The Indian consumer discretionary sector is entering 2026 with a strong focus on high-growth retail segments. Jewellery and footwear have emerged as primary drivers of spending. The domestic jewellery market is valued at approximately **$31.14 billion** this year, maintaining a steady annual growth rate of **6.1%**. Titan remains a market leader, recently achieving a milestone all-time high share price of **₹4,379.95** in early February. The company’s financial health is reflected in its **22.52%** Return on Capital Employed and a significant **50.49%** growth in net profit. Analysts maintain a bullish outlook, with average price targets for the stock hovering around **₹4,409**. The footwear and value retail segments are showing divergent trends. Metro Brands and Lenskart continue to benefit from premiumisation and urban demand. In the value retail space, Vishal Mega Mart is maintaining its presence with a market capitalisation of over **₹58,200 crore**. While it has faced recent price pressure, the company reported a **10.3%** same-store sales growth for the first nine months of the current fiscal year. The Quick-Service Restaurant (QSR) landscape is undergoing a massive transformation. A landmark merger between Devyani International and Sapphire Foods, effective from April 2026, is set to create a retail giant. The combined entity will operate over **3,000 stores** and is projected to generate annual revenues exceeding **₹7,800 crore**. This consolidation aims to tackle rising input costs and improve operating margins, which are currently trending between **11% and 12%**. Investors are monitoring share swap ratios closely, with Sapphire shareholders set to receive **177** Devyani shares for every **100** shares held. Efficiency and cost management are the current themes across the sector. Companies are prioritising "margin engineering" to combat global trade volatility and shifting consumer behavior. Valuations in the broader market remain stable, as experts see limited downside risk despite a recent **1.5%** correction in the Sensex to **82,498** points. Key metrics for the coming quarters include brand-level margins and same-store sales growth (SSSG). With inflation moderating, the focus has shifted to volume growth and capturing market share in Tier-2 and Tier-3 cities. Retailers are adapting with value-driven pricing and digital integration to maintain momentum in an increasingly competitive environment.