India Inc Q4 FY26: retail +12%, FMCG +14%, e-commerce +141%, jewellery +47% on GST cut tailwind

Aggregate results from 650 listed firms show 13.7% revenue and 17.8% profit growth in Q4 FY26, with consumption sectors leading. September 2025 GST cuts appear to have lifted urban and rural demand, though FY27 inflation risks could pressure margins now running at 30.3%.

— Source publishedMon, 18 May, 2026, 21:23 IST·First seen Mon, 18 May, 2026, 21:37 IST·Source The Hindu BusinessLine

What happened

India Inc. · Q4 FY26 results across 650 Indian companies show retail up 12%, FMCG 14%, e-commerce 141% and jewellery 47%, suggesting GST cuts from Sept 2025

Key facts

  • 13.7% revenue growth Q4 FY26
  • 17.8% profit growth
  • FMCG 14% growth
  • Retail 12% growth
  • E-commerce 141% growth
  • Jewellery 47% growth
  • Auto 30% growth
  • Operating margin 30.3%

Why this matters

Elevated consumption multiples create a window to monetize non-core retail assets or pursue stock-funded deals in jewellery and e-commerce before FY27 margin compression resets valuations.