Ghanshyam Pagi

FMCG Festive Data: A first-party reservoir ready to burst? Analysts estimate FMCG brands are sitting on a ₹500 crore “goldmine” if they treat first-party data not just as an activation pipe for ads, but as a true intelligence engine. Read the full story by Shantanu David. Limk in comment. Shradha Agarwal, Grapes Worldwide | Varun Mohan, MiQ | Saloni Jain, Plus91Labs | Swagatika Das, Nat Habit | Anil K Pandit, Publicis Media #e4m #FMCG #FirstPartyData #DataIntelligence #FestiveMarketing #ConsumerInsights

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Taking a cue from Ahana Gautam's posts / podcasts on "Unjunking India" and Nielsen IQ report on "Premiumisation in FMCG" especially led by Q-commerce, I tried to deep dive into: "Will General trade and Modern trade aisles really look different in 2030 due to premiumisation and un-junking? And what might FMCG brands need to do to achieve scale in these segments?"   Key sub-categories driving the premiumisation and unjunking journey: 1. Healthy snacking - Led by brands such as The Whole Truth Foods, ITC Yogabars, Open Secret etc. 2. Cold pressed oils - Led by brands such as Anveshan and large players like Jivo Wellness, Tata Simply Better from Tata Consumer Products etc. 3. Flours and pulses - Led by brands like ORGANIC INDIA, Better Nutrition 4. Dairy - A2 Ghee, vegan milk alternatives, products from Country Delight   However, if we look at the categories they operate in, it's a long way to go if we compare the market sizes of Biscuits & Snacks (Led by Britannia, Parle , ITC), Edible Oils (Led by Marico and Adani Wilmar), Staples (Largely unbranded still, many private labels, fragmented)   In a value-conscious country, the main deterrent for large-scale adoption of premium, healthier alternatives will be the Avg. selling price vs incumbents. Even on quick commerce, each platform has many OPP brands and private labels; the share of premium brands is ~25-30%   To replace incumbents in GT and MT aisles (where premium brands <10%) by 2030, brands will need to make premiumization more accessible while maintaining profitability, through: 1. Localized Sourcing & Backward Integration 2. Smaller & Affordable Pack Sizes 3. Education & category-building initiatives   Currently, the TAM for premium, healthy products is limited (~10-15% of India's population); if the middle class doesn't grow in the next 5 years, then this will be a huge risk to scale premiumisation. However, with the increasing focus on healthy alternatives, smaller pack sizes would still ensure that customers may choose these over incumbent brands.   It will be interesting to see how Premiumisation & Unjunking plays out over the next few years. Would love to discuss. Please comment / DM. P.S., Another trend I am curious about is the growing 'ready-to-eat / 'frozen food' segment for the Convenience-seekers. More on that in another post! #fmcgtrends #premiumisation #healthandnutrition

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𝐎𝐧𝐞 𝐨𝐯𝐞𝐫. 𝐒𝐢𝐱 𝐛𝐚𝐥𝐥𝐬. 𝐒𝐢𝐱 𝐬𝐢𝐱𝐞𝐬. Yuvraj Singh didn’t just hit boundaries that night, he changed the fundamentals of T20 cricket. From cautious play to fearless aggression. From survival to domination. 𝐓𝐡𝐚𝐭 𝐦𝐢𝐧𝐝𝐬𝐞𝐭 𝐬𝐡𝐢𝐟𝐭 𝐬𝐡𝐚𝐩𝐞𝐝 𝐭𝐡𝐞 𝐰𝐚𝐲 𝐈𝐧𝐝𝐢𝐚 𝐩𝐥𝐚𝐲𝐬 𝐓20𝐬 𝐭𝐨𝐝𝐚𝐲, 𝐛𝐨𝐥𝐝, 𝐝𝐞𝐜𝐢𝐬𝐢𝐯𝐞, 𝐚𝐧𝐝 𝐛𝐮𝐢𝐥𝐭 𝐟𝐨𝐫 𝐢𝐦𝐩𝐚𝐜𝐭. Business leaders face a similar inflection point. For years, we chased growth. Then reality hit: 𝐍𝐨𝐭 𝐚𝐥𝐥 𝐠𝐫𝐨𝐰𝐭𝐡 𝐢𝐬 𝐠𝐨𝐨𝐝 𝐠𝐫𝐨𝐰𝐭𝐡. That’s where two conversations collide: RGM (Revenue Growth Management) — 𝐇𝐨𝐰 𝐝𝐨 𝐰𝐞 𝐠𝐫𝐨𝐰? PGM (Profitable Growth Management) — 𝐖𝐚𝐬 𝐭𝐡𝐚𝐭 𝐠𝐫𝐨𝐰𝐭𝐡 𝐰𝐨𝐫𝐭𝐡 𝐢𝐭? Over the next few weeks, I’ll share 5 focused insights on connecting these worlds, turning speed into sustainability and ambition into value. Because the future belongs to leaders who ask both: “𝐇𝐨𝐰 𝐦𝐮𝐜𝐡 𝐝𝐢𝐝 ��𝐞 𝐠𝐫𝐨𝐰?” 𝐚𝐧𝐝 “𝐖𝐚𝐬 𝐢𝐭 𝐰𝐨𝐫𝐭𝐡 𝐢𝐭?” Stay tuned for: 1. Growth ≠ Value 2. Pricing for Margin 3. GTM vs Discipline 4. When RGM must graduate into PGM 5. The Integrated Playbook Your turn: In your organisation today, which conversation dominates more, 𝐫𝐞𝐯𝐞𝐧𝐮𝐞 𝐨𝐫 𝐩𝐫𝐨𝐟𝐢𝐭? #RGMRedefined #ProfitableGrowth #StructureVsStorm #RGM #GrowthStrategy #BusinessLeadership #RevenueManagement #IndiaBusiness #ConsumerEconomy

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As Warren Buffett said: “𝑇𝘩𝑒 𝑠𝑖𝑛𝑔𝑙𝑒 𝑚𝑜𝑠𝑡 𝑖𝑚𝑝𝑜𝑟𝑡𝑎𝑛𝑡 𝑑𝑒𝑐𝑖𝑠𝑖𝑜𝑛 𝑖𝑛 𝑒𝑣𝑎𝑙𝑢𝑎𝑡𝑖𝑛𝑔 𝑎 𝑏𝑢𝑠𝑖𝑛𝑒𝑠𝑠 𝑖𝑠 𝑝𝑟𝑖𝑐𝑖𝑛𝑔 𝑝𝑜𝑤𝑒𝑟.” Recent FMCG results reveal a harder truth: pricing power without model discipline is fragile. Hindustan Unilever (Q3 FY25) • Revenue defended in a muted demand environment • Volumes flat • Margins under pressure (GST, monsoons, cost defense) 𝑅𝑒𝑠𝑢𝑙𝑡: 𝑠𝘩𝑎𝑟𝑒 𝑝𝑟𝑜𝑡𝑒𝑐𝑡𝑖𝑜𝑛 𝑐𝑎𝑚𝑒 𝑎𝑡 𝑎 𝑝𝑟𝑜𝘧𝑖𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑦 𝑐𝑜𝑠𝑡. Hindustan Unilever (FY23) • Volume growth present • EBITDA margins declined despite topline growth • Promos, low-margin SKUs, and channel incentives diluted value 𝑅𝑒𝑣𝑒𝑛𝑢𝑒 𝑢𝑝. 𝑃𝑟𝑜𝘧𝑖𝑡 𝑑𝑜𝑤𝑛. Marico (recent quarters) • Insurgent pressure intensified • Price-offs increased • Margin protection became as critical as growth Classic RGM responses followed: Price moves, pack and promo sharpening, channel tactics. Necessary, but not sufficient. When insurgents win with lean models and focused portfolios, the question shifts from: “𝐂𝐚𝐧 𝐰𝐞 𝐫𝐞𝐬𝐩𝐨𝐧𝐝 𝐨𝐧 𝐩𝐫𝐢𝐜𝐞?” to “𝐈𝐬 𝐨𝐮𝐫 𝐠𝐫𝐨𝐰𝐭𝐡 𝐦𝐨𝐝𝐞𝐥 𝐛𝐮𝐢𝐥𝐭 𝐭𝐨 𝐬𝐭𝐚𝐲 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐥𝐞 𝐮𝐧𝐝𝐞𝐫 𝐩𝐫𝐞𝐬𝐬𝐮𝐫𝐞?” 𝑇𝘩𝑎𝑡’𝑠 𝑡𝘩𝑒 𝑔𝑟𝑎𝑑𝑢𝑎𝑡𝑖𝑜𝑛 𝑚𝑜𝑚𝑒𝑛𝑡. 𝐑𝐆𝐌 𝐜𝐫𝐞𝐚𝐭𝐞𝐬 𝐦𝐨𝐦𝐞𝐧𝐭𝐮𝐦. 𝐏𝐆𝐌 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐬 𝐞𝐧𝐝𝐮𝐫𝐚𝐧𝐜𝐞. Your turn: What’s forcing the shift in your organisation, insurgents, margins, or complexity? ♻️ Repost to remind leaders: 𝐺𝑟𝑜𝑤𝑡𝘩 𝑚𝑢𝑠𝑡 𝑚𝑎𝑡𝑢𝑟𝑒 𝑖𝑛𝑡𝑜 𝑝𝑟𝑜𝘧𝑖𝑡𝑎𝑏𝑖𝑙𝑖𝑡𝑦. ➕ Follow 𝐓𝐮𝐬𝐡𝐚𝐫 𝐒𝐡𝐚𝐫𝐦𝐚 for more #RGMRedefined #ProfitableGrowth #StructureVsStorm #RevenueStrategy #FMCG #Beverage

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Fractal Analytics, one of India’s leading pure-play artificial intelligence and analytics companies, has filed draft papers with SEBI for a ₹4,900 crore IPO. The offering will include a fresh issue of ₹1,279.3 crore and an offer for sale (OFS) worth ₹3,620.7 crore by existing shareholders, including major investors Quinag Bidco (₹1,462.6 crore) and TPG Fett Holdings (₹1,999.6 crore). About 75% of the offer is reserved for QIBs, 15% for NIIs, and 10% for retail investors, with a 5% employee reservation. Proceeds from the fresh issue will be used to invest in Fractal USA for debt repayment, set up new offices in India, bolster R&D and marketing under Fractal Alpha, and pursue acquisitions and strategic initiatives. Notably, Group CEO Srikanth Velamakanni and CEO Pranay Agrawal, who each own around 10% of the company, are not selling their stakes. Founded in 2000 by five IIM Ahmedabad graduates, Fractal reached unicorn status in 2022 and now supports large global enterprises across sectors such as CPG & retail, TMT, healthcare, life sciences, and BFSI. The company’s strong growth trajectory is evident, with FY25 revenue rising 25.9% to ₹2,765 crore from ₹2,196 crore in FY24, while profit after tax surged to ₹220.6 crore from a loss of ₹54.7 crore the previous year. Backed by marquee investors like TPG, Apax, and Gaja, Fractal continues to strengthen its position as a domain leader in AI-driven decision-making. Kotak Mahindra Capital, Morgan Stanley India Company, Axis Capital Ltd., and Goldman Sachs (India) Securities are acting as the book-running lead managers for the IPO.

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Fractal Analytics, the Mumbai and New York-based AI–driven analytics company, has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for a Rs 4,900 crore (about $590 million) initial public offering (IPO), in what would be its second bid to go public. The offering will comprise a fresh issue of shares worth up to Rs 1,279.3 crore and an offer for sale of up to Rs 3,620.7 crore. Private equity backers Apax Partners and TPG will account for the bulk of the sale, offloading shares worth Rs 1,462.6 crore and Rs 1,999.6 crore, respectively, through their affiliates. Read the full story here:👇 https://lnkd.in/dTHGnym2 #analytics #drhp #sebi #funding #mumbai #company #startup #indianstartupnews

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"India is a diverse market with varying palates, lifestyles, and consumption drivers. They give us a powerful lens to innovate with intent." In a conversation with Geetika Srivastava, Nitin Bhandari, VP & GM – Beverages, PepsiCo India & South Asia, dives deep into the evolving beverage industry landscape. From culturally timed, insight-led campaigns to a sharper focus on digital-first formats, he highlights how the industry is transforming to keep up with the culture-driven, digital-first youth. Read the full article, here: https://lnkd.in/gRkwHeUb

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Marico Limited is betting big on plant-based nutrition The FMCG major is acquiring a 60% stake in Cosmix, valuing the brand at ₹375 crore, with an option to buy the remaining stake by FY29. What’s interesting isn’t just the deal, it’s why it’s happening. Cosmix, founded in 2019 by Soorya Jagadish and Vibha Harish, has been bootstrapped, EBITDA positive and is on track to hit ₹100 crore in revenue by FY26. That’s strong momentum for a digital-first, mission-led wellness brand. Instead of raising financial capital, the founders chose a strategic partner. Why? Because scaling a values driven brand needs more than money, it needs R&D depth, manufacturing muscle and distribution wisdom, without losing the soul of the brand. For Marico, this fits neatly into a larger pattern. Over the years, it has been quietly building a digital first portfolio with brands like Beardo, Plix, True Elements and Just Herbs and expects this portfolio to cross ₹1,000 crore ARR by FY26. Big FMCG isn’t just buying revenue anymore. It’s buying consumer trust, category leadership and founder clarity. And for D2C founders, this is a reminder. The right strategic partner can help you scale without forcing you to compromise on what made your brand win in the first place. Plant-based. Digital-first. Founder-led. This deal checks all the boxes.

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PepsiCo Expands Snack Portfolio with India Launch of Red Rock Deli The timing of the launch aligns with a broader shift in India’s snacking culture, where consumers are gravitating toward premium, experimental offerings: PepsiCo India PepsiCo | Shivalika Chadha Malik | Neha Singh | Jagrut Kotecha | Saakshi Verma Menon | Sandeep Kamath | Vinod Kaushal. Read more: https://lnkd.in/dusEPtWX #SnackingIndustry #FMCGIndia #PepsiCoIndia #ProductLaunch #FoodInnovation #PremiumSnacking #IndiaBusinessUpdates #ConsumerTrends

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Rural is not just growing, it’s evolving. Is your GTM strategy evolving too? NielsenIQ Q2 Snapshot: What It Means for FMCG GTM Strategies India’s FMCG sector is back in double-digit growth (13.9% value growth vs. Q2’24) after a few tepid quarters. But the story behind the numbers calls for a bold rethink of how we go to market. Key Observations & Insights 1. Rural Dominance is Sustained Rural India has outpaced urban in volume growth for six straight quarters (8.4% vs. 4.6%). This is not a spike, it’s a pattern. 2. Regional Players Are Winning Big They have cracked the rural playbook. National brands need a national mission with hyper-local strategies to catch up. 3. The Affordable Paradox Small packs are growing (affordability trend), yet affordable premium in OTC & HPC is booming, especially in rural. Bharat is buying more and buying better. 4. Digital Acceleration in Metros E-com now contributes half of omnichannel growth in metros despite only 11–13% value share. MT specifically is loosing big . Q-com and D2C are rewriting urban FMCG dynamics. What This Means for GTM 1️⃣ Invest in Direct Rural Reach– The “Bharat Growth Story” isn’t slowing. The Tech for rural distribution remains underutilized. It calls for a differentiated approach. 2️⃣ Kill One Size Fits All GTM – Every channel, geography, and demographic needs a tailored strategy. 3️⃣ Balance Dual Growth Engines – Affordable packs for penetration, affordable premium for aspiration. 4️⃣ Double Down on Digital – Metros need integrated online + offline strategies. 5️⃣ Rewire Distribution Execution – This is the real differentiator. Strengthen coverage expansion, direct distribution initiatives, and digital visibility via SFA/DMS. The winners will be those who execute faster and deeper. As the saying goes: 👉 “Without strategy, execution is aimless. Without execution, strategy is useless.” The opportunity is clear. The question is, are we adapting fast enough to win? ZA Consulting

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Unbranded FMCG is Driving Urban Consumption, As per Kantar's report. According to Kantar’s latest FMCG Pulse report, unbranded products have become the primary growth engine in urban India during FY25, even as overall FMCG volume growth slowed to 4.2% from 6.6% a year ago Key Takeaways: Urban growth isn’t missing, it’s shifting: While branded FMCG slowed, consumers traded down to lower-priced, unbranded items. Digital ads are reshaping perception, encouraging trial and acceptance of these non-branded offerings. Macro recovery signals are mixed: Despite slowing food inflation, stronger GDP, and rising consumer confidence, branded FMCG hasn’t fully rebounded. Equity Implications: Branded players (HUL, ITC, Marico) face growing competitive pressure from unbranded entrants, especially in staples, oils, and basic personal care. Margin strategies must adapt: product packs, price tiers, and value-focused SKUs are now essential to retain market share. Marketing pivot: Digital campaigns should spotlight value for money, not only aspirational premium offerings. Channel focus: Strengthen presence in traditional trade (kiranas, mom-and-pop stores) where unbranded belts are a strong presence. In sum, urban consumption remains healthy, just under a different guise. Branded FMCG firms must innovate in pricing, positioning, and channels if they’re to stay relevant in an evolving value-driven landscape. #FMCG #EquityResearch #IndiaMarkets #ConsumerStaples #100DaysChallenge #Valuation #LinkedInInsights #Finance Day 98/100 The Valuation School | Parth Verma

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Woke up and realized . . I just completed 10 years in the world of Consumer Insights. Over the years, a few young professionals have reached out asking - How to break in this field? And I feel grateful that my journey can spark that question in someone. So here goes - sharing 7 lessons from my 10 years in this consumer insighst: 1. Insight without action is a missed opportunity. Even the best decks can die in meeting rooms. If you can't influence the room, the research won’t matter. 2. EQ > IQ Especially in consumer businesses — where people and emotions are everything. 3. How real people talk about problems and how brands solve them — are two different things. Your edge as an insights professional is connecting the two. 4. Triangulation is your superpower. More data isn’t better. Better interpretation is. The magic lies in connecting dots that others miss. 5. Even the most elaborate research needs an elevator pitch. If you can’t say it in 3 slides or 3 minutes, it won’t travel far. 6. The best decisions blend intuition with insight. The sharpest marketers I know trust their gut — but only after they've spent years understanding consumers. 7. And lastly, “No” can be your early-career superpower. I said no to work that didn’t excite me — or play to my strengths. Tough then, but game-changing in hindsight. What’s one lesson you would add to this list?

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From the Desk of FMCG Commercial Strategist The GTM & RGM Sync - How to enable it? Today, I’m sharing the “4R” GTM-RGM Sync Framework — a KPI-driven model designed for India’s complex retail landscape. Each ‘R’ in this framework is backed by quantifiable KPIs — from weighted distribution and promo ROI to downtrading alerts and mix margin. The 4Rs: 1. Reach – Are the right SKUs in the right outlets? 2. Relevance – Do price-pack-channel combination resonate with consumers and caters to their needs? 3. Return – Are we delivering profitable growth? 4. Recalibration – Are we adjusting based on real signals? Swipe through the carousel to explore each “R” and its adapt by brand’s different lifestage. I’ll further unpack each "R" in detail in the coming posts. Stay tuned! #GTM #RGM #FMCGStrategy #BrandExecution #Strategy #LinkedInSeries

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𝗪𝗲’𝗿𝗲 𝗱𝗲𝗹𝗶𝗴𝗵𝘁𝗲𝗱 𝘁𝗼 𝗮𝗻𝗻𝗼𝘂𝗻𝗰𝗲 Ipsos in India 𝗮𝘀 𝘁𝗵𝗲 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝗳𝗼𝗿 𝘁𝗵𝗲 𝟰𝘁𝗵 𝗣𝗹𝗮𝗻𝘁 𝗕𝗮𝘀𝗲𝗱 𝗙𝗼𝗼𝗱𝘀 𝗦𝘂𝗺𝗺𝗶𝘁. At PBFIA, we believe that evidence—not assumptions—must drive food system transformation. As India and the world move towards a future of nutrition security, climate resilience, and inclusive growth, trusted data becomes the foundation for better decisions.  • With IPSOS’ global expertise in consumer insights and impact assessment, this partnership will help:  • Decode consumer behaviour around plant-based adoption  • Quantify the environmental, nutritional, and economic impact of dietary shifts  • Enable policymakers, industry leaders, and startups to act with confidence Together, we aim to turn the complexity of food system transition into clear, actionable opportunities—where sustainability, nutrition, and profitability move forward hand in hand. 📍 𝟰𝘁𝗵 𝗣𝗹𝗮𝗻𝘁 𝗕𝗮𝘀𝗲𝗱 𝗙𝗼𝗼𝗱𝘀 𝗦𝘂𝗺𝗺𝗶𝘁 𝟮𝟬𝟮𝟲 📅 𝟭𝟬𝘁𝗵 𝗠𝗮𝗿𝗰𝗵 𝟮𝟬𝟮𝟲 📌 𝗕𝗵𝗮𝗿𝗮𝘁 𝗠𝗮𝗻𝗱𝗮𝗽𝗮𝗺, 𝗡𝗲𝘄 𝗗𝗲𝗹𝗵𝗶 🔗 𝗥𝗲𝗴𝗶𝘀𝘁𝗲𝗿 𝗵𝗲𝗿𝗲: https://lnkd.in/gwN88N6R 𝗟𝗲𝘁’𝘀 𝘀𝗵𝗮𝗽𝗲 𝗮 𝗱𝗮𝘁𝗮-𝗱𝗿𝗶𝘃𝗲𝗻, 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲, 𝗮𝗻𝗱 𝗳𝘂𝘁𝘂𝗿𝗲-𝗿𝗲𝗮𝗱𝘆 𝗳𝗼𝗼𝗱 𝘀𝘆𝘀𝘁𝗲𝗺 𝗳𝗼𝗿 𝗜𝗻𝗱𝗶𝗮 #PBFIA #PlantBasedFoods #IPSOS #ResearchPartner #FoodSystemTransformation #EvidenceBasedPolicy #ViksitBharat #ClimateSmartFood #NutritionSecurity #SustainableFood #PlantBasedSummit2026

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🌧️ Rain, Rivalry, and Rationalisation: India’s FMCG Giants Go Lean Unseasonal rains and the rise of agile D2C brands are reshaping India's FMCG supply chains. From Nestlé retiring Maggi variants to Dabur India Limited exiting entire categories, the focus has shifted to SKU efficiency and weather-proof distribution. With rural demand softening and shelf-space tightening, quick exits and leaner operations are now key. More info: https://lnkd.in/gHsSmtTd #FMCG #SupplyChain #SKUefficiency #D2C #ConsumerTrends

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