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

About this update from Bajaj Consumer Care Limited

ICICI Securities's research report on Bajaj Consumer CareExecution 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.OutlookMaintain 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.For all recommendations report, click hereDisclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.Bajaj Consumer Care_22012026_ICICI Securities

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