India’s private consumption grew 7.1% year over year in real terms in the April-June quarter of FY 2026-27, according to the Ministry of Statistics and Programme Implementation (MoSPI). The Nifty 50, meanwhile, closed at 23,053.10 on Oct. 30, about 12.6% below its 52-week high of 26,373.20, based on National Stock Exchange of India data.
The contrast is not proof that consumer growth is failing to support shares. It does show why stronger sales alone may not settle investors’ concerns: recent company disclosures report growth alongside cost pressures and some variation in demand. Reuters reported that the Nifty fell 2.4% in the week ending Oct. 23 as rising oil prices and Middle East tensions stoked concerns about inflation and company earnings.
Nestlé India reported total sales of ₹6,782.2 crore for the quarter ended Sept. 30, up 20.5% year over year, with profit after tax up 36.3% to ₹1,026.8 crore. Chairman and Managing Director Manish Tiwary said, “Rising inflation, particularly food inflation, is a reality.” The company also reported a 23.8% EBITDA margin.
Titan Company’s provisional update reported 25% growth in its consumer businesses, excluding bullion and Digi-gold sales, for Q2 FY 2026-27. Jewellery grew about 21% and watches 30%, but Titan said demand softened toward the quarter’s end as the festive calendar shifted into Q3.
Dabur India, whose board was scheduled to consider Q2 results on Wednesday, Nov. 4, described demand in the quarter as steady and forecast double-digit growth in consolidated revenue and profit after tax. It also said inflation had affected operating margins, with calibrated price increases and cost savings partly offsetting the pressure.
