Mondelēz International’s India business grew more than 20% year-on-year in Q3 2026, the quarter ended September, as the Cadbury and Oreo parent widened its retail network and made its products more available.
CEO Dirk Van de Put told investors the growth came as the company expanded store coverage and execution on the ground.
Where the India growth is coming from
Mondelēz added approximately 130,000 outlets in India year-to-date. That is a cumulative figure for the year so far, not a jump recorded in Q3 alone.
COO Luca Zaramella said the opportunity is bigger than store count. Across India, China and Brazil, he estimated around 25% of the distribution opportunity remains untapped. The figure is a collective view across all three markets, not an India-specific growth forecast.
“Around 25% of the distribution opportunity remains untapped across these three markets,” Zaramella told investors.
In India, he said, the next phase is to sell more to stores the company already reaches: increase the number of products stocked, upgrade the existing retail network, and use assets such as visi-coolers.
Van de Put said consumer confidence in India remains positive compared with other emerging markets, while flagging inflation linked to the Middle East conflict as a concern.
The AMEA and global picture
Mondelēz’s Asia, Middle East and Africa business reported net revenue of $2.18 billion in Q3, up 8.2% year-on-year. Organic revenue in the region rose 7.7%, with volume and mix contributing 5.5 percentage points and pricing adding 2.2 percentage points.
For the first nine months, AMEA revenue was $6.46 billion, up 10.3% year-on-year, with organic growth of 8.7%.
Consolidated net revenue reached $9.97 billion, up 2.3%. Adjusted earnings per share rose 5.5% at constant currency to $0.78, while diluted EPS jumped 78.9% to $1.02. Management reaffirmed its full-year organic net revenue growth outlook of at least 2% and expects about $3 billion in free cash flow.
What marketers should watch
India’s result is a classic FMCG distribution story: growth is coming from physical availability as much as from communication.
- Store count is only the first metric. Big outlet additions matter, but the 130,000 figure is year-to-date, not quarterly.
- Depth drives the next leg. More lines per store, stronger visibility, and visi-coolers can improve same-store performance.
- Volume is leading price. In AMEA organic growth, volume and mix added 5.5 points against 2.2 points from pricing.
- Keep an eye on inflation. Middle East-linked inflation was called out as a consumer-facing risk.
Bottom line
For brand and retail marketers, Mondelēz’s India playbook shows that distribution coverage is only step one. The next battle is assortment, visibility and in-store execution in the outlets you already serve.
Source: Storyboard18
