Marico (MARICO) Q3 25/26 earnings summary

Executive summary

• Demand conditions remained stable with signs of gradual recovery, aided by moderating inflation, GST rate cuts, higher MSPs, and healthy crop sowing.

• Achieved 27% year-over-year revenue growth in Q3FY26, with consolidated revenues reaching ₹3,537 crore and PAT up 12% to ₹447 crore.

• Over 95% of the business gained or sustained market share, and 80% maintained or grew penetration on a MAT basis.

• E-commerce and quick commerce led growth, with traditional trade also improving due to distribution investments.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.

Financial highlights

• Consolidated revenue from operations for Q3 FY26 was ₹3,537 crore, up from ₹2,794 crore in Q3 FY25; net profit for Q3 FY26 stood at ₹460 crore, compared to ₹406 crore in Q3 FY25.

• Q3FY26 EBITDA grew 11% YoY to ₹592 crore, with an EBITDA margin of 16.7%.

• Foods portfolio reached INR 1,000 crore ARR, focusing on profitability and stabilization.

• Premium personal care and digital-first portfolios grew in double digits, with digital-first expected to reach INR 1,000+ crore ARR by FY26.

• Net working capital remained healthy, with debtor and inventory turnover at 42 and 41 days, respectively.

Outlook and guidance

• Foods portfolio expected to achieve 25%+ CAGR, targeting 8x FY20 scale by FY27.

• Digital-first brands projected to reach ~2.5x FY24 ARR by FY27, with double-digit EBITDA margins.

• Volume growth momentum to be sustained as pricing growth moderates with easing input costs.

• The company continues to monitor regulatory changes, including the new Labour Codes, and will adjust accounting as needed.

• Operating profit growth rates projected to improve progressively in coming quarters.