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With GST-related disruption fading and volumes rebounding, FMCG, the country’s biggest advertiser, is set to re-accelerate spends in FY26, but with a different mix.
Three signals:
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Demand is normalising: Companies have refilled channels after the GST rejig, with trade and e-commerce stabilising, setting up a sales upswing in H2 FY26.
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Budgets are loosening: After 2025’s pullback (TV ad volumes fell as FMCG tightened), marketers are preparing double-digit spend increases into late FY26 as inflation eases and pricing resets.
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Where the money goes: Expect more digital/retail media and commerce-linked video, not just GRP chases, brands want incremental, attributable reach as rural demand firms and value growth returns.
Net: FY26 AdEx should skew volume-led and ROI-obsessed, bigger activation on marketplaces/quick-commerce, sharper audience buys in digital video, and calibrated TV bursts around launches and festivals, rather than blanket massing.
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