Nifty FMCG index fell ~6% in calendar year 2026, underperforming broader NIFTY 50 which dropped 0.8%.
ITC’s cigarette tax hike will cut FY27/FY28 earnings estimates by 12‑13% and project negative EBIT CAGR for its cigarette segment.
ITC’s FMCG revenue rose 11% in Q3, driven by brands Aashirvaad, Sunfeast, Bingo, and diversification into hotels, agribusiness, paperboards.
Hindustan Unilever posted 5.71% YoY Q3 FY26 revenue growth to Rs 16,197 cr, 4% volume growth, but focuses on volume over margin guidance.