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.

— Source publishedWed, 17 Jun, 2026, 16:08 IST·First seen Wed, 17 Jun, 2026, 16:15 IST·Source The Hindu BusinessLine

What happened

Procter & Gamble Hygiene and Health Care · Equirus maintains LONG on PGHH with September 2027 target of ₹12,168. FY26 revenue flat amid weak categories, but

Key facts

  • TP ₹12,168
  • EBITDA +18%
  • EBITDA margin 27.3%
  • productivity savings ₹86 cr
  • ad spend -14% YoY
  • 32x FY27E EPS
  • 30x FY28E EPS
  • 8% FY26-29E revenue CAGR

Why this matters

Flat FY26 revenue despite category weakness signals consolidation appetite in feminine care and OTC adjacencies—scout bolt-on targets that can plug into P&G Hygiene's distribution before multiples re-rate.