Holding steady for now; Environment evolving

研报英文原文证据摘录

Holding steady for now; Environment evolving

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Consumer - India

Holding steady for now; Environment

evolving

Industry Overview

Steady trends of late; More fluid backdrop ahead 15 June 2026

Recent earnings were fairly healthy for our Consumer coverage – avg. revenue/EBITDA

Equityrose 13%/15% YoY in 4QFY26, slightly ahead of estimates. Besides a low base, macro India

tailwinds (esp. GST cuts) and improving execution helped. Takeaways from BofA India Consumer

Conference (20+ Consumer companies & multiple expert interactions) suggest growth

has remained broadly steady in recent months, even as companies take calibrated price Aditya Mathur >>

hikes to offset the cost push post West Asia developments. But it is hard to extrapolate ResearchBofAS IndiaAnalyst

latest trends. The backdrop is more fluid - pricing is returning (in many cases still lower +91 22 6632 8958

aditya.mathur@bofa.com

or similar to pre-GST cuts) but still lags cost pressure; low-cost inventory partly cushions

Pritesh Sonar >>

near-term earnings, while broader inflation is only starting to flow through. Demand Research Analyst

resilience is key to monitor, with companies in a wait-and-watch mode amid volatility. BofAS India

pritesh.sonar@bofa.com

Selective stance; Navigating expectations and valuations

We see 1QFY27E as a bridge quarter - pricing should support topline, while margin

BofA’s India Conference andpressure builds gradually. Near-term direction hinges on commodity trends, monsoon &

Consumer Tour takeaways:evolving macro/inflation backdrop. We stay selective: top picks include recent laggards:

Nestle: Keynote sessionGodrej Consumer, United Spirits & Dabur on better risk-reward; continue to like Varun

Beverages/Marico in staples, and discretionary compounders like Lenskart/Titan.