Indian Consumer and Internet: 1QFY27 Expectations

Research evidence excerpt

Indian Consumer and Internet: 1QFY27 Expectations

India | Consumer EquityJulyResearch6, 2026

Indian Consumer and Internet: 1QFY27 1QFY27e earnings estimates

Expectations Staples

Revenues EbitdaConsumer Internet & New-age should continue to see strong, broad-based 1QFY27e

growth with improving profitability across firms. Retailers should also (% YoY) (% YoY) HUL 8 8

see strong growth, but QSR SSS will still trail broader retail. Staples will ITC (13) (19)

likely have near-steady volumes & slightly better pricing, along with stable Nestle 20 26

margins - ITC is the only exception to see a sharp decline on tobacco tax VBLBritannia 219 2116

hikes. Watch out for mgmt commentary on growth, monsoon & margins GCPL 17 15

(mainly on input costs). Dabur 11 10

Tata Consumer 11 18

Marico 21 17

Staples — Stable volumes, but pricing growth to accelerate Colgate 10 5

Emami 13 4

Demand: 1Q demand trends remained stable and expect coverage volume growth of c6% Honasa 25 NM

YoY, partly aided by GST cuts, but some players undertook grammage cuts in 1Q to pass on Aggregate LFL

12 13

the impact of higher input costs. The summer portfolio is expected to benefit from delayed . (ex-VBL/ITC)

monsoons. Mgmt. commentary on the impact of El Niño on rural demand will be a key

monitorable.

Discretionary, retail & e-commerce

Revenues: Volume growth should be strong for VBL (+18%; India), Nestle & Marico (both D/

D), and GCPL (+9%); however, ITC cigarettes (-15%) would be under severe pressure. Pricing 1QFY27e Revenues Ebitda

(% YoY) (% YoY)

growth should accelerate on product price hikes to offset input inflation. Marico & VBL should Asian Paints 14 12

lead (>20% each), followed by Nestle (+20%); ITC to report a decline. Int'l businesses should Titan 29 20