Brokerage Radar: JPMorgan on India consumer



Demand recovery slow for staples & mass discretionary but expect pace to pick up in FY25

Comfort on margin trajectory; Modest gains ahead

Competitive intensity stays stiff

Premiumization and portfolio expansion in focus

Multiple dynamics at play in distribution ecosystem

Overseas Overseas - Limited capital deployment

Capex trending up across Foods, QSR and Paints

DIIs add while FIls are more selective (Source: ETNow)