15-Nov-2025Today's Market Indicators

However, revenue from operations rose 6.84% quarter on quarter (QoQ) to Rs 3,482 in Q2 FY26.

On a year on year basis, the company's consolidated shed 0.70% while revenue jumped 30.70% in Q2 FY26.

Revenue from Operations grew strongly, supported by 7% underlying volume growth in the India business and 20% constant-currency growth in the international business. Both consolidated and India revenue growth reached multi-quarter highs.

Profit before tax (PBT) decreased 0.36% YoY to Rs 550 crore in Q2 FY26.

EBITDA rose 7% to Rs 560 crore in Q2 FY26, compared with Rs 522 crore posted in Q2 FY25. EBITDA margin contracted by 350 bps to 16.1% in Q2 FY26 as against 19.6% in Q2 FY25.

The India business recorded revenues of Rs 2,667 crore, up 35% YoY, driven by price hikes in core portfolios to offset sharp inflation in key input costs. Offtake growth remained strong, with over 95% of the business gaining or sustaining market share and over 75% gaining or sustaining penetration, both on a MAT basis.

The international business continued its robust growth trajectory, delivering 20% constant-currency growth, reflecting its strong fundamentals and sustained growth potential.

Revenue for the brand grew 59%, despite copra prices remaining rangebound after a 15% correction from peak levels in early Q2. Moving forward, Parachute is expected to remain steady and reinforce its competitive edge, supported by its formidable brand strength and scaled back-end capabilities.

The Value-Added Hair Oils portfolio grew 16% in value terms, marking the second consecutive quarter of double-digit growth and sustaining the recovery momentum despite the impact of the GST transition. The portfolio gained 150 bps in value market share on a MAT basis.

Saffola Edible Oils delivered a flattish quarter in volume terms amid a relatively elevated pricing environment, while registering 19% revenue growth.

The foods portfolio grew 12% YoY, crossing the Rs 1,100 crore mark in annualized run rate. Saffola Oats continued to gain market share on a MAT basis, retaining its position as the #1 Oats brand. True Elements and the plant-based nutraceutical portfolio of Plix maintained their strong growth momentum during the quarter.

The premium personal care segment sustained its accelerated growth trajectory, led by the Digital-First portfolio, comprising Beardo, Just Herbs, and the personal care portfolio of Plix, which crossed the Rs 1,000 crore annualized run rate (ARR) mark.

Copra and vegetable prices remained elevated, while crude oil derivatives stayed rangebound; the company will continue to prioritize the expansion of its consumer franchises while judiciously leveraging pricing power.

In the international business, Bangladesh grew 22% in constant currency terms, maintaining robust growth through a steady core business and the scale-up of new franchises, while Vietnam grew 6%, showing signs of gradual recovery. MENA delivered 27% CCG, driven by strong performance in the Gulf region and Egypt. South Africa grew 1%, with expectations of a recovery in H2, and NCD and Exports recorded 53% growth, reflecting strong traction in international markets.

On the outlook front, the sector has witnessed stable demand trends during the quarter. We also expect consumer sentiment to gradually improve on the back of easing inflation, healthy crop outlook and policy stimulus. The recent GST rate rationalization announced by the Government is a welcome step towards stimulating demand and long-term growth in the FMCG sector. ~30% of our India business has benefited from the GST rate rationalization.

We have passed on the benefits of revised GST rates to consumers across relevant product categories, reinforcing affordability and accessibility. We expect a steady growth trajectory in our core categories, despite input cost headwinds in the near term. This will be further aided by ongoing initiatives to support select General Trade (GT) channel partners and transformative expansion in our direct reach footprint under Project SETU.

We will continue our focus on driving differential growth in our urban-centric and premium portfolios through the organized retail and ECommerce channels. We will continue to aggressively diversify through Foods and Premium Personal Care (incl. the Digital-first portfolio) in line with our medium-term strategic priorities. We aim to grow Foods at 25%+ CAGR to ~8x of FY20 revenues (~2x of FY24 revenues) in FY27.

We aim to scale this portfolio to ~2.5x of FY24 ARR in FY27. We expect the India revenue share of the Foods and Premium Personal Care portfolios is expected to expand to ~25% by FY27. Among Digital-first brands, Beardo is likely to cross double-digit EBITDA margin this year, while Plix is delivering single-digit EBITDA margin. We aim to maintain the pace of scale up and achieve double-digit EBITDA margin in this portfolio in FY27.

The International business has navigated headwinds, including macroeconomic volatility and currency devaluation in select markets. We aim to maintain double-digit constant currency growth momentum in the International business over the medium term.

Saugata Gupta, MD & CEO, commented, 'Our performance in the first half of the year reflects the institutionalized resilience of our operating model amidst tough inflationary conditions. We have sustained healthy volume-led growth in the India business, coupled with market share and penetration gains across key portfolios. The core franchises have been stable despite steep input cost headwinds, while the new businesses continue to advance towards strategic aspirations.

The International business has delivered stellar growth, reinforcing the breadth and balance of our portfolio. We expect to maintain healthy volume and revenue growth momentum in the quarters ahead, with profit growth gaining traction as margin pressures gradually abate.'

Marico is one of India's leading consumer products companies, in the global beauty and wellness space. It sells products under brands such as Parachute, Saffola, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker, Pure Sense, Coco Soul, Revive, Set Wet, Livon, Beardo, Just Herbs etc.

Shares of Marico advanced 2.41% to close at Rs 739.35 on the BSE.

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