Buy Bajaj Consumer Care; target of Rs 450: ICICI Securities

ICICI Securities is bullish on Bajaj Consumer Care has recommended buy rating on the stock with a target price of Rs 450 in its research report dated January 22, 2026.

Broker Research

January 23, 2026 / 14:37 IST

Buy

ICICI Securities's research report on Bajaj Consumer Care

Execution is improving as consumption recovers for Bajaj Consumer, with Q3FY26 delivering a positive earnings surprise. This was aided by the GST-led transition, sharper distribution execution and improving channel productivity. The quarter reinforces the company’s ability to convert ADHO-led volume recovery into stronger earnings growth through operating leverage. Growth broadened across portfolio and channels, with ADHO showing better traction across LUP as well as mid and large packs, Banjara delivering a stable first full quarter post integration, and channel trends remaining supportive with strength in OT and a visible recovery in GT, including rural. Margin expansion looks sustainable, despite elevated brand investments. With Aarohan’s reach expansion largely complete and focus shifting to productivity, earnings quality and improved visibility, supporting confidence in the durability of growth–margin cycle. BUY.

Outlook

Maintain BUY with a DCF-based revised target price of INR 450 (vs. INR 400). At our target price, the stock could trade at 30x P/E Sep’27E. Downside risks: Over reliance on a single brand – ADHO; higher-than-expected commodity inflation and failure of new product launches.

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