Consumer Staples

Britannia posted strong EBITDA growth of 21.8% YoY in Q2FY26, primarily led by lower staff costs (down 22% YoY). Unorganised players (~15–18% share) earlier gained from GST non-compliance. The rate cut to 5% removed this

CCL Products’ Q2FY26 revenue/EBITDA surged 52.6% (13-quarter high)/43.8% YoY (23-quarter high). Overall volume surged ~20% YoY (up ~10% YoY in Q2FY25). Gross/EBITDA margin remained under pressure falling 524bp/107bp YoY

CCL Products’ Q2FY26 revenue/EBITDA grew 52.6% (13-quarter high)/ 43.8% YoY (23-quarter high) – both beating our and street’s expectations. EBITDA margins declined 107bp YoY but expanded 243bp QoQ to 17.5%. Gross margins

Britannia’s Q2FY26 revenue (up 3.7% YoY) was in-line with our estimate, while EBITDA (up 21.8% YoY) was 13%/12% ahead of our/consensus. This beat on EBITDA is partly due to Stock Appreciation Rights (SAR) impact (staff

AWL Agri Business (AWL) reported revenue/EBITDA growth of 21.7%/21.5% YoY mainly led by edible oil (up 26% YoY) and Industry Essentials (up 19% YoY). Overall volumes grew 2% YoY on a base of 12% impacted by inflation in

AWL Agri Business (AWL) revenue grew 21.7% YoY – in-line with our and consensus estimates. EBITDA grew 21.5% YoY beating our/street’s expectations. Overall volume grew 2% YoY driven by edible oil and industry essentials

Tata Consumer (TCPL) reported Q2FY26 revenue (up 18% YoY) in line with our estimate and EBITDA (up 7% YoY) ahead of our estimate. Gross/EBITDA margin improved 198bp/83bp QoQ to 42.1%/13.5% owing to easing tea cost (down

Godrej Consumer’s (GCPL) revenue grew 4.3% YoY while EBITDA fell 3.7% YoY, both below estimates. Adverse impact of GST transition on India revenue was 3–4%. India EBITDA decreased 8% YoY. India volume grew 3% YoY and

ITC reported Q2FY26 revenue decrease of 3.4% YoY, below our/Street’s estimates while EBITDA rose 2.1% YoY—in line with our estimates. Revenue miss was due to a drag in Agri business (down 31% YoY) due to high base with

Dabur’s Q2FY26 revenue/EBITDA grew 5.4%/6.5% YoY (in line with our estimates). Negative impact of GST transition on revenue was ~3% (INR1bn). India volumes inched up 2% YoY, slightly below our estimate of 4%. HPC grew

Varun Beverages (VBL) reported a weak Q3CY25 along expected lines. Management announced plans to expand the business scope to include the AlcoBev segment, both in India and overseas. Timeline is unclear for an India

Colgate’s Q2FY26 result is weak as expected. Revenue declined 6.2% YoY—in line with our estimate—affected by GST rate cut and high base (up 10% YoY in Q2FY25), and EBITDA decreased 6.4% YoY. In our view, toothpaste

HUL’s Q2FY26 sales (up 2% YoY)/volumes (flat YoY)—came in line with our estimates while there was mild beat on EBITDA (down 1.7% YoY). On a 2Y CAGR basis, HUL’s sales grew 2.2% while EBITDA fell 1%. Non-GST categories

New Nestle India MD Mr Manish Tiwary started impressively. Q2FY26 revenue grew 10.6% YoY (double-digit growth after eight quarters). EBITDA (up 5.9% YoY) was above our estimates. We believe domestic volume growth is 8%

Top picks: Staples: Bikaji Foods, Britannia, Nestle, Tata Consumer and HUL; in Discretionary, we also like United Spirits and Asian Paints.

Dabur released its Q2FY26 business update with revenue/EBITDA coming in line with estimates. We expect revenue growth of 5.4% YoY and EBITDA growth of 5.5% YoY (our initial estimate: 6.9% YoY). We reckon India volume

Godrej Consumer (GCPL) published its Q2FY26 business update—overall in line with our expectations. We expect overall revenue to grow 6% YoY while EBITDA would decline 3% YoY owing to GST transition impact (one–third of

AWL Agri’s Q2FY26 business update exceeds our initial expectations on both the pricing and volume front. Based on this update, we now reckon revenue shall surge 24% YoY and volumes shall grow 5% YoY (down -5% in Q1).

Marico’s Q2FY26 update was in line with our published preview in terms of key numbers: India volume growth was 7% YoY with 4% YoY EBITDA growth. We now reckon revenue shall surge 30% YoY ahead of our estimates led by

We recently met with Mr Naveen Pandey, new MD of Bajaj Consumer Care. Key insights: i) Focus on double-digit revenue growth and mid-to-high single-digit volume growth for ADHO portfolio over next five years. ii) Aiming