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Marico Q3 FY26: Revenue Jumps 27% YoY; Domestic Volumes Grow 8% Amid Margin Pressure
Marico reported a strong 27% YoY revenue growth to ₹3,537 crore in Q3 FY26, driven by 8% domestic volume growth and 21% constant currency growth in international markets. While recurring PAT grew 12% to ₹447 crore, EBITDA margins contracted by 234 bps to 16.7% due to a sharp 84% YoY increase in Copra prices. The Foods segment showed exceptional performance with 50% value growth, and the company is scaling its digital-first brands toward a ₹1,000 crore ARR. Management remains optimistic about rural demand recovery and the impact of GST rationalization on consumption.
Key Highlights
Consolidated Revenue grew 27% YoY to ₹3,537 crore, with India business revenue up 28% YoY.
Domestic volume growth stood at 8%, while International business recorded 21% constant currency growth.
EBITDA margins compressed by 234 bps to 16.7% primarily due to high input costs, with Copra prices up 84% YoY.
Foods business grew 50% YoY, on track to reach 8x of FY20 scale by FY27.
Digital-first brands like Beardo and Plix are expected to exit FY26 with an ARR of over ₹1,000 crore.
💼 Action for Investors
Investors should monitor the company's ability to pass on raw material inflation through pricing while maintaining the current volume growth momentum. The rapid scaling of the Foods and Digital-first portfolios provides a strong long-term diversification and margin-accretion narrative.
Marico Q3 FY26: Revenue Surges 27% to ₹3,537 Cr; Domestic Volume Growth Hits 8%
Marico reported a robust 27% YoY revenue growth in Q3 FY26, reaching ₹3,537 crore, supported by an 8% volume growth in the domestic market. While recurring PAT grew 12% to ₹447 crore, EBITDA margins contracted by 234 bps to 16.7% due to a sharp 84% YoY increase in Copra prices. The company's diversification strategy is yielding results, with the Foods segment growing 50% and international business maintaining strong momentum at 21% constant currency growth. A strategic investment in 4700BC further expands Marico's footprint in the premium gourmet snacking category.
Key Highlights
Consolidated Revenue grew 27% YoY to ₹3,537 Cr with domestic volume growth at 8%.
International business delivered 21% constant currency growth, led by Bangladesh and Vietnam.
Foods portfolio recorded 50% value growth and is on track to reach ~8x of FY20 scale by FY27.
EBITDA margins stood at 16.7%, impacted by significant input cost inflation in Copra (+84% YoY).
Digital-first brands are scaling well, with an expected FY26 exit ARR of over ₹1,000 crore.
💼 Action for Investors
Investors should view the strong volume recovery and diversification into high-growth Foods and Digital-first brands as long-term positives. While raw material inflation is currently pressuring margins, the company's pricing interventions and premiumization strategy are expected to mitigate these impacts over time.
Marico Q3 FY26 Results: Net Profit Rises 13.3% to ₹460 Cr; Revenue Up 26.6% YoY
Marico Limited reported a strong performance for the quarter ended December 31, 2025, with revenue from operations growing 26.6% YoY to ₹3,537 crore. Consolidated net profit increased by 13.3% to ₹460 crore, supported by robust top-line growth despite rising raw material costs. For the nine-month period of FY26, the company's revenue crossed the ₹10,000 crore milestone, reaching ₹10,278 crore. The company continues to invest in brand building, with advertisement expenses rising to ₹336 crore for the quarter.
Key Highlights
Revenue from operations surged 26.6% YoY to ₹3,537 crore in Q3 FY26.
Consolidated Net Profit grew 13.3% YoY to ₹460 crore from ₹406 crore.
Basic Earnings Per Share (EPS) increased to ₹3.45 from ₹3.08 in the year-ago period.
Nine-month revenue for FY26 reached ₹10,278 crore compared to ₹8,101 crore in FY25.
Cost of materials consumed rose to ₹1,525 crore, reflecting inflationary pressures in the supply chain.
💼 Action for Investors
The strong revenue growth indicates robust demand and market share gains; investors should maintain a positive outlook on the stock as a core FMCG holding. Monitor the impact of raw material price trends on operating margins in the coming quarters.
Marico to Acquire 93.27% Stake in Gourmet Snacking Brand 4700BC for Rs 226.83 Cr
Marico Limited has entered into definitive agreements to acquire a 93.27% stake in Zea Maize Private Limited, the owner of the premium gourmet snacking brand '4700BC', from PVR INOX. The acquisition is valued at approximately Rs 226.83 Crores and is expected to be completed within 30 days. This strategic move aims to expand Marico's presence in the high-growth, value-added foods and premium snacking segment. Zea Maize has shown strong growth, with its turnover increasing from Rs 48.47 Crores in FY23 to Rs 98.66 Crores in FY25, reaching a recent ARR of ~Rs 140 Crores.
Key Highlights
Acquisition of 93.27% stake in Zea Maize (4700BC) for an aggregate cash consideration of Rs 226.83 Crores.
Target company revenue grew at a robust pace from Rs 48.47 Cr in FY23 to Rs 98.66 Cr in FY25.
Current Annualized Revenue Run-rate (ARR) reached ~Rs 140 Crores based on the Oct-Dec 2025 quarter.
Marico holds the right to acquire the remaining stake after 3 years subject to milestone achievements.
The deal allows Marico to leverage its FMCG distribution scale to grow a premium, digital-first snacking brand.
💼 Action for Investors
Investors should view this as a positive step in Marico's diversification strategy into high-margin food categories. Monitor the brand's scaling progress through Marico's distribution network as it contributes to the company's long-term 'Foods' growth targets.