FY27 Full Year A&P Spend
Marketing reinvestment rate to remain in range of 10.5% to 11% of net sales for fiscal 2027, reflecting continued brand building investments including McDowells renovation and innovation calendar.
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margins
P&A Double-Digit Growth Construct
Management reiterated historically stated double-digit growth target with 5-6% P&A volume growth and 6-7% price/mix, expecting second half to be better than first half as Maharashtra impact laps.
McDowells No.1 Rollout Target
Renovated McDowells bundle aims for 85% rollout across salient markets before the festive season kicks in, with early consumer trials showing encouraging response on quality and overall bundle appeal.
India-UK FTA Consumer Impact Timeline
UK FTA treaty is live and first shipment cleared at concessional duty. With 60-70 days of existing inventory in the system, real consumer benefits (7-9% price reduction on IMFL portfolio) expected by October-early November.
Double-digit PNA growth guidance maintained
Management reaffirms commitment to double-digit PNA guidance for FY26 despite Maharashtra headwinds. 9-month PNA growth stands at 9.8% tracking close to guidance.
Price mix sustainability at 6-8% range
Historically stated price mix range of 6-8% deemed sustainable at higher end until Maharashtra headwinds continue, normalizing at lower end once headwinds fall off.
FDA tailwind impact in July-September quarter
India-UK FTA expected to be signed off by British Parliament between March-May 2026, with financial benefits (₹110-120 crore annually on bulk scotch) starting to flow through from Q2 FY27.
Marketing reinvestment at higher end of 9.5-10% range
Full-year A&P spend expected to be marginally higher than the upper end of 9.5-10% guidance range, driven by tactical investments to protect portfolio competitiveness.
Double-digit PNA Growth in FY27
Management reaffirmed confidence in delivering double-digit growth for the prestige and above portfolio in FY27, even with Maharashtra and AP included, driven by Karnataka policy tailwinds and McDonald's relaunch.
Smirnoff Targeting INR 500 Crore NSV
Smirnoff is on a clear trajectory to reach INR 500 crore NSV over the next 18 months from current INR 350 crore, supported by local flavor innovation.
McDonald's National Rollout by August 2025
Transformed McDonald's bundle (30% more scotch, new packaging, 180ml PET) rolling out sequentially market-by-market starting May, completing by end August 2025.