1QF27 Initial Updates: Staples better than expected, Discretionary mixed

Research evidence excerpt

1QF27 Initial Updates: Staples better than expected, Discretionary mixed

Update

July 9, 2026 05:44 AM GMT

Morgan Stanley India Company Private Limited+MIndia Consumer | Asia Pacific Archana Menon, CFA

Equity Analyst

1QF27 Initial Updates: Staples Archana.Menon@morganstanley.comShravan Vohra +91 22 6118-2215

Shravan.Vohra@morganstanley.com +91 22 6118-2039

better than expected, Gaurav Varma

Research Associate

Gaurav.Varma@morganstanley.com +91 22 6118-1033

Discretionary mixed

Key Takeaways

Staples: Overall demand trends were stable, with an acceleration in value

growth. All three companies reported better than expected growth. India Consumer

Asia Pacific

Tata Consumer (OW) and Marico (OW) remain our preferred picks in Staples. Industry View In-Line

Tactically, HUL (EW) could outperform on pricing support.

Link to our updates:

Broadly, discretionary growth trends sustained the momentum from 4Q. Marico Limited: F1Q27: Better-than-expected

Titan and FSN delivered ahead of expectations, while DMart and Trent came in Top-line Growth; Good Trends Continued

weaker, and Jubilant was in-line. We Prefer Titan, Lenskart and Vishal Mega Mart. Dabur India Ltd: 1QF27 in Line; Better Trends

Godrej Consumer Products Limited: 1QF27:

We will watch for management commentary on demand outlook, monsoon,

Overall Beat

pricing actions, and margin trajectory for F27 – which remain key triggers for

Avenue Supermarts Ltd.: F1Q27: Weak Growth

stock price movements.

FSN E-Commerce Ventures Ltd: 1QF27 Strong

Preliminary Beat: Fashion Growth Steps Up

Trent Ltd: 1QF27: Slightly Weak

Exhibit 1: Consumer: Growth trends for companies that reported preliminary Titan Company Ltd: F1Q27 Beat: Jewellery

sales updates Shines; Buyer Growth in Low Double Digits