ICICI Securities research report on Bajaj Consumer Care
In our first meeting with Naveen, we didn't discuss his views on hair oil category. In our opinion, Naveen is a result-oriented professional with a track record of building institutional businesses by turning around and accelerating P&L (growth) and launching categories aided by his techno-commercial experience coupled with on-ground execution. Naveen’s professional career spans stints at Asian Paints, senior leadership roles at PepsiCo, a high-stakes (including geopolitical challenges) MD mandate in Marico Bangladesh and scale-up agenda at Unibic India delivering structural cost improvements, distribution productivity and margin-focused growth. Rooted in an academically-inclined upbringing and a management degree from IIM Indore, he brings a finance-led (IDFC internship), sales-first operating style. BUY. TP INR 400.
Outlook
Maintain BUY with a DCF-based revised target price of INR 400 as we increase our long-term growth assumptions. At our target price, the stock will trade at 32x P/E Mar’27E.
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