FMCG recovery real but modest, banking margins face pressure, power sector demand unstoppable: Anand Tandon

India's earnings season reveals a steady, albeit unspectacular, recovery. FMCG sees rural demand lift, but growth remains modest. PSU banks boast clean balance sheets, yet face quiet pressure on net interest margins. Power and EMS sectors have strong demand, but margin sustainability hinges on raw material costs and rising competition.