VIP’s Growth Stalls as Product-Market Mismatch and Inventory Stress Trigger a Structural Slowdown
Excess soft-luggage inventory, underutilised Bangladesh capacity, and discount-driven clearance compressed margins and stalled growth.
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Relaxo’s Growth Remains Under Pressure as Mass-Market Weakness and GST Transition Weigh on Volumes
Relaxo’s volumes have steadied, but GST disruption and mass-market weakness keep growth soft. Normalisation and distribution gains should support a gradual rebound.
Relaxo’s Realisations Hold Steady, but Pricing Tailwinds Have Ended
Relaxo’s realisations have plateaued, with YoY growth slipping into negative territory as GST transition effects and mix softness dilute pricing gains. A recovery will hinge on stronger volumes and a shift toward higher-value segments.
Manyavar’s Expansion Slows as the Network Enters a Consolidation Phase
Manyavar’s once rapid expansion has flattened, with only 2 net store additions in FY25 and a decline of 7 stores in H1FY26. The brand is now shifting from footprint-led growth to a productivity- and optimisation-led strategy as the ethnic-wear market matures.
Barbeque Nation Adds Stores but Per-Store Revenue Remains Flat
Barbeque Nation continues to add stores, but per-restaurant revenue has plateaued, indicating a shift toward footprint-driven growth and softer unit-level momentum.
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Relaxo’s Growth Remains Under Pressure as Mass-Market Weakness and GST Transition Weigh on Volumes
Relaxo’s volumes have steadied, but GST disruption and mass-market weakness keep growth soft. Normalisation and distribution gains should support a gradual rebound.
Domestic Volumes Recover Gradually, Reaching Their Strongest Levels in FY26 For Marico
Marico’s move from low single-digit to 7–9% domestic volume growth marks a clear inflection, driven by rural revival, portfolio strengthening, and improving category dynamics.
Relaxo’s Realisations Hold Steady, but Pricing Tailwinds Have Ended
Relaxo’s realisations have plateaued, with YoY growth slipping into negative territory as GST transition effects and mix softness dilute pricing gains. A recovery will hinge on stronger volumes and a shift toward higher-value segments.
Manyavar’s Expansion Slows as the Network Enters a Consolidation Phase
Manyavar’s once rapid expansion has flattened, with only 2 net store additions in FY25 and a decline of 7 stores in H1FY26. The brand is now shifting from footprint-led growth to a productivity- and optimisation-led strategy as the ethnic-wear market matures.