Packaged Foods industry

54 companies · ₹3.9 L cr · 14 with AI deep dives · Q1FY27 report

Volume momentum holds, but fuel, edible oil, sugar and freight spike simultaneously compresses sector margins.

Turning upmargin troughed at 16.9% and has risen for 4 quarters to 18.0%, on positive revenue growth

Revenue YoY: +17.2%
EBITDA margin: 18.0%; +110bps YoY
Price, 1 year: -7.8%; 15% of names up
P/E vs own 5y: -15.9%; 42.1x now

Exhibit 1The quarter in numbers

constant panel of 13 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	20,618 cr	20,311 cr	+1.5%	17,594 cr	+17.2%	20,618 cr	0.0%
EBITDA margin	18.0%	19.6%	-160bps	16.9%	+110bps	19.6%	-160bps

Revenue

Jun 26: 20,618 cr
Mar 26: 20,311 cr
QoQ: +1.5%
Jun 25: 17,594 cr
YoY: +17.2%
Peak: 20,618 cr
vs peak: 0.0%

EBITDA margin

Jun 26: 18.0%
Mar 26: 19.6%
QoQ: -160bps
Jun 25: 16.9%

Sept 26: 2 of 15 reported so far, so it is not in the trend above.

Breadth: 86% of 14 companies grew revenue year on year (was 85% a quarter earlier) and 57% expanded margin (was 62%).

Exhibit 2What it costs

28.23x - 56.14x across the panel today

The median name trades at 42.1x, -15.9% against this industry's own 5-year median of 50.0x, and -48.4% against its own peak of 81.6x.

Exhibit 3Structure

₹3.9 L cr

Nestle India Ltd is 57.6% of this industry by market cap. The top 5 are 94.2% and the top 10 are 98.3%.

large 2mid 2small 6micro 4415 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 42.07x, 5y ROCE above its median of 8.39%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (25 of 54)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Nestle India Ltd	₹2.3 L cr	55.2x	41.2x	86.6%	22.9%	+20.3%	Unlock
Britannia Industries Ltd	₹1.1 L cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

headwindMulti-commodity cost spike - fuel, edible oil, sugar and freight all inflating simultaneously6 managements

Industrial fuel (LPG/PNG) surged 69% YoY for Britannia, palm oil rose 20%+ across the snacks chain, and sugar jumped ~₹7/kg in two to three weeks ahead of the festive season…

BRITANNIA (Q1FY27): “the inflation on industrial fuel is very steep... LPG and PNG prices shot through the…”

headwind5 managements tailwind6 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 29 companies

1-29

sort: mcap · composite · name

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Crazy Snacks Ltd	₹109 cr	-	-	-	-	-	Unlock