Archive · 29 Sep 2026
BNP Paribas Sets FMCG, Quick-Commerce Targets With Upside
BNP Paribas is a brokerage that studies companies and estimates what their shares could be worth.
It gave new target prices for several consumer companies and quick-commerce businesses.
It set Swiggy’s target at Rs 390 and Eternal’s at Rs 380.
The brokerage said some quick-commerce companies are reducing discounts, but Amazon Now is still offering aggressive deals.
Customers are also facing higher free-delivery thresholds and are being encouraged to join loyalty programmes.
Companies that sell everyday goods such as soap, shampoo and toothpaste have raised some prices.
Their costs are rising because agricultural commodities and crude-linked materials have become more expensive.
BNP Paribas expects sales to grow in 2QFY27, but it expects profit margins to remain under pressure.
It said companies may need more price increases or smaller product sizes to manage costs.
BNP Paribas set Swiggy’s target at Rs 390 and Eternal’s at Rs 380.
The brokerage said Flipkart Minutes has reduced discounting, while Amazon Now remains aggressive.
Free-delivery thresholds have risen, and spending is shifting toward loyalty programmes such as Zepto Club.
BNP Paribas expects FMCG sales growth in 2QFY27 but continued margin pressure from higher input costs.
Targets include Rs 380 for ITC, Rs 530 for Dabur India, Rs 2,450 for Hindustan Unilever and Rs 965 for Marico.
- Who
- BNP Paribas, along with the consumer companies and quick-commerce platforms discussed in its report.
- What
- The brokerage issued share-price targets and assessed discounting, consumer prices, sales growth and margin pressure.
- When
- The assessment refers to price changes over the last six months and sales expectations for 2QFY27; no publication date is provided.
- Where
- The companies and platforms discussed operate in the Indian consumer and quick-commerce markets.
- Why
- BNP Paribas cited broader raw-material cost pressure, including higher agricultural commodity and crude-linked costs, as a reason for expected price hikes and margin pressure.
- Swiggy target
- Rs 390
- Eternal target
- Rs 380
- ITC target
- Rs 380, indicating 41% upside
- Dabur India target
- Rs 530, indicating 33-37% upside
- Britannia Industries target
- Rs 6,580, indicating 33-37% upside
- Other targets
- Emami Rs 480; Godrej Consumer Rs 1,000; Hindustan Unilever Rs 2,450; Marico Rs 965; Nestle India Rs 1,560
- Observed price hikes
- 4-14% across soaps, shampoo and toothpaste stock-keeping units over the last six months