Equirus stays LONG on P&G Hygiene & Health Care with Sept 2027 target of ₹12,168
FY26 revenue is flat amid weak category demand, but EBITDA jumped 18% on ₹86 cr productivity savings and a 14% YoY cut in ad spend, lifting margins to 27.3%. Equirus models 8% revenue CAGR over FY26-29E, valuing the stock at 32x FY27E and 30x FY28E EPS, backed by feminine care growth and Vicks innovation.
Equirus maintains LONG on PGHH with September 2027 target of ₹12,168. FY26 revenue flat amid weak categories, but EBITDA rose 18% on cost discipline. Feminine care to grow mid-to-high single digits; Vicks innovation continues.