Sector analysis · India
FMCG sector earnings growth, Q4 FY26
The 20 largest Fast Moving Consumer Goods companies by market cap at the end of Q4 FY26 (31 Mar 2026), compared with Q3 FY26.
The top 20 at Q4 FY26
Q4 FY26 vs Q3 FY26: combined net profit ₹15,726 cr (−15%), median EPS +9% (11 of 20 up), market-cap-weighted price −17%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Unilever Limited | 22.9% | 28.12 → 12.73 | −55% | −19.6 pp | −11% |
| 2 | ITC Limited | 17.1% | 3.94 → 4.30 | +9% | +2.5 pp | −29% |
| 3 | Nestle India Limited | 10.8% | 5.28 → 5.78 | +9% | +0.5 pp | −9% |
| 4 | Britannia Industries Limited | 6.2% | 28.23 → 28.16 | 0% | 0.0 pp | −10% |
| 5 | Varun Beverages Limited | 6.2% | 0.74 → 2.58 | +249% | +3.4 pp | −22% |
| 6 | Godrej Consumer Products Limited | 4.8% | 4.87 → 4.42 | −9% | −0.3 pp | −19% |
| 7 | Tata Consumer Products Limited | 4.8% | 3.89 → 4.24 | +9% | +0.2 pp | −15% |
| 8 | Marico Limited | 4.5% | 3.44 → 3.01 | −13% | −0.3 pp | −2% |
| 9 | United Spirits Limited | 4.2% | 5.74 → 7.41 | +29% | +0.7 pp | −16% |
| 10 | Dabur India | 3.5% | 3.16 → 2.08 | −34% | −1.0 pp | −18% |
| 11 | Patanjali Foods Limited | 2.4% | 5.46 → 4.82 | −12% one-off | −0.4 pp | −16% |
| 12 | Colgate Palmolive (India) Limited | 2.3% | 11.91 → 12.99 | +9% | +0.2 pp | −14% |
| 13 | United Breweries Limited | 1.9% | 3.06 → 3.85 | +26% one-off | +0.1 pp | −5% |
| 14 | Radico Khaitan Limited | 1.7% | 11.57 → 13.40 | +16% | +0.1 pp | −20% |
| 15 | Procter & Gamble Hygiene and Health Care Limited | 1.4% | 92.87 → 47.17 | −49% | −0.8 pp | −28% |
| 16 | Godfrey Phillips India Limited | 1.4% | 22.01 → 33.44 | +52% | +1.0 pp | −32% |
| 17 | Gillette India Limited | 1.1% | 52.93 → 59.08 | +12% | +0.1 pp | −13% |
| 18 | AWL Agri Business Limited | 1.1% | 2.07 → 2.25 | +9% | +0.1 pp | −25% |
| 19 | Hatsun Agro | 1.0% | 3.01 → 2.28 | −24% | −0.1 pp | −6% |
| 20 | Emami | 0.8% | 7.32 → 3.28 | −55% | −1.0 pp | −26% |
| Sector earnings growth | 100% | −14.6 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q3 FY26, as market caps moved.
Joined the top 20 since Q3 FY26
Left the top 20 since Q3 FY26
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth quarter on quarter, every quarter it was in the top 20.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HINDUNILVR | +4% | −5% | +2% | +2% | −1% | +15% | −17% | +12% | −3% | +146% | −55% | −11% |
| ITC | −4% | +9% | −4% | 0% | −2% | −1% | +300% | −73% | −2% | −4% | +9% | −18% |
| NESTLEIND | +30% | −28% | +42% | −20% | +32% | −29% | +27% | −25% | +14% | +35% | +9% | −12% |
| BRITANNIA | +28% | −5% | −3% | −6% | +5% | +9% | −4% | −7% | +26% | +4% | 0% | −13% |
| VBL | −50% | −73% | +302% | +134% | −51% | −71% | +291% | +81% | −44% | −66% | +249% | +74% |
| GODREJCP | +36% | +34% | to loss | turned profitable | +9% | +1% | −17% | +10% | +2% | +8% | −9% | +12% |
| TATACONSUM | +7% | −18% | −24% | +34% | +26% | −23% | +24% | −3% | +21% | −5% | +9% | +2% |
| MARICO | −17% | +8% | −17% | +46% | −9% | −6% | −14% | +47% | −17% | +6% | −13% | +61% |
| UNITDSPR | −29% | +3% | −31% | +102% | −30% | −2% | +26% | −1% | +11% | −10% | +29% | −14% |
| DABUR | +11% | −2% | −31% | +43% | −15% | +23% | −39% | +60% | −12% | +24% | −34% | +60% |
| PATANJALI | +189% | −15% | −5% | +27% | +18% | +20% | −4% | −50% | +186% | +15% | −12% | −36% |
| COLPAL | +24% | −3% | +15% | −4% | +9% | −18% | +10% | −10% | +2% | −1% | +9% | −3% |
| UBL | −21% | −20% | −5% | +114% | −24% | −71% | +154% | +88% | −75% | +74% | +26% | +63% |
| RADICO | −5% | +16% | −28% | +44% | +4% | +18% | −4% | +42% | +7% | +11% | +16% | +28% |
| PGHH | +39% | +9% | −33% | −47% | +161% | +27% | −42% | +23% | +9% | +44% | −49% | −18% |
| GODFRYPHLP | outside | outside | outside | +7% | +9% | +27% | −12% | +28% | −14% | +13% | +52% | −62% |
| GILLETTE | +1% | +12% | −5% | +17% | +15% | −5% | +26% | −8% | −1% | +20% | +12% | −17% |
| AWL | loss, bigger | turned profitable | −22% | +99% | −1% | +32% | −54% | +25% | +3% | +10% | +9% | +20% |
| HATSUN | −3% | −26% | −9% | +150% | −51% | −36% | +21% | +198% | −19% | −44% | −24% | +163% |
| EMAMILTD | +30% | +45% | −42% | +3% | +39% | +31% | −42% | +1% | −10% | +115% | −55% | outside |