1QFY27 FMCG + Paints preview: Accelerating revenue growth for HPC / Paints / Pidilite

Research evidence excerpt

1QFY27 FMCG + Paints preview: Accelerating revenue growth for HPC / Paints / Pidilite

Equity Research

30 June 2026 | 4:34PM IST

INDIA CONSUMER

1QFY27 FMCG + Paints preview: Accelerating revenue growth for HPC /

Paints / Pidilite

FMCG revenue growth acceleration driven by HPC, as pricing growth Arnab Mitra

+91(22)6616-9345 |

supplements resilient volumes: We expect aggregate revenue growth across our arnab.mitra@gs.com

Goldman Sachs India SPL

FMCG coverage to accelerate, extending the trend of the past few quarters. The

Aalokita Ashadditional acceleration in 1QFY27 versus 4QFY26 is being driven by price increases +91(22)6616-9374 |

implemented by most home and personal care (HPC) companies to pass through aalokita.ash@gs.comGoldman Sachs India SPL

higher input-cost inflation. Meanwhile, volume growth is likely to remain resilient, Saurabh Kundan

supported by tailwinds such as GST rate cuts. Several home and personal care +91(22)6616-9129saurabh.kundan@gs.com|

categories, along with a few packaged-food categories, saw price increases of 4% to Goldman Sachs India SPL

6% during 1QFY27.

Input cost inflation likely to have modest impact on EBITDA margins for HPC

companies, which is also somewhat backward-looking: Key input costs, such as

crude-derived packaging materials and palm oil, have risen since the start of the

Middle East conflict. While companies implemented price increases during 1QFY27,

these actions lagged the input-cost inflation; as a result, we expect some gross

margin compression, particularly among HPC companies. We expect the impact on

EBITDA margins to be more limited, as most companies are likely to offset part of the

gross margin pressure through short-term cost-control measures. In addition, the