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Centrum expects a gradual consumer rebound led by FMCG and a standout jewellery quarter. It pegs FMCG revenue up ~6.6% YoY (≈4% volume) on GST normalization, restocking and softer inflation, with modest margin expansion. Jewellery is tipped to “shine” with a sharp topline jump, helped by the gold-price rally and festive buying. Overall, staples outpace discretionaries near term, with recovery broadening into H2 FY26.
