Dominant FMCG incumbents face pressure from rising competition from digital-first and regional brands, which are eroding their market share and growth rates. High valuations for these established players may not be sustainable unless they accelerate innovation.

Deepak Shenoy’s track record: 5 graded calls · 95% CI 4–62%

Nifty FMCGBearishCalled 28 Jan 2026Graded 19 Jul 2026