Buy Godrej Consumer; target of Rs 1140: Motilal Oswal

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26 Aug, 2025 12:21

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Motilal Oswal's research report on Godrej Consumer

GCPL’s 1QFY22 sales were in line with our estimates, while EBITDA margin was slightly better than expected, despite higher than anticipated gross margin pressures due to a lag between commodity cost increases and price hikes taken by the company. Continued double-digit two-year CAGR in the key domestic segments of Household Insecticides (HI) and Soaps, as well as improving performance in Africa were particularly encouraging highlights. We maintain our Buy rating as pieces of the growth puzzle that were missing earlier are gradually falling into place as highlighted in our detailed note on the company in Jun’21 as well as our upgrade note.

Outlook

Valuing GCPL at 45x Sep’23E EPS, we arrive at our TP of INR 1,140, a 17% upside to its CMP.

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