Macquarie flags monsoon risk for Britannia, Dabur; backs Titan, Lenskart, Marico, HUL
Uneven monsoon and El Niño risk could squeeze rural-dependent FMCG names Britannia and Dabur, Macquarie warns. The broker prefers Titan, Lenskart, Marico and HUL for stronger structural growth. Food inflation risk seen contained by government stockpiles. Rainfall: 67% LPA in June, 105% July, 115% August, 152% September.
Macquarie warns uneven monsoon and possible El Niño could pressure rural-dependent FMCG names Britannia and Dabur, while favoring Titan, Lenskart, Marico and HUL for stronger structural growth. Food inflation risk seen contained by government stockpiles.
Why this matters
Macquarie's caution comes as Britannia already leans on price hikes and grammage cuts on Good Day to defend margins, suggesting rural demand and monsoon variability remain a near-term overhang.
Retail-brand signals steady at 1,886 across the last 90 days.