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Brokerages see a volume-led FMCG rebound as GST transition noise fades, rural offtake steadies and retailer prints improve, putting Varun Beverages, Nestlé India, Marico and Zydus Wellness on their watchlists.
VBL is primed to benefit from a normal summer and network densification that amplifies operating leverage; Nestlé’s urban-premium staples and steady innovation support resilient volumes; Marico gets margin relief from easing copra alongside execution in core oils and Saffola; and Zydus’ nutrition portfolio (Complan, Glucon-D, Sugar Free) should ride seasonality and restocking across GT/modern trade.
Key risks remain input baskets (edible oils/dairy/sugar), rupee swings, and intense competition in quick-commerce and modern trade that could cap margin upside.
