Jishith Janardhanan

GST Rate Cut on Personal Care: With GST on most personal care items moving from 18% to 5%, the impact will play out in three distinct phases — each shaping how manufacturers, distributors, retailers, and consumers behave. Phase 1: Short Term (Next 45–60 days) Large stockists with deep pockets will hoard and arbitrage through ways known to them all ;) It will be like solving a linear programming problem involving how much stock of old gst vs new gst to be purchased when and sold when? Manufacturers will benefit from stronger primary sales specially before 22nd, which will eventually trickle down to secondary sales. In this phase, CM1 will go up (only post 22nd)...CM2 will go down to the extent at which trade is *convinced* to buy. Members in downstream of value chain will try to optimize their margins within constraint of being compliant to anti profiteering clause. Phase 2: Mid Term (60–100 days) With many FMCG players closing their FY in December, consumer promotions will pick up. Expect freebies, MRP cuts, and differentiated packs across channels. Both consumers and opportunistic retailers/wholesalers will benefit. If executed well like differentiated promo packs for different trade and consumer facing channels, historical leakages in the trade system could be reduced significantly. In this phase, CM1 shall move up and CM2 will also move slightly up than Phase 1 given benefit is passed in form of freebies or portion increase. Phase 3: Beyond 100 days The focus will shift towards upgrading consumers — popular to premium SKUs, small to larger packs in highly penetrated categories (e.g., oral hygiene). In low-penetrated categories (e.g., shampoo bottles, shaving creams), affordability will drive expansion. Margin dynamics (CM1, CM2) will stabilize, supporting long-term growth. Which companies will move *first* — balancing end-consumer benefits after taking channel partners into confidence. Those who act decisively in the next 2–3 days will likely emerge as the biggest beneficiaries of this reform. All the manufacturers have seen VAT to GST and then multiple GST adjustments in the past...so ideally this matter can be acted upon pretty fast without further delays, as waiting on competitive actions may not be productive — there will invariably be a first mover :) Exciting times ahead for FMCG and retail! Colgate-Palmolive (India) Ltd Procter & Gamble Haleon Marico Limited Bombay Shaving Company Perfora Emami Ltd Himalaya Wellness Company CavinKare VI-JOHN Group L'Oréal NIVEA INDIA Bajaj Consumer Care Unilever

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Dussehra discounts are over – what they reveal about real estate Dussehra discounts of up to 25 lakh have just ended. While these festive offers made headlines with gold, gadgets and waived stamp duty, what they really revealed is the state of the real estate market today. • In Q3 2025, housing sales across the top seven cities fell about 9% year on year to 97,000 units. Yet the overall value of sales rose by nearly 14%, showing demand is shifting towards premium homes. • New launches went up 3% but sales still outpaced supply, pointing to strong underlying demand. • In Mumbai, property registrations in the first nine months of 2025 crossed 1.1 lakh, up 6% over last year, with revenues of more than 11,000 crore. • Residential values across major cities rose 5% to 17% annually, led by Delhi NCR and Bengaluru. • Affordable housing continues to struggle, with sales declining but unsold inventory gradually being absorbed. What does this reflect? Developers are under pressure to move inventory, which is why discounts and bundled offers have become sharper. Buyers, on the other hand, are far more cautious and asking the right questions about delivery, pricing and resale value. Festivals still act as decision triggers, but the deeper trend is clear: quality, trust and long term value are what today’s homebuyer is really chasing.

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Premium 3BHK Project Finalisation – 2nd (with select materials and products backed by lifetime replacement warranty) We are delighted to announce that we have finalized the brands and specifications for our Premium Basic 3BHK project, priced at ₹2250/SQFT (inclusive of GST, interior design, and complete labour) - covering everything from finishes to whitegoods. Strict Quality Control: We maintain a variation margin of only ±2%, which will be transparently published at handover. Materials & Finishes Woodwork: Certified Mahogany hardwood, Architect‑grade ply/board, 90% natural veneers, 10% laminates Brands: Merino Group, Century Plyboards (I) Limited, Greenlam Industries ltd Bathroom fittings: KOHLER India Paints: Asian Paints, Kansai Nerolac Paints Ltd, Birla Opus Prime, Berger Paints India Soft Furnishings: D'DECOR HOME FABRICS, Jaipur Rugs Loose Furniture: Branded selections Fixtures & Hardware Kitchen, doors, wardrobes: Hettich Group Hettich India Pvt. Ltd., Hafele India Private Limited Lighting: Philips Lighting (90%), Lights by TISVA Wires: Finolex Industries Ltd Finolex Cables Ltd Switches: Schneider Electric, Legrand France Legrand Flooring & Appliances Flooring: Simpolo Tiles and Bathware, Kajaria Ceramics Limited, Somany Ceramics Ltd Chimney & Hob: Franke Group, Bosch India, Kaff India Fans/Geysers: Racold, Orient Electric, Crompton Greaves Consumer Electricals Limited, Venus Quartz: Hafele India Private Limited, KalingaStone What makes this impactful? Transparent costing with GST included Strict ±2% variation control Globally trusted brands across every category End‑to‑end delivery including whitegoods This project reflects our commitment to luxury, precision, and accountability in interior design and real estate. #Architecture #RealEstateDevelopment #LuxuryInteriors #WomenInBusiness #WomenInDesign #CXOLeadership #BrandLeadership #CEO #CXO #CFO #CHRO #InteriorDesign #DesignCompliance #SustainableMaterials #RealEstate #Interior #Design #Brand #SoftFurnishings #LuxuryPaints #Finishes

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A must‑read and essential insight for every luxury/premium home interior buyer. #Architecture #RealEstateDevelopment #LuxuryInteriors #WomenInBusiness #WomenInDesign #CXOLeadership #BrandLeadership #CEO #CXO #CFO #CHRO #InteriorDesign #DesignCompliance #SustainableMaterials #RealEstate #Interior #Design #Brand #SoftFurnishings #LuxuryPaints #Finishes

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💥 Calling the FMCG Bluff: Cash Matters More than Notional Value When GST on biscuits dropped from 18% to 5%, a ₹20 pack should have cost ₹18. Instead, FMCG companies are proposing to keep prices fixed and simply increase pack sizes. On the surface, it feels generous. But here's the issue: 👉 Cash is freedom. Volume is not. • ₹2 saved per pack = disposable cash a household can use anywhere • Two extra biscuits = locked-in benefit, usable only in that product 📊 The Real Scale of the Problem • 294 million households in India (MOSPI, 2022-23) • Average FMCG spend: ₹17,792/yr per household (Kantar, 2023) • National FMCG basket ≈ ₹5.2 trillion annually (calculated) If just 25% of this basket is in low price-point essentials (biscuits, soaps, toothpaste), that's ~₹1.3 trillion worth of spend. A 10% pass-through in price (₹20 → ₹18) would mean ₹13,000 crore freed as cash in households' wallets every year. ⚠️ The Hidden Layer of the Bluff Those "extra biscuits" are calculated at the selling price, not cost. So a company giving ₹2 worth of extra product at MRP doesn't actually sacrifice much margin. But if they reduced MRP by ₹2, the cut bites into the cost base. That's real generosity — and a real transfer of benefit to the consumer. Pack inflation is the cheaper way out. For them, not for us. 🔄 Why It Matters Beyond Biscuits Disposable cash multiplies economic activity: • ₹13,000 crore in free cash flow = potential boost to consumer durables, education, transport, or savings • This is how tax policy was meant to work: free up household liquidity so spending circulates across the economy • But when FMCG companies trap that benefit inside "extra grams," the multiplier effect never leaves their category 🚨 The Ethical Question Should companies be allowed to translate tax cuts into perceived generosity instead of real cash relief? Or should regulators step in to ensure GST savings appear as lower MRPs — as intended? 👉 I'd love your views: Is this smart business by FMCG, or subtle deception that robs households - and the wider economy - of much-needed liquidity? Share your thoughts in the comments below! #FMCG #ConsumerRights #Economics #GST #BusinessEthics

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When GST rates were cut from 18% to 5% in some categories, many people asked, What about the revenue loss for the government? It is true that the exchequer collects less. But what often goes unnoticed is what happens next. The Revenue Secretary said the 'revenue implication' would be about ₹48,000 crore saved by households, which does not sit idle. It is spent on goods, services, and experiences. And every rupee spent fuels demand, which in turn fuels growth. For me, this is the real strength of GST reform. It is not just about simplifying tax. It is about shifting more income into the hands of people, increasing disposable income, and making India a more attractive market for global manufacturers. Consumption is the engine of our economy. Tax cuts, when designed well, do not just relieve the consumer. They unlock growth for the entire ecosystem. #GST #Economy #Growth #ParasGroup

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EFC INDIA LTD …. Challenges & Competitive Advantages • Challenges: Real-estate intensive business with risks like high capex, renting cycles, disruptions (e.g. pandemic), competition from other co-working and managed space players. EFC had to ensure occupancy, control costs, ensure flexibility to clients. These are common in the sector. • Advantages: • Strong founder leadership (first-generation, innovative models) with hands-on involvement. • Integrated model — fit-out, furniture, leasing, operations — giving control, efficiencies, margin protection. • Strategic acquisitions and diversification (furniture business + logistic/studio tie-ups). • Asset light where possible (leasing vs owning), with focus on managed assets. • Financial discipline and sustained profitability. Even as scaling, margins have been healthy. Future Outlook • EFC is targeting continued growth: aiming for Rs 300-crore revenue from its furniture business by FY 2026. • Plans to increase seat count further, expand into more cities including Tier-2 markets. • SEBI approval underway for its small & medium REIT (Real Estate Investment Trust) to monetize/own assets. • Growth in D&B (design & build / interiors) contracts, as well as modular furniture and manufacturing, to further strengthen the verticals beyond pure leasing. Why EFC’s Story Matters • It demonstrates how to transform a legacy/trading company into a modern real-estate-as-a-service brand, aligning with changing work norms. • Shows the power of innovative business models in capital-intensive sectors (sharing risk, partnerships). • Balances scale with profitability—rare in co-working/managed office space players which often burn cash to grow. • Signals growing demand in India for flexible, serviced, well-designed workspaces, especially among SMEs, startups, enterprise clients. Integrated verticals (design & build + furniture manufacturing) — reduces dependence on third-party vendors and supports margin expansion. • Achieved profitability while scaling to 60k+ seats — uncommon in the sector. In Short……. EFC INDIA LTD With 60,000+ seats, 70+ centres across 9 cities, and ₹650+ crore revenue in FY25, EFC isn’t just about co-working — it’s about Real Estate as a Service (RaaS), turnkey interiors, and even its own furniture manufacturing vertical. Congratulations EFC Limited (India) and Umesh Sahay Sahay to the entire EFC team on building a truly home-grown success story in India’s evolving workspace industry. Wishing you continued growth and leadership in the years ahead.

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Satia Industries Limited – Q4 FY25 Highlights (May 2025) Industry Environment & Challenges: - FY25 was challenging for the Indian paper sector due to increased imports from ASEAN, leading to margin pressures despite strong demand, especially from government purchases driven by NEP. - No immediate relief from government to address import pricing pressure; sector lobbying ongoing. - Demand remains robust, with current inability to meet market needs due to capacity constraints. Financial Performance: - Q4 FY25 revenue at ₹3,967 mn, down 8% YoY but up 6% QoQ; FY25 revenue at ₹15,120 mn, down 12% YoY. - EBITDA of ₹615 mn in Q4 (up 16% QoQ); FY25 EBITDA at ₹2,703 mn (down 35% YoY). - PAT at ₹354 mn in Q4 and ₹1,186 mn for FY25, with a 20% final dividend declared. - Debt repayment of ₹1,340 mn in FY25; healthy balance sheet maintained. Capex & Upgrades: - Major focus on PM3 plant revamp (~6 months shutdown Jul-Dec 2025) to upgrade capacity: - Increased machine width, speed, and output (from 160 to ~220 TPD). - Capex of ₹225 cr (₹100 cr spent; remaining in FY26). - Post-Upgrade Focus: High-quality copier, maplitho, and chromo papers, targeting higher realizations. - New chemical recovery boiler planned for FY28, improving efficiency by 7-10%, expected to boost profitability. Operational Insights: - Raw material strategy includes stable agro pulp (wheat straw), rising wood pulp share for quality, and use of biomass (rice straw and husk), resulting in ₹70+ cr cost savings. - Capacity utilization remains high (>90%), but volume impacted by the PM3 shutdown. - FY26 revenue guidance: ₹1,200-1,300 cr (down ~15%) due to shutdown; volume recovery targeted at 2,40,000–2,60,000 TPA. Product & Market Focus: - Focus on high-value printing & writing papers, with PM4 producing high-quality copier paper, and PM3 upgrading to target premium segments. - Limited activity in kraft/packaging. - Investments in eco-friendly products like cutlery (single-use plastics), with margins potentially of 30-40% if regulations favor. Cost & Margin Outlook: - Expected ~10% cost reduction post-upgrades; higher realizations will offset input cost increases. - Tax benefits from Section 80IA ongoing; transparency maintained on quarterly tax variances. Funding & Capital: - Capex funded via term loans (~₹150 cr sanctioned); no equity dilution or promoter stake sales planned. - Management emphasized ongoing investor communication and no immediate plans for share sales. Sustainability & Resource Management: - Agroforestry with eucalyptus and poplar, utilizing factory wastewater for irrigation. - Pioneer in biomass fuel use; water scarcity not an issue. Market Outlook & Strategy: - Q1 FY26 expected to be better than Q4FY25, with 10-15% price increases already seen. - Long-term focus on upgrading products, moving up the value chain, and expanding open market presence. - International demand from Bangladesh and Nepal remains strong but capacity constraints exist.

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As we paint the town red for the Festive Season this December, it is the opportune time for Rubix Data Sciences and Vayana to release the latest report on the Paints & Coatings Industry. After decades of steady growth by incumbents, the sector is now being upended by intense competition, rapid capacity expansion, and shifting consumer preferences.   The #PaintsAndCoatings industry, valued at ~USD 9.6 billion in 2024, is projected to grow to ~USD 16.5 billion by 2030 at a 9.4% CAGR. However, FY2025 highlighted the sector’s evolving realities: margin pressure across leading players, heightened discounting, and a growing tilt towards cost-conscious consumption, even as long-term demand drivers remain firmly in place.   In this report, we examine: - How aggressive new entrants and recent acquisitions have dismantled the #paint industry’s earlier oligopolistic structure - Why revenue growth stalled in FY2025, with the combined sales of five major players declining despite rising capacity and distribution reach - India’s structural dependence on imports for advanced #coatings and critical raw materials, resulting in imports valued at 3x exports. - The role of housing, infrastructure, and automotive manufacturing in sustaining medium-term demand for paints - The industry’s transition towards low-VOC, eco-friendly and nanotechnology-enabled coatings - Key pressure points, including raw-material volatility, compliance costs for SMEs, and uneven market penetration - How leading paint manufacturers are responding through capex-led expansion, backward integration, product innovation, and dealer-centric strategies   Paint companies, despite a challenging FY2025, are turning more positive on the FY2026 outlook. The #decorative segment is expected to improve, supported by a rebound in urban demand as disposable incomes rise following recent tax incentives and easing inflation. Growth in this segment will also be driven by premiumisation, increasing preference for eco-friendly products, and government programmes, such as Housing for All. As always, we hope you find this report useful and we welcome your feedback! Mohan Ramaswamy Tushar Bhaskar Ankita Drolia Ramaswamy Iyer Vinod Parmar Aayush Parikh Aryaan Thadani Amit Parikh Sudhir Nair VINAY THADANI ABHIJIT DEVDHAR Karan Mahajan Rupen Choksi Abhiraj Choksey Prashant Choksey Ankur Choksey Apurva Parekh Pallavi More Anuj Goenka Berger Paints India Asian Paints Birla Opus Birla Opus Prime JSW Paints Ashish Rai Pradeep Madhavan Himanshu Kapania Abhijit Roy Kansai Nerolac Paints Ltd Pravin Chaudhari

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💡 GST Reduction: A Win-Win for Brands & Consumers The recent GST rate reduction is more than just a tax relief – it’s a strategic opportunity for brands to grow stronger in the market. Here’s how businesses can benefit: ✅ Boost in Consumer Demand – Lower prices make products more attractive, driving higher sales volumes. ✅ Enhanced Brand Perception – Passing on the benefit to customers builds trust and long-term loyalty. ✅ Wider Market Reach – Affordable pricing can unlock new customer segments and improve competitiveness. ✅ Stronger Compliance & Transparency – Demonstrating adherence to revised rates positions brands as responsible and consumer-centric. #GST #Morepowertoconsumer #Economybooster #GOI

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On the 2nd Day of Indusfood Manufacturing, 2026, we had an opportunity to interact with Mr. Sidhanta Baral, Regional Manager, ASEAN, Nikka Densok. Pawan Lohani, Senior-Sub Editor of FOOD INFOTECH - MAGAZINE FOR FOOD PROCESSING INDUSTRY delves into details about the product portfolio of the company and its partnership with Katha Food Pharma Solutions. The company has showcased some of the innovative solutions, ranging from X-Ray Inspection System with AI Vision and Metal Detection Systems. Have a glimpse of the full interview. AJAY DHIMAN | Manas Nandi Founder and Editor In Chief | Katha Parihar

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Big GST Relief on ACs & Consumer Electronics 🚨 From 22nd September 2025, GST on Air Conditioners, TVs, Refrigerators, Washing Machines & Dishwashers is reduced from 28% to 18%. Here’s how it impacts everyone 👇 🔹 For Companies (Voltas, Blue Star, LG, etc.) • Analysts expect 4–8% EPS growth if the benefit is passed on. • Festive season demand is likely to see a big push. 🔹 For Retailers & Dealers (Showrooms, Chains, Distributors) • Lower MRPs → higher footfall → better turnover. • Big chains like Croma & Reliance Digital can pass on benefits quickly. • Even local dealers/showrooms will gain from increased demand. 🔹 For Consumers • ACs cheaper by ₹1,500–₹5,000 depending on model. • Effective 8–10% drop across durables like TVs, fridges & dishwashers. • Better affordability right before the festive season. This move simplifies GST (only 5% & 18% slabs now) and directly fuels consumption + industry growth. A rare win-win: Consumer + Retailer + Manufacturer all benefit together. #GST #ConsumerElectronics #Retail #MakeInIndia #IndiaEconomy #FestiveSeason

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“We’re entering an era where digital roles don’t fit legacy pay scales — agreed. But trust in hiring processes must evolve faster than salaries, or credibility is lost.”

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🔔 Big Update: Whirlpool India Promoter Offloads ₹1,489 Crore Stake Whirlpool Mauritius, a promoter entity of Whirlpool of India Ltd, has sold an 11.23% stake (worth ₹1,489 crore) through an open market transaction. 👉 The promoter’s holding is now down to 39.77% from 51%. Interestingly, large institutional investors such as HDFC Mutual Fund, Kotak Mahindra MF, ICICI Prudential Life, Franklin Templeton, Societe Generale, and hedge fund East Bridge Capital collectively bought 4.41% stake in the same window. The deal caused Whirlpool India’s stock to tumble ~11%, but analysts believe the long-term fundamentals remain solid as the company continues to be a key player in India’s fast-growing home appliances market. 💡 Whirlpool Corp had earlier announced plans to reduce its stake in its Indian arm to around 20% by late 2025 — this move is part of that strategy. 📊 Question for professionals: Do you see this as a strategic portfolio reshuffle or a signal of caution from the parent company? #WhirlpoolIndia #BusinessNews #EquityMarkets #CorporateIndia #StockMarketInsights #InvestorUpdates #PromoterStakeSale #HomeAppliancesIndustry #MutualFunds #IndianEconomy #LinkedInFinance Joseph Reddy

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The gross GST revenue collection for September 2025 was ₹1.89 lakh crore, representing a 9.1% year-on-year increase compared to ₹1.73 lakh crore collected in September 2024. The net GST revenue for September 2025 grew by 5% to ₹1.60 lakh crore from ₹1.53 lakh crore in the same month last year. Domestic GST collections rose 6.8%, while GST revenues from imports surged 15.6% year-on-year. The increase reflects stronger domestic demand and robust import activity despite a 40.1% rise in GST refunds in September 2025 compared to the previous year. In summary, the GST revenue in September 2025 showed an improvement over the previous year with 9.1% higher gross collections and 5% higher net collections, continuing a trend of steady growth year-on-year.

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Why the Govt Banned Real Money Gaming & Betting Apps: My Take The recent ban on real-time gaming and betting apps isn’t just a moral or social move — I see it as part of a bigger economic strategy. Here’s why: 1️⃣ Tax cuts + GST reforms: Lower income tax rates in the last budget and the push for GST rationalization are meant to put more money in the hands of the middle class. 2️⃣ Global uncertainty: With signs of a global slowdown, tariff wars, and volatile trade conditions, India needs to strengthen its domestic economy. The plan looks like this: Lower taxes → More disposable income. GST rationalization → Cheaper goods and services. Result → People have more cash, but where will it go? Right now, there are 3 main outlets for extra money: 1. Consumption – Spend more, drive demand. 2. Investment – Savings, mutual funds, stock markets. 3. Speculation – Crypto (taxed at 30%), F&O trading (high taxes), betting/gaming apps (now banned). This pattern suggests the government wants to push money toward consumption and investment — the two levers that fuel long-term economic growth — while discouraging speculative, high-risk activities. What do you think? Smart macroeconomic move or overreach? Open for debate!

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Government’s decision to reduce GST on soft-serve (Softy) and Ice creams from 18% to 5% is indeed an welcome step forward!!! 🍦🍦🍦🍦🍦🍦 This progressive step will not only make soft-serve and ice cream categories more affordable and accessible to consumers but also provide a boost to the entire dairy and frozen dessert ecosystem — from farmers and suppliers to small businesses and retailers. Lowering the tax burden encourages higher demand, supports innovation in flavors and formats, and strengthens the value chain that sustains millions of livelihoods. Kudos to the policymakers for recognizing the importance of this sector and enabling growth while bringing smiles to consumers! #GST #PolicyUpdate #IceCream #FoodIndustry #Growth

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WHICH SALES EXECUTIVE QUALIFIES FOR ASM ROLE ? Bad news is max 3% can become an ASM. Good news is YOU can be one of them. BUT WHO QUALIFIES ? Let's take your opinion. Here are 4 options for you to choose from. Option 1 Some one who delivers target consistently. Option 2 Some one who delivers target mostly but very process oriented. Option 3 Some one who delivers target mostly but takes quite a few initiatives. Option 4 Some one who is doing OK but prioritizes self development , works on competency gaps and believes in taking interventions. Let's see who gets your approval. Time to select the RIGHT ONE !! Best wishes.

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