Indian Consumer Sector Performance Q1 FY27: E-commerce and Jewellery Lead as Profit Growth Diverges
Sixty-five listed companies across eleven consumer segments, benchmarked to a FY23 base of 100, posted revenue growth across every category tracked in the quarter ended June 2026. The profit before tax (PBT) trend split sharply, with several segments compounding margin faster than revenue and one still trailing its FY23 benchmark despite a strong quarterly rebound.
Where Revenue Is Running Ahead
E-commerce recorded the sharpest revenue climb: an index of 660 against the FY23 base, up 105% year-on-year, running ahead of profit growth of 50% (PBT index at 178) as scale investment continues. Jewellery followed close behind with a revenue index of 258, up 39%, and a profit index of 248, up 54%, lifted by gold prices and wedding-season demand that echoes this cycle’s broader GST-linked festive spending. Electricals and CD (revenue index 145, up 17%) and Snacks, Bakery and Dairy (index 147, up 14%) also outpaced most other categories on the topline.
Where Profitability Diverges
- Leisure and Hospitality kept pace on both counts: revenue index 165, up 12%, and PBT index 166, up 63%, one of the few segments compounding profit faster than sales.
- Home and Kitchen grew revenue 15% to an index of 127, while PBT expanded faster, up 31% to 153.
- Eating Out partially recovered: its PBT index climbed 85% year-on-year to 64, but remains below the FY23 base of 100 even as revenue rose 15% to an index of 187.
- Food and Grocery posted steady revenue growth (index 147, up 9%) but PBT slipped 1% to 118, the only segment where profit moved opposite to revenue.
- Snacks, Bakery and Dairy saw revenue outrun profit: index at 147, up 14%, against a PBT index of 199, up just 3%.
FMCG and Apparel and Footwear sit closer to the middle of this spread. FMCG’s revenue and PBT indices both rose 9%, to 126 and 129 respectively, while Apparel and Footwear’s revenue index of 163, up 13%, was matched by a PBT index of 107, up 10%.
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The complete analysis benchmarks all eleven consumer segments’ revenue and PBT indices against the FY23 base, with company-level margin and expense breakdowns across food and grocery, e-commerce, apparel, jewellery, hospitality, and six other categories, tracking where India’s consumption growth is converting into profit and where it isn’t.
