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India’s research and insights industry hits Rs 29,008 crore in FY25
MUMBAI: India’s research and insights industry expanded to Rs 29,008 crore in FY2025, growing 10.9 per cent year-on-year, as analytics-led services and rising international demand pushed the sector into a more mature, diversified phase.
According to the Market Research Society of India (MSRI), the industry rose from Rs 26,300 crore in FY2024 and is expected to reach about Rs 32,500 crore in FY2026, implying growth of 10–12 per cent despite global economic uncertainty.
Analytics remained the largest and fastest-growing segment, accounting for nearly 60 per cent of the market. The segment grew 14 per cent in FY2025, driven largely by overseas clients, who contributed more than 90 per cent of demand. Increased use of predictive modelling, customer lifetime value analysis and econometrics underpinned the expansion, with agentic AI enabling real-time, autonomous insights.
Custom market research grew 8 per cent, buoyed by demand for advanced consumer experience tools such as facial coding, eye tracking and emotional response measurement. Syndicated research rose 6 per cent, aided by a modest rebound in manufacturing-led demand and greater outsourcing to India-based captive research centres, though media measurement continues to face disruption as audiences shift to digital and streaming platforms.
TAM Media Research chief growth and partnerships officer and MSRI president Nitin Kamat, said growth is now being driven by value rather than volume, with firms moving from traditional data delivery to integrated, AI-enabled insight systems.
MRSI director general Mitali Chowhan, said steady double-digit growth reflects rising trust in data-led decision-making across sectors, even amid global volatility.
Looking ahead, mrsi expects continued momentum in FY2026, led by international mandates, deeper adoption of advanced analytics, and growing domestic demand for hyperlocal insights across both consumer and B2B sectors.
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Jubilant FoodWorks faces Rs 47.5 crore GST demand, plans appeal
Tax authorities flag alleged misclassification of restaurant services
MUMBAI: Jubilant FoodWorks Limited has landed in a tax tussle after receiving a GST demand of Rs 47.5 crore from the office of the additional commissioner of CGST and central excise in Thane, Maharashtra.
The order, issued under the provisions of the Central Goods and Services Tax Act, 2017, relates to an alleged incorrect classification of certain services under the category of restaurant services. According to the tax authorities, this classification resulted in a short payment of goods and services tax for the period between the financial years 2019-20 and 2021-22.
The demand includes Rs 47.5 crore in GST along with an equal amount as penalty, in addition to applicable interest. The order was received by the company on March 13, 2026.
In a regulatory filing to the BSE Limited and the National Stock Exchange of India Limited, the company said it disagrees with the order and believes its arguments were not adequately considered.
The company is preparing to challenge the decision and plans to file an appeal. It added that once the redressal process is complete, the demand is likely to be dropped.
Despite the sizeable figure attached to the notice, the company said it does not expect any material impact on its financials, operations or other activities.
The disclosure was signed by Suman Hegde, EVP and chief financial officer, who confirmed that the company received the order at 19:06 IST on March 13 and has already initiated steps to contest it.
The development places the quick service restaurant major in the middle of a tax debate that could hinge on how certain restaurant-linked services are classified under GST rules. For now, the company appears ready to take the matter from the tax office to the appeals desk.
