India Consumer Staples From Macro Noise to Micro Signals: A Bottom-Up Sector Playbook

Research evidence excerpt

India Consumer Staples From Macro Noise to Micro Signals: A Bottom-Up Sector Playbook

J P M O R G A N Asia Pacific Equity Research

10 June 2026

India Consumer Staples

From Macro Noise to Micro Signals: A Bottom-Up

Sector Playbook

FMCG companies have entered FY27 on a cautiously optimistic footing – the Consumer, Retail, Media

ACvolume growth step-up seen through 2HFY26 has been sustained into Q1FY27 so Latika Chopra, CFA

far, although emerging inflationary headwinds threaten momentum thereafter, and (91-22) 6157-3584

the durability of rural demand amidst forecasts of a deficient monsoon adds further latika.chopra@jpmorgan.com

uncertainty over 2H. That said, we expect FY27E revenue growth of ~12% (avg) Himanshu Singh

to come in ahead of FY26 (F&B > HPC), supported by the return of pricing-led (91-22) 6157-3610

growth. The sector is navigating input cost volatility through calibrated pricing that himanshu.x6.singh@jpmorgan.com

protects volumes and brand equity over near-term margin defense. The structural Saransh S Gokhale

pivot towards premiumization, digital channels, and portfolio diversification (91-22) 6157 3578

saransh.gokhale@jpmchase.com

remains firmly intact. Scale players appear well-positioned to leverage financial J.P. Morgan India Private Limited, J.P. Morgan

flexibility and supply-chain resilience to consolidate share from smaller Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

competitors through this cycle. Our preference is for companies that can defend

core franchises while building higher-growth, higher-optionality adjacencies that

compound faster, reshape mix, and deliver execution discipline alongside returns.

Weather-led disruption (weak monsoon, El Niño) and the pass-through to agri