India’s consumer goods and retail majors reported steady to strong volume momentum in the September 2025-26 quarter, signalling improving consumption trends on the back of the festive season. Further, companies remain optimistic about sustained growth, supported by easing inflation, Goods and Services Tax (GST) rate cuts and a gradual pickup in rural and discretionary spending.
Adani Wilmar, in its Q2FY26 update, said that it posted a 5 percent year-on-year (YoY) rise in overall volumes, led by double-digit growth in its industry essentials and food and fast-moving consumer goods (FMCG) segments. “Consumer demand was softer than anticipated over the fiscal year; however, we saw sequential gains during the quarter and remain optimistic about continued momentum, moving forward,” the company said.
It recorded a 24 percent YoY revenue increase, driven mainly by edible oils and the industry essential segment. “Basmati rice, pulses and besan, sugar and poha saw strong double-digit volume growth,” it said.
Quick commerce continued to perform strongly for Adani Wilmar, with 86 percent YoY volume growth in Q2 and overall revenue from alternative channels surpassing Rs 4,400 crore over the corresponding quarter in FY2025.
On edible oils, the company said it saw a volume increase of nearly 4 percent YoY while noting challenges in mustard oil due to price movements. It also stated, “In response to the grammage war in soya oil, we introduced a 750-ml pack size late in the quarter and have seen encouraging sales traction.”
Avenue Supermarts, which operates the DMart retail chain, reported a 15 percent YoY rise in revenue from operations to Rs 16,218.79 crore for the quarter ended September 2025, up fromRs 14,050.32 crore a year earlier.
Marico also saw stable performance during the quarter. The company noted, “The sector witnessed stable demand trends during most of the quarter. We expect sentiment to gradually improve during the upcoming festive season and months ahead, aided by easing inflation, above-average monsoons, healthy crop outlook and policy stimulus.”
During the period, the company’s volume growth in the India business remained in high single digits, albeit moderating sequentially, Marico said. “Foods and Premium Personal Care (digital-first brands) maintained the accelerated scale-up and kept up the pace of diversification,” the company added.
The company highlighted that around “30 percent of our India business has benefited from the GST rate rationalisation.”
Marico’s international business “maintained its robust momentum with constant currency growth touching the 20s."
“We expect gross margin pressures to ease in the second half of the year. Despite the input cost push, we sustained brand-building investments to reinforce the long-term equity of our franchises and drive accelerated portfolio diversification," the company said.
Both Marico and Adani Wilmar said they remain positive about demand revival, heading into the festive quarter.
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