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India’s packaged goods makers must either raise prices or switch to an alternative—both options with their fair share of pitfalls.

Back-to-back strong quarters have reset expectations for the beauty and personal care company. Has the Mamaearth parent truly left its troubled past behind?
How well rural consumption is doing is subjective. What isn’t subjective is how growing indebtedness, combined with stagnant income growth, is creating a tinderbox for households, banks and consumer companies that no one is talking about.
Stories of great outcomes and easy funding kept the sector on its toes. The momentum is expected to continue going into 2026, but startups may need to rethink their strategy.