Gaurav Jogani, Director – Consumer Discretionary at JM Financial Institutional Securities says our best bets in this Consumer discretionary space would be more towards the jewellery players, the casual footwear players, and also, you know, the grocery players that we like here.

Speaking to CNBC-TV18 on the sidelines of the JM Financial India Xchange 2025 conference, he said that while FMCG and staples saw high single-digit growth in quarter two, the discretionary segment grew at 17–18%. However, this growth was uneven across categories.

Much of this growth came from jewellery and value fashion. An early Durga Puja supported value retailers, but mid-premium apparel brands and footwear companies struggled due to softer demand and some GST-linked disruptions as consumers waited for rate cut

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