Result Update
Colgate-Palmolive (India) Ltd
Consumer Staples
Buy
Current Price 2287
Target Price 2870
October 23, 2025
Double whammy: GST and competition
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