GST cut lifts festive demand, but smaller FMCG brands steal market share: Aditya Soman, CLSA

Indias consumption cycle is turning positive post-GST cuts and a strong festive season, but CLSAs Aditya Soman says smaller and digital-first FMCG brandsnot industry giantsare gaining the most. Quick commerce, modern retail, and cheaper digital marketing are reshaping competition. With valuations resetting and consolidation rising, Indias multi-decade consumer growth story remains intact but more diverse than ever.