Consumer – Apr-Jun’26 Earnings Preview – Demand healthy, El Nino creates uncertainty
Published on 08 Jul 2026
We estimate our coverage universe to report sales, EBITDA and PAT growth of 11.2%, 4.9% and 4.2%, respectively, on 38bps YoY EBITDA margin contraction. Staples coverage universe will post growth of 1.4%/-2.6% YoY in sales/EBITDA, while ex-ITC, sales/EBITDA/PAT growth is likely to be 10.8%/11.7%/12.1%. QSR will report increase of 11.2% in sales and 20.1% in post-IND AS EBITDA. Retail is likely to show 25.6% increase in sales and 24% growth in EBITDA led by jewelry segment. Paints will show 16.3% increase in sales and 16.9% growth in EBITDA on 11bps EBITDA margin expansion. Demand outlook remains cautious due to likely impact of El Nino and monsoon activity, but easing crude prices will provide a tailwind. We rate TTAN and BRIT as top picks in the consumer universe. We are also constructive on MRCO, METROBRA and PIDI.
