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Anand Rathi Research’s 23 October 2026 FMCG note names Marico, Godrej Consumer Products (GCPL), Asian Paints and Mrs Bector Food as its preferred picks. Among the four, GCPL has the highest reported upside at 64% to the brokerage’s ₹1,400 target. The other targets are ₹990 for Marico (29.5% upside), ₹3,180 for Asian Paints (38%), and ₹250 for Mrs Bector Food (32%). These are dated analyst estimates, not guaranteed returns: the implied upside changes whenever the share price, earnings forecasts or valuation assumptions change.
The case for the group is a projected recovery in growth. Anand Rathi expects its 16-company coverage universe to deliver approximately 10% revenue CAGR and 15% earnings CAGR over FY26–28e, but investors still face commodity inflation, regulatory scrutiny and the possibility that demand or margins recover more slowly than expected.
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Which FMCG stocks did Anand Rathi prefer on 23 October 2026?
The brokerage classified all four names below as preferred picks in the report covered by LiveMint on 23 October 2026. The target prices and upside percentages are Anand Rathi estimates relative to the market-price base used in that report.
| Company | Anand Rathi stance | Target price | Reported upside | FY27 EPS | FY28 EPS | FY27/FY28 P/E |
|---|---|---|---|---|---|---|
| Marico | Preferred pick | ₹990 | 29.5% | ₹17.3 | ₹19.8 | 44.6x / 38.9x |
| Godrej Consumer Products (GCPL) | Preferred pick | ₹1,400 | 64% | ₹24.3 | ₹28.9 | 35.3x / 29.7x |
| Asian Paints | Preferred pick | ₹3,180 | 38% | ₹55.6 | ₹63.6 | 41.8x / 36.5x |
| Mrs Bector Food | Preferred pick | ₹250 | 32% | ₹5.8 | ₹7.1 | 35.0x / 28.5x |
Every figure in the table is an estimate associated with the 23 October 2026 publication. A target is a research opinion about a possible value over the analyst’s forecast horizon; it is not a promise that the share will reach that level.
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Which of these stocks has the highest upside?
GCPL has the highest reported upside, at 64% to Anand Rathi’s ₹1,400 target. That figure makes it the most aggressive upside case in this particular report, but it does not make GCPL the lowest-risk stock or guarantee the best realised return.
The broker’s model also shows GCPL EPS rising from ₹24.3 in FY27 to ₹28.9 in FY28. That is approximately 18.9% growth calculated from the published estimates, while the forward P/E falls from 35.3x to 29.7x. The combination implies that the valuation depends on both earnings delivery and investors continuing to pay a substantial multiple for those earnings.
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What is the growth thesis for the FMCG sector?
Anand Rathi expects its 16-company coverage universe to post about 10% revenue CAGR and about 15% earnings CAGR over FY26–28e. The comparison base was weaker: the brokerage cited roughly 4% and 7% year-on-year revenue growth and -3% and 5% earnings growth in FY25 and FY26, respectively.
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More recent operating momentum was stronger in the August 2026 update that cited Anand Rathi. FMCG revenue growth reached 15.1% year on year in Q1FY27, up from 10.7% in Q4FY26, while the paints category grew 14.2%. Those are sector-level observations, not a guarantee that each company will match the reported rate.
How do the earnings and valuation estimates compare?
All four models show higher EPS in FY28 than in FY27. The following growth rates are arithmetic calculations from Anand Rathi’s published EPS figures; they are not separate forecasts.
| Company | FY27-to-FY28 EPS change | Forward P/E change | What the figures indicate |
|---|---|---|---|
| Marico | About 14.5% (₹17.3 to ₹19.8) | 44.6x to 38.9x, about 12.8% lower | Growth is paired with a still-high consumer-staples multiple. |
| GCPL | About 18.9% (₹24.3 to ₹28.9) | 35.3x to 29.7x, about 15.9% lower | Highest reported upside and the strongest EPS growth of the four on these estimates. |
| Asian Paints | About 14.4% (₹55.6 to ₹63.6) | 41.8x to 36.5x, about 12.7% lower | Paints recovery is important because the starting multiple remains elevated. |
| Mrs Bector Food | About 22.4% (₹5.8 to ₹7.1) | 35.0x to 28.5x, about 18.6% lower | Fastest modeled EPS growth, but the estimate is based on a smaller earnings base. |
“P/E compression” here means the estimated multiple is lower when applied to FY28 earnings than to FY27 earnings. It can happen because earnings rise, the share price falls, or both; the table does not by itself predict the stock price path.
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What could go wrong with these FMCG picks?
Input-cost inflation
Raw-material costs are the clearest near-term risk in the report. Sugar prices were reported up 16% in one month, wheat up 22.4% in six months, copra up 13% in three months, crude oil up 10.8% in one month and 22.1% in three months. Sustained increases can squeeze gross margins before companies can raise prices or change pack sizes.
Regulatory action and product claims
The report cited Food Safety and Standards Authority of India (FSSAI) notices involving Nestlé India and Hindustan Unilever over alleged misleading claims or non-compliance related to Horlicks and nutritional products. Anand Rathi’s view was that the affected variants contribute very little revenue and are unlikely to have a material earnings impact. That assessment is an analyst judgment, not an assurance that compliance costs, recalls or reputational effects cannot increase.
Demand and execution
The revenue and EPS CAGRs require a recovery in consumption and successful execution across staples, discretionary products and paints. If rural or urban demand weakens, competitive promotions increase, or input costs remain high, the projected margin and earnings progression can be delayed.
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Are the October 2026 targets still comparable with earlier Anand Rathi targets?
Not directly. Anand Rathi’s 19 February 2026 report had targets of ₹1,490 for GCPL, ₹865 for Marico and ₹320 for Mrs Bector Food, and it also preferred Restaurant Brands Asia at ₹93. The October report changed the targets to ₹1,400, ₹990 and ₹250, respectively, and added Asian Paints at ₹3,180.
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Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should an investor use these target prices?
Use the targets as one input in a decision process, not as an automatic buy signal.
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- Check the date and price base. Confirm that the current market price is being compared with the 23 October 2026 estimate; daily price moves can materially alter the stated upside.
- Test the earnings assumptions. Compare upcoming results with the FY27 and FY28 EPS path, paying attention to volume growth, gross margin and input costs.
- Assess valuation tolerance. Even after the modeled compression, the forward P/E multiples remain substantial for Marico and Asian Paints and material for the other two.
- Monitor the risks. Track sugar, wheat, copra and crude trends, pricing actions, demand indicators and any FSSAI developments.
- Diversify and size positions appropriately. Four brokerage preferences do not remove company-specific or sector-wide risk, and a target price does not define an investor’s personal time horizon or loss tolerance.
The report’s estimates belong to Anand Rathi Research and the named analysts or broking company, not to the publication that reported them. Investors should verify current prices, filings and suitability before acting.
Frequently Asked Questions
What does FY27 mean for Indian companies?
FY27 generally refers to the financial year ending in March 2027 for Indian listed companies. FY28 therefore generally ends in March 2028, although investors should confirm the reporting calendar for any company with a different year-end.
Why can a stock’s target price change even when the business has not changed much?
Analysts can revise the market-price reference, earnings estimates, risk assumptions or the valuation multiple. A new target is therefore not comparable with an old one unless those underlying inputs and the publication dates are considered.
Does the stock with the largest target upside have the least risk?
No. Upside is a distance between a reference price and an analyst target; it does not measure volatility, balance-sheet risk, liquidity or the probability of reaching the target. A larger gap can reflect greater uncertainty as well as greater potential reward.
When should I revisit an FMCG investment thesis?
Recheck it after quarterly results, major changes in key commodities, material price increases or regulatory notices. Those events can alter margins and the earnings estimates behind a target before the formal research note is replaced.
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