India Consumer: From Macro Noise to Micro Signals: A Bottom-Up Sector Playbook

研报英文原文证据摘录

India Consumer: From Macro Noise to Micro Signals: A Bottom-Up Sector Playbook

India Consumer Staples

Consumer Staples Valuation Comps

Price M.Cap JPM P/E EV/EBITDA EV/Sales RoE Div yield FY26-28E CAGR

Ticker

Rs US$ mn Rating FY27e FY28e FY27e FY28e FY27e FY28e FY27e FY27e Revenue EBITDA EPS

India

HPC

HUL HUVR IN 2,136 52,521 OW 44.1 40.1 30.7 27.8 7.1 6.6 22.9% 2.1% 7.5% 9.0% 8.6%

Godrej Consumer GCPL IN 1,075 11,515 OW 45.7 39.2 31.5 27.7 6.6 6.0 18.2% 1.4% 9.6% 12.8% 14.6%

Marico MRCO IN 840 11,416 OW 50.9 44.3 38.2 33.2 7.1 6.4 45.9% 1.4% 11.1% 17.6% 17.7%

Dabur DABUR IN 437 8,105 N 37.0 33.2 27.3 24.7 5.1 4.7 17.7% 1.8% 8.9% 10.0% 10.5%

Colgate India CLGT IN 2,020 5,750 N 37.8 34.4 26.7 24.3 8.2 7.7 87.7% 2.5% 8.1% 8.6% 9.0%

Honasa Consumer HONASA IN 468 1,596 UW 61.3 49.1 48.4 38.4 5.3 4.5 16.5% NA 18.1% 33.7% 30.9%

Emami* HMN IN 407 1,859 NC 21.3 19.2 16.1 14.5 4.1 3.8 26.5% 2.8% 7.4% 7.2% 4.3%

Jyothy Labs* JYL IN 189 727 NC 20.5 17.6 14.1 12.2 2.0 1.8 18.7% 2.1% 7.2% 4.4% 6.5%

Foods

Nestle India NEST IN 1,451 29,274 OW 70.9 61.0 45.4 39.7 10.6 9.6 69.5% 1.2% 13.5% 17.8% 19.0%

Varun Beverages VBL IN 475 16,799 OW 45.8 39.6 27.1 23.8 6.3 5.6 16.8% 0.5% 15.3% 15.4% 15.4%

Britannia BRIT IN 5,316 13,400 N 46.5 40.8 32.6 28.9 6.0 5.5 51.1% 1.8% 9.7% 9.9% 10.9%

Tata Consumer TATACONS IN 1,090 11,288 OW 54.1 45.3 32.5 28.1 4.7 4.3 8.8% 1.1% 12.1% 17.5% 21.7%

AWL Agri Business AWL IN 181 2,468 UW 19.8 17.9 9.4 8.6 0.3 0.2 10.5% NA 11.7% 8.7% 10.4%

Orkla India ORKLAIND IN 600 859 OW 25.8 22.9 17.0 15.3 2.8 2.6 11.5% 1.9% 8.4% 9.3% 9.8%

Bikaji Foods* BIKAJI IN 644 1,690 NC 51.1 43.5 33.2 29.4 4.7 4.1 17.7% 0.3% 15.3% 14.1% 18.0%

Mrs Bectors Food* BECTORS IN 167 537 NC 30.5 23.9 16.6 13.7 2.2 1.9 12.2% 0.8% 13.3% 18.1% 24.4%

Alcobev