Sector analysis · India
FMCG sector earnings growth, Q3 FY26
The 20 largest Fast Moving Consumer Goods companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q3 FY25.
The top 20 at Q3 FY26
Q3 FY26 vs Q3 FY25: combined net profit ₹18,422 cr (+35%), median EPS +21% (17 of 20 up), market-cap-weighted price −3%. 20 of 20 reported.
| # | Company | Weight | EPS ₹, base → now | EPS growth | Contribution | Price |
|---|---|---|---|---|---|---|
| 1 | Hindustan Unilever Limited | 21.5% | 12.70 → 28.12 | +121% | +26.5 pp | 0% |
| 2 | ITC Limited | 19.9% | 3.94 → 3.94 | 0% | 0.0 pp | −17% |
| 3 | Nestle India Limited | 9.8% | 3.61 → 5.28 | +46% | +2.4 pp | +19% |
| 4 | Varun Beverages Limited | 6.5% | 0.55 → 0.74 | +35% | +0.5 pp | −23% |
| 5 | Britannia Industries Limited | 5.7% | 24.15 → 28.23 | +17% | +0.7 pp | +27% |
| 6 | Godrej Consumer Products Limited | 4.9% | 4.87 → 4.87 | 0% | 0.0 pp | +13% |
| 7 | Tata Consumer Products Limited | 4.7% | 2.82 → 3.89 | +38% | +0.8 pp | +30% |
| 8 | United Spirits Limited | 4.1% | 4.61 → 5.74 | +25% | +0.6 pp | −11% |
| 9 | Marico Limited | 3.8% | 3.08 → 3.44 | +12% | +0.4 pp | +17% |
| 10 | Dabur India | 3.5% | 2.95 → 3.16 | +7% | +0.3 pp | −1% |
| 11 | Patanjali Foods Limited | 2.3% | 3.42 → 5.46 | +60% | +1.6 pp | −8% |
| 12 | Colgate Palmolive (India) Limited | 2.2% | 11.87 → 11.91 | 0% | 0.0 pp | −23% |
| 13 | Radico Khaitan Limited | 1.7% | 7.14 → 11.57 | +62% | +0.4 pp | +27% |
| 14 | Godfrey Phillips India Limited | 1.7% | 20.25 → 22.01 | +9% | +0.2 pp | +59% |
| 15 | United Breweries Limited | 1.7% | 1.45 → 3.06 | +111% | +0.3 pp | −20% |
| 16 | Procter & Gamble Hygiene and Health Care Limited | 1.7% | 82.74 → 92.87 | +12% | +0.2 pp | −12% |
| 17 | AWL Agri Business Limited | 1.2% | 3.16 → 2.07 | −34% | −1.0 pp | −23% |
| 18 | Gillette India Limited | 1.1% | 38.66 → 52.93 | +37% | +0.3 pp | −12% |
| 19 | Emami | 0.9% | 6.39 → 7.32 | +15% | +0.3 pp | −12% |
| 20 | Hatsun Agro | 0.9% | 1.84 → 3.01 | +64% | +0.2 pp | −3% |
| Sector earnings growth | 100% | +34.6 pp |
Who joined and who left
0 joined and 0 left the top 20 since Q2 FY26, as market caps moved.
Joined the top 20 since Q2 FY26
Left the top 20 since Q2 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% |
| RADICO | +19% | +23% | +26% | +13% | +24% | +27% | +71% | +68% | +73% | +62% | +95% | +76% |
| 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% |
| 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% |