LatestGoods & Service Tax (GST) 21 October 2026
HSBC Flags Slowing FMCG Growth Amid GST Gains and El Nino Risks
HSBC reports that after a year of GST cuts boosting India's FMCG sector, growth is now waning as El Nino weather stress and rising commodity prices threaten margins. The bank still names Marico and TCPL as top picks despite the headwinds.
HSBC sees the momentum from India's GST cuts fading for FMCG firms. El Nino and higher commodity prices are weighing on margins.
- Growth that surged after GST cuts is now slowing.
- Marico and TCPL remain HSBC's recommended stocks despite the risks.
Read the full analysis here.
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