Colgate Palmolive (India) (COLG.BO): Management Meeting Takeaways from Citi India Consumption Tour

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Colgate Palmolive (India) (COLG.BO): Management Meeting Takeaways from Citi India Consumption Tour

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16 Jun 2026 17:55:46 ET │ 11 pages

Colgate Palmolive (India) (COLG.BO)

Management Meeting Takeaways from Citi India Consumption Tour

CITI’S TAKE

We hosted Colgate India management for investor meetings as part of the

Sell Citi India Consumption Tour. Key takeaways include: 1) growth trajectory

Price (16 Jun 26 15:30) Rs2,097.10 should be more balanced; a favorable base is helping; 2) pricing is

returning, but net realization may remain moderated by competitive Target price Rs2,050.00

intensity; 3) premiumization remains the key structural growth lever; and Expected share price return -2.2%

4) margin trade-offs are likely to persist despite healthy gross margins. Expected dividend yield 2.4%

Expected total return 0.1%

Growth trajectory should be more balanced; a favorable base is helping – Market Cap Rs570,381M

Management pointed to a gradual improvement in growth, supported by better US$6,022Mcategory trends following GST-led affordability benefits and a pickup in urban

demand. Importantly, management indicated that growth going forward should

continue to be balanced between pricing and volume, rather than relying

disproportionately on either lever. That said, part of the recent recovery still reflects a

Vismaya Agarwal, CFAACfavorable base, and the durability of the trajectory over the next few quarters remains

+91-22-6175-9886a key monitorable.

vismaya.agarwal@citi.com

Pricing is returning, but net realization may remain moderated by competitive

intensity – Management noted that most of the pricing seen in 4Q reflected

previously-taken increases annualizing, while fresh pricing actions have only recently