India Consumer: Demand Strong, Conversion Uneven

Top-line breadth is powerful, but margin decline worsened and leadership shifted toward durables.

Analyst memo

The prior note is marked to the substantially loaded Q1 tape. Own demand leaders that convert; do not declare a sector-wide margin turn. The exhibit separates aggregate, median, sub-industry and coverage evidence.

The note this updates

India Consumer Discretionary Update: The K-Shaped Boom Survived Q4 · June 30, 2026

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Executive Summary

On one aligned company cohort, Q1 revenue grew +32.1%, EBITDA grew +18.9% and PAT grew +16.7%; operating margin changed -0.99pp. The same-store aggregate compares with median-company revenue of +14.3% and median PAT of +21.3%. The Q1 FY2027 revenue-loaded coverage set contains 984 companies, or 87.6% of the sector's 1123 classified names. Those reporters represented 96.6% of all loaded Q1 FY2026 revenue for that fixed universe. This is loaded analytical coverage, not regulatory filing completeness.

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