Recommended Free Tools
HDFC Securities forecast about 12% year-on-year revenue growth across its FMCG coverage for Q2 FY27, but that is a brokerage estimate—not an industry result, a consensus for every company, or a promise of stock gains. Its preferred names included Nestlé India, Godrej Consumer Products, Britannia, Honasa Consumer, Emami and Bikaji Foods. The same preview warned that rising input costs could squeeze margins, and it forecast earnings declines for some companies. Investors should compare volume, pricing, profit conversion and costs rather than treat topline growth as a buy signal.
Q2 FY27 covers July–September 2026 for Indian companies on an April–March financial year. This is a pre-results preview: estimates below were published before the companies reported their results. Business Standard reported that Nestlé India had informed exchanges it would announce its results on October 15, 2026.
As an Amazon Associate I earn from qualifying purchases.
What does the 12% FMCG growth forecast mean?
HDFC Securities forecast around 12% year-on-year revenue growth across the FMCG companies it covers. The brokerage attributed the expected topline improvement to a softer comparison with the year-earlier quarter and selective price increases. It did not describe this figure as total Indian FMCG market growth, nor does it mean each covered company is expected to grow by 12%. LiveMint’s October 7, 2026 summary of the HDFC Securities preview reported the estimate and the brokerage’s sector view.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
HDFC Securities maintained an underweight stance, citing weak earnings visibility and a waning competitive moat. It said valuations continued to de-rate and that better operating performance was important to support them. Its view is one brokerage’s assessment, not a universal market consensus. As quoted by LiveMint, HDFC Securities said: “FMCG sector valuations continue to de-rate amid weak earnings visibility and a waning moat. We maintain our underweight stance and see performance improvement as critical for valuation. Q2 topline is likely to be stronger on a low base and incremental price hikes.”
#1 Best Overall
Which companies had the strongest sales forecasts?
Selected estimates in HDFC Securities’ October 7 preview put Nestlé India and Godrej Consumer Products ahead of the sector-wide coverage figure. They are forecasts, not reported results.
| Company | Q2 FY27 revenue-growth forecast | Source and context |
|---|---|---|
| Nestlé India | 21% year on year | HDFC Securities estimate, as reported by LiveMint on October 7, 2026. |
| Godrej Consumer Products | 18% year on year | HDFC Securities estimate, as reported by LiveMint on October 7, 2026. |
| Britannia Industries | 12% year on year | HDFC Securities estimate, as reported by LiveMint on October 7, 2026. |
These percentages are not directly interchangeable with forecasts from other brokerages, which may use different assumptions or coverage. Economic Times’ October 12 preview also expected about 20% revenue growth for Nestlé India, low double-digit growth for Hindustan Unilever and strong double-digit growth for Britannia. The different figures are estimates from separate sources, not a single blended consensus. Economic Times’ October 12, 2026 preview linked the sales outlook to pressure from commodities, packaging and freight.
Rank #2
- Ideal for Gifting
- Ideal for a bookworm
- Compact for travelling
Why Nestlé India stood out in the previews
HDFC Securities’ October 12 preview, relayed by LiveMint, estimated Nestlé India’s domestic revenue growth at about 20%, with volume growth around 10% and domestic pricing of about 6%. It also expected international growth of 35% year on year. Those components help explain why headline revenue growth may exceed unit growth: pricing, product mix and geographic performance also matter. LiveMint’s October 12, 2026 account of the HDFC Securities preview describes the company-level estimates.
Quick wins for a faster PC:
Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Business Standard’s October 13 report gave ranges from brokerages rather than one point estimate: revenue of ₹6,765–₹6,809 crore, equivalent to 20–21% year-on-year growth, and profit after tax (PAT) of ₹1,022–₹1,034 crore, about 37–38% growth. Brokerages expected volume growth around 10% and cited demand, mix, premiumisation, coffee prices and cost efficiency as factors behind their forecasts. These figures were published before the result and should not be read as actual performance. Business Standard’s October 13, 2026 Nestlé India preview also reported that the company had informed exchanges it planned to announce results on October 15, 2026.
Why sales growth may not translate into profit growth
Revenue measures sales; earnings also depend on the cost of producing and delivering those sales. HDFC Securities warned that raw-material inflation could weigh on margins. Its company-level outlook, reported by LiveMint and NDTV Profit on October 6–7, forecast single-digit earnings growth for Hindustan Unilever, Dabur and Emami, but earnings declines for ITC, Bikaji Foods and Gopal Snacks. LiveMint’s reporting on the earnings outlook and NDTV Profit’s October 2026 coverage describe those distinctions.
- Food costs: Sugar and edible oils, including palmolein, can affect food-company margins. Britannia’s outlook included improved net sales against a weak comparison, alongside pressure from sugar and palmolein inflation.
- Crude-linked costs and packaging: ICICI Direct highlighted elevated crude derivatives and other inputs as risks to EBITDA margins for home- and personal-care companies. Economic Times also cited packaging and freight as potential sources of gross-margin pressure.
- Company-specific inputs and mix: ICICI Direct said Marico could benefit from lower copra costs and better mix. Coffee prices and cost efficiency were among the factors brokerages cited for Nestlé India.
- Pricing and volume: Price increases can lift revenue without an equivalent increase in units sold. Where possible, compare volume growth with pricing and mix rather than relying on sales growth alone.
ICICI Direct described domestic demand as stable while warning that input costs could dent margins for many home- and personal-care companies. Its outlook and the company estimates reported by other publishers should be treated as distinct forecasts, not combined into one sector consensus. ICICI Direct’s October 2026 FMCG outlook discusses demand and commodity-cost exposure.
Rank #4
What the forecasts said about other named stocks
ITC
HDFC Securities’ October 12 preview described cigarette gross revenue growth being offset by excise-related pressure on net sales and forecast an 8% volume decline. This is an analyst estimate; the topline effect depends on the distinction between gross revenue and net sales as well as cigarette volumes. LiveMint’s October 12 preview reports the company outlook.
Free tools Windows power users keep installed
One-click scans. No signup required.
Britannia
HDFC Securities forecast 12% revenue growth in its October 7 summary. In its later preview, it pointed to improved net sales against a weak comparison while flagging sugar and palmolein inflation. A soft base can boost a growth rate, while higher ingredient costs can limit how much sales growth reaches profit. LiveMint’s October 7 summary and its October 12 preview cover the estimates and risks.
Best Value
- It can be a gift option
- Comes with secure packaging
- Helpful in various ways
Marico
HDFC Securities’ October 12 preview estimated about 12% domestic revenue growth against a high base and about 10% volume growth. ICICI Direct separately highlighted lower copra costs and better mix as potential support. A high comparison can make a given growth rate harder to achieve, while input-cost relief may support margins; neither forecast establishes the eventual result.
Bikaji Foods
HDFC Securities included Bikaji Foods among its preferred names but forecast a 15% decline in adjusted PAT. Its October 7 summary also reported a ₹700 target price and 39% implied upside, calculated against the share price at that time. The combination shows that a brokerage can see potential valuation upside while expecting near-term earnings weakness; neither the target nor the implied upside is a guaranteed or current return. LiveMint’s October 7 report gives the brokerage’s selections and target-price context.
Other HDFC Securities preferred names
The October 7 HDFC Securities list also included Honasa Consumer and Emami, alongside Nestlé India, Godrej Consumer Products and Britannia. The available figures cited here do not establish comparable revenue-growth estimates for every name on that list. Emami was among the companies for which the brokerage expected single-digit earnings growth, but a preferred-stock list is not itself a forecast that a share price will rise.
How to judge a possible post-results gain
No preview can establish which shares will gain after results. A useful comparison is whether reported performance and company commentary match or exceed what investors already expect, and whether earnings quality supports the sales headline. Check these factors together:
- Volume versus price and mix: Determine whether growth came from more units, price increases, premium products or a different geographic mix. For example, the Nestlé India estimates separated roughly 10% volume growth from domestic pricing of about 6%.
- Revenue versus EBITDA and PAT: Compare sales growth with operating profit and net profit. A gap can signal margin pressure, higher costs, or other company-specific effects.
- Input exposure: Match the company’s products to relevant costs—such as sugar and edible oils for food, crude derivatives and packaging for home and personal care, or copra and coffee where those inputs are material.
- Base and geography: Ask whether a soft or high year-earlier comparison affects the growth rate, and whether domestic and international business are moving differently.
- Expectations and valuation: A strong result can still disappoint if the market expected more; a weak result may be less damaging if it was already anticipated. Brokerage target prices and implied upside calculations depend on assumptions and the reference share price, which changes over time.
These are ways to interpret a result, not a formula for predicting a stock’s short-term direction. Company results, management commentary, filings, commodity prices, market prices and analyst estimates can change the picture quickly.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
