Indian Consumer-Goods Firms Post 29% Export Growth in FY26
Leading Indian consumer-goods manufacturers raised export earnings by 29% in FY26, topping ₹1,08,269 crore, while import costs rose 17% to ₹1,04,361 crore, according to an ET study of 20 large publicly traded companies.
Leading Indian consumer-goods manufacturers boosted export earnings by 29% in FY26, achieving net foreign-exchange positive status. Combined forex earnings from exports topped ₹1,08,269 crore, while import outgo rose 17% to ₹1,04,361 crore.
Export Surge Amid Global Headwinds
The study, sourced from annual reports and registrar of companies filings, shows that the 20 firms-spanning daily essentials, household products, automobiles, consumer electronics and liquor-collectively earned more from overseas sales than they paid for imported inputs. The growth rate of 29% is the fastest in four years, following a 55% rise in FY22 that was buoyed by a lower FY21 base when the pandemic disrupted operations.
| Category | FY26 | Growth |
|---|---|---|
| Export forex earnings | ₹1,08,269 crore | 29% |
| Import forex outgo | ₹1,04,361 crore | 17% |
The surge came despite headwinds from U.S. tariffs and a sharply weaker rupee, which made imports more expensive. Companies countered these pressures by ramping up localization, thereby improving margins and expanding market reach.
Localization Drives Cost Competitiveness
Maruti Suzuki, Marico, Godrej Consumer Products, Hyundai, Hero MotoCorp, Bajaj Auto and Blue Star all increased the share of export revenue in their total earnings by 1-5 percentage points in FY26, according to the data. Hyundai India highlighted that indigenizing high-value components-such as AGM batteries, front cameras, fuel delivery pipes and standard fasteners-was key to maintaining cost competitiveness.
“At a time when there are headwinds from rupee depreciation and rising input costs, we will continue to expand our exports by adding new geographies and product categories, which will also benefit margins,” said Atul Khanna, chief accounting officer at LG Electronics India. “Localisation will go up by 1-2 percentage points every year.”
ITC, in its latest annual report, stated that forex earnings are a priority and that all its businesses are mandated to engage with overseas markets to test and demonstrate international competitiveness and pursue profitable growth opportunities.
Company-Specific Strategies
Radico Khaitan’s managing director, Abhishek Khaitan, noted that the liquor maker exports to more than 100 countries, representing 5-6% of volumes but a higher share by value. The company expanded its forex earnings from exports by 25% to ₹327 crore last fiscal year. “We are not only catering to the Indian diaspora but also to mainstream consumers,” he said, adding that the brand is built on value for money, prestige and luxury.
The combined export earnings growth underscores a broader trend among Indian consumer-goods firms to diversify revenue streams internationally while mitigating import cost pressures through localization. The data suggest that firms are successfully navigating a challenging macro environment, maintaining positive net forex positions and improving profitability across the sector.
