Overview

• FMCG companies saw a sequential uptick in volume growth in Q1 FY26, driven by urban demand recovery despite unseasonal rains and a shortened summer.
• Dabur projects low single-digit consolidated revenue growth as its beverage division faces seasonal headwinds, offset by robust gains in home, personal care and healthcare products.
• Godrej Consumer forecasts double-digit consolidated revenue growth supported by high-single-digit volume gains and standout performance in its Home Care segment alongside a soaps price-volume reset.
• Organised trade channels and e-commerce sustained strong momentum, while Dabur’s international business is poised for double-digit constant-currency growth across markets including MENA, Turkey and Bangladesh.
• Firms expect operating margins to remain under pressure in Q1 but foresee improvement in H2 FY26 as commodity costs moderate and a favourable monsoon boosts rural consumption.