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Carmel Gajrawala

Managing Director and Senior Equity Research Analyst at Jefferies Financial Group Inc.

Kaumil Gajrawala is a Managing Director and Senior Equity Research Analyst at Jefferies, specializing in the beverage, household products, and healthy lifestyle sectors. He provides investment research on major consumer goods companies, with recent coverage including names like Celsius Holdings, Coca-Cola Europacific Partners, Brown-Forman, and Primo Brands, while maintaining a success rate of 53% and an average annual return of 2.3% on TipRanks, with notable stock recommendations generating returns up to 196.9%. Gajrawala brings over two decades of experience in equity research, having previously worked at UBS (where he was ranked top-3 Beverage analyst by Institutional Investor), Credit Suisse, and Manikay Partners, and has been with Jefferies for several years. He holds a Bachelor of Science in Finance from Rutgers University and is a FINRA-registered securities professional with relevant research credentials.

Carmel Gajrawala's questions to CONSTELLATION BRANDS (STZ) leadership

Question · Q2 2026

Carmel Gajrawala inquired about strategies beyond marketing and branding to make products more affordable for Gen Z consumers, who face economic challenges and higher unemployment. She also questioned why margin guidance remains lower than expected, given the beat this quarter and the less substantial spread between depletes and shipments.

Answer

CEO Bill Newlands discussed repositioning Modelo and Premier at somewhat lower price points to cater to value-seeking consumers, noting positive early results for Premier. He also emphasized the importance of price pack architecture to offer iconic brands at accessible price points. CFO Garth Hankinson reiterated that the second half typically has a lower margin profile due to lower volume and scheduled maintenance CAPEX.

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Question · Q2 2026

Carmel Gajrawala asked about Constellation Brands' strategies beyond marketing and branding to make products more affordable for Gen Z consumers facing economic challenges. She also questioned why margin guidance was lower than expected despite a Q2 beat, considering the 160 basis points of natural drag and a less substantial spread between depletes and shipments.

Answer

CEO Bill Newlands addressed affordability by mentioning the repositioning of Modelo and Premier at somewhat lower price points to cater to light beer consumers, with positive early results for Premier. He also highlighted the importance of price pack architecture to offer iconic brands at accessible price points. CFO Garth Hankinson reiterated that the lower margin guidance for H2 is due to lower volumes through breweries and normal maintenance CAPEX.

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