Executive Summary
The BSE FMCG sector is experiencing a mixed Q1 FY27, with most companies reporting robust revenue growth (10-23% YoY) driven by volume recovery and price realization, but facing significant margin compression due to elevated input costs and one-time expenses.
Key themes include strong domestic volume growth (Varun Beverages +14.4%, Marico +11%, Emami +8%), offset by international headwinds (Emami -12% due to West Asia disruptions) and regulatory risks (Dabur's FSSAI ban on '100%' claims). Profitability is under pressure: United Breweries PAT -9.4% YoY, Emami consolidated PAT -15.4% YoY, while Marico's consolidated PAT surged 61% YoY (aided by one-time gains). Capital allocation is active, with Varun Beverages announcing an interim dividend, Emami making strategic acquisitions (Axiom Ayurveda, IncNut Digital), and Marico integrating Beardo and Just Herbs. Forward-looking guidance is cautiously optimistic, with Marico targeting high single-digit volume growth and Nestlé highlighting double-digit volume momentum. The sector is navigating a delicate balance between volume-led growth recovery and cost inflation, with quick commerce emerging as a key structural tailwind (Emami: 35% of e-commerce sales).
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Filing types in this digest: Corporate governance · Corporate action
Tracking the trend? Catch up on the prior BSE FMCG Sector Regulatory Filings digest from August 03, 2026.
Investment Signals (11)
- Varun Beverages ↓ (BULLISH)▲
Q2 CY2026 consolidated sales volume up 19.8% YoY, net revenue up 20.4% to Rs. 84,512 million, with India volume growth of 14.4% despite a flat April due to El Nino. International volumes surged 38.4% (including Twizza). Interim dividend of Rs. 0.50/share declared.
- Marico Limited ↓ (BULLISH)▲
Q1 FY27 consolidated revenue grew 23% YoY to ₹3,957 Cr, EBITDA up 25% to ₹819 Cr (margin 20.7%, +40 bps). India domestic volume growth of 11% is the highest in 20 quarters. International constant currency growth was 15%. Guidance for high single-digit volume growth in India and mid-teens CCG internationally.
- Emami Limited ↓ (BULLISH)▲
Q1 FY27 consolidated revenue grew 15% YoY to ₹1,039 Cr, driven by 20% domestic business growth (like-to-like +12%, volume +8%). Quick commerce now contributes 35% of e-commerce sales. Strategic acquisitions (Axiom Ayurveda, IncNut Digital) expand digital and wellness portfolio.
- Hindustan Unilever ↓ (BULLISH)▲
Q1 FY27 underlying sales growth of 10% (highest in 13 quarters), with EBITDA up 8% YoY to ₹3,947 Cr. Home Care (+14%) and Beauty & Wellbeing (+12%) led growth. Quick commerce growing at strong double-digit rate. EBITDA margin of 23% within guided range.
- Nestlé India (BULLISH)▲
FY 25-26 revenue grew 14.9% YoY to INR 231 billion with 10.7% volume growth. Double-digit volume growth continuing into Q1 FY27. Brands like MAGGI (97% penetration) and KITKAT (India largest market globally) show strong momentum.
- United Breweries ↓ (BEARISH)▲
Q1 FY27 standalone revenue grew 10% YoY to ₹5,91,745 Lakh, but PAT declined 9.4% YoY to ₹16,639 Lakh due to higher expenses. CCI penalty of ₹75,183 Lakh remains a contingent liability. Proposed dividend of ₹10/share for FY26.
- Dabur India ↓ (BEARISH)▲
FSSAI issued prohibitory order banning '100%' claims on honey and coconut water products, causing 2.42% share price drop. Company is transitioning labels and seeking legal advice. GST audit penalty of ₹25.4 Lakh paid for FY 2020-24. Regulatory overhang is a near-term negative.
- Emami Limited ↓ (BEARISH)▲
Consolidated PAT declined 15.4% YoY to ₹13,894 Lacs despite 15% revenue growth, as tax expense more than doubled to ₹5,577 Lacs and total expenses rose 17.9% YoY. Gross margins contracted 360 bps to 65.8% due to elevated input costs.
- Marico Limited ↓ (MIXED)▲
Standalone PAT declined 40.5% YoY to ₹460 Cr from ₹773 Cr, driven by a sharp drop in other income (₹53 Cr vs ₹473 Cr in Q1 FY26). Consolidated PAT growth of 61% YoY was aided by one-time gains from Skinetiq acquisition and Beardo integration, masking underlying moderation.
- Varun Beverages ↓ (MIXED)▲
EBITDA margin declined 76 bps to 27.7% due to consolidation of lower-margin Twizza business. April India volumes were flat due to El Nino effect, indicating weather-related demand vulnerability.
- Marico Limited ↓ (MIXED)▲
Saffola Edible Oils saw volume decline, and Bangladesh CCG was only 4% due to transient demand softness from inflation. Parachute Rigids maintains 59% volume market share, but competitive pressures remain.
Risk Flags (10)
- Dabur India/Regulatory Risk↓ [HIGH RISK]▼
FSSAI prohibitory order on '100%' claims for honey and coconut water products. Share price dropped 2.42% on news. Company is transitioning labels but faces compliance risk and potential reputational damage. GST audit penalty of ₹25.4 Lakh for FY 2020-24 indicates ongoing regulatory scrutiny.
- United Breweries/Legal Risk↓ [HIGH RISK]▼
CCI penalty of ₹75,183 Lakh (sub judice before Supreme Court) remains a contingent liability. Company has deposited ₹18,762 Lakh in fixed deposits with NCLAT. Bihar plant lease dispute adds further uncertainty. No provision recorded for the penalty.
- Emami Limited/Margin Compression↓ [MEDIUM RISK]▼
Consolidated gross margins contracted 360 bps to 65.8% due to elevated input costs. Total expenses rose 17.9% YoY, outpacing revenue growth of 15%. Tax expense more than doubled to ₹5,577 Lacs, significantly impacting net profit.
- Emami Limited/International Exposure↓ [MEDIUM RISK]▼
International Business declined 12% due to West Asia disruptions, highlighting geopolitical vulnerability. This segment drags on overall consolidated performance despite strong domestic growth.
- Marico Limited/One-Time Gains Distortion↓ [MEDIUM RISK]▼
Consolidated PAT growth of 61% YoY was significantly aided by one-time gains from Skinetiq acquisition and Beardo integration. Excluding these, underlying performance was more moderate. Standalone PAT declined 40.5% YoY due to sharp drop in other income.
- Varun Beverages/Weather Risk↓ [MEDIUM RISK]▼
April India volumes were flat due to El Nino effect, indicating vulnerability to weather patterns. EBITDA margin compression of 76 bps from Twizza consolidation may persist if integration costs remain elevated.
- United Breweries/Profitability Decline↓ [MEDIUM RISK]▼
PAT declined 9.4% YoY despite 10% revenue growth, indicating cost pressures or margin erosion. The company faces uncertainties from CCI penalty and Bihar plant situation, which could impact future operations.
- Marico Limited/Bangladesh Softness↓ [LOW RISK]▼
Bangladesh constant currency growth was only 4% due to transient demand softness from inflation. This key international market could face further headwinds if inflation persists.
- Hindustan Unilever/Base Effect Risk↓ [LOW RISK]▼
Reported PAT after exceptional items declined 2% YoY to ₹2,680 Cr due to a one-off tax credit of ~₹330 Cr in the prior-year base. Health & Wellbeing segment had a soft quarter, indicating potential category weakness.
- Nestlé India/Macro Headwinds [LOW RISK]▼
Company acknowledged potential short-term consumption slowdown due to inflation and geopolitical disruptions, which could impact the double-digit volume growth trajectory.
Opportunities (10)
- Varun Beverages/International Expansion↓ (OPPORTUNITY)◆
International volumes surged 38.4% including Twizza contribution. New JV in Zimbabwe (70% stake) and acquisition of Devyani Food Industries (Kenya) signal aggressive Africa expansion. PepsiCo agreement extension and CALPIS brand alliance provide additional growth levers.
- Marico Limited/Volume Recovery↓ (OPPORTUNITY)◆
India domestic volume growth of 11% is the highest in 20 quarters, indicating strong demand recovery. Guidance for high single-digit volume growth in FY27 suggests sustained momentum. Parachute Rigids holds 59% volume market share, providing pricing power.
- Emami Limited/Digital & E-commerce↓ (OPPORTUNITY)◆
Quick commerce now contributes 35% of e-commerce sales. Acquisitions of IncNut Digital (Vedix, SkinKraft) and Axiom Ayurveda (AloFrut) expand digital and wellness portfolio. Organised channels grew 19% on a like-to-like basis and contribute 32% of domestic business.
- Hindustan Unilever/Structural Growth Drivers↓ (OPPORTUNITY)◆
Underlying sales growth of 10% (highest in 13 quarters) driven equally by volume and price. Quick commerce growing at strong double-digit rate. General trade distribution expanding through small towns and rural markets. Home Care (+14%) and Beauty & Wellbeing (+12%) show strong momentum.
- Nestlé India/Penetration-Led Growth (OPPORTUNITY)◆
Significant headroom for penetration-led growth with brands like NESCAFÉ (33% penetration) vs MAGGI (97%). India became the largest market for KITKAT globally. Double-digit volume growth continuing into Q1 FY27. 114-year legacy and reach to 2 out of 3 households provide competitive moat.
- Marico Limited/International Business↓ (OPPORTUNITY)◆
International constant currency growth of 15% in Q1 FY27, with guidance for mid-teens CCG in FY27. Acquisition of 75% stake in Skinetiq JSC in Vietnam expands Southeast Asian footprint. Integration of Beardo and Just Herbs strengthens digital-first brands.
- Emami Limited/Hair & Scalp Care Growth↓ (OPPORTUNITY)◆
Hair and Scalp Care grew 11% YoY to ₹271 Cr, driven by Navratna (double-digit growth) and 7 Oils in One (+11%). This category has strong brand equity and potential for further market share gains.
- Varun Beverages/Realization Improvement↓ (OPPORTUNITY)◆
Net realization per case improved 1.2%, indicating pricing power despite competitive pressures. Interim dividend of Rs. 0.50/share signals confidence in cash flows.
- United Breweries/Dividend Yield Play↓ (OPPORTUNITY)◆
Proposed dividend of ₹10 per share for FY26 (subject to shareholder approval) offers potential yield. Revenue growth of 10% YoY indicates demand recovery in beer segment. Supreme Court stay on CCI penalty provides temporary relief.
- Marico Limited/Market Leadership↓ (OPPORTUNITY)◆
Saffola Oats holds 42% value market share and Value Added Hair Oils holds 29% value market share (MAT Jun'26). Strong brand positions provide competitive advantages and pricing power.
Sector Themes (6)
- Volume-Led Growth Recovery◆
4/5 reporting companies showed strong domestic volume growth (Varun Beverages +14.4%, Marico +11%, Emami +8%, HUL +10% USG), indicating broad-based demand recovery in the FMCG sector. Nestlé also reported double-digit volume growth continuing into Q1 FY27. This is the strongest volume performance in several quarters, suggesting rural and urban demand is improving. [IMPLICATION: Positive for sector revenue momentum]
- Margin Compression Amidst Cost Inflation◆
Despite strong revenue growth, margins are under pressure. Emami's gross margins contracted 360 bps, Varun Beverages' EBITDA margin declined 76 bps, and United Breweries' PAT declined 9.4% YoY despite 10% revenue growth. Only Marico managed margin expansion (+40 bps EBITDA margin). Input cost inflation and one-time expenses are the primary drivers. [IMPLICATION: Companies with pricing power and cost management will outperform]
- Quick Commerce as Structural Tailwind◆
Emami reported quick commerce now contributes 35% of e-commerce sales, while HUL noted strong double-digit growth in quick commerce. This channel is becoming a key growth driver for FMCG companies, enabling faster distribution and higher frequency purchases. Organised channels (including e-commerce) contribute 32% of Emami's domestic business. [IMPLICATION: Companies with strong digital and quick commerce strategies will gain market share]
- Strategic M&A and Portfolio Restructuring◆
Multiple companies are actively reshaping portfolios. Emami acquired majority stakes in Axiom Ayurveda and IncNut Digital. Marico integrated Beardo and Just Herbs, and acquired 75% of Skinetiq JSC in Vietnam. Varun Beverages expanded in Africa via JV in Zimbabwe and acquisition in Kenya. This indicates a focus on high-growth categories (wellness, digital, international) and consolidation. [IMPLICATION: M&A activity signals management confidence and creates future growth optionality]
- International Headwinds vs Domestic Strength◆
Emami's international business declined 12% due to West Asia disruptions, while Marico's Bangladesh CCG was only 4% due to inflation. Conversely, Varun Beverages' international volumes surged 38.4% (Africa focus). This divergence highlights the importance of geographic diversification and the risks of concentrated exposure to volatile regions. [IMPLICATION: Companies with diversified international exposure (like Varun Beverages) are better positioned]
- Regulatory Overhang in Food & Beverage◆
Dabur's FSSAI prohibitory order on '100%' claims and United Breweries' ongoing CCI penalty matter highlight regulatory risks in the FMCG sector. Nestlé's historical experience with regulatory issues (Maggi ban) suggests that proactive compliance and label transitions are critical. The GST audit penalty for Dabur adds to compliance costs. [IMPLICATION: Regulatory compliance is a key risk factor; companies with strong legal and compliance teams are preferred]
Watch List (8)
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Watch for further regulatory developments, label transition timelines, and potential impact on honey and coconut water sales. Earnings call expected to provide clarity on financial impact and legal strategy. [Date: Ongoing]
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Supreme Court hearing on CCI penalty of ₹75,183 Lakh is critical. Any adverse ruling could significantly impact financials. Also watch for Bihar plant lease resolution under Amnesty Policy 2025. [Date: TBD]
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Monitor West Asia disruptions and their impact on Q2 FY27 international business performance. The 12% decline in Q1 needs to stabilize for consolidated growth to improve. [Date: Q2 FY27 results expected Oct/Nov 2026]
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Saffola Edible Oils saw volume decline in Q1 FY27. Watch for recovery in Q2 as input costs stabilize and demand improves. Also monitor Bangladesh CCG recovery from inflation-led softness. [Date: Q2 FY27 results expected Oct/Nov 2026]
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New JV in Zimbabwe and Devyani Food Industries acquisition in Kenya are key growth drivers. Monitor integration progress and volume contribution from these entities. Also watch for El Nino impact on India volumes in Q3 CY2026. [Date: Q3 CY2026 results expected Nov 2026]
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This segment had a soft quarter in Q1 FY27. Watch for recovery in Q2 as the company launches new products and marketing initiatives. Also monitor rural demand trends given expanding general trade distribution. [Date: Q2 FY27 results expected Oct 2026]
- Nestlé India/Consumption Slowdown Risk👁
Company flagged potential short-term consumption slowdown due to inflation and geopolitical disruptions. Watch for Q2 FY27 volume growth data to confirm if double-digit momentum is sustained. [Date: Q2 FY27 results expected Oct 2026]
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ITC representatives attending Nuvama India Investor Conference in Singapore (Aug 11-12, 2026). Watch for any investor feedback or management commentary on business outlook, though no material developments are expected from this routine event. [Date: Aug 11-12, 2026]
Filing Analyses
(21)
04-08-2026
Varun Beverages reported strong Q2 CY2026 results with consolidated sales volume up 19.8% YoY and net revenue from operations up 20.4% to Rs. 84,512.3 million. EBITDA grew 17.2% to Rs. 23,430.4 million, though EBITDA margin declined 76 bps to 27.7% due to consolidation of lower-margin Twizza business. PAT increased 15.1% to Rs. 15,253.6 million. India volume growth was 14.4% for the quarter, with April being flat, while international volumes surged 38.4% including Twizza contribution. The company also announced an interim dividend of Rs. 0.50 per share and provided updates on strategic initiatives including the PepsiCo agreement extension, CALPIS brand alliance, and acquisition of Devyani Food Industries (Kenya).
- · India volume growth was 14.4% for Q2, with April being flat due to El Nino effect.
- · International volumes grew 38.4% including 11.8 million cases from Twizza.
- · Net realization per case improved 1.2%.
- · Gross margin improved 44 bps to 55%.
- · EBITDA margin declined 76 bps to 27.7% due to Twizza consolidation.
- · India EBITDA margins improved 38 bps.
- · Depreciation increased 33.6% due to new plants and Twizza.
- · Finance costs increased 55.8% primarily due to Twizza acquisition.
- · Low-sugar, no-sugar products contributed ~73% of consolidated volume.
- · VBL India net debt-free with surplus cash of ~Rs. 14,941 million.
- · Consolidated net debt stood at ~Rs. 3,730 million.
- · CRISIL reaffirmed long-term rating at AAA stable.
- · Net capitalized capex in H1 CY2026 was ~Rs. 9,500 million.
- · Inorganic capex for Twizza was Rs. 11,314 million.
- · Capital work-in-progress stood at ~Rs. 4,900 million.
- · Interim dividend of Rs. 0.50 per share approved.
- · Value-added dairy (VAD) growing at over 40%.
- · Nimbooz growing at more than 30%.
- · Management indicated 20%+ growth continuing post-June.
- · Rs. 10 price point not scaled up significantly as it is non-profitable.
- · Company not looking at Bira acquisition.
- · Prathmesh Mishra hired for group-level new ventures, not limited to alcohol.
04-08-2026
United Breweries Limited reported standalone revenue from operations of ₹5,91,745 Lakh for Q1 FY27 (quarter ended June 30, 2026), a 10.0% increase from ₹5,37,888 Lakh in Q1 FY26. However, profit for the quarter declined 9.4% to ₹16,639 Lakh from ₹18,371 Lakh in the same quarter last year, impacted by higher expenses. The company continues to face uncertainties from the CCI penalty matter (contingent liability of ₹75,183 Lakh) and the Bihar plant situation, though it has applied under the Amnesty Policy 2025 for the Bihar lease.
- · The Board meeting commenced at 12:20 p.m. IST and concluded at 06:15 p.m. IST on August 4, 2026.
- · The company received an unqualified (clean) limited review report from statutory auditors B S R & Co. LLP.
- · The CCI penalty matter is sub judice before the Supreme Court; the company has deposited ₹18,762 Lakh in fixed deposits with NCLAT.
- · The Bihar plant has a carrying value of ₹5,694 Lakh; the company applied under Amnesty Policy 2025 on December 29, 2025, and received in-principle approval on January 13, 2026.
- · Dividend of ₹9,032 Lakh (net of taxes) is withheld per DRT order; director commission of ₹45 Lakh is also withheld.
- · Proposed dividend of ₹10 per share for FY26 (₹26,441 Lakh) is subject to AGM approval.
- · Seasonality of the beer business means revenue and profits do not accrue evenly over the year.
04-08-2026
04-08-2026
Marico Limited reported strong Q1 FY27 results with consolidated revenue growing 23% YoY to ₹3,957 Cr and EBITDA up 25% to ₹819 Cr (margin 20.7%, up 40 bps). India domestic volume growth was 11% (highest in 20 quarters) and international business constant currency growth was 15%. However, Saffola Edible Oils saw a volume decline, and Bangladesh CCG was only 4% due to transient demand softness from inflation. The company expects to sustain high single-digit volume growth in India and mid-teens CCG internationally in FY27, targeting ₹15,000 Cr+ consolidated revenue.
- · Parachute Rigids holds 59% volume market share within Coconut Oil (MAT Jun'26).
- · Saffola Oats holds 42% value market share (MAT Jun'26).
- · Value Added Hair Oils holds 29% value market share (MAT Jun'26).
- · Post wash Leave-on Serums holds 44% volume market share (MAT Jun'26).
- · Hair Gels/Waxes/Creams holds 51% volume market share (MAT Jun'26).
- · Copra prices declined 29% YoY YTD Q1 FY27; liquid paraffin prices rose 97% YoY.
- · HDPE prices increased 23% YoY; rice bran oil prices increased 65% YoY YTD Q1 FY27.
- · Debtors turnover improved to 31 days (from 39 days Q4 FY26); inventory turnover to 40 days (from 43 days); net working capital to 26 days (from 34 days).
- · ESG: 87% reduction in Scope 1+2 GHG emissions intensity from FY13 baseline; 76.66% energy from renewables; 95% recyclable packaging material share.
- · Cumulative water conservation potential of approx. 570 Crore liters created for community use.
- · 2.06 lakh farmers enrolled cumulatively in productivity improvement program; 4.83 lakh acres of farmland enrolled.
- · 2.12 lakh students and 63,498 active teachers covered under Nihar Shanti Pathshala Funwala program as of FY26; 130 Anganwadi centres engaged during FY26.
- · Marico's Pondicherry facility achieved Water Positive certification; Guwahati plant won Excellence Certificate in Customers Category at IMC RBNQA Merit Recognition 2025.
- · Marico's Legal Team recognized as 'Legal Team of the Year – FMCG' at 15th Annual Legal Era – Indian Legal Awards 2026.
- · Marico joined as a Founding Member of CII's Climate Adaptation Coalition.
04-08-2026
Dabur India Limited issued a clarification on August 4, 2026, in response to a news article reporting a 2.42% drop in its share price after FSSAI banned '100%' claims on its honey and coconut water products. The company received a prohibitory order from FSSAI on August 3, 2026, but states it has already begun transitioning product labels to remove the '100%' claim and is engaging constructively with the regulator. Dabur maintains that its product labels comply with legal frameworks and that the impact is limited to the objected products, while the company continues to seek legal advice.
- · FSSAI issued a notice on April 8, 2026, alleging use of '100% Pure' on one product; Dabur responded that no such claim is being used on that product.
- · A prohibitory order was received from FSSAI on August 3, 2026 at 7 p.m.
- · Most product labels, advertisements, and website references mentioned in the order have either already transitioned or are in the process of transition.
- · The company is seeking legal advice on the future course of action.
- · The company states that all material information has been regularly disclosed to stock exchanges in a timely manner.
04-08-2026
Emami Limited announced its unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, approved at a Board meeting on August 4, 2026. The results, along with the limited review report from statutory auditors, have been filed with stock exchanges and are available on the company's website. No specific financial figures or performance comparisons were disclosed in this filing.
- · The Board meeting commenced at 12:00 Noon and concluded at 1:35 P.M.
- · The results are available on the company's website at www.emamiltd.in.
- · The filing was made pursuant to Regulation 30 and Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
04-08-2026
Emami Limited reported consolidated revenue from operations of ₹1,03,921 Lacs for Q1 FY27, up 15.0% YoY from ₹90,409 Lacs in Q1 FY26. However, consolidated profit after tax declined 15.4% YoY to ₹13,894 Lacs from ₹16,426 Lacs, impacted by higher tax expense and increased costs. On a standalone basis, revenue grew 3.1% YoY to ₹77,992 Lacs, while PAT rose 11.7% YoY to ₹18,222 Lacs, showing a mixed performance across segments.
- · Consolidated total expenses rose 17.9% YoY to ₹81,303 Lacs from ₹68,987 Lacs.
- · Consolidated EBITDA (Earnings before finance costs, depreciation, share of loss of associates, exceptional item and tax) increased 3.8% YoY to ₹24,468 Lacs from ₹23,581 Lacs.
- · Consolidated tax expense more than doubled to ₹5,577 Lacs from ₹2,251 Lacs YoY, significantly impacting net profit.
- · Standalone EBITDA grew 21.3% YoY to ₹26,862 Lacs from ₹22,148 Lacs.
- · Standalone advertisement and sales promotion expense decreased 5.7% YoY to ₹12,897 Lacs from ₹13,677 Lacs.
- · Consolidated EPS (basic) fell to ₹3.15 from ₹3.76 YoY, while standalone EPS (basic) improved to ₹4.17 from ₹3.74 YoY.
04-08-2026
Emami Limited reported consolidated revenue growth of 15% to ₹1,039 crore for Q1FY27, driven by a 20% domestic business growth (like-to-like +12%, volume +8%). However, the International Business declined 12% due to West Asia disruptions, and gross margins contracted 360 bps to 65.8% due to elevated input costs. EBITDA grew 6% to ₹226 crore and PBT grew 4% to ₹195 crore, supported by cost management.
- · Emami increased its stake in Axiom Ayurveda (AloFrut) to make it a wholly owned subsidiary, and acquired a majority stake in IncNut Digital (Vedix, SkinKraft) during the quarter.
- · Quick Commerce now contributes 35% of E-commerce sales.
- · Organised channels grew 19% on a like-to-like basis and contribute 32% of domestic business.
- · Hair and Scalp Care grew 11% YoY, Skin Care grew 3%, Health Care grew 2%.
- · Strategic Investments portfolio grew 61% like-to-like and now contributes 18% of domestic business.
- · International Business declined 12% YoY due to West Asia disruptions.
- · Gross margins contracted 360 bps to 65.8% due to higher crude oil and packaging costs.
- · EBITDA margin was 21.8%, PBT margin was 18.7%.
- · The company launched new campaigns featuring Kapil Sharma, Aakash Gupta, Tridha Choudhury for Navratna, and Varun Dhawan with David Dhawan for Navratna Cool Talc.
- · Navratna digital media engine delivered 421 Mn+ impressions.
- · BoroPlus distributed 8.7 lakh samples of soaps and shower gels across GT, MT and Qcomm.
- · Brillare's Rosemary franchise generated 35% repeat purchase rates.
- · IncNut Digital was consolidated from June 2026 and reported 3.6x reported sales growth in Q1FY27.
04-08-2026
Emami Limited reported consolidated revenue growth of 15% to ₹1,039 crore for Q1FY27, driven by a 20% increase in domestic business (like-to-like growth of 12%, volume growth 8%). However, international business declined 12% due to West Asia disruptions, and gross margins contracted 360 bps to 65.8% due to elevated input costs. EBITDA grew 6% to ₹226 crore and PBT grew 4% to ₹195 crore, reflecting disciplined cost management.
- · Emami increased its stake in Axiom Ayurveda (AloFrut) to make it a wholly owned subsidiary effective 1st April 2026.
- · Emami acquired a majority stake in IncNut Digital (Vedix, SkinKraft) effective 1st June 2026.
- · Hair and Scalp Care grew 11% YoY to ₹271 Cr, driven by Navratna (double-digit growth) and 7 Oils in One (+11%).
- · Skin Care grew only 3% YoY to ₹246 Cr, with Talc & Prickly Heat Powder posting mid-single-digit growth and Smart and Handsome low single-digit growth.
- · Health Care grew just 2% YoY to ₹232 Cr, with Pain Management impacted by delayed monsoons.
- · Strategic Investments grew 61% like-to-like to ₹160 Cr, now 18% of domestic business.
- · International Business declined 12% YoY to ₹122 Cr (12% of consolidated business).
- · Organised channels (Modern Trade, E-commerce, Quick Commerce) grew 19% like-to-like and now contribute 32% of domestic business.
- · Quick Commerce now contributes 35% of E-commerce sales.
- · Gross margin contracted 360 bps to 65.8% due to elevated crude prices and input cost inflation.
- · EBITDA margin was 21.8%, PBT margin was 18.7%.
- · Emami has over 550 products, 5.4 million retail outlets, 3,400 distributors in India, and presence in over 70 countries.
- · The company transitioned to category-led reporting from brand-wise reporting.
04-08-2026
Marico Limited reported consolidated revenue from operations of ₹3,957 Cr for Q1 FY27 (June 2026 quarter), up 19.9% YoY from ₹3,301 Cr in Q1 FY26. Consolidated net profit after tax (PAT) grew 59.8% YoY to ₹652 Cr from ₹408 Cr. However, standalone revenue from operations rose 18.9% YoY to ₹2,794 Cr, while standalone PAT declined 40.5% YoY to ₹460 Cr from ₹773 Cr in Q1 FY26, impacted by a sharp drop in other income. The company also completed intra-group restructurings by integrating the businesses of Just Herbs and Beardo, and acquired a 75% stake in Skinetiq JSC in Vietnam.
- · Consolidated other income declined to ₹48 Cr from ₹60 Cr YoY.
- · Consolidated finance cost increased to ₹21 Cr from ₹17 Cr YoY.
- · Standalone other income dropped sharply to ₹53 Cr from ₹473 Cr in Q1 FY26, driving the PAT decline.
- · Standalone finance cost rose to ₹10 Cr from ₹6 Cr YoY.
- · The company acquired 75% of Skinetiq JSC (Vietnam) effective April 2, 2026, with a contingent obligation to acquire remaining stake.
- · 16 subsidiaries (total revenues ₹464 Cr, PAT ₹30 Cr) were not reviewed by the auditor, deemed immaterial.
- · 3 subsidiaries (total revenues ₹918 Cr, PAT ₹162 Cr) were reviewed by other auditors.
- · The company reclassified certain customer-related advertisement expenses, netting them off from Revenue from Operations, with no impact on profit or EPS.
04-08-2026
Marico Limited reported consolidated revenue from operations of ₹3,957 crore for Q1 FY27 (quarter ended June 30, 2026), up 19.9% YoY from ₹3,301 crore in Q1 FY26. Net profit attributable to owners rose 61.1% YoY to ₹630 crore from ₹391 crore. However, the quarter included a one-time gain from the acquisition of Skinetiq (75% stake) and the integration of Beardo, and the company reclassified certain customer-related promotional expenses, which boosted reported revenue growth. Excluding these items, underlying performance was more moderate.
- · Total income for Q1 FY27 was ₹4,005 crore, up from ₹3,361 crore in Q1 FY26.
- · Profit before tax for Q1 FY27 was ₹790 crore, up from ₹504 crore in Q1 FY26.
- · Total comprehensive income attributable to owners for Q1 FY27 was ₹643 crore, up from ₹421 crore in Q1 FY26.
- · Basic EPS for Q1 FY27 was ₹4.86, up from ₹3.04 in Q1 FY26.
- · The company acquired 75% of Skinetiq Joint Stock Company (Vietnam) effective April 2, 2026, with an obligation to acquire the remaining equity contingent on milestones.
- · The company integrated the business of Beardo (from Zed Lifestyle) effective June 29, 2026, and Just Herbs effective October 1, 2025, both as common control transactions.
- · The company reclassified certain customer-related advertisement and promotional expenses, netting them against revenue, which increased reported revenue but did not affect profit or EPS.
- · The auditor's review noted that 16 subsidiaries (with revenues of ₹464 crore and net profit of ₹30 crore) were not reviewed, but were deemed immaterial to the Group.
04-08-2026
Dabur India Ltd. responded to a stock exchange query regarding a news report that its shares fell 2.42% after the FSSAI issued a prohibitory order on August 3, 2026, banning '100%' claims on certain products (including honey and coconut water). The company stated it had already begun transitioning labels to remove the '100%' claim and is seeking legal advice, while maintaining that its labels comply with regulations and that product quality is not in question. The impact is limited to the objected products, but the regulatory action and ongoing transition represent a compliance risk.
- · FSSAI issued a notice on April 8, 2026 alleging use of '100% Pure' on one product; Dabur responded that no such claim is used on that product's label.
- · FSSAI prohibitory order dated August 3, 2026 was received by Dabur on August 3, 2026 at 7 p.m.
- · Most product labels/advertisements/website mentioned in the order have either already transitioned or are in the process of transition.
- · The company is seeking legal advice on the future course of action.
- · The company reiterates that it does not make any misleading claims and stands by the purity and quality of its products.
04-08-2026
Varun Beverages Limited (VBL) informed exchanges that its subsidiary, Varun Beverages (Zimbabwe) (Private) Limited, incorporated a new joint venture company in Zimbabwe named 'Varun Beverages Holding (Zimbabwe) (Private) Limited' on August 3, 2026. VBL's subsidiary holds 70% of the new entity, while Mega Market Private Limited holds the remaining 30%. The paid-up capital is USD 1,000, and the entity is classified as a holding/investment company.
- · The new entity is a joint venture between VBL's subsidiary (70%) and Mega Market Private Limited (30%).
- · The entity is incorporated in Zimbabwe and classified as a holding/investment company.
- · The paid-up capital is USD 1,000 (1,000 shares of USD 1 each).
- · The authorized share capital is USD 500,000 (500,000 shares of USD 1 each).
- · Consideration for shares is cash at face value of USD 1 per share.
04-08-2026
Dabur India disclosed receipt of audit observations from the Superintendent, CGST (Ghaziabad) under GST Audit for FY 2020-21 to FY 2023-24, primarily on ineligible ITC and other miscellaneous issues. The company paid the assessed penalty of ₹25,38,726 to close the proceedings. No other impact on financial or operational activities was noted.
- · Audit observations issued under Section 65 of CGST Act 2017 and U.P. GST Act 2017.
- · Penalty of ₹25,38,726 was found payable under Section 74 for FY 2020-21 to FY 2023-24.
- · Observation date: July 30, 2026; payment date: August 04, 2026.
- · Company states no other quantifiable impact on financial or operational activities.
04-08-2026
Hindustan Unilever Limited reported June-quarter turnover of ₹17184 Crore and underlying sales growth of 10%, its highest growth in 13 quarters, with EBITDA up 8% YoY to ₹3947 Crore and PAT before exceptional items up 9% YoY to ₹2731 Crore. However, reported PAT after exceptional items declined 2% YoY to ₹2680 Crore due to a one-off tax credit of approximately ₹330 Crore in the prior-year base, while Health & Wellbeing had a soft quarter; Home Care, Beauty & Wellbeing, Personal Care and Foods delivered USG of 14%, 12%, 4% and 7%, respectively.
- · EBITDA margin was 23%, within the guided range.
- · Underlying Sales Growth was driven equally by volume and price.
- · Quick commerce grew at a strong double-digit rate, while general trade distribution expanded through small towns and rural markets.
- · Home Care delivered high-single-digit underlying volume growth, and Beauty & Wellbeing delivered high-single-digit underlying volume growth.
- · Personal Care growth was driven by price increases in response to palm oil inflation for the second consecutive year.
- · Health & Wellbeing experienced a soft quarter as HUL transitions the OZiva business toward emerging consumer demand spaces.
- · The Haridwar and Sonepat factories received World Economic Forum Global Lighthouse Network recognition in the Supply Chain Resilience and Sustainability categories, respectively.
- · The Capital Markets Day is planned for September 2026.
- · HUL expects FY27 to be better than FY26 and expects EBITDA margin to remain around the current guided range.
- · The transcript was submitted on 4th August 2026 pursuant to Regulation 30(6) of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.
05-08-2026
ITC Limited has informed the exchanges that its representatives will attend the Nuvama India Investor Conference 2026 in Singapore on August 11-12, 2026, via physical one-on-one meetings. The filing is a routine disclosure under Regulation 30 of SEBI LODR and does not contain any financial results, material developments, or performance data.
- · The conference is organized by Nuvama Wealth Management Limited, a third party.
- · The mode of attendance is physical, with one-on-one meetings.
- · The conference is scheduled for August 11 and 12, 2026, in Singapore.
04-08-2026
Nestlé India Limited informed the stock exchanges that an analyst/institutional investor meet (virtual) concluded on August 4, 2026. The audio-video recording of the meet has been uploaded to the company's website. No financial results or specific business updates were disclosed in this filing.
- · The filing references prior letters PKR:SG:33:2026-27 dated July 23, 2026, and PKR:SG:36:2026-27 dated August 4, 2026.
- · The recording is available at https://www.nestle.in/investors/analystsmeet.
04-08-2026
Emami Limited has disclosed the link to the audio recording of its conference call with analysts and investors held on August 4, 2026, following the declaration of its Q1 FY27 financial results. The filing is a routine disclosure under SEBI regulations and does not contain any financial figures or performance data.
- · The conference call was held on August 4, 2026, after the declaration of unaudited standalone and consolidated financial results for the quarter ended June 30, 2026.
- · The audio recording link is available on the company's investor relations page: https://www.emamiltd.in/investors/quarterly-financials/
- · The disclosure is made under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
04-08-2026
Marico Limited has informed the stock exchanges that the audio recording of its earnings conference call for the quarter ended June 30, 2026, is now available on the company's website. The transcript of the call will be published subsequently. This is a routine procedural disclosure and contains no financial results or operational data.
04-08-2026
United Breweries Limited reported standalone revenue from operations (gross of excise duty) of ₹5,91,745 Lakh for Q1 FY27 (quarter ended June 30, 2026), up 10.0% YoY from ₹5,37,888 Lakh in Q1 FY26, while profit after tax declined 9.4% YoY to ₹16,639 Lakh from ₹18,371 Lakh. The company faces ongoing legal uncertainties, including a CCI penalty of ₹75,183 Lakh (stayed by the Supreme Court) and a Bihar land lease dispute, with no provision recorded for the penalty.
- · Standalone revenue from operations grew 10.0% YoY to ₹5,91,745 Lakh, but profit after tax declined 9.4% YoY to ₹16,639 Lakh.
- · The company has proposed a dividend of ₹10 per share for FY26, subject to shareholder approval.
- · The CCI penalty of ₹75,183 Lakh remains a contingent liability, with the Supreme Court stay in place; the company has deposited ₹18,762 Lakh in Fixed Deposit Receipts with NCLAT.
- · The Bihar land lease dispute is ongoing; the company has applied under the Amnesty Policy 2025 and received in-principle approval, but BIADA has not yet withdrawn the cancellation order.
- · The company withheld dividend payments of ₹9,032 Lakh and director commission of ₹45 Lakh due to orders from the Debt Recovery Tribunal and tax/provident fund authorities.
- · Exceptional items in Q4 FY26 included a gain of ₹7,404 Lakh on land transfer, partly offset by ₹1,873 Lakh impact of new labour codes.
- · The company's Bihar plant has been closed since May 1, 2022, with property, plant and equipment carrying value of ₹5,694 Lakh.
04-08-2026
Nestlé India presented its growth strategy at an analyst meet on August 4, 2026, highlighting a 14.9% YoY revenue growth to INR 231 billion and 10.7% volume growth for FY 25-26, with double-digit volume growth continuing into Q1 FY27. The company noted significant headroom for penetration-led growth, with brands like MAGGI (97% penetration) and NESCAFÉ (33% penetration) showing strong momentum, while also acknowledging potential short-term consumption slowdown due to inflation and geopolitical disruptions.
- · Nestlé India has a legacy of 114 years in India.
- · A Nestlé product reaches 2 out of 3 households in India.
- · India became the largest market for KITKAT globally.
- · Nestlé India's Out-of-Home business is the second largest market in Zone AOA.
- · Global Nestlé R&D spend was CHF 1.6 bn in CY2025.
- · The company identified potential short-term consumption slowdown and geopolitical disruptions as key challenges.
- · Cold consumption is driving the next wave of India's coffee consumption, with 26% share in summer vs 19% in winter.
- · Nestlé India added 500,000+ retail outlets since 2023.
- · The company's premium portfolio contribution grew to ~17% in FY 25-26 from ~11% in 2021.
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