FMCG companies indicate mid single-digit revenue growth in second quarter

FMCG majors expect moderate Q2 growth as GST rate cuts and inventory liquidation affect sales; Marico bucks trend with strong pricing-led performance

Fast-moving consumer goods (FMCG) companies are expected to report mid-single-digit revenue growth in the July–September 2025–26 quarter, according to their quarterly updates. Most companies also noted that supply chains were focused on liquidating existing stock ahead of the implementation of new goods and services tax (GST) rates in categories where the tax was lowered.

 

An outlier is Marico, which said its consolidated revenue growth on a year-on-year (Y-o-Y) basis could touch the thirties, driven by pricing interventions and mix improvements. However, the company told investors that underlying volume growth in its India business remained in the high single digits and