Godrej Consumer Products Q3FY26 (Consolidated) results

• Godrej Consumer Products Ltd’s (GCPL’s) consolidated revenue grew by 8.8% y-o-y to Rs. 4,099 crore, versus our expectation of Rs. 4,158 crore. Standalone (India) business underlying volume grew by 9% y-o-y, sales grew by 11% y-o-y. Indonesia underlying volume growth grew by mid-single-digit, sales de-grew by 3% y-o-y in CC and Rupee terms. Africa, USA, and Middle East (AUM) sales grew 19% y-o-y in Rupee and 8% y-o-y in CC terms. In India business, home care segment registered a growth of 12% y-o-y while the personal care segment grew by 7% y-o-y.
• Gross margin fell by 127 bps y-o-y to 53.5%, while OPM rose by 142 bps y-o-y to 21.5% supported by favourable input costs, disciplined cost management, calibrated pricing actions, and improved operating leverage. OPM came in better than our expectation of 21.0%.
• Operating profit increased by 16.5% y-o-y to Rs. 880 crore and adjusted PAT grew by 12.3% y-o-y to Rs. 566 crore, versus our expectation of Rs. 608 crore. The company declared an interim dividend of Rs. 5 per share.
• View: We shall review our earnings estimates and come out with a detailed note soon. Currently we have a Buy rating on the stock. 

Results (Consolidated)                                                                         Rs. crore

 Actual vs estimates                                                   Rs. crore