Marico (MARICO) Q4 25/26 earnings summary

Executive summary

• Achieved multi-year highs in consolidated revenue and volume growth, with India business up 28% and international business up 20% YoY in INR terms; over 95% of the portfolio gained or sustained market share and 90% improved penetration on a MAT basis.

• Premium personal care, foods, and digital-first brands scaled up, with new acquisitions and digital transformation contributing to growth and profitability.

• International business delivered robust, broad-based growth, especially in Bangladesh, Vietnam, South Africa, and export markets, despite supply-side constraints in MENA.

• Project Setu investments improved rural reach and execution, supporting general trade revival and urban growth through organized retail and e-commerce.

• Audited financials for FY 2025-26 were approved with an unmodified auditor's opinion; several acquisitions completed, including full ownership of True Elements and majority stakes in Plix, 4700BC, and Cosmix.

Financial highlights

• FY26 consolidated revenue was ₹13,611 crore (up 26% YoY); Q4FY26 revenue was ₹3,333 crore (up 22% YoY).

• FY26 consolidated EBITDA was ₹2,328 crore (up 9% YoY); Q4FY26 EBITDA was ₹521 crore (up 14% YoY); net profit for FY26 stood at ₹1,813 crore.

• Foods portfolio exited the year at over ₹1,000 crore in revenue, with core Saffola Foods growing double digits in Q4.

• Premium personal care digital-first portfolio exited FY26 at ₹1,100 crore+ ARR, with improving profitability and a target of double-digit EBITDA margins by FY27.

• Gross margin improved with cost of materials consumed at ₹6,197 crore against revenue of ₹13,611 crore for FY26.

Outlook and guidance

• India business expected to sustain high single-digit volume growth in FY27; international business to maintain mid-teen constant currency growth.

• Consolidated revenue guidance to cross ₹15,000 crore in FY27, with high-teen EBITDA growth, and aim to exceed ₹20,000 crore revenue and mid-teen EBITDA growth by FY30.

• Foods and premium personal care share in India business projected to rise to 27% in FY27 and about one-third by FY30.

• The Board recommended a final dividend of ₹4 per share, with payment expected by September 5, 2026, if approved.

• Tax rate for FY27 expected around 20%.