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FMCG companies – strong Q4; high single digit volume growth for most

ICICIdirect Research 10 Apr 2026 DISCLAIMER

Marico: Consolidated revenues to grow in low twenties in Q4FY26; domestic business to high single digit volume growth; Parachute to grow by about 40% (price-led growth); Value-added hair oil to grow in twenties and food biz to achieve high teen growth. 35% correction in the copra prices will lead to double digit operating profit growth. Management expects to maintain good growth momentum in FY27.
Godrej Consumer Products (GCPL): Consolidated revenues to grow close to low double digits in Q4FY26; India business to grow in double digit driven by high single digit volume growth (ex-soaps double digit volume growth). India business EBIDTA margins to recover to mid-twenties. Consolidated EBIDTA margins will be around 21% and EBIDTA to grow in in-line with the revenue growth.
Dabur India (Dabur): Consolidated revenues are expected to grow in mid-single digit in Q4FY26; India business is expected to grow in high single digit driven by mid-single digit volume growth. Consolidated EBIDTA is expected to grow ahead of revenue growth; EBIDTA margins to improve on y-o-y basis.
Near term Outlook: Increase in the crude/crude derivative prices, other key input and packaging cost will have near term impact on the EBIDTA margins of the FMCG companies (likely to be in H1FY27). Further any deficient monsoon will lead to inflationary environment adding as a risk to the consumer demand. Overall, we expect H1FY27 to earnings growth to get affected by volatility in the commodity prices and should recover in H2FY27.

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