CLSA ON GODREJ CONSUMER
UNDERPERFORM | TP ₹790
• India growth may remain weak due to GT inventory correction, high investments and tough input-cost environment.
• Targets GT inventory reduction to 10 days from ~20 days currently.
• Plans ₹200 Cr annual investment across R&D, GTM and marketing.
• Long-term guidance beyond FY27 remains double-digit UVG and teens consolidated revenue/profit growth.
• Investors likely to focus on quarterly execution given past underperformance versus Dec-2021 guidance.
• Cuts FY27–29 PAT estimates by 4–6%.
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