Which FMCG stock is most exposed to rising sugar prices?

Goldman Sachs flagged Britannia Industries as the most exposed consumer stock to the recent surge in sugar prices. Biscuits account for around 75% of Britannia’s revenue, while sugar contributes 15-16% of costs. The brokerage estimated the company would need a 3.5% price hike to offset 40% sugar-price inflation. Nestle India and Varun Beverages were relatively better positioned.