New Delhi, Sept. 3 -- Rising prices of sugar, coffee, cocoa and several other key inputs are set to put renewed pressure on FMCG companies in the coming quarters, with the earlier broad relief from lower raw material costs now becoming less widespread, Equirus Securities said in a report.

The brokerage said the raw-material environment had "rotated rather than eased" in the second quarter of FY27, as a correction in crude-linked inputs was being partly offset by renewed inflation in several commodities.

"Overall, the RM tailwind is becoming less broad-based, with the direction of individual commodities likely to drive relative margin outcomes going forward," Equirus said.

Sugar has emerged as the key outlier among agricultural commodit...