Sector analysis · India
FMCG sector earnings growth, Q2 FY26
The 20 largest Fast Moving Consumer Goods companies by market cap at the end of Q2 FY26 (30 Sep 2025), compared with Q2 FY25.
The top 20 at Q2 FY26
Q2 FY26 vs Q2 FY25: combined net profit ₹14,363 cr (+4%), median EPS +5% (12 of 20 up), market-cap-weighted price −16%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Unilever Limited | 23.3% | 11.03 → 11.43 | +4% | +0.7 pp | −15% |
| 2 | ITC Limited | 19.9% | 3.99 → 4.09 | +3% | +1.0 pp | −23% |
| 3 | Nestle India Limited | 8.8% | 5.12 → 3.91 | −24% | −1.7 pp | −14% |
| 4 | Varun Beverages Limited | 5.9% | 1.91 → 2.19 | +15% | +0.9 pp | −27% |
| 5 | Britannia Industries Limited | 5.7% | 22.06 → 27.17 | +23% | +0.9 pp | −5% |
| 6 | Godrej Consumer Products Limited | 4.7% | 4.80 → 4.49 | −6% | −0.2 pp | −16% |
| 7 | Tata Consumer Products Limited | 4.4% | 3.68 → 4.09 | +11% | +0.3 pp | −6% |
| 8 | United Spirits Limited | 3.8% | 4.69 → 6.38 | +36% | +0.9 pp | −17% |
| 9 | Marico Limited | 3.6% | 3.27 → 3.24 | −1% | 0.0 pp | 0% |
| 10 | Dabur India | 3.4% | 2.40 → 2.55 | +6% | +0.2 pp | −21% |
| 11 | Patanjali Foods Limited | 2.5% | 2.85 → 4.75 | +67% | +1.5 pp | +3% |
| 12 | Colgate Palmolive (India) Limited | 2.4% | 14.52 → 12.04 | −17% | −0.5 pp | −42% |
| 13 | Godfrey Phillips India Limited | 2.1% | 15.92 → 19.56 | +23% | +0.4 pp | +45% |
| 14 | United Breweries Limited | 1.9% | 5.00 → 1.76 | −65% | −0.6 pp | −17% |
| 15 | Procter & Gamble Hygiene and Health Care Limited | 1.8% | 65.28 → 64.65 | −1% | 0.0 pp | −15% |
| 16 | Radico Khaitan Limited | 1.5% | 6.03 → 10.42 | +73% | +0.4 pp | +41% |
| 17 | AWL Agri Business Limited | 1.3% | 2.39 → 1.88 | −21% | −0.5 pp | −25% |
| 18 | Gillette India Limited | 1.2% | 40.82 → 44.08 | +8% | +0.1 pp | +12% |
| 19 | Emami | 0.9% | 4.87 → 3.40 | −30% | −0.5 pp | −30% |
| 20 | Hatsun Agro | 0.8% | 2.89 → 5.40 | +87% | +0.4 pp | −23% |
| Sector earnings growth | 100% | +3.6 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q1 FY26, as market caps moved.
Joined the top 20 since Q1 FY26
Left the top 20 since Q1 FY26
EPS growth by company, Q2 FY24 to Q1 FY27
Each company's EPS growth year on year, 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 | 0% | +1% | −2% | +2% | −2% | +19% | −4% | +6% | +4% | +121% | +21% | −3% |
| ITC | +5% | +6% | −1% | 0% | +2% | −8% | +284% | +3% | +3% | 0% | −73% | −16% |
| NESTLEIND | +36% | +4% | +27% | +7% | +9% | +6% | −5% | −12% | −24% | +46% | +26% | +48% |
| VBL | +32% | +78% | +25% | +26% | +24% | +34% | +30% | +1% | +15% | +35% | +20% | +16% |
| BRITANNIA | +19% | −40% | −4% | +10% | −10% | +5% | +4% | +3% | +23% | +17% | +21% | +14% |
| GODREJCP | +21% | +6% | to loss | +41% | +13% | −14% | turned profitable | 0% | −6% | 0% | +10% | +12% |
| TATACONSUM | +2% | −21% | −21% | −11% | +5% | −2% | +59% | +15% | +11% | +38% | +21% | +28% |
| UNITDSPR | −39% | +63% | +135% | +2% | +1% | −4% | +75% | −14% | +36% | +25% | +28% | +11% |
| MARICO | +17% | +17% | +5% | +8% | +20% | +4% | +8% | +9% | −1% | +12% | +14% | +25% |
| DABUR | +5% | +6% | +16% | +8% | −18% | +3% | −8% | +3% | +6% | +7% | +15% | +15% |
| PATANJALI | +127% | −20% | −22% | +199% | +22% | +72% | +74% | −31% | +67% | +60% | +46% | +86% |
| COLPAL | +22% | +36% | +20% | +33% | +16% | −2% | −7% | −12% | −17% | 0% | 0% | +7% |
| GODFRYPHLP | outside | outside | outside | −10% | +23% | +49% | +30% | +56% | +23% | +9% | +87% | −44% |
| UBL | −20% | turned profitable | +730% | +27% | +23% | −55% | +20% | +6% | −65% | +111% | +4% | −9% |
| PGHH | +36% | +10% | −6% | −46% | +1% | +17% | +1% | +137% | −1% | +12% | −2% | −34% |
| RADICO | +19% | +23% | +26% | +13% | +24% | +27% | +71% | +68% | +73% | +62% | +95% | +76% |
| AWL | to loss | −18% | +68% | turned profitable | turned profitable | +104% | +21% | −24% | −21% | −34% | +54% | +48% |
| GILLETTE | +7% | +40% | −4% | +26% | +43% | +21% | +60% | +26% | +8% | +37% | +21% | +9% |
| EMAMILTD | −2% | +10% | +4% | +11% | +19% | +8% | +9% | +7% | −30% | +15% | −12% | outside |
| HATSUN | +82% | +24% | +109% | +63% | −17% | −29% | −5% | +13% | +87% | +64% | +2% | −10% |