Godrej Consumer Products (GCPL IN) (Buy) - Transforming the portfolio for a long-term compounding story

研报英文原文证据摘录

Godrej Consumer Products (GCPL IN) (Buy) - Transforming the portfolio for a long-term compounding story

Global Markets Research

Godrej Consumer Products GOCP.NS GCPL IN 12 May 2026

EQUITY: GENERAL CONSUMER

Transforming the portfolio for a long-term compounding story Rating Remains Buy

FY27 guidance: Double-digit consolidated sales/EBITDA growth led by mid-single-digit India Target price

volume growth; FY30 guidance: Sales to grow in mid-teens with margins to sustain at normative Reduced from INR INR 1,300 1,525

band

Focus is to sustain growth in core, accelerate growth brands and scale up new launches Closing11 May 2026price INR 1,011

GCPL, during its annual analyst meeting gave FY27 guidance for high-single-digit standalone

underlying volume growth (UVG) and double-digit consolidated revenue/ EBITDA growth. The Implied upside +28.6%

company aims for India standalone underlying sales growth in the teens, led by double-digit

UVG by FY30. GCPL plans to achieve this by sustaining mid-single-digit growth in its Market Cap (USD mn) 10,853.8

mothership (core) portfolio (c.80% of business – Household insecticides, Skin Cleansing and ADT (USD mn) 19.3

Hair Colours), increase contribution from speedboats (brands that have achieved critical mass

and are growing at c.35-40%) from 15% in FY26 to c.20%/40% in FY27E/30E, and scale-up Relative performance chart

jetskis (new launches) for a sustainable high-growth future.

Speedboats to add 500bp of delta growth by FY30 (100bp each year)

Management highlighted that the identified speedboat brands, currently 1) Aer – #1

player – four-year volume CAGR of 25% with 500bp market share gain; 2) Fab – ARR of

INR5bn with 6% all-India market share; and GoodKnight incense sticks – 13% market