Core Insights - Flipkart Group has appointed Jason Chappel as Vice President, Group Controller, and Amer Hussain as Vice President, Supply Chain – Grocery & Minutes to enhance governance and operational efficiency [2] - The appointments are part of Flipkart's strategy to scale its operations across core businesses, particularly in grocery and quick commerce [2] Leadership Appointments - Jason Chappel will oversee accounting, financial reporting, and internal controls, aiming to strengthen controllership standards in line with global best practices [2] - Amer Hussain will lead the supply chain strategy for Flipkart's Grocery and Minutes businesses, focusing on scaling infrastructure, improving service levels, and driving cost efficiency [2] Experience and Background - Amer Hussain brings over 25 years of experience from companies like The Coca-Cola Company and Reliance Consumer, with expertise in large-scale operations and supply chain optimization [2] - Jason Chappel previously served as Group Director at Walmart Enterprise Business Services, managing finance operations across international markets, with experience in omnichannel integration [2] Strategic Focus - The appointments come at a time when Flipkart is expanding its operational footprint and investing in institutional capabilities to support long-term, sustainable growth [2]

Leadership Appointments - Flipkart Group has appointed Jason Chappel as Vice President, Flipkart Group Controller, and Amer Hussain as Vice President, Supply Chain for its Grocery and Minutes businesses [1] - These appointments are part of Flipkart's strategy to strengthen its leadership pipeline ahead of its initial public offering (IPO) [1][5] Executive Backgrounds - Jason Chappel joins Flipkart from Walmart, where he served as Group Director at Walmart Enterprise Business Services, with over two decades of experience in senior leadership roles [2] - Amer Hussain brings over 25 years of experience from companies like The Coca-Cola Company and Reliance Consumer Pvt Ltd, focusing on supply chain strategy for Flipkart's grocery and quick-commerce verticals [3] Responsibilities and Goals - Chappel will lead accounting, financial reporting, and internal controls across all Flipkart operations, based in Bengaluru [3] - Hussain's responsibilities include scaling infrastructure and improving cost efficiency within Flipkart's grocery and quick-commerce sectors [3] Strategic Focus - Flipkart emphasizes the importance of building leadership depth across critical functions to support sustainable growth, as stated by CHRO Seema Nair [4] - The recent appointments reflect Flipkart's long-term focus on strengthening institutional capabilities in preparation for its stock market debut [5]

Core Viewpoint - Westlife Foodworld, the master franchisee for McDonald's in western and southern India, is launching a 20-minute delivery option on its app to boost sales and reduce reliance on third-party delivery platforms [1][2]. Group 1: Strategic Initiatives - The company aims to increase same-store sales by 3% to 5% by 2027 through the introduction of the 20-minute delivery service [1]. - Delivery currently accounts for approximately 40% of Westlife's total sales, indicating its significance in the business model [2]. - The accelerated delivery model has been piloted successfully, showing promising results [2]. Group 2: Financial Performance - For the quarter ending September 30, Westlife reported a consolidated loss before exceptional items and tax of Rs158.5 million, a decline from a profit of Rs7.1 million year-on-year [4]. - Same-store sales fell by 2.8% during the same period, with overall expenses increasing by 7% due to rising input and labor costs [4]. - Revenue increased by 3.8% to Rs6.42 billion, bolstered by a one-time gain of Rs581.7 million from the sale of a store property [4]. Group 3: Market Context - The quick-service restaurant sector in India is experiencing softer demand, particularly in major cities where Westlife operates [3]. - Increased competition from local outlets in metro markets is challenging established players [3]. - Rival Jubilant FoodWorks, which operates Domino's in India, has responded to market conditions by reducing prices and offering a 30-minute delivery guarantee [3]. Group 4: Future Plans - Westlife plans to open 300 additional McDonald's outlets by 2027, indicating a commitment to expansion despite current market challenges [4].

Core Insights - India is increasingly recognized as a dynamic capital destination, driven by a growing economy and a stock market that has outperformed global indices [1] - The massive adoption of global digital platforms in India accounts for over 30% of the global user base of major tech companies, indicating significant market potential [2] - The 'Make in India' initiative is positioning India as a key player in the global manufacturing value chain, with a focus on high-tech sectors [3] Valuation Discrepancies - There is a notable valuation gap between global companies and their Indian counterparts, exemplified by Domino's Pizza Inc. and Jubilant FoodWorks, as well as Maruti Suzuki and Suzuki Motor Corporation [5][6] - Hyundai's valuation also illustrates this divergence, with Hyundai Motor India commanding a much higher market cap compared to its parent company [6] Listing Opportunities - The shift from "Make in India" to "List and Thrive in India" emphasizes the need for global companies to raise capital in India, as local markets offer stronger valuations and deeper retail participation [7][8] - Indian startups are increasingly moving their headquarters back to India in anticipation of IPOs, signaling a trend that global companies in various sectors should consider [7] Economic Evolution - India's economy has transitioned from a control-oriented model to a liberal partnership model, allowing for 100% foreign ownership in most sectors [9] - The establishment of frameworks like Special Economic Zones (SEZs) and Software Technology Parks of India (STPI) can incentivize global companies to list in India [9] Tax and Regulatory Environment - India offers tax incentives such as dividend distribution tax holidays and simplified direct listing norms, making it an attractive destination for global listings [10] - The current market conditions, including volatility in Western markets and structural slowdowns in East Asia, create a favorable environment for India to emerge as a capital hub [10][11] Consumer to Capital Power - The focus is on transforming consumer power into capital power, ensuring that wealth generated by Indian users benefits Indian investors [12] - The call to global companies is clear: to deepen their commitment to the Indian market, they should consider listing in India [12]

Investment Rating - The industry view is rated as In-Line [14] Core Insights - In May, the consumer sector underperformed the Sensex after two consecutive months of outperformance, with approximately 60% of the stocks under coverage underperforming [2][3] - Food & Beverages (F&B) stocks were the worst performers, particularly Varun Beverages and Tata Consumer, while Discretionary & Retail stocks saw some outperformance led by IGI (India) and Trent [2][5] - Over the past 12 months, only Discretionary & Retail stocks outperformed the Sensex, with Jubilant and Nykaa being the best performers, while paint stocks, led by Asian Paints, underperformed the most [3][5] Summary by Category Consumer Sector Performance - The consumer sector saw a valuation de-rating relative to their 5-year average multiples, with exceptions like Jubilant, ITC, Marico, and GCPL experiencing re-rating [1][4] - Majority of stocks are trading below their 200-day moving average (DMA), while most are above their 50-DMA, except for Varun Beverages, ABFRL, Asian Paints, Jubilant, Avenue Supermarts, and ITC [3][19] Stock Ratings and Consensus - Recent consensus rating downgrades were most notable for Vedant Fashion, Dabur, Asian Paints, and Avenue Supermarts, while Page and Titan saw upgrades [5] - Key consensus buy ideas include ITC, Varun Beverages, GCPL, Marico, and Trent, while Asian Paints, Berger, Avenue Supermarts, and ABFRL are key sell ideas [5][20] Earnings Estimates - Downward revisions to consensus earnings estimates for F26 and F27 have continued for most companies, with Berger, Page, and Britannia being the only stocks to see positive upward revisions [6][22] - Changes to consensus earnings estimates show a decline for most companies, particularly in the Paints and F&B sectors [22] Valuation Trends - Paint stocks, Trent, Avenue Supermarts, Dabur, and HUL have seen the most de-rating compared to their five-year trailing average valuation multiples [4] - Current P/E multiples for various sectors indicate a significant range, with Paints at 42.5x and F&B at 55.7x, reflecting a premium over their historical averages [15][24]