India’s seven largest listed FMCG companies reported a combined 13.9 per cent rise in June-quarter revenue to ₹43,779 crore, adding ₹5,353 crore in sales as improving rural demand, premiumisation and rapid quick-commerce expansion drove volume growth. However, profit growth lagged the topline, with attributable profit rising 9.3 per cent to ₹6,635 crore as higher commodity costs and sustained investments in brands and innovation kept the weighted EBITDA margin virtually unchanged at 22.73 per cent.Combined EBITDA rose 13.9 per cent to ₹9,953 crore from ₹8,740 crore. The weighted EBITDA margin remained virtually unchanged at 22.73 per cent from 22.75 per cent, indicating that most companies reinvested operating gains into future growth rather than expanding profitability.Who was the fastestNestlé India emerged as the fastest-growing company in the group, reporting 25.2 per cent revenue growth, ahead of Varun Beverages (20.4 per cent), Tata Consumer Products (12 per cent), Colgate-Palmolive India (11.8 per cent), Dabur India (10.6 per cent) and Hindustan Unilever (10.1 per cent). P&G Hygiene and Health Care was the only company to report a decline, with revenue falling 4.9 per cent.In absolute terms, HUL remained the largest company with quarterly revenue of ₹17,341 crore, followed by Varun Beverages (₹8,451 crore), Nestlé India (₹6,378 crore), Tata Consumer Products (₹5,349 crore), Dabur India (₹3,764 crore), Colgate-Palmolive India (₹1,603 crore) and P&G Hygiene (₹891 crore). HUL also generated the highest EBITDA (₹3,947 crore) and attributable profit (₹2,673 crore), while Nestlé posted the strongest growth in both EBITDA (39.8 per cent) and attributable profit (48.3 per cent). P&G Hygiene remained the only company to report declines across revenue, EBITDA and profit.Demand recovery broadensThe first batch of earnings indicates that FMCG growth is becoming increasingly volume-led after several quarters dominated by pricing. Rural markets continued to outperform urban demand, premium products gained traction and quick-commerce emerged as one of the fastest-growing channels. Companies, however, chose to reinvest much of the benefit from stronger sales and internal efficiencies into advertising, innovation, premiumisation and distribution, limiting sector-wide margin expansion despite double-digit revenue growth.Nestlé delivered the strongest all-round performance. Revenue rose 25.2 per cent to ₹6,378 crore, EBITDA climbed 39.8 per cent to ₹1,538 crore and attributable profit jumped 48.3 per cent to ₹959 crore. EBITDA margin expanded 253 basis points to 24.12 per cent as lower material costs helped offset volatility in cocoa, sugar, dairy and edible oils. Manish Tiwary, Chairman and Managing Director of Nestlé India, said growth was broad-based across categories, driven by premiumisation, innovation and wider distribution, adding that the company would continue investing in manufacturing capacity and product development to sustain growth.Varun Beverages maintained its strong momentum, reporting 20.4 per cent revenue growth on consolidated volume growth of 19.8 per cent, while international volumes surged 38.4 per cent. The consolidation of South African bottler Twizza diluted margins, but EBITDA still rose 17.2 per cent to ₹2,343 crore and attributable profit increased 15.5 per cent to ₹1,521 crore.Chairman Ravi Jaipuria said demand remained healthy across India despite an early monsoon, while international markets continued to outperform. He said the Twizza acquisition would strengthen the company’s Africa business over the medium term despite its near-term impact on margins.Tata Consumer Products converted topline growth into stronger earnings, with revenue rising 12 per cent, EBITDA increasing 19 per cent and group net profit climbing 29 per cent. India underlying volumes grew 13 per cent, while growth businesses — including Tata Sampann, Soulfull, Capital Foods and Organic India, expanded 47 per cent and now contribute more than one-third of the India business.Managing Director and CEO Sunil D’Souza said the company remains focused on scaling higher-margin packaged foods and wellness brands as it diversifies beyond its traditional tea and salt portfolio.Dabur reported another resilient quarter, with revenue growing 10.6 per cent, EBITDA rising 11 per cent and attributable profit increasing 15.3 per cent, supported by improving domestic demand and resilient international operations despite disruptions in West Asia. The company said rural demand continued to improve and expects consumption to strengthen further during the festive season.Hindustan Unilever reported its strongest underlying sales growth in 13 quarters, with 10 per cent growth evenly split between volume and pricing. However, EBITDA increased only 8.4 per cent and reported margin slipped 40 basis points to 23 per cent as palm oil inflation continued to weigh on personal care. Attributable profit declined 3 per cent because the year-ago quarter included a one-off tax credit.Chief Executive Officer and Managing Director Priya Nair said the underlying demand environment remained stable and expects FY27 to outperform FY26. She said HUL would continue investing behind brands, premium beauty and digital-first portfolios rather than maximise near-term margins.Colgate-Palmolive India staged a sharp turnaround from the corresponding quarter last year, with revenue rising 11.8 per cent and attributable profit increasing 7 per cent. However, EBITDA grew only 6.7 per cent as advertising and promotional expenditure jumped 33.7 per cent, reflecting continued investment behind premium products and brand building. Managing Director and CEO Prabha Narasimhan said the company would continue investing in innovation, premiumisation and advertising to sustain long-term growth.P&G Hygiene remained the weakest performer. Revenue declined 4.9 per cent, EBITDA fell 36.1 per cent and attributable profit dropped 34.3 per cent as higher raw-material and advertising costs compressed the EBITDA margin to 19.08 per cent from 28.41 per cent. The company attributed the weaker quarter to elevated input costs, higher brand investments and a delayed monsoon that affected demand for its seasonal Vicks portfolio.What market analysts sayMayank Jain, Market Analyst at Share.Market by PhonePe, said the quarter marks a shift towards volume-led growth, supported by improving rural demand and the rapid expansion of quick-commerce.Thomas V. Abraham, Research Analyst at Mirae Asset Sharekhan, said companies such as Colgate are consciously sacrificing near-term margins to fund premiumisation, innovation and higher advertising spends, indicating that elevated brand investments are likely to continue.Gurmeet Singh Chawla, Managing Director at Master Portfolio Services, expects easing commodity costs and crude prices to support a 50-100 basis-point sequential recovery in margins from the September quarter, provided geopolitical conditions remain stable. Abhinav Tiwari, Research Analyst at Bonanza, however, cautioned that part of the growth reflects purchases shifting from general trade to quick-commerce and modern trade rather than a sharp increase in underlying consumption, making channel mix and distributor inventory trends key monitorables.The rankings could still change as more companies report. Honasa Consumer has indicated revenue growth of around 30 per cent, Marico expects growth in the early twenties and Godrej Consumer Products has guided for high-teen growth, potentially reshaping the final June-quarter pecking order.Published on July 31, 2026