Valuations et al

研报英文原文证据摘录

Valuations et al

Update

July 2, 2026 03:28 AM GMT

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

Equity Analyst

Valuations et al Archana.Menon@morganstanley.comShravan Vohra +91 22 6118-2215

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

In June, our consumer coverage (on average) underperformed Gaurav Varma

the Sensex (following two consecutive months of ResearchGaurav.Varma@morganstanley.comAssociate +91 22 6118-1033

outperformance). Most stocks underperformed, with the

exception of a select group of discretionary stocks.

On average, ~80% of the stocks under our coverage underperformed the Sensex in

June (vs. ~65% that outperformed in May). F&B stock underperformed the most, led

by Tata Consumer and Varun Beverages, followed by Paint stocks (led by Kansai) India Consumer

Asia Pacific

and HPC stocks (led by Dabur). D&R stocks outperformed the index, led by Nykaa Industry View In-Line

(+19%) and Trent (+16%), which were also the best-performing stocks for the

month. ABFRL (-10%) and Tata Consumer (-9%) were the worst-performing stocks Exhibit 1 : Stock Performance

for the month ( Exhibit 3 ). 20% Average stock performance relative to the Sensex 8%

15% 6%

Over the past 12 months, our coverage universe (on average) has outperformed the 10% 4%

Sensex. F&B stocks outperformed the most (led by Nestle and Varun Beverages), 5%0% 2%0%

followed by HPC stocks (led by Marico) and Paint stocks (led by Asian Paints). Only -5% -2%

D&R stocks underperformed, with the exception of Nykaa (+49%) and Titan (+19%), -10% 1M 3M 6M 9M 12M -4%

F&B HPCwhich were the best-performing stocks. Vedant (-50%), Brainbees (-42%), and Paints Discretionary and retail Consumer Sector (average) - RHS

Jubilant (-41%) were the weakest.