Inside the MD&A: The Quiet Rise of AI in FMCG

A review of the Management Discussion and Analysis sections in annual reports and filings from India’s leading FMCG companies shows a clear pattern:

• Most position AI as a support tool for analytics, measurement, automation, and consumer engagement. These efforts sit inside broader CRM and automation technology investments.
• None of the companies list AI spending as a separate line item. It is folded into overall IT and technology capex.
• Companies see these details as strategic and competitive, so they avoid disclosing explicit AI costs in public filings.

Summary of AI in MD&A : 

source: MD&A, annual reports; my own prompt for AI.