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Axis Securities Report
Consumer demand remains sluggish:
Prolonged heat waves, a slowdown in discretionary spending, and a lighter wedding season in Q1 have kept consumption demand in the discretionary space subdued.
Premium versus Value:
While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.
Going forward, volume growth is expected to pick up in rural regions, driven by a better monsoon and rural recovery.
Store expansion continues:
Despite a challenging environment, most companies in our coverage universe have maintained or increased their store opening guidance as they expand into smaller towns, with long-term growth levers remaining strong.
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