Consumer majors’ export forex earnings rise 29%, outpacing import costs in FY26
Companies including ITC, Maruti Suzuki, Hyundai, LG Electronics India, Marico and Godrej Consumer Products lifted combined export forex earnings above ₹1.08 lakh crore in FY26, exceeding their ₹1.04 lakh crore import outgo. Firms are expanding localisation and overseas reach to cushion currency, tariff and input-cost pressures.
What happened
Indian consumer, auto and electronics manufacturers lifted export forex earnings 29% in FY26, exceeding combined import costs. Companies including ITC, Maruti,
Key facts
- Combined export forex earnings exceeded ₹1,08,269 crore in FY26
- Combined import forex outgo was ₹1,04,361 crore, up 17%
- Combined export forex earnings grew 29% in FY26
- Maruti Suzuki, Marico, Godrej Consumer Products, Hyundai, Hero MotoCorp, Bajaj Auto and Blue Star increased export revenue contribution by 1-5 percentage points
- LG Electronics India expects localisation to rise by 1-2 percentage points annually
- Radico Khaitan export forex earnings rose 25% to ₹327 crore
- Radico Khaitan exports to more than 100 countries; exports account for 5-6% of volumes
Why this matters
The widening export-import forex balance strengthens the strategic case for overseas expansion, local manufacturing and supply-chain partnerships that reduce import dependence.
What to watch
- Rupee movement against the US dollar and other major import-source currencies.
- Monthly export orders and overseas sales growth for autos, appliances, packaged goods and consumer products.
- Import intensity for semiconductors, electronics subassemblies, edible oils, crude derivatives and specialty chemicals.
- US, EU and other destination-market tariff actions, anti-dumping probes and rules-of-origin requirements.
- Domestic supplier capacity additions and local-content qualification progress.
- Commodity-price trends and freight rates that could raise imported-input costs.
- Accelerate localisation of electronics components, auto parts, packaging and key FMCG inputs where import dependence remains high.
- Prioritise exports to markets with lower tariff risk and strengthen regional manufacturing, distribution and after-sales networks.
- Use the improving natural hedge to reduce unhedged forex exposure while retaining protection against abrupt rupee moves.
- Shift product mix toward higher-value exports, including premium vehicles, processed foods, beauty products and India-manufactured appliances.
- Negotiate longer-term supplier contracts and increase dual sourcing to prevent import-cost shocks from eroding forex gains.