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Revenue
₹3,825 Cr
verified against source
Revenue YoY
4%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Godrej Consumer Products reported a resilient Q2 FY26 with consolidated revenue growth of 4% and underlying volume growth of 3%, despite GST transition disruptions in India and macro challenges in Indonesia. India business (ex-soaps) delivered double-digit volume growth, while soaps faced a temporary hit from GST-related trade destocking. EBITDA margin stood at 19.3%, with net profit before exceptionals declining 2%. Management expects India margins to return to normative levels (24-26%) in H2, driven by cost savings and media efficiencies. Indonesia remains under pressure with low single-digit volume growth and negative pricing, but Africa posted strong 25% revenue growth. The acquisition of Muuchstac (men's face wash) at ~4x sales adds a high-growth, profitable brand. Key risks include prolonged weakness in Indonesia, currency volatility in Africa, and adverse winter season impacting household insecticides.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects India standalone business to achieve high single-digit underlying volume growth for the full year, driven by recovery in soaps and continued momentum in non-soap categories.
- Management reiterated confidence in achieving high single-digit revenue growth at consolidated level for the full year.
- Management expects India margins to return to normative levels (24-26%) in the second half of FY26, albeit at the lower end of the band.
- India standalone and GAUM businesses are expected to deliver double-digit EBITDA growth for the full year.
Risks flagged
- Indonesia faces macro slowdown and competitive pricing pressures, with volume growth expected to remain low single-digit for next few quarters.
- Africa margins are subject to currency fluctuations; while currently favorable, volatility can impact profitability.
- A harsh winter due to La Niña could reduce mosquito season, negatively impacting H2 sales of household insecticides.
- The Muuchstac brand is currently online-focused; scaling to offline channels and maintaining profitability may pose challenges.
Key quotes
- This was the last weak quarter for margins, and we expect a return to normative levels in the first second half of FY 2026 for India.
- We have now become the market leader in incense sticks, and we are growing at roughly 100% on incense sticks.
- We have acquired the brand at an attractive valuation, roughly 4x of sales and 10x of EBITDA, which is significantly below market benchmark transactions.
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