Wazir Consumption Index — FY26

Indian Consumer Sector Performance FY26: Revenue Growth Outpaces Profitability Across Key Segments

India’s listed consumer sector tracked 65 companies across 11 segments against a FY22 baseline. In FY26 (April 2025 to March 2026), aggregate revenue expanded at a healthy clip, but the revenue-profitability gap widened sharply across several categories, flagging a structural tension that top-line numbers alone don’t capture.

Where Revenue Is Running Ahead

E-commerce recorded the most dramatic revenue expansion: a revenue index of 615 against the FY22 base of 100, a 57% CAGR over four years and a 98% year-on-year jump in FY26. Zomato alone posted revenue of Rs 54,364 crore, up 169% from FY25, driven by food delivery, quick commerce, and the “going out” vertical. Jewellery (revenue index: 309, 33% CAGR) and Leisure and Hospitality (index: 303, 32% CAGR) were the next two fastest compounders. Titan posted Rs 87,584 crore in FY26 revenue, up 45% YoY. Indian Hotels and PVR Inox each grew revenue 16% in the same period.

Where Profitability Diverges

The PBT picture tells a more differentiated story:

1. Leisure and Hospitality maintained both momentum: revenue index 303 and PBT index 712, up 15% YoY, making it the only major segment where both revenue and profit compounded simultaneously at scale.
2. E-commerce saw its PBT index decline 10% in FY26 despite the revenue leap, with Swiggy holding a -18% PBT margin and Zomato compressing to 1%.
3. Eating Out partially recovered: PBT index climbed from 17 in FY25 to 53 in FY26, but remains well below the FY23 peak of 143, with four of five QSR players running sub-2% PBT margins.
4. Electricals and CD saw its PBT index dip 3% to 115, with Bajaj Electricals posting a -2% PBT margin and an 8% revenue decline.
5. Home and Kitchen grew revenue 5% but PBT contracted 1%, pressured by margin compression at Kansai Nerolac (PBT margin down from 19% to 10%) and Cello World (from 23% to 19%).

FMCG was a rare bright spot: revenue grew a modest 6% but PBT expanded 17% in FY26, with HUL’s PBT margin improving from 23% to 28%, signalling operating leverage kicking in on flat-to-moderate topline.

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The full report covers revenue and PBT indices, company-level margin analysis, and expense breakdowns across all 11 consumer segments from FY22 to FY26, providing a consolidated benchmark for tracking where India’s consumption recovery is delivering on both scale and profitability.