普通外文研报

Godrej Consumer Products Limited: 1QF27: Overall Beat

发布日期: 2026-07-03研究机构: Morgan Stanley公司 / 股票: GOCP.NS报告页数: 9原文语言: 英语证据页码: 1

研报英文原文证据摘录

Update

July 3, 2026 09:21 PM GMT

Morgan Stanley India Company Private Limited+MGodrej Consumer Products Limited | Asia Pacific Archana Menon, CFA

Equity Analyst

1QF27: Overall Beat Archana.Menon@morganstanley.comShravan Vohra +91 22 6118-2215

Shravan.Vohra@morganstanley.com +91 22 6118-2039

Reaction to earnings Gaurav Varma

Research Associate

Unchanged Modest upside Largely unchanged Gaurav.Varma@morganstanley.com +91 22 6118-1033

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

1Q demand trends and consumer sentiment were steady, with a step-up in FMCG Godrej Consumer Products Limited (GOCP.NS, GCPL IS)

industry value growth. India Consumer | India

Stock Rating Equal-weight

Consolidated revenue grew by high-teens (MSe +11%, 4Q +11%). EBITDA rose Industry View In-Line

above double-digits (MSe +17%), while margins remained lower (MSe -158bps Price target Rs1,109.00

Up/downside to price target (%) 3

QoQ). Shr price, close (Jul 3, 2026) Rs1,076.90

52-Week Range Rs1,309.00-967.05

Input costs began to ease toward the closing weeks of 1Q, though GCPL remains Sh out, dil, curr (mn) 1,021

mindful of El Niño and expects margins to recover progressively through F27. Mkt cap, curr (mn) Rs1,099,407

EV, curr (mn) Rs1,100,223

GCPL reiterated its F27 targets (double-digit consolidated revenue and EBITDA Avg daily trading value (mn) Rs1,634

growth; India +10% revenue growth), with likelihood to exceed in select metrics. Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** 20.49 23.32 27.16 31.11

1Q growth beat expectations; we think this, along with management commentary EPS (Rs)§ 20.79 23.61 27.34 30.57

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