Are FMCG stocks becoming too expensive despite slowing growth? In this Business Today discussion, Feroze Azeez, Joint CEO, Anand Rathi Wealth, shares why he believes FMCG valuations no longer justify their growth outlook. He explains that heavy index fund ownership has supported premium valuations, even as earnings and volume growth remain under pressure. According to Azeez, the Nifty FMCG Index could underperform the broader Nifty over the next two to three years. Watch this detailed analysis to understand the sector’s outlook, key risks, and what investors should consider before investing in FMCG stocks.