A challenger's dilemma: How Patanjali tripped and what it must do to stay

Patanjali's admission that it will not be able to continue its growth momentum comes at a time when competitors in the segment have posted smart recovery

Hailed as a disruptor at the time of its entry into the fast moving consumer goods (FMCG) market  in 2009, Patanjali Ayurved, today, appears to be a prisoner of its own ambition. Earlier this month, the company’s managing director, Acharya Balkrishna, said that lingering effects of demonetisation and the implementation of the goods and service tax (GST) had stunted its growth; so much so that the firm will close financial year 2018 with revenues at the same level as the previous year — that is, at Rs 100 billion. Compare this with his confidence around this time last year: he