Marico (MARICO) Q1 25/26 earnings summary

Executive summary

• Achieved multi-quarter high volume and revenue growth in India, with 9% volume growth and 23% consolidated revenue growth year-over-year in Q1FY26.

• International business delivered high teen constant currency growth, with Bangladesh and MENA performing well, while Vietnam was muted and South Africa remained flat.

• Premium categories, foods, and digital-first brands led growth, supported by innovation and expansion in modern trade, e-commerce, and quick commerce.

• Board approved unaudited standalone and consolidated results for the quarter ended June 30, 2025, with review by statutory auditors and Audit Committee.

• Acquisition of an additional 8.8% stake in Satiya Nutraceuticals Private Limited (Plix), raising total holding to 60%.

Financial highlights

• Q1FY26 consolidated revenue from operations rose 23% year-over-year to ₹3,259 crore.

• EBITDA increased 5% year-over-year to ₹655 crore, with EBITDA margin at 20.1% (down 360 bps year-over-year).

• Reported PAT grew 9% year-over-year to ₹504 crore; consolidated net profit for the quarter was ₹480 crore.

• Standalone revenue from operations was ₹2,281 crore, up from ₹1,886 crore year-over-year; standalone net profit reached ₹777 crore.

• Earnings per share (consolidated, basic) was ₹3.90, up from ₹2.65 year-over-year.

Outlook and guidance

• Expecting high single-digit volume growth in India as base case, with double-digit volume growth targeted in some quarters.

• Foods portfolio on track to reach ~8x FY20 scale by FY27, targeting 25%+ CAGR; digital-first brands' exit ARR expected to be ~2.5x FY24 ARR by FY27.

• International business maintains full-year growth aspirations, with robust CCG trajectory in MENA and South Asia.

• Margin compression seen as temporary due to inflationary cycle; profit acceleration expected in deflationary periods.

• No explicit forward-looking guidance provided, but continued focus on international and domestic growth, and portfolio expansion through acquisitions.