India Consumer Discretionary: 1QFY27 preview: Constructive setup across most segments

研报英文原文证据摘录

India Consumer Discretionary: 1QFY27 preview: Constructive setup across most segments

J P M O R G A N Asia Pacific Equity Research

02 July 2026

India Consumer Discretionary

1QFY27 preview: Constructive setup across most

segments

We expect 1QFY27 to be broadly constructive for discretionary names, with Consumer, Retail, Media

ACrevenue growth momentum supported by a combination of pricing tailwinds, Latika Chopra, CFA

seasonal demand, and an expanding retail footprint. Jewellery retailers look poised (91-22) 6157-3584

to deliver healthy growth, led by product innovation across price points and latika.chopra@jpmorgan.com

continuity of attractive gold exchange programs despite some moderation due to Himanshu Singh

lower wedding dates. In paints and adhesives, industry-wide price hikes should (91-22) 6157-3610

accelerate revenue growth, with margins supported by operating leverage, some himanshu.x6.singh@jpmorgan.com

impact of low-cost inventory, backward integration and cost efficiencies. Retail Saransh S Gokhale

names are likely to maintain a resilient growth trajectory, benefiting from strong (91-22) 6157 3578

saransh.gokhale@jpmchase.com

value propositions and retail network expansion. QSR comps are inching up on J.P. Morgan India Private Limited, J.P. Morgan

value offerings and steady store adds, though a broad-based demand recovery Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

remains elusive. In consumer durables, a prolonged summer season and broad-

based price hikes across product categories are likely to drive healthy revenue

growth. Our preferred picks in the space are TTAN, PIDI and LGEL.

• Jewellery - Healthy revenue growth momentum. Demand trends for