Marico Limited (MARICO)
₹785.00 -0.41% last close, 16 Oct
Q2 FY27 results
📅 Next results: 02 Nov 2026 (board meeting)Marico Limited's board meets on 2 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q4 FY26, Marico's revenue was ₹3,333 Cr (+22.1% year on year, -5.8% on the previous quarter), and net profit ₹408 Cr (+18.3% year on year); the operating margin was 15.6%.
| Q4 FY26 (₹ Cr) | Value | YoY vs Q4 FY25 | QoQ |
|---|---|---|---|
| Revenue | ₹3,333 | +22.1% | -5.8% |
| Operating profit | ₹521 | +13.8% | -12.0% |
| Net profit | ₹408 | +18.3% | -11.3% |
| EPS (₹) | 3.01 | +13.6% | -12.8% |
| Operating margin | 15.6% | — | — |
MARICO delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 66.85% of the MARICO shares traded on NSE were taken to delivery, against the stock's own 20-session average of 62.21%. That is close to its usual level. In MARICO futures, open interest fell 0.82% while the futures price rose 0.15%: short covering (shorts closing out).
Delivery in the last 5 sessions: 64.0% · 64.4% · 68.7% · 67.6% · 66.8%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Marico Limited has submitted its quarterly compliance certificate pursuant to Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate was issued by the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, for the quarter ended September 30, 2026. It confirms that share certificates received for dematerialisation were duly verified, cancelled, and updated in the register of members within mandated timelines. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance Certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarterly period ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited on October 3, 2026
- Confirms mutilation and cancellation of dematerialised share certificates within prescribed timelines
Marico has entered into definitive agreements to acquire a 38.18% stake in tranches in Satiya Nutraceuticals (owner of 'Plix'), scaling its current stake from 60% to 84.09%. Marico paid an all-cash consideration of ₹1,012.03 Crores for this 24.09% tranche, taking aggregate investment to date to ₹1,392.07 Crores. The target has demonstrated rapid scaling, with consolidated turnover rising from ₹155.32 Crores in FY24 to ₹864.31 Crores in FY26. The final 14.09% stake is slated for acquisition in July 2027 at a base consideration of up to ₹592 Crores plus milestone-linked payouts.
- Acquired 24.09% stake for ₹1,012.03 Crores in cash, increasing holding from 60% to 84.09%
- Total consideration paid for 84.09% stake stands at ₹1,392.07 Crores
- Agreement in place to acquire remaining 14.09% in July 2027 for a base consideration of up to ₹592 Crores plus earnouts
- Plix consolidated turnover jumped ~100% YoY to ₹864.31 Crores in FY26 from ₹432.84 Crores in FY25 (and ₹155.32 Cr in FY24)
Marico released its quarterly update for Q2 FY27, indicating double-digit consolidated revenue growth driven by strong volume momentum. Underlying domestic volume growth reached double digits, led by early-teens volume growth in Parachute Coconut Oil and growth in the twenties for Value Added Hair Oils. Gross margins accelerated year-on-year due to a favorable portfolio mix and copra prices remaining ~35% below peak levels. Operating profit is projected to grow in the mid-twenties, tracking ahead of the company's near-term guidance.
- Consolidated revenue expected to grow in double digits for Q2 FY27
- Operating profit anticipated to grow in the mid-twenties YoY
- Parachute Coconut Oil delivered early teens volume growth, while Value Added Hair Oils grew in the twenties
- Copra prices remained rangebound at ~35% below peak levels, aiding strong gross margin acceleration
- International business posted constant currency growth in the teens, led by Vietnam, Middle East, and South Africa
Marico Limited has announced that Independent Director Mr. Rajeev Vasudeva will retire upon completing his first term at the close of business on October 31, 2026. He will also step down as Chairman of the Nomination and Remuneration Committee due to onerous professional commitments. The Board has appointed current Independent Director Mr. Bhaskar Bhat as the new Chairman of the Nomination and Remuneration Committee, effective November 1, 2026. This administrative board transition has no operational or financial impact on the company.
- Independent Director Rajeev Vasudeva to retire effective October 31, 2026
- Vasudeva will simultaneously step down as Chairman of the Nomination and Remuneration Committee
- Bhaskar Bhat appointed as the new Nomination and Remuneration Committee Chairman effective November 1, 2026
- Retirement follows completion of his first term and cites professional commitments
Marico Limited has been assigned an ESG score of '76', which categorizes it as a 'Leader' as per the methodology of SEBI-registered provider Niche Ninety Nine Capability and Certifications (OPC) Private Limited. The company received this intimation on September 17, 2026, through BSE's System Driven Disclosure mechanism. Marico clarified that it did not engage Niche for the assessment and that the rating was determined independently. The update does not impact Marico's financial position (TTM revenue ₹13,611 Cr) or ongoing operations.
- Assigned an ESG score of 76 by SEBI-registered rating provider Niche Ninety Nine Capability and Certifications.
- Rating corresponds to a 'Leader' categorization under the provider's methodology.
- Intimation received via BSE's System Driven Disclosure (SDD) mechanism on September 17, 2026.
- Company confirmed it did not engage Niche for the assessment; rating is an independent evaluation.
Marico Limited has notified exchanges regarding its management's participation in upcoming institutional investor conferences. The company will attend the 2026 Jefferies India Forum on September 17, 2026, in Gurgaon, followed by the J.P. Morgan India Conference on September 22, 2026, in Mumbai. The interactions will involve one-on-one and group meetings. Marico confirmed that no unpublished price sensitive information (UPSI) will be shared during these sessions.
- Attendance scheduled at the 2026 Jefferies India Forum on September 17, 2026
- Participation scheduled at the J.P. Morgan India Conference on September 22, 2026
- Meeting format includes both One-on-One and Group sessions
- Company confirmed no unpublished price sensitive information (UPSI) will be disclosed
Marico Limited's Securities Committee approved the allotment of 18,00,600 equity shares of face value Re. 1 each on September 8, 2026. This comprises 18,00,000 shares allotted to the Welfare of Mariconians Trust (WEOMA Trust) for cashless ESOP exercises and 600 shares directly to an eligible grantee. Consequently, the company's paid-up equity share capital increased from Rs. 129.84 crore to Rs. 130.02 crore. The overall equity dilution from this allotment is marginal at approximately 0.14%.
- Allotted 18,00,000 equity shares of Re. 1 each to the Welfare of Mariconians Trust for cashless exercise
- Allotted 600 equity shares directly to an eligible grantee under ESOP 2016
- Paid-up share capital increased from 1,29,83,87,850 shares to 1,30,01,88,450 shares of Re. 1 each
- Total paid-up share capital expanded to Rs. 1,30,01,88,450
Marico Limited announced that NSE Sustainability Ratings & Analytics Limited has assigned it an ESG rating score of 79 for FY 2026, categorizing the company as a 'Leader'. The assessment was conducted independently by the SEBI-registered rating provider without engagement from Marico. The rating reflects strong non-financial governance and sustainability standards but has no direct impact on the company's financials (TTM revenue of ₹13,611 Cr).
- Assigned an ESG rating score of 79 for FY 2026 by NSE Sustainability Ratings & Analytics Limited
- Categorized under the 'Leader' category based on environmental, social, and governance parameters
- Assessment was independently determined without engagement from Marico
- Intimation received and disclosed on September 3, 2026
Marico Limited has informed the exchanges that credit rating agency CRISIL has reaffirmed its credit ratings across its bank loan facilities. The company's long-term bank loan facilities were reaffirmed at 'CRISIL AAA/Stable', while its short-term facilities were reaffirmed at 'CRISIL A1+'. With a minimal debt load of Rs 180 crore and a debt-to-equity ratio of 0.03, the reaffirmation reflects sustained credit strength and top-tier liquidity.
- CRISIL reaffirmed long-term bank loan rating at CRISIL AAA/Stable
- Short-term bank loan facilities reaffirmed at highest short-term tier CRISIL A1+
- Reaffirmation follows the previous rating intimation dated July 7, 2025
Marico Limited has scheduled one-on-one and group meetings with institutional investors in London on September 7 and September 8, 2026. The Non-Deal Roadshow is organized by Goldman Sachs (India) Securities Private Limited. The company confirmed that no unpublished price sensitive information (UPSI) will be discussed, and standard investor presentation materials are accessible on its official website.
- Non-Deal Roadshow scheduled for September 7, 2026 to September 8, 2026 in London
- Roadshow organized by Goldman Sachs (India) Securities Private Limited
- Company confirmed no Unpublished Price Sensitive Information (UPSI) will be shared
- Standard presentation available on the company investor portal
Marico Limited issued a press release on World Water Week highlighting achievements under its flagship Jalashay Programme. The company reported creating a cumulative 547 crore litres of water conservation potential across four states (Maharashtra, Gujarat, Puducherry, and Tamil Nadu) through FY26. Operationally, 25% of its manufacturing footprint located in water-stressed zones is now certified water-neutral, alongside a 24% reduction in water consumption intensity compared to the FY22 baseline. The update is part of Marico's ESG 2030 roadmap and has no direct material impact on immediate financial performance.
- Created cumulative 547 crore litres of water conservation potential till FY26 across four states
- Achieved 24% reduction in water consumption intensity in FY26 compared to FY22 baseline
- 25% of manufacturing footprint in water-stressed zones certified as water-neutral, targeting 100% under ESG 2030 roadmap
- Perundurai and Puducherry manufacturing plants achieved Zero Liquid Discharge (ZLD) status
- Jalgaon project generated 70 crore litres of water potential, benefiting over 4,000 farmers
Marico Limited has submitted the official transcript of its 38th Annual General Meeting held on August 6, 2026. The management reiterated its 'Vision 2030' target of reaching ₹20,000 Crore in consolidated revenue, compared to TTM revenue of ₹13,611 Crore. In response to shareholder queries, the company noted that foreign subsidiary investments stand at approximately ₹400 Crore in fixed assets and intangibles, and confirmed expectations of delivering mid-to-high teens constant currency growth in international markets.
- Reiterated long-term 'Vision 2030' aspiration to scale consolidated revenue to ₹20,000 Crore.
- Disclosed total fixed assets and intangibles in foreign subsidiaries of approximately ₹400 Crore as of March 31, 2026.
- Targeting teens constant currency growth over the medium term in key international operations.
- Maintained a low-leverage capital structure with a debt-to-equity ratio of ~0.1x.
Marico Limited has received an ESG score of '68' from ESG Risk Assessments & Insights Limited, a SEBI-registered ESG Rating Provider. The assigned score reflects a 'Strong' rating under the provider's assessment methodology. Marico clarified that it had not commissioned the assessment and the score was independently determined. The update represents a standard informational disclosure with no direct financial impact.
- Assigned an ESG score of 68 by SEBI-registered ESG Risk Assessments & Insights Limited.
- The score indicates a 'Strong' rating under the provider's methodology.
- Assessment was conducted independently without direct engagement by Marico.
Marico delivered a robust Q1 FY27 with consolidated revenue growing 23% and PAT increasing 25% YoY, marking its highest profit growth in seven years. The India business saw a significant volume recovery of 11%, led by Parachute Rigids and a 43% surge in the Foods segment. Management has provided a confident outlook for FY27, targeting revenue to exceed Rs 15,000 Cr (a ~10% increase over TTM levels) and aiming for 20% EBITDA growth. The diversification strategy is gaining scale, with Foods and Digital-first brands now contributing significantly to the top line.
- Consolidated revenue and PAT both grew by 25% and 23% respectively, the highest in 28 quarters.
- India volume growth reached 11%, with Parachute Rigids gaining 400 bps in volume market share.
- Foods business grew 43% YoY, crossing an annualized revenue run rate (ARR) of Rs 1,300 Cr.
- Digital-first portfolio (Beardo, Plix, etc.) achieved an ARR of over Rs 1,100 Cr with structural profitability improvements.
- International business grew 15% in constant currency, despite transient headwinds in Bangladesh.
Marico Limited has been assigned an ESG score of 71 by CRISIL ESG Ratings & Analytics Limited, placing it in the 'Leadership' category. The rating was independently determined by the agency without Marico's formal engagement and was disseminated to exchanges on August 10, 2026. For a company with a market cap of ₹1,13,979 Cr and a high ROCE of 41%, such ratings reinforce its standing among institutional investors focused on sustainability. This update is primarily reputational and does not impact immediate financial operations.
- ESG score of 71 assigned by CRISIL ESG Ratings & Analytics Limited
- Company categorized under 'Leadership' rating as per CRISIL methodology
- Rating disseminated to BSE and NSE on August 10, 2026
- Assessment was independently determined without company engagement
- Marico maintains a strong financial profile with TTM revenue of ₹13,611 Cr
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 31% YoY in Q2 FY26, the highest in 17 quarters. India business delivered 7% volume growth in Q2 FY26. International business delivered 20% constant currency growth (CCG) in Q2 FY26, with Bangladesh showing high single-digit CCG in Q2 FY25 and double-digit CCG in Q3/Q4 FY25.
Geographic Revenue Split
International business contributes 23-25% of total revenue. India business accounts for the remaining 75-77%. Key international markets include Bangladesh, Middle East, North Africa, Southeast Asia, and South Africa.
Profitability Margins
Gross margins are expected to improve from a bottomed-out position. PAT margin was 13.19% in FY22. PBDIT margins stood at 16.1% in Q2 FY26, down from 19.6% in Q2 FY25 due to a sharp rise in material costs which reached 57.4% of revenues in Q2 FY26 compared to 49.2% in Q2 FY25.
EBITDA Margin
EBITDA margin was 19.7% in fiscal 2025. In Q2 FY26, EBITDA grew 7% on a like-for-like basis. Operating margins are expected to improve by at least 200 basis points in the next fiscal year as inflationary pressures on raw materials like Copra abate.
Capital Expenditure
Marico maintains a cash surplus of over INR 2,150 crore as of March 2025. Surplus cash is utilized for enhancing in-house capacities and supporting new product launches. Specific INR values for annual capex are not disclosed, but net cash generation is healthy at INR 300-400 crore annually.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with a gearing of 0.15 times as of March 31, 2025. It has nil long-term debt and largely unutilized working capital lines. Credit ratings are supported by a cash surplus of INR 2,150 crore.
Operational Drivers
Raw Materials
Key raw materials include Copra (major cost driver), Vegetable Oil (Sunflower oil, Rice bran oil), Liquid Paraffin (LLP), and HDPE for packaging. Material costs (Raw + Packaging) accounted for 57.4% of revenues in Q2 FY26.
Import Sources
Over 94% of procurement is done from local/indigenous sources within India and its international operating regions like Bangladesh and Vietnam.
Key Suppliers
Not disclosed in available documents; however, the company engages with over 7,700 stockists and has a framework (Samyut) to assess critical material partners.
Capacity Expansion
Marico expanded its manufacturing footprint to four facilities in FY24. While specific MTPA is not disclosed, surplus cash is earmarked for enhancing in-house capacities to support volume growth.
Raw Material Costs
Copra prices saw a YTD increase of 113% YoY as of Q2 FY26. Material costs rose to 57.4% of revenue in Q2 FY26 from 49.2% in Q2 FY25. The company uses pricing actions in core portfolios to offset these sharp inflationary trends.
Manufacturing Efficiency
Maintains healthy working capital ratios with an Inventory Turnover of 35 days and Debtors Turnover of 41 days as of Q2 FY26.
Logistics & Distribution
Marico has a retail reach of 57 lakh outlets in India and a direct reach of over 10 lakh outlets, supported by 7,700+ stockists and distributors.
Strategic Growth
Expected Growth Rate
10%+
Growth Strategy
Growth will be driven by a 7% volume growth target in India, expansion of the Digital-first Premium Personal Care portfolio (which crossed INR 1,000 Cr ARR), and scaling the Foods business. The company also plans mid-sized acquisitions and increased rural reach to sustain momentum.
Products & Services
Coconut oil, hair oils, premium refined edible oils, premium hair care, health foods, male grooming products, and digital-first personal care brands.
Brand Portfolio
Parachute, Saffola, Nihar, Hair & Care, Livon, Set Wet, Beardo, Plix, and Just Herbs.
New Products/Services
Expansion into the Foods and Digital-first portfolios. The Digital-first portfolio already contributes an ARR of over INR 1,000 crore.
Market Expansion
Focus on increasing rural reach in India and sustaining 20% CCG in international markets like the Middle East and Southeast Asia.
Market Share & Ranking
More than 95% of the business is gaining or sustaining market share as of Q2 FY26.
External Factors
Industry Trends
The FMCG industry is seeing a shift toward Digital-first D2C brands and premiumization. Marico is positioning itself by scaling its digital-first ARR to INR 1,000 Cr+ and focusing on health-centric food innovation.
Competitive Landscape
Intense competition from established FMCG giants and emerging D2C players like HUL's Oziva in the wellness segment.
Competitive Moat
Marico's moat is built on brand leadership (Parachute, Saffola), a massive distribution network of 57 lakh outlets, and cost leadership in Copra procurement. These are sustainable due to high penetration (75% of business gaining/sustaining penetration).
Macro Economic Sensitivity
Favorable monsoons and GST reforms are expected to boost disposable incomes and aid consumption across urban and rural markets.
Consumer Behavior
Shift toward premium personal care and healthy foods is driving growth in the Saffola Foods and Digital-first segments.
Geopolitical Risks
The Bangladesh crisis in 2024 had minimal impact due to robust distribution and high product shelf life, with the region returning to double-digit CCG by Q3 FY25.
Regulatory & Governance
Industry Regulations
Complies with SEBI's Business Responsibility and Sustainability Report (BRSR) and National Guidelines on Responsible Business Conduct (NGBRC).
Environmental Compliance
Marico aims for Net Zero in operations by 2040. 96% of packaging is currently recyclable, with a target of 100% by FY25. It has created 2.83 billion liters of water conservation capacity.
Risk Analysis
Key Uncertainties
Volatility in raw material prices (Copra/Vegetable oils) can impact margins by over 300-400 bps. Competitive intensity in the premium segment from D2C players is a key monitorable.
Geographic Concentration Risk
Approximately 75% of revenue is concentrated in India, with Bangladesh being the largest international contributor.
Third Party Dependencies
Dependency on 7,700 stockists for retail reach and critical material partners for raw material sourcing.
Technology Obsolescence Risk
The company is mitigating digital risks by aggressively growing its Digital-first brands (Beardo, Plix) to an INR 1,000 Cr+ ARR.
Credit & Counterparty Risk
Receivables quality is high with a Debtors Turnover of 41 days; 100% investor grievance resolution maintained.
