In fourth-quarter fiscal 2015, Godrej Consumer Products grew consolidated revenue by 12% on an organic constant-currency basis, which is at a modestly slower pace than our full-year expectation, primarily because of the slower growth witnessed in Indonesia reflecting a one-off destocking by modern trade channel, which accounts for two-thirds of Godrej's Indonesian sales. Management expects this issue to be resolved next quarter, and sales growth should normalize. We continue to watch growth and earnings before interest, tax, depreciation and amortisation, or EBITDA, margins across the firm's three key markets--India, Indonesia and Africa--which together account for 85% of its consolidated top line. We keep our financial forecasts and INR 1,140 per share fair value estimate unchanged for this narrow-moat business, and believe the stock is modestly undervalued at current trading levels.
On the margin front, both gross margin and EBIT margin implied for the full year were ahead of our expectations at 53.6% and 16.4%, respectively, compared with our 53.0% and 15.6% estimates. There were several factors causing this. On the gross margin front, a lower commodity cost scenario aided the firm across product categories. Strong growth in its most profitable businesses of hair color (up 12%) and household insecticides (up 11%) continue to drive profits and growth. Additionally, improved margin realization in the firm's lowest-margin category of soaps (up 15% and far ahead of category) through a change in mix towards the premium-positioned Cinthol brand of soaps, and away from the mass-market brand of Godrej No.1, aided margins.
Overall, we remain optimistic about the firm's future with a focus on three products, three geographies. Although a key risk while following an acquisitive strategy is that of overpaying, we believe it is also a great way to acquire existing brands and distribution channels in emerging-market geographies where Godrej does not have prior experience.