India’s fast-moving consumer goods and paint companies are entering the September-quarter earnings season with expectations of double-digit sales growth, although rising raw-material costs and intensifying competition are likely to weigh on margins. Brokerage forecasts indicate that profits could trail revenue growth at several major companies during FY27.

PL Capital expects Britannia’s FY27 revenue to rise 10.7 per cent to Rs. 212.08 bn, while adjusted profit increases 6.4 per cent to Rs. 27.03 bn. Hindustan Unilever’s standalone revenue is forecast to grow 9.5 per cent to Rs. 678.8 bn, with profit rising 6.1 per cent to Rs. 107.9 bn. Emami’s revenue may increase 14.3 per cent to Rs. 43.18 bn, but profit is projected to remain almost unchanged at Rs. 7.24 bn.

Quarterly forecasts show similar pressure. Britannia’s revenue is expected to increase 11.7 per cent, supported by estimated volume growth of 9.5 per cent, while EBITDA growth is forecast at only 4.8 per cent. Its operating margin could contract 122 basis points to 18.5 per cent as sugar, palm oil and fuel costs rise. Emami’s EBITDA margin may narrow 200 basis points to 20.4 per cent, while profit could fall 8.3 per cent.

Godrej Consumer Products offers a more positive contrast, with quarterly revenue expected to rise 16.7 per cent and adjusted profit 50.7 per cent, partly because of lower tax expenses. Marico is also expected to benefit from softer commodity costs, with FY27 revenue forecast to grow 13 per cent to Rs. 153.75 bn and profit 26 per cent to Rs. 22.2 bn. Nestlé India’s revenue and profit are projected to increase 17.6 per cent and 22.7 per cent, respectively.

Paint makers face additional pressure from competition despite price increases of about 3 to 4 per cent. Asian Paints’ revenue could rise 14 per cent, but its EBITDA margin is expected to narrow to 17.3 per cent. Titan remains a stronger performer, with FY27 profit forecast to grow 31.9 per cent to Rs. 62.26 bn. Analysts said the results will test whether companies can pass on higher costs without sacrificing volumes or market share.