seem reasonable to us and are already reflected in our estimates. GCPL believes its high growthBNP Paribas Securities India Private

Limited portfolio (Speedboats) could lift the company’s growth in coming years. GCPL expects to maintain

+91 22 6196 4384 the FY27 margins in the current range.

kunal.d.vora@asia.bnpparibas.com

Rising contribution from the speedboats to lift the company growth in coming years

GCPL is seeing a strong growth and rising contribution from its high growth portfolio comprising of

Godrej Fab, Agarbatti and Air Care. Contribution from this portfolio has increased from 8% to 15%

over FY24-26, with UVG CAGR of 30%+. Management expects the contribution to expand further to

c20% in FY27 and to c40% in FY30. As the contribution increases, GCPL believes its overall growth

could move to teens by FY30. In HI, unlike in the past, GCPL seemed more excited about the Incense

stick growth’s opportunity versus the liquid vaporizer opportunity in the medium term. GCPL has