Archive · 26 Aug 2026
BNP Paribas Assesses Consumer Stocks, Favors Britannia Titan DOMS
BNP Paribas studied several companies that sell everyday goods or provide consumer services.
It generally expects this part of the economy to improve because people may buy more and company sales may grow faster.
The brokerage especially likes Britannia, Titan and DOMS.
It expects Britannia’s sales growth to improve after a pricing issue was resolved.
It also expects Titan and DOMS to deliver strong long-term earnings growth.
BNP Paribas is less positive about Jubilant FoodWorks, Godrej Consumer Products and Nestle India.
It says these companies face problems such as weaker growth, lower margins, execution concerns or expensive share prices.
It also values Blinkit, owned by Eternal, more highly than Swiggy’s Instamart because Blinkit has greater scale and Instamart has higher losses and a smaller market share.
BNP Paribas remains constructive on consumer staples and discretionary stocks, citing improving volumes and stronger industry topline growth.
The brokerage prefers Britannia Industries, Titan Company and DOMS Industries based on their growth prospects and valuations.
It is cautious on Jubilant FoodWorks, Godrej Consumer Products and Nestle India because of growth, margin, execution or valuation concerns.
BNP Paribas values Eternal’s Blinkit business at a higher multiple than Swiggy’s Instamart, citing Blinkit’s larger scale and Swiggy’s higher losses and lower market share.
The brokerage expects Swiggy’s quick-commerce NOV to reach $5.1 billion in FY29, compared with $2.4 billion annualized in the fourth quarter of FY26.
- Who
- BNP Paribas and the consumer companies covered in its assessment, including Britannia Industries, Titan Company, DOMS Industries, Eternal and Swiggy.
- What
- BNP Paribas published views, valuation assumptions and preferences for consumer staples, discretionary and quick-commerce stocks.
- When
- The assessment includes forecasts for FY26-FY29 and September 2028 valuations; the articles also refer to developments through the second half of FY26.
- Where
- The companies operate in or are discussed in the context of the Indian consumer market.
- Why
- BNP Paribas based its views on expected sales and earnings growth, market share, margins, business investment, valuation and quick-commerce scale.
BNP Paribas’ Preferred Stocks
BNP Paribas’ Cautious Stocks
Growth prospects
BNP Paribas’ Preferred Stocks
The brokerage expects Britannia, Titan and DOMS to benefit from improving sales or strong long-term earnings growth.
BNP Paribas’ Cautious Stocks
It says Jubilant FoodWorks’ recent growth was driven by margin-dilutive initiatives and a low base, while Nestle India’s growth is expected to normalize.
Business execution
BNP Paribas’ Preferred Stocks
Titan is expected to gain from store additions, market-share gains and international expansion; DOMS has delivered growth above the staples-coverage median.
BNP Paribas’ Cautious Stocks
Godrej Consumer Products has experienced guidance misses, weak performance in some categories and geographies, and concerns following management changes.
Valuation and profitability
BNP Paribas’ Preferred Stocks
BNP Paribas considers DOMS’ valuation reasonable relative to its stronger long-term earnings growth prospects and assigns a higher relative valuation to Blinkit.
BNP Paribas’ Cautious Stocks
The brokerage considers Jubilant FoodWorks’ valuation expensive, notes higher capital-expenditure intensity and declining cash EBITDA margins, and says Nestle India trades at a significant premium to Hindustan Unilever.
- Preferred stocks
- Britannia Industries, Titan Company and DOMS Industries
- Cautious stocks
- Jubilant FoodWorks, Godrej Consumer Products and Nestle India
- Britannia valuation
- Trading at 44 times estimated FY28 earnings, versus a 49-times average for 2019-2025
- Titan outlook
- BNP Paribas expects about 20% earnings CAGR over FY26-FY29
- DOMS outlook
- The brokerage expects 19% revenue CAGR and 19% EBITDA CAGR over FY26-FY29
- Eternal and Swiggy quick commerce
- Eternal’s Blinkit was valued at 1.5 times September 2028 estimated EV/NOV, versus 0.5 times for Swiggy Instamart
- Swiggy FY29 forecast
- Quick-commerce NOV is expected to reach $5.1 billion in FY29, compared with $2.4 billion annualized in the fourth quarter of FY26