Whalesbook
September quarter results for Indian FMCG companies reveal a surprising trend: smaller firms are outperforming larger, listed entities. Despite expectations of healthy rural and urban demand, industry value growth slowed, and listed companies saw their performance lag. Analysis suggests size and agility, rather than just GST rate cuts, are key differentiators, with small companies showing significantly higher volume sales growth. This divergence raises questions about the future strategies for large FMCG players.