Colgate-Palmolive (India) Limited Balanced growth with stable margins ahead; Raising estimates

研报英文原文证据摘录

Colgate-Palmolive (India) Limited Balanced growth with stable margins ahead; Raising estimates

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

25 May 2026

Colgate-Palmolive (India) Limited Neutral

COLG.NS, CLGT IN

Balanced growth with stable margins ahead; Raising Price (22 May 26):Rs2,156.90

estimates ▲Price Target (Jun-27):Rs2,250.00 Prior (Mar-27):Rs2,000.00

CLGT’s Q4 operational performance was ahead of our and street expectations.

Domestic sales accelerated to 9.2% (off a benign base), driven equally by pricing and Consumer, Retail, Media

volume. On the annual investor call, management shared its focus on driving balanced Latika Chopra, CFA AC

growth (vol and price) in the coming quarters along with sustained higher brand (91-22) 6157-3584

investments (better elasticity to demand particularly for the premium portfolio seen) latika.chopra@jpmorgan.com

implying range bound EBITDA margin outlook (despite scope for further Himanshu Singh

improvement for already strong gross margins). Category development, (91-22) 6157-3610

himanshu.x6.singh@jpmorgan.com

Premiumization and scaling up toothbrushes/personal care are at the centre of

Saransh S Gokhale

CLGT’s growth strategy, supported by superior mix (technology and science backed

(91-22) 6157 3578

innovation, packaging), effective communication and improved on ground execution saransh.gokhale@jpmchase.com

(increased direct reach, rural initiatives, faster growth in growth/margin/market share J.P. Morgan India Private Limited, J.P. Morgan

accretive E-commerce channel). Amidst rising cost inflation scenario, CLGT expects Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

to mitigate the margin impact via prudent price hikes, productivity/cost efficiencies,