Heatwave lifts FMCG and value retailers to double-digit Q1 sales growth
Marico, DMart, V-Mart, V2 Retail and Voltas posted strong Q1 momentum as heatwave drove summer product demand. DMart revenue rose 15% to ₹18,343 crore, V-Mart +23%, V2 Retail +58%. Cooling product demand climbed 17-18% while price hikes of 2-12% cushioned input cost pressures.
What happened
FMCG, white goods and value retailers posted double-digit Q1 sales growth as heatwave boosted summer product demand. Marico, DMart (+15%), V-Mart (+23%), V2
Key facts
- double-digit YoY sales growth Q1
- price hikes 2-11%
- V-Mart revenue +23%
- V2 Retail revenue +58%
- same-store sales up to 9%
- DMart revenue +15% at ₹18,343 crore
- cooling product demand +17-18%
- Voltas 1 million ACs in 81 days
- paint/Pidilite hikes 11-12%
Why this matters
Fast-scaling value retailers like V2 Retail (+58%) and V-Mart (+23%) signal an expanding footprint worth monitoring for consolidation and partnership opportunities in the value segment.
What to watch
- Monsoon progress and IMD rainfall distribution updates
- Palm oil and crude derivative input cost trends
- Q2 SSSG prints from DMart and value retailers
- Rural wage and consumption indicators (tractor, two-wheeler sales)
- Quick-commerce GMV growth and discounting intensity
- Monitor Marico management commentary on volume vs price-led growth mix
- Track Voltas cooling product order book and channel inventory post-summer
- Watch value retail store-addition guidance (V-Mart, V2) for expansion pace
- Assess DMart SSSG deceleration vs quick-commerce encroachment
- Position for Q2 base-effect normalization narrative across FMCG