ITC vs HUL: which FMCG heavyweight deserves a spot on your watchlist?

Indian FMCG sector generated ~$289.1B in revenue in 2025 and is projected to grow at a 17.3% CAGR through 2030, reaching ~$642.87B, with urban markets driving 62% of growth. However, the Nifty FMCG Index has declined 12.7% over the past year amid pricing pressure, inflation, and weak corporate earnings. ITC outperformed HUL in FY26, posting 10.3% gross revenue growth versus HUL's 5% underlying sales growth, with ITC's 3-year revenue CAGR of 3.6% also exceeding HUL's 2.1%.