India, Nov. 2 -- The September quarter could bring contrasting earnings performances from two major FMCG companies, ITC Ltd and Marico Ltd. While Marico is benefiting from healthy domestic demand, strong international growth and improving margins, ITC continues to face challenges in its cigarette business following the increase in excise duty.

Brokerages Motilal Oswal and PL Capital have highlighted these differences in their latest research reports. While both remain positive about Marico's growth outlook, they expect ITC's earnings recovery to take longer. Here is what investors should monitor ahead of their Q2 FY27 results, as they will announce their results on 2nd November, 2026.

Marico Q2 Expectations: Strong Volume Growth and Ma...