India's FMCG Companies Navigate Geopolitical Disruptions, Report Double-Digit Sales Growth

India’s fast-moving consumer goods (FMCG) companies are likely to close the March quarter of FY26 on a steady footing, navigating geopolitical disruptions and input cost pressures notably in March. Business updates of top FMCG firms including Marico, Dabur , Godrej Consumer (GCPL) and AWL Agri Business point to double-digit sales growth in Q4, led by strong underlying volume growth. This is despite a weak March month marked by uncertainty. Analysts caution that the full impact of the Iran war will be visible in the first quarter of FY27. Firms have already begun taking price hikes in select categories to tide over input cost pressures, triggered by the West Asia war. Most firms have been cautious about their commentary for the forthcoming quarters, saying that Q4 saw stable demand conditions. India operations delivered stronger numbers than international operations during the period. Consumer goods major Marico, best-known for Parachute and Saffola, said its consolidated revenue grew in the “low twenties” year-on-year during the March quarter. This was aided by pricing interventions, strong performance in hair oils, and robust traction in its international business. It expects double-digit operating profit growth in the March quarter. The company’s India business posted high-single-digit volume growth, while its overseas operations expanded in the high-teens in constant currency terms in Q4, though the Gulf region was affected by geopolitical headwinds. GCPL said that its standalone India business is likely to deliver double-digit underlying sales growth and high-single-digit volume growth for the quarter. A key highlight, it said, was the performance of non-soap categories (such as household insecticides), which continue to grow in double digits in Q4. GCPL did say that with crude oil and its derivatives inching up in terms of price in March, it expected a 6-9% cost hit. The company proposed to mitigate these challenges through a combination of pricing actions, cost-efficiency programmes, and “prudent media optimisation”. Dabur said that it saw consolidated revenue growth in the mid-single digits for the March quarter. The company said it had a sequential recovery in domestic demand in Q4, with its India FMCG business likely to record high single-digit growth during the period. According to Dabur, its strong domestic performance would help offset challenges in some of its key international markets, particularly West Asia, where heightened geopolitical tensions led to demand disruptions and supply chain constraints. AWL Agri Business, best-known for its Fortune brand of edible oils, said its food and FMCG portfolio (excluding staples like rice and wheat) would likely expand by 30% year-on-year in Q4. Its edible oil segment recorded a 17% volume growth in the quarter under review, supported by broad-based demand across key categories including soybean, mustard, rice bran and palm oil.