J.P. Morgan India FTM 11 Jun 26 India Consumer Staples; Digitizing India Series; Jubilant Foodworks Ltd; Pidilite Industries and More

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J.P. Morgan India FTM 11 Jun 26 India Consumer Staples; Digitizing India Series; Jubilant Foodworks Ltd; Pidilite Industries and More

Asia Pacific Equity Research

India First to Market 11 June 2026

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India Consumer Staples (Latika Chopra, CFA)

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

FMCG companies have entered FY27 on a cautiously optimistic footing – the volume growth step-up seen through 2HFY26

has been sustained into Q1FY27 so far, although emerging inflationary headwinds threaten momentum thereafter, and the

durability of rural demand amidst forecasts of a deficient monsoon adds further uncertainty over 2H. That said, we expect

FY27E revenue growth of ~12% (avg) to come in ahead of FY26 (F&B > HPC), supported by the return of pricing-led growth.

The sector is navigating input cost volatility through calibrated pricing that protects volumes and brand equity over near-term

margin defense. The structural pivot towards premiumization, digital channels, and portfolio diversification remains firmly intact.

Scale players appear well-positioned to leverage financial flexibility and supply-chain resilience to consolidate share from

smaller 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 inflation and rural sentiment remain a key

monitorable into 2HFY27. Our FY27/28E EPS estimates sit below consensus, with the largest deltas at UBBL, UNSP, AWL,

BRIT, VBL and ITC. NIFTYFMCG has corrected -4% over the past month (vs NIFTY -3%), unwinding the post-Q4 rally, and