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P&G Q2 Review — Weak Gross Margins Impacts Profitability, Says Motilal Oswal Maintaining 'Neutral' Stance

Motilal Oswal has reiterated a ‘Neutral’ rating on P&G while raising the target price, implying a modest 6% upside.

<div class="paragraphs"><p>P&amp;G’s&nbsp;Q2 FY26 revenue growth was broadly in line with expectations, but profitability was a miss.</p><p>(Source: Company website)</p></div>
P&G’s Q2 FY26 revenue growth was broadly in line with expectations, but profitability was a miss.

(Source: Company website)

P&G’s Q2 FY26 revenue growth was broadly in line with expectations, but profitability was a miss. Similar margin anomalies have been observed in past quarters. Revenue grew 1% YoY to Rs 11.5 billion (in line) in Q2 FY26, reflecting flat growth in the base quarter.
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