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Ceuticoz Targets ₹100 Crore Milestone with India Push and Gulf Expansion

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Bootstrapped medical-grade skincare brand Ceuticoz is aiming to scale revenues to ₹40 crore this fiscal year, up from ₹26–27 crore in the previous year, as it deepens its science-led portfolio across India and accelerates expansion into international markets.

Founder Sukhbir Singh Chimni said the company has remained EBITDA-positive since inception and is already ahead of its growth targets this year. With strong momentum in recent months, Ceuticoz expects to maintain a steady upward trajectory and is targeting ₹100 crore in revenue within the next two to three years.

India continues to contribute more than 70% of overall revenue and remains the brand’s primary growth engine. The company is now focusing on expanding its dermatologist-led distribution model into tier-2 and tier-3 towns, where it sees significant potential for pharmaceutical-grade skincare products. Chimni noted that high-quality, medical-grade skincare is often perceived as expensive in smaller towns, a perception the brand aims to change by making such products more accessible.

Internationally, the Gulf region has emerged as a key priority. Ceuticoz plans to showcase its portfolio at Dubai Derma and is building channel partnerships across the GCC markets. Countries such as Iraq, Vietnam, Nepal and Thailand are already contributing traction, while the brand has recently entered Canada, targeting dermatologists, aestheticians and clinical nurses through a professional-channel strategy similar to its India playbook.

On the product front, Ceuticoz has introduced seven baby care products and is preparing to launch four high-potency ampoules next quarter. The ampoules, designed to deliver concentrated active ingredients, are expected to strengthen the brand’s positioning in clinical skincare.

Sourcing ingredients from over 23 countries, Ceuticoz anticipates annual growth of around 35% over the next few years. While the company is not actively seeking funding, Chimni said it remains open to partnering with strategic investors who can add value beyond capital.

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Goa liquor industry presses for delay to bottle deposit system, warns of Rs 100 crore excise shortfall

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Industry calls for pause as deadline approaches

Goa’s alcoholic beverage sector has formally urged the state government to postpone the introduction of a Deposit Refund System (DRS) for bottles and cans. Trade bodies warn that the proposed schedule does not allow enough time to set up the required infrastructure and processes, and could shave off more than Rs 100 crore from annual excise revenues.

Revenue and readiness concerns

Producers, distributors and trade associations say the current plan risks creating a fiscal shortfall and operational chaos. They argue that deposits, reverse logistics and reconciliation mechanisms must be clearly defined before any launch, adding that the absence of those elements could undermine excise collections and complicate compliance for retailers.

Industry representatives also pointed to the practicalities of collecting, sanitising and transporting returned containers—activities that will demand capital, new contracts and additional manpower. Those costs and transition challenges, they say, were not adequately reflected in the government’s timeline.

Supply chain implications

Leaders in the liquor business warn that a rushed rollout could ripple through supply chains, resulting in intermittent shortages at retail outlets and delays in deliveries to hotels and bars. Smaller wholesalers and neighborhood retailers, with limited storage and administrative capacity, are especially exposed to disruption.

The groups contend that without staged implementation and pilot testing, the DRS may force ad-hoc operational workarounds that raise costs and erode margins across the value chain.

Broader industry impact

If implemented hastily, the DRS could reshape how the beverage sector operates in Goa. Larger producers might adapt more quickly, but smaller bottlers and independent retailers face higher relative compliance burdens. The system could accelerate formalization of waste collection and recycling services, creating opportunities for specialized logistics providers—but only if regulators allow time for contracts, permits and IT systems to be established.

For the state treasury, any immediate decline in excise receipts would tighten budgetary space and could force short-term adjustments in revenue forecasting or expenditure plans.

Risks and uncertainties

Key uncertainties remain over enforcement mechanisms, consumer participation rates and the cost of setting up return points. If redemption levels are lower than expected, intended recycling benefits may not materialize while administrative costs mount.

There is also a risk that hurried enforcement could push some trade activity into informal channels, complicating tax collection. Legal or commercial pushback from stakeholders could further delay implementation and create unpredictability for producers and retailers.

What stakeholders want

Industry groups have asked for a clear, phased roadmap that includes pilot projects, detailed operational guidelines and an adjusted timeline. They seek assurances on revenue protection measures and transitional support for smaller businesses.

Officials in Goa have not publicly announced a revised schedule. As discussions continue, the balance between environmental objectives and fiscal and operational realities will determine whether the DRS proceeds on the current timetable or is deferred for further planning.

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Kati Patang Targets 2x Growth in FY 26–27 as It Navigates India’s Fragmented Beer Market

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In India’s complex, high taxation beer landscape, craft brewer Kati Patang is preparing for its next big leap. After building a presence across four states and crossing approximately Rs 16 crore in gross revenue last year, the company is now aiming to double its growth in FY 26–27.

The Delhi headquartered craft beer brand, founded by Lata Upadhyay and Shantanu Upadhyay, has spent the past few years building distribution muscle and brand recall in a category dominated by mass lagers and regulatory hurdles.

Scaling Without Overextending

Unlike many craft entrants that invested heavily in owned breweries, Kati Patang adopted an asset light model early on. The founders sourced water from the Himalayan belt and began brewing select styles in Bhutan, while expanding contract brewing partnerships within India as state wise demand evolved.

This hybrid production strategy allowed the company to enter new markets without locking capital into infrastructure in a category where excise policies vary dramatically from state to state.

Today, Kati Patang operates in Delhi, Himachal Pradesh, Haryana and Goa, with planned entries into Chandigarh and Chhattisgarh as part of its FY 26–27 expansion roadmap.

Retail Led Revenue, Experience Led Brand

Retail contributes nearly 70 percent of the company’s revenue. However, brand building has been driven through horeca placements and owned community initiatives such as the Kati Patang Trial Room and a structured quiz league format that helps deepen consumer engagement.

Rather than compete on pricing in a discount driven beer market, the company has focused on premium positioning. Its portfolio includes an Amber Ale, positioned as India’s first bottled amber ale and a silver medal winner at the Berlin International Beer Competition, along with differentiated offerings such as Snappy Wheat and Saffron Lager.

The strategy is clear: build pull in a niche segment instead of chasing mass volume.

A Craft Category on the Rise

India’s craft beer segment is estimated to be growing at 25 to 30 percent annually, outpacing the broader beer market. Kati Patang’s leadership believes this structural shift in urban consumption, premiumisation, and experimentation is creating room for independent players to scale.

The company’s FY 26–27 target of doubling revenue will hinge on deeper state penetration, sharper distribution execution, and disciplined capital allocation in what remains one of India’s most tightly regulated consumer categories.

As the founders see it, the opportunity lies not in competing with large beer conglomerates on their terms, but in expanding the premium craft occasion itself.

For Kati Patang, the next phase is less about storytelling and more about scale.

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Eternal Expands OpenAI Partnership to Power AI Across Zomato, Blinkit and District

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Eternal has strengthened its strategic partnership with OpenAI, aiming to embed advanced artificial intelligence capabilities across its consumer and enterprise platforms, including Zomato, Blinkit, District, and Hyperpure.

The expanded collaboration will focus on deploying OpenAI’s models across key use cases within Eternal’s apps, partner platforms and internal systems, as the company works to position AI as foundational infrastructure across its commerce ecosystem.

AI across customer and partner touchpoints

Under the partnership, Eternal will leverage OpenAI’s Enterprise API platform to reimagine how customers, merchants and delivery partners interact with its platforms.

Planned applications include AI-assisted workflows for merchants and delivery partners, contextual AI assistants embedded within partner portals, and next-generation search and discovery experiences across apps. The goal is to enhance efficiency, speed and reliability while improving user experience.

The collaboration will also support Eternal’s Feeding India initiative and its AI-native venture, Nugget, where OpenAI’s models will be used to accelerate product development and experimentation.

Strengthening internal automation

Internally, Eternal is exploring integration of OpenAI’s advanced coding models, including GPT-5.3-Codex, into Stitch — its in-house automation and developer orchestration platform.

Stitch powers automation across engineering and non-engineering functions. By embedding advanced coding models, the company expects to speed up product releases, automate complex workflows and reduce manual processes across teams.

AI upskilling for partners

Eternal and OpenAI will also jointly explore a structured Partner Upskilling Program designed to drive AI adoption across the restaurant and delivery partner ecosystem.

The programme aims to deploy advanced AI tools within partner applications to improve operational efficiency, compliance management and decision-making.

Albinder Dhindsa, Group CEO of Eternal, said the collaboration expands the company’s ability to experiment with high-impact AI use cases, from software development to real-world operational applications.

With this deeper integration, Eternal is positioning AI not just as a feature layer, but as a core capability underpinning its food delivery, quick commerce and B2B platforms — signalling a broader shift toward AI-led digital commerce infrastructure in India.

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Nestlé India Says All Infant Formula Made Locally Amid Global Baby Milk Probes

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Nestlé India has clarified that all its infant formula products sold in the country are manufactured locally, amid international investigations and recalls involving baby milk brands in several markets.

The company said its India portfolio — including Nan Pro, Lactogen and Nan Grow — is produced within India and complies with domestic regulatory standards.

“We have conducted thorough testing on these products and can confirm that they meet all FSSAI and applicable rules and regulations,” a spokesperson said in an emailed statement.

The clarification comes after French authorities launched investigations into baby milk brands distributed by Nestlé, Danone and Lactalis, following reports of contamination concerns in certain overseas markets.

While the probes relate to products sold outside India, Nestlé India said its locally manufactured infant nutrition products adhere to the standards set by the Food Safety and Standards Authority of India (FSSAI).

The company’s statement is aimed at reassuring consumers and addressing concerns amid heightened scrutiny around global infant nutrition supply chains.

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Dabur Taps Hershey’s Herjit Bhalla as India CEO, Moves Mohit Malhotra to Global Role

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Homegrown FMCG major Dabur has appointed Herjit Bhalla, a senior executive at The Hershey Company, as its new India chief executive officer, effective April 15.

Current India CEO Mohit Malhotra will transition into the role of global CEO, marking a key leadership reshuffle at the company.

Bhalla, who currently serves as vice president – Canada and global customers at Hershey, will report to Malhotra in his new position. The development was first reported by ET in late January and later confirmed by the company in an exchange filing.

Strengthening leadership bench

Bhalla brings more than eight years of experience at Hershey, where he handled roles across Canada, Asia-Pacific, West Asia and Africa. His prior stints include leadership positions at Metro Cash & Carry and Hindustan Unilever Limited.

Hershey’s portfolio includes global confectionery brands such as Kisses, Reese’s and Jolly Rancher.

The move comes amid a broader wave of executive changes across India’s consumer goods sector over the past year. Companies including Britannia Industries, L’Oréal, Nestlé India, and others have announced leadership transitions as they recalibrate strategies for a shifting consumption environment.

Business performance

Dabur, known for brands such as Real juice and Vatika shampoo, reported a 7.3% year-on-year rise in consolidated net profit to ₹553.61 crore for the quarter ended December 31, 2025. Consolidated revenue increased 6.1% to ₹3,559 crore during the period.

The company said demand trends in India showed gradual recovery following GST rate cuts, supporting volume growth in key categories.

With Bhalla’s appointment and Malhotra’s elevation to a global mandate, Dabur is positioning itself for the next phase of growth, both domestically and internationally.

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Trent Sharpens Focus on Small-Town India as Store Expansion Accelerates

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Trent, the Tata Group’s fashion retail arm, is doubling down on smaller cities and towns as it looks to drive the next phase of growth, a senior executive said on Monday.

The company, which operates youth-focused fashion chains Zudio and Westside, added more than 100 stores in the nine months ended December, taking its total store count to over 1,100. Analysts believe the aggressive rollout will support near-term earnings momentum.

Managing Director P. Venkatesalu said a substantial share of new store openings is now concentrated in non-metro markets.

“About two-thirds of the stores we are increasingly opening are in new towns, new cities, and micro-markets on the periphery of larger cities,” Venkatesalu said at an industry event in Mumbai.

While he did not disclose specific targets, the company has expanded its footprint to 274 cities, including recent entries into smaller towns in Kerala. Notably, more than 75% of Zudio stores opened during the nine-month period were located outside metropolitan areas.

Riding the small-town consumption wave

Indian retailers and consumer brands are increasingly pivoting toward Tier II and Tier III cities, buoyed by a growing middle class and improved consumption sentiment following recent tax reductions.

Trent’s strategy reflects this broader industry trend, with the company betting that demand growth outside major metros will remain strong in the coming years.

Tech-led expansion

Alongside physical expansion, Trent is using data and technology to guide its growth strategy. Venkatesalu said the company relies on artificial intelligence tools and third-party data, including brand-wise store density and digital transaction insights, to identify high-potential locations.

Automation and analytics are also being scaled across product planning, supply chain and store operations to improve operational efficiency as the network expands.

With a widening presence across emerging cities and a tech-driven approach to store selection, Trent is positioning itself to capture incremental demand from India’s fast-evolving small-town retail landscape.

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Gargi by PNGS Grows 15x in 3 Years, Plans 20 Stores Annually to Deepen Tier 2–4 Presence

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Fashion jewellery brand Gargi by PNGS is accelerating its offline expansion strategy after scaling nearly 15 times in three years, with plans to open 20 new stores annually and strengthen its footprint across Tier II, III and IV markets.

Founded in 2021 with an initial turnover of ₹8–10 crore, the brand closed the last financial year at approximately ₹128 crore and is projecting an additional 25–30% growth this fiscal year, according to co-founder Aditya Modak. The company is currently profitable and consistently generating 20–25% cash profits.

Backed by the legacy of P. N. Gadgil & Sons, Gargi operates nearly 110 points of sale across formats, including franchise stores, company-owned outlets and shop-in-shop counters. More than 50 of these are located within Shoppers Stop outlets.

Offline remains the growth engine

Nearly 95% of Gargi’s sales come from physical retail, reinforcing the brand’s retail-first strategy. Modak noted that Indian consumers continue to prefer in-person shopping experiences, particularly in jewellery, where look, feel and trial remain critical to purchase decisions.

The company reported ₹27.31 crore in sales during Q1 FY26, with a net profit of ₹5.31 crore, underscoring the strength of its store-led execution model.

Expansion across emerging cities

Gargi plans to maintain an annual addition of around 20 stores over the next few years, with a focus on expanding into new cities and consolidating existing markets.

Key growth regions include North and West India — Rajasthan, Gujarat, Madhya Pradesh, Delhi NCR and Chhattisgarh — as the brand looks to deepen its reach beyond Maharashtra.

Most Gargi outlets span around 500 square feet, with capital expenditure ranging between ₹30–50 lakh per store. Roughly 30% of locations operate under a franchise model, while the remaining are company-owned and company-operated (COCO). Around 80% of planned investments will be directed toward store expansion and CRM-led backend integration.

Broad product mix and manufacturing strength

Gargi offers more than 3,000 SKUs across sterling silver, 9-karat gold and 14-karat diamond jewellery. The brand benefits from strong backward integration through its artisan network, allowing tighter control over pricing and quality.

With disciplined retail execution and a steady pace of store additions, Gargi by PNGS is positioning itself as a fast-scaling jewellery brand focused on emerging markets and experiential retail growth.

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Cotton Over Cute: How Minicult Is Rewriting India’s Kidswear Essentials Story

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India’s $24.6 billion kidswear market is changing fast. Parents are moving away from flashy, synthetic-heavy clothing and leaning toward safer, softer, and more durable natural fabrics. A 2023 HP survey found that 80% of Indian parents are willing to pay a premium for higher-quality kidswear — significantly above the global average.

But while demand has evolved, supply hasn’t quite caught up. The market is still split between expensive premium labels and low-cost options that often fall short on fit, fabric quality, or durability. Pure cotton essentials built for India’s climate remain limited at scale.

That’s the gap Minicult set out to solve.

Essentials, Not Occasions

Founded in 2018 by NIFT graduates Neha Sharma Raj and Amit Raj, Minicult was built around a different thesis: kidswear isn’t just about fashion drops — it’s about everyday essentials.

Over time, Neha’s brother Nischal Sharma joined the founding team, strengthening the brand’s design and operational backbone. Together, the team focused on building dependable wardrobe staples for children from newborns to 16 years old — pieces designed for daily wear, frequent washing, and India’s heat-heavy climate.

Instead of chasing trend-led, impulse-driven purchases, Minicult positioned itself as a high-rotation basics brand.

100% Cotton, Built for Indian Weather

Minicult’s biggest differentiator is its strict cotton-first approach. The brand uses 100% cotton across nine product categories and more than 7,500 SKUs, covering everyday essentials, seasonal drops, climate-specific designs, and licensed ranges featuring Disney and Marvel characters.

Comfort, durability, and consistent sizing sit at the centre of the brand’s playbook. Each product undergoes in-line and post-production quality checks to ensure fabric integrity and fit reliability.

While operating on an asset-light manufacturing model, Minicult retains control through an in-house R&D centre that handles sampling, fabric testing, and size standardisation. This allows the brand to set quality benchmarks while scaling production through partner factories.

It has also invested in order and warehouse management systems to support smoother fulfilment and customer experience as volumes rise.

Multipacks That Make Sense

Recognising that kidswear is a replenishment category, Minicult uses multipacks strategically. Essentials such as pyjama pants and innerwear are offered in two-to-five-unit packs, lowering per-unit logistics costs and delivering better value to parents.

Digital marketplaces account for 85–90% of total sales. Hero products — especially cotton pyjama pants — consistently rank among top-rated listings on Amazon and Myntra, driving repeat purchases and strong customer reviews.

The brand reported 79% year-on-year growth, with revenue increasing from ₹13.16 crore in FY24 to ₹23.57 crore in FY25. In FY26 so far, revenue stands at ₹28.11 crore, with a target of ₹38.08 crore by fiscal year-end.

From Digital-First to Household Name

Looking ahead, Minicult plans to deepen its marketplace presence while expanding into quick commerce to tap impulse-led buying. The brand also aims to scale seasonal offerings and explore international markets where premium cotton positioning holds appeal.

By FY28, Minicult intends to build an offline retail footprint and transition from a digital-first brand to a broader kidswear ecosystem focused on essentials and licensed apparel.

As Indian parents increasingly prioritise fabric quality and climate suitability, Minicult’s cotton-first strategy positions it to capture a growing demand for durable, everyday kidswear built specifically for India.

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Carlsberg Eyes India IPO as Sales Surge in Key Growth Market

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Danish brewer Carlsberg is exploring an initial public offering (IPO) for its India business, as the company looks to unlock value from one of its fastest-growing global markets.

Chief Executive Officer Jacob Aarup-Andersen confirmed during an investor call that the company intends to explore a potential listing in India, though no final decision has been taken.

“We are today confirming the intention to explore an IPO in India,” Aarup-Andersen said, adding that the move remains exploratory and will proceed only if it creates adequate shareholder value.

Riding India’s premiumisation wave

The proposed listing comes amid rising competition in India’s premiumising beer market. Carlsberg reported high single-digit volume growth in India in 2025, supported by a strong fourth quarter and robust demand for premium offerings.

The maker of Tuborg has strengthened its market share across most states and continues to focus on mainstream and premium brands in select geographies.

India currently accounts for about six million hectolitres of sales for the group, representing roughly 5% of Carlsberg’s global volumes.

Full ownership and fresh investments

Carlsberg entered India in 2007 through a joint venture with Nepal-based Khetan Group. Following years of commercial disputes, the Danish brewer acquired full ownership of its India operations about two years ago.

Since then, the company has stepped up investments in capital expenditure, manufacturing expansion and sales and marketing. Last year, it signed a memorandum of understanding with the Ministry of Food Processing Industries to invest ₹1,250 crore over three years to expand its manufacturing footprint in key states.

Carlsberg India reported a 61% jump in net profit to ₹323 crore on 15% sales growth to ₹8,045 crore in FY24, according to the latest available data.

Valuation outlook

Executives indicated that the company may seek a valuation of around ₹30,000–35,000 crore for its India unit. Rival United Breweries, owned by Heineken, currently commands a market capitalisation of about ₹42,500 crore.

While United Breweries is roughly twice the size of Carlsberg in sales, its net profit is only about 25% higher, underscoring the Danish brewer’s focus on margin strength and premium positioning.

India’s growing strategic importance has also been highlighted by global brewers. Heineken CEO Dolf van den Brink recently described India as a critical frontier market with significant upside in both per capita consumption and absolute growth potential.

If Carlsberg proceeds with the IPO, it would mark one of the most significant listings in India’s alcoholic beverages sector in recent years, signalling the country’s rising prominence in the global beer industry.

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