India’s consumer sector delivered a sharply divergent performance in Q1 FY26 (April-June 2025), with experience-led categories compounding at multiples of staples-driven segments. The Wazir Consumption Index, which tracks revenue and profitability across 11 consumer segments using 65 listed companies benchmarked against a Q1 FY22 base of 100, surfaces these divergences with quarterly precision.
Leisure and Hospitality registered the highest Revenue Index at 552 in Q1 FY26, reflecting a 53% CAGR since Q1 FY22 and a 20% year-on-year increase from Q1 FY25. Indian Hotels Company posted revenue of Rs 2,041 crore in Q1 FY26, up 32% from Rs 1,550 crore in Q1 FY25. PVR Inox recovered to a Revenue Index of 1,469 crore, a 23% year-on-year gain, alongside a return to positive PBT margins at -5% improving to near breakeven territory. The segment’s PBT Index also rose 10% year-on-year to 261.
Jewellery was the standout profitability story of the quarter. The segment’s Revenue Index reached 507, representing a 50% CAGR over four years and 27% year-on-year growth. The PBT Index for Jewellery climbed to 5,861, a 47% increase over Q1 FY25 and a 177% CAGR since the base year. Titan Company’s revenue rose 25% to Rs 16,523 crore, while Kalyan Jewellers grew 31% to Rs 7,268 crore.
E-commerce recorded the strongest revenue expansion, with its Revenue Index reaching 518, a 51% CAGR since Q1 FY22 and 53% year-on-year growth. Zomato’s quarterly revenue grew 70% from Rs 4,206 crore to Rs 7,167 crore. However, profitability in the segment contracted sharply, with the PBT Index declining 32% from 176 in Q1 FY25 to 120 in Q1 FY26, reflecting investment cycles and the earnings drag from Swiggy’s continued losses at a PBT margin of -24% in FY25.
The Eating Out segment posted 19% revenue growth year-on-year, with its Revenue Index rising to 226. Restaurant Brands Asia led growth at 42%, though its PBT margin deteriorated to -6% from -11% in Q1 FY25. Jubilant Foodworks was the margin anchor, holding a 5% PBT margin even as the segment-wide PBT Index declined 13%.
India FMCG companies showed the most subdued trajectory across the index. The segment’s Revenue Index grew just 7% year-on-year to 132, and its PBT Index slipped 2% from 133 to 131. Among major players, Hindustan Unilever’s revenue rose 5% to Rs 16,514 crore while its PBT margin compressed from 22% to 20%. Colgate Palmolive saw a 4% revenue decline.
Home and Kitchen remained nearly flat on revenue (Index: 168, up 1%), yet its PBT Index recovered sharply, rising 78% year-on-year from 118 to 209, driven largely by margin improvement at paint manufacturers.
The RAI Business Survey for July 2025 corroborates these trends, with Eating Out leading retail sales growth at 10%, followed by Apparel and Jewellery at 9%, while FMCG and Footwear trailed at 5%.
Across segments, the Q1 FY26 data confirms a structural bifurcation in Indian consumption: discretionary and experience categories are compounding profitably, while daily-consumption segments face sustained margin pressure.
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