ICICI Securities Recommends 'BUY' on Bajaj Consumer Care, Sets Rs 450 Target

• ICICI Securities maintains a 'BUY' rating for Bajaj Consumer Care, raising its target price to INR 450 from INR 400.
• Q3FY26 showed positive earnings surprise due to GST transition, improved distribution, and channel productivity.
• Growth was broad-based across the portfolio and channels, with ADHO performing well and Banjara stable post-integration.
• Operating leverage helped convert volume recovery into stronger earnings growth, with sustainable margin expansion despite brand investments.
• Aarohan's reach expansion is complete, shifting focus to productivity, enhancing earnings quality and growth durability.

Why It Matters: ICICI Securities recommends buying Bajaj Consumer Care, citing strong Q3FY26 performance and improved outlook.