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Marico (MARICO) investor relations material
Marico Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary14 Nov, 2025
Executive summary
Achieved 7% volume growth in Q2 FY26 despite GST disruptions, with India business revenues up 35% year-over-year and international up 19% in INR terms; over 95% of the business gained or sustained market share.
Distribution expansion and Project Sethu/SETU initiatives strengthened market presence, especially in upgraded towns and quick commerce, which nearly doubled year-over-year.
Both India and international businesses delivered strong performances, with international growth led by Bangladesh, Vietnam, and MENA, while South Africa is expected to recover in H2.
Board approved unaudited standalone and consolidated results for the quarter and half year ended September 30, 2025, reviewed by statutory auditors with no material misstatements.
Focus remains on executing strategic priorities, improving India volume growth, and maintaining double-digit constant currency growth overseas.
Financial highlights
Q2FY26 consolidated revenue from operations was ₹3,482 crore, up 31% year-over-year; H1FY26 revenue was ₹6,741 crore, up 27%.
Q2FY26 consolidated EBITDA grew 7% year-over-year to ₹560 crore, with an EBITDA margin of 16.1% (down 350 bps year-over-year); recurring PAT rose 8% to ₹420 crore.
Parachute brand saw flattish volume but 60% year-over-year pricing growth due to hyperinflation in copra prices; copra prices have since declined 15% from July 2025 highs.
Foods portfolio crossed INR 1,100 crore ARR, with Saffola oats gaining share and new muesli range showing early promise.
Digital-first portfolio exited the quarter with over INR 1,000 crore ARR, on track for 2.5x FY24 ARR by FY27 and targeting double-digit EBITDA margins.
Outlook and guidance
Revenue growth in India expected to remain strong in H2, even as pricing actions in Parachute and Saffola partially annualize.
Targeting around 25% consolidated revenue growth for the year, with double-digit EBITDA growth in H2 as margin pressures ease.
Foods portfolio is on track to become ~8x FY20 scale by FY27, with a 25%+ CAGR expected.
Digital brands expected to reach double-digit operating margins by FY27.
Confident in achieving INR 20,000 crore revenue by 2030.
True Elements 100% acquisition: What's next
Clarify unreviewed subsidiaries' materiality
Explain H1 2025 investing cash flow drivers
What drives VAHO's sustained double-digit growth?
Rationale for discontinuing Saffola food products?
Key drivers for digital brands' FY27 EBITDA target?
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Q3 25/2630 Jan, 2026
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Frequently asked questions
Marico Limited is an Indian multinational consumer goods company, focusing on products and services across health, beauty, and wellness categories. The company has a diverse portfolio that includes brands such as Parachute, Saffola, Hair & Care, Nihar Naturals, Livon, and many others, catering to various consumer needs from hair care and skincare to edible oils and healthy foods. The company is headquartered in Mumbai, India, and its shares are listed on the National Stock Exchange.
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