] and India’s beauty market are expanding beyond basic personal care, with consumers increasingly spending on skincare, haircare and premium formulations. The interesting part is that this isn't only a brand story. Specialty ingredient suppliers are also seeing stronger demand as product portfolios become more sophisticated. Galaxy Surfactants, S H Kelkar, !Fine Organic Industries, !Honasa Consumer and Emami are among the companies positioned across different parts of this value chain. Galaxy's Q1 FY27 profit more than doubled, highlighting how the underlying ingredient ecosystem is benefiting alongside consumer brands.

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