India’s consumer sector produced a sharply differentiated performance in the first nine months of FY26 (April–December 2025), with jewellery and e-commerce posting the highest revenue gains while eating out and electricals faced sustained profit pressure. Tracking 65 listed companies across 11 segments against a 9M FY22 baseline, the Wazir Consumption Index captures both the scale and the structural unevenness of India’s consumption recovery.
Jewellery leads on both revenue and profitability. The segment’s Revenue Index reached 322 in 9M FY26, a 35% year-on-year increase, while the PBT Index climbed to 294, up 71% from 9M FY25. Titan Company reported revenues of Rs 60,664 crore (up 33%), Kalyan Jewellers reached Rs 25,467 crore (up 35%), and Thangamayil Jewellery delivered 61% revenue growth. The combination of sustained gold demand and margin expansion makes jewellery the standout segment across the tracked universe.
E-commerce registered the most dramatic revenue surge, but profitability lagged. The segment’s Revenue Index jumped to 632 in 9M FY26, up 92% year-on-year, driven almost entirely by Zomato’s revenue reaching Rs 37,072 crore, a 157% increase, reflecting the consolidation of Blinkit and its quick-commerce scale-up. Swiggy’s revenues grew 54% to Rs 16,670 crore. Despite this volume expansion, the e-commerce PBT Index declined 22%, falling from 164 in 9M FY25 to 127, as cost structures wid9ened with scale.
Leisure and hospitality maintained its multi-year upswing. The Revenue Index reached 317 in 9M FY26 (up 13%), while the PBT Index rose to 539, compounding a CAGR of 52% since 9M FY22. Indian Hotels reported revenues of Rs 6,924 crore (up 17%), and PVR Inox crossed Rs 5,172 crore (up 14%), continuing the sector’s recovery from structurally low 9M FY22 levels.
FMCG showed a notable profit improvement relative to modest top-line growth. Revenue Index reached 126 (up 6%), but the PBT Index rose to 149, up 19% year-on-year, as raw material cost moderation benefited players like Hindustan Unilever and Marico. Marico in particular recorded 27% revenue growth to Rs 10,278 crore, the strongest result in the segment.
Eating out faces a structural profit squeeze. Revenue Index reached 176 (up 12%), yet the PBT Index has collapsed to 22, down 25% year-on-year and on a CAGR of negative 31% since 9M FY22. Four of five tracked QSR chains reported PBT margins below 2%, with Restaurant Brands Asia at -7%. The widening gap between topline and profitability in organised food services signals cost inflation and competitive pressure that revenues alone cannot offset.
Home and Kitchen (Revenue Index 131, up 3%) and Electricals and CD (Revenue Index 148, up 2%; PBT Index down 9%) were the weakest performers, with paint majors facing margin compression from input costs and consumer durables companies contending with sluggish demand in large-ticket categories.
The Wazir Consumption Index covers 9M FY22 through 9M FY26, benchmarked to an April–December 2021 base of 100. Segment-level data and company financials are sourced from Screener (consolidated financials unless stated otherwise).
