Brand Equity and Business Performance in Indian FMCG Companies a Comparative Qualitative Review

Abstract

Purpose:

This article examines how brand equity is defined and measured, how it may influence the performance of fast-moving consumer goods (FMCG) brands, and the extent to which existing evidence can be applied to the Indian market.

Design/methodology/approach: A bounded qualitative review was conducted using 12 peer-reviewed journal articles. A separate comparative reading was undertaken of the FY 2024–25 annual or integrated reports of Hindustan Unilever Limited, Nestlé India Limited, Dabur India Limited and Marico Limited, with Unilever PLC’s 2024 global report used as a parent-level comparator. NielsenIQ industry snapshots provide contemporary channel context. Throughout the review, published research findings, company disclosures and the authors’ interpretations are kept distinct.

Findings: Awareness, associations, perceived quality, credibility and loyalty are related dimensions of brand equity, but they are not interchangeable. Selected research links purchase loyalty with market share and attitudinal loyalty with relative price. India-focused studies relate customer-based brand equity to operational performance and examine financial brand value in relation to profitability and firm value. Corporate reports identify investment in established brands, product renovation, premiumisation, distribution and digital channels, but they do not provide sufficient evidence to isolate the causal effect of brand equity on profit. The main requirement for stronger evidence in India is matched longitudinal data linking consumer response, purchase behaviour, realised price, distribution and brand-level financial contribution. This review is bounded rather than exhaustive and does not claim a causal estimate.