The consumer market in India is picking up pace with nearly 60% of households planning to increase their spending over the next six months. While October 2025 saw significant trade disruptions due to the GST 2.0 transition, the consumer sector witnessed a sharp normalisation and recovery throughout November and December. For retail investors, Nuvama Institutional Equities has identified a select top tier of B2C giants that are best positioned to capitalise on this rebound, driven by lower input costs, tax rationalization, and a steady shift from unbranded to branded consumption.
Nuvama on Nestle India: ‘Buy’
Nuvama expects Nestle India to maintain its leadership in the top-tier segment with a projected consolidated revenue growth of 8.8% YoY. The company’s domestic volumes are slated to grow by 8%, while its export revenue is anticipated to surge by 12% to 14%. Analysts at Nuvama note that stable input costs are helping margins, with EBITDA projected to grow 11.3% and EBITDA margins expected to reach 23.6%. This growth is anchored by a resilient portfolio that continues to see high demand despite broader market volatility. The stock has a target price of Rs 2,945 with a potential upside of 16%.
Nuvama on Tata Consumer Products: ‘Buy’
Tata Consumer is projected to be a standout performer with an estimated 22% jump in EBITDA, leading most of its peers in profitability growth, as per the firm. The company is seeing robust traction in its India-branded volumes, which are expected to rise by 11%, while its salt revenue is forecasted to grow 10% due to grammage additions and market share gains. Furthermore, its Sampann brand remains a high-growth engine with a 25% to 30% expansion rate, and recent acquisitions like Capital Foods and Organic India are expected to contribute significantly to the top line. Nuvama maintains a target price of Rs 1,410, implying an upside of 18%.
Nuvama on Britannia Industries: ‘Buy’
Britannia Industries is a primary beneficiary of the recent GST rationalization, as approximately 85% of its portfolio, including staples like biscuits, cakes, and bread has transitioned from an 18% tax rate down to 5%, the firm added. This significant tax cut, combined with grammage additions in high velocity packs of Rs 5, Rs 10 and Rs 20, is expected to drive a 14.4% YoY increase in EBITDA. Revenue is projected to grow 8.5%, supported by price cuts and promotions in larger packs that are effectively stimulating consumer demand. The target price is set at Rs 6,335 with a projected upside of 15%.
Nuvama on Asian Paints: ‘Buy’
Despite a temporary slowdown in exterior paint demand due to unseasonal rains in October, Asian Paints is forecasted to deliver a solid 8% volume growth, as per Nuvama. Consolidated revenue is expected to grow 3.5% YoY, with much of the deferred demand from the third quarter likely to recover in the subsequent months. Additionally, the company’s B2B segment is showing double-digit strength, supported by promising capital outlays and a recovery in construction chemical sales. Nuvama has a target price of Rs 3,450, offering a potential upside of 14%.
Nuvama on Godrej Consumer Products: ‘Buy’
Godrej Consumer is witnessing a strong domestic volume recovery, with consolidated volumes and revenue projected to grow by 10% and 9.5% YoY, respectively, Nuvama added. The company’s Home Insecticides segment is performing well, particularly in South India, while the soaps category has successfully returned to growth. Analysts believe the worst is now behind its international business in Indonesia, where volume growth has finally turned positive, signaling a broader recovery for the group. The target price stands at Rs 1,510 with an upside potential of 21%.
Nuvama on Marico: ‘Buy’
Marico is slated for a massive consolidated revenue expansion of approximately 27% YoY, spearheaded by its Parachute business, where sales are likely to surge 45% due to strategic pricing adjustments, as per the report. While copra prices have corrected 30% from their peak, they remain at levels that allow Marico to leverage its pricing power. The company’s Value Added Hair Oil and international segments are both forecasted to grow by 22%, further solidified by the strong performance of its digital-first brands. Nuvama sets the target price at Rs 820, indicating a 24% upside.
Conclusion
The Indian consumer story for 2026 is seen as that of structural resilience. As the initial hiccups of the GST transition fade, top-tier companies are leveraging improved affordability and wider availability to capture a larger share of the household wallet, as per Nuvama.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.