India Consumer: Q1FY27 Preview: Stable growth but risks loom

研报英文原文证据摘录

India Consumer: Q1FY27 Preview: Stable growth but risks loom

1 July 2026

India Consumer EquitiesConsumer

Q1FY27 Preview: Stable growth but risks loom India

◆ We expect stable demand in consumer staples (11% YoY Nihal Mahesh Jham*, CFA

growth) despite the spike in inflation and global uncertainty Senior Analyst, India Consumer & Retail

HSBC Securities and Capital Markets (India) Private Limited

nihal.m.jham@hsbc.co.in

◆ In discretionary, we expect overall trends (ex JFL) to remain +91 22 66283771

strong. Jewellery set to see moderation, but remain robust Pratik Gothi*

Analyst, India Consumer & Retail

◆ Key Buys: MRCO, BRIT, TCPL, TTAN, VMM; trim JUBI TP on pratik.gothi@hsbc.co.in

lower multiple and retain Hold rating +91 80 6737 3929

Nupur Vyas*

Associate, India Consumer & Retail

Consumer staples – sustaining improvement: Q1FY27 should see stable qoq HSBC Securities and Capital Markets (India) Private Limited

nupur.vyas@hsbc.co.in

growth performance on the back of resilient demand along with price hikes taken in +91 22 40891584

response to cost inflation. Overall, we expect c.11% yoy revenue growth in Q1

(Q4: c.12%, both ex-ITC). Britannia (c.8% yoy in Q4) could see some more * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

not registered/ qualified pursuant to FINRA regulations

disruption in Q1 due to competition although exit growth rate could be better. Nestle

India could continue its strong momentum with c.20% yoy growth in revenue (Q4:

23% yoy). Marico could report 12% yoy revenue growth with copra in a downcycle

but other businesses still growing. Both TCPL (c.14% yoy) and GCPL (c.9% yoy)

could see sequential growth slowing. HUL might see sequential growth improve to

c.8% yoy (Q4: 7% yoy) on the back of improving volume growth.