Marico Limited reports Q3 FY26 results
Marico reported a strong Q3FY26 performance driven by a recovery in domestic volumes and continued momentum in international markets.
INDIA – Marico Limited has released its Q3 FY26 results with consolidated net profit surging 12.03% year-on-year (YoY) to ₹447 crore (US$49.28M) from ₹399 crore (US$44M), driven by strong revenue growth and volume gains across domestic and international segments.
Revenue from operations jumped 26.6% YoY to ₹3,537 crore (US$389.99M), up from ₹2,794 crore (US$308.07M), while total revenue reached ₹3,576 crore (US $394.29M).
EBITDA rose 11% to ₹592 crore (US$65.27M), though margins dipped 234 basis points to 16.7% due to lagged copra price impacts and a ₹6 crore (US$661,514) one-time hit from new Labour Codes on gratuity liabilities.
Recently, the Company announced its agreement to make a strategic investment in Zea Maize Private Limited, the parent of premium snacks brand 4700BC, one of India’s leading premium gourmet snacking brands.
Business Segments
India business revenues soared 28% YoY to ₹2,681 crore (US$295.64M), powered by 8% underlying volume growth in core categories like hair care (Parachute, Livon), premium staples (Saffola), and Value Added Hair Oils (VAHO) up 29%, aided by pricing for inflation and e-commerce/quick commerce leadership.
Saffola edible oils had a soft quarter, amidst a relatively elevated pricing environment. Revenue growth was flattish, while prior pricing actions anniversarized in this quarter.
Foods grew 5% YoY, in line with our ongoing strategic focus on calibrating franchise profitability amid the business’s growing scale.
Saffola Oats continued to gain market share on a MAT basis, retaining its position as the #1 Oats brand. Marico expects the portfolio to revert to its accelerated growth trajectory in the coming quarters.
Premium personal care, including the Digital First portfolio, sustained its accelerated growth momentum.
The portfolio comprising Premium Hair Nourishment, Male Grooming, and Skin Care is expected to exit FY26 with ARR over ₹350 crore (US$38.59M).
Value-added hair oils delivered a stellar quarter, recording 29% value growth. The portfolio gained 170 bps in value-market share on a MAT basis, reaching an all-time high of ~30%.
Parachute rigids continued to demonstrate strong resilience during the quarter. While reported volumes were down 1%, the underlying volume, after adjusting for ml-age reductions, grew by 2%, highlighting the brand’s pricing inelasticity and enduring consumer loyalty. The brand’s revenue growth was 50%.
International operations grew 24% YoY (21% constant currency), with strong performances in Bangladesh, Vietnam, MENA, South Africa, and emerging markets.
MD & CEO Saugata Gupta highlighted, “Our performance in the quarter and year so far reflects the strength of our operating model and the effectiveness of agile execution in driving consistent outcomes … Looking ahead, we expect to sustain the healthy volume growth momentum, with profitability strengthening progressively as input cost pressures moderate.”
The results underscore Marico’s market share gains in a recovering rural economy and urban premium shift, outpacing peers amid moderating inflation.
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