Industry research
FMCG covers the packaged food, drinks, dairy, tobacco, soap, detergent and personal-care goods that Indian households buy again and again. This page measures listed and private makers side by side from statutory filings, so the national brands and the regional makers can be compared on one footing.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | ITC | Listed · ITC | 75,323 | 37.8 | West Bengal |
| 2 | Hindustan Unilever | Listed · HINDUNILVR | 63,121 | 25.1 | Maharashtra |
| 3 | Nestle India | Listed | 20,202 | 23.9 | Delhi |
| 4 | Wipro Enterprises | Private | 17,963 | 14.8 | Karnataka |
| 5 | Britannia Industries | Listed · BRITANNIA | 17,943 | 19.0 | West Bengal |
| 6 | Tata Consumer Products | Listed · TATACONSUM | 17,618 | 15.2 | West Bengal |
| 7 | Parle Products | Private | 17,577 | 10.4 | Maharashtra |
| 8 | Mother Dairy Fruit and Vegetable | Private | 17,359 | 3.8 | Delhi |
| 9 | Godrej Consumer Products | Listed · GODREJCP | 14,364 | 23.1 | Maharashtra |
| 10 | Hindustan Coca-Cola Beverages | Private | 12,751 | 13.8 | Haryana |
| 11 | Dabur India | Listed · DABUR | 12,563 | 22.8 | Delhi |
| 12 | Mondelez India Foods | Private | 12,503 | 8.8 | Maharashtra |
| 13 | Nirma | Private | 12,207 | 17.0 | Gujarat |
| 14 | Marico | Listed · MARICO | 10,831 | 21.7 | Maharashtra |
| 15 | Reckitt Benckiser (India) | Private | 9,726 | 32.3 | Haryana |
| 16 | Hatsun Agro Product | Listed · HATSUN | 8,700 | 11.8 | Tamil Nadu |
| 17 | SLMG Beverages | Private | 6,774 | 9.9 | Delhi |
| 18 | Balaji Wafers | Private | 6,459 | 9.2 | Gujarat |
| 19 | L'Oreal India | Private | 5,925 | 16.5 | Maharashtra |
| 20 | Godfrey Phillips India | Listed · GODFRYPHLP | 5,611 | 28.6 | Maharashtra |
| 21 | Indapur Dairy and Milk Products | Private | 4,392 | 5.8 | Maharashtra |
| 22 | Emami | Listed · EMAMILTD | 3,809 | 28.7 | West Bengal |
| 23 | Heritage Foods | Listed · HERITGFOOD | 3,794 | 5.8 | Telangana |
| 24 | Dodla Dairy | Listed · DODLA | 3,720 | 11.7 | Telangana |
| 25 | Moon Beverages | Private | 3,712 | 15.9 | Uttar Pradesh |
| 26 | Parag Milk Foods | Listed · PARAGMILK | 3,432 | 8.5 | Maharashtra |
| 27 | Parle Agro | Private | 3,284 | 13.7 | Maharashtra |
| 28 | Bisleri International | Private | 3,218 | 15.3 | Maharashtra |
| 29 | Jyothy Labs | Listed · JYOTHYLAB | 2,847 | 19.5 | Maharashtra |
| 30 | MDH (Mahashian Di Hatti) | Private | 2,845 | 37.4 | Delhi |
1749 FMCG companies with statutory filings (42 listed, 1707 private) reported combined revenue of ₹5.77 lakh crore in FY2025, +9.8% on the same companies, and aggregate EBITDA of ₹1.02 lakh crore. As filed each year, combined revenue was ₹2.73 lakh crore in FY2018, reached ₹5.77 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 30 listed companies with an exchange price are worth ₹12.05 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Mixed. The aggregate EBITDA margin of FMCG companies was 17.6% in FY2025, 0.8 pts below FY2024, against a peak of 19.8% in FY2019. The low since the peak was 17.3% in FY2023. Profit after tax margin was 12.5% (+1.4 pts on FY2024). Aggregate EBITDA of listed and private FMCG companies moved +35% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹1.02 lakh crore (+1.7% on FY2024).
By FY2025 revenue the largest FMCG companies are ITC (₹75,323 crore, 37.8% EBITDA margin); Hindustan Unilever (₹63,121 crore, 25.1% EBITDA margin); Nestle India (₹20,202 crore, 23.9% EBITDA margin); Wipro Enterprises (₹17,963 crore, 14.8% EBITDA margin, private); Britannia Industries (₹17,943 crore, 19.0% EBITDA margin). Among the ten largest, ITC (37.8%) and Hindustan Unilever (25.1%) earn the widest EBITDA margins and Mother Dairy Fruit and Vegetable (3.8%) the thinnest. 12 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Manufacturing operations carried 2.4% of FMCG stories in 2025-06 to 2026-05, up 0.8 pts (+51%) on the prior 12 months; net tone +67 vs +60 for all FMCG stories. In buyer searches: Search interest in soap, shampoo, skin & oral care queries (dove soap price, parachute hair oil, sunscreen price) was +84% in the 12 months to 2026-09 vs the prior 12, led by “sunscreen price” (+122%), followed by noodles, sauces, spices & ready foods (+25%); biscuits, snacks & namkeen moved -7%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: FMCG EBITDA grew 35% since FY2022 (Industry financials). 68 private FMCG manufacturers pass an IPO-readiness screen (Top FMCG companies in India). Manufacturing operations is gaining the most ground in FMCG news (FMCG in the news). Soap, shampoo, skin & oral care searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 19.5× and median P/E 36.1× across 30 priced FMCG companies. (Market capitalisation & valuation).
The median trailing P/E is 36.1× and the median EV/EBITDA 19.5× across 30 priced companies.
FMCG, or fast-moving consumer goods, are low-priced, mass-market products that are bought often and used up quickly: packaged food and drinks, dairy, biscuits and snacks, tobacco, soaps and detergents, shampoos, oral care and cosmetics. In India they reach buyers through neighbourhood stores, modern trade and e-commerce, and the sector is shaped by rural demand, input costs and brand strength.
It covers listed and unlisted companies that make branded packaged food, dairy, bakery and snack products, soft drinks and packaged water, tea and coffee, tobacco, and soaps, detergents and cosmetics, drawn from statutory filings under the matching activity codes plus named FMCG makers whose filing code differs. Sugar mills, alcoholic beverages and commodity edible-oil makers are left out because they have their own industry pages; so are restaurants, grocery platforms, bulk grain millers, plantation and ingredient suppliers, and subsidiaries whose revenue is already counted inside a listed parent.
Research information, not investment advice.
Industry research