High raw material costs limited the margin gains even as the company spent less on advertising during the quarter. The raw material cost grew 5% on year and constituted 49.6% of the revenues, driven by inflation in tea and crude palm oil prices. The company’s ad spends declined 15% on year with these spends standing at 9.5% of net sales.
Top 10 fastest wealth creators: Which stocks made investors richest the fastest in 5 years? Check here
A select set of stocks delivered extraordinary returns between 2020 and 2025, far outperforming the broader market, Motilal Oswal said in its December 2025 Wealth
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