Bajaj Consumer Shares Can Zoom 35% Says ICICI Securities Post Q2 Results — Check Target Price

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ICICI Securities Report

Despite GST-led disruption, Bajaj Consumer Care Ltd. delivered one of its best-in-class performances in Q2 FY26, driven by disciplined execution in almond drop hair oil (double-digit value growth) and strong traction in emerging categories/ brands (coconut hair oil and Banjara’s portfolio).

The combination of broad-based channel recovery and improving low-unit pack traction (supported by GST) provides clear visibility on sustaining volume growth ahead.

Margin delivery remains robust, supported by pricing actions, mix and operational discipline, with further benefits expected as GST-driven affordability gains materialise.

With Aarohan strengthening GT coverage and VPCL integration progressing smoothly, the business enters H2 with healthy volume tailwinds, strong margin momentum and improving execution visibility. Buy.

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