New Delhi, Feb. 17 -- FMCG companies' margin gains could remain limited despite reporting aggregate revenue growth of about 9 per cent year-on-year (YoY) in the third quarter of FY26, as growth was partly driven by GST-related adjustments, price corrections in key categories, and continued competitive pressure, according to a report by Systematix Group.

The report noted that FMCG companies, also referred to as consumer staples companies, delivered approximately 9 per cent YoY revenue growth for the top companies, supported by volume growth of +6 per cent YoY.

Although this marked a meaningful improvement compared with revenue growth of +7 per cent in 2QFY26 and +5 per cent in 3QFY25, the report highlighted that margin expansion may rema...