In this report we have attempted to analyze; raw material cost trend, price hikes, and impact of COVID uncertainty on Indian FMCG companies. Our primary observations and conclusions are as follows; (i) raw material cost for edible oil, packaging material and paint-related-products (TIO2, VAM etc) rose significantly during 1QFY22; category leaders (MRCO in Edible Oil, HUL in soaps) have taken larger price hikes compared to 2nd/3rd brand to protect margins (ii) in international market; 88% of the regions, where Indian FMCG company has significant business presence, have already witnessed 3rd/4rth wave and is now more stable; we...