FMCG valuations

assigns FMCG names to four tiers. Top-franchise leaders (HUL, NESTLE, BRITANNIA) take terminal growth 5.0% and WACC floor 8.5%, reflecting 40+ year India distribution moats and net-cash books. ITC sits on a 4.5% TG with the same WACC floor (cigarette tail-risk discount). Tier-2 (DABUR, MARICO, COLPAL, GODREJCP) lifts to 4.5%; Tier-3 stays at the country default 4.0% but keeps the WACC floor. The top-4 also receive a moat-pillar floor of 75.