Demand Environment and Economic Context

Demand trends remained steady during the quarter, supported by resilient economic activity. The company remains optimistic about consumption trends while monitoring evolving inflationary conditions and the impact of El Niño on the monsoon.

India Business Performance

  • India business accelerated growth trajectory, delivering double-digit underlying volume growth (multi-quarter high)
  • Parachute Coconut Oil: Robust performance with double-digit volume growth (highest in several quarters)
  • Saffola Oils: Mid-single digit price-led revenue growth with volume decline due to rationalization of select variants to maintain threshold profitability
  • Value Added Hair Oils: Revenue growth in twenties percent supported by strategic focus on mid and premium segments, enhanced direct reach driven by Project SETU, and differentiated innovations
  • Foods and Premium Personal Care (including digital-first brands): Continued scale-up in line with diversification aspirations

International Business Performance

  • Continued strong growth momentum with mid-teens constant currency growth
  • Outperformance in Vietnam and MENA markets
  • Positive contribution from all other markets
  • Bangladesh experienced transient moderation in growth due to pricing anniversarization and marginal demand softness amidst elevated inflation

Consolidated Financial Expectations

  • Revenue expected to grow in early twenties percent
  • Growth driven by robust broad-based performance across core, digital, and international businesses

Input Cost and Margin Analysis

  • Cost of crude-linked derivatives and vegetable oils rose sharply during the quarter
  • Copra prices corrected meaningfully, down approximately 45% from peak levels (though remain above historical averages)
  • Gross margin expected to improve sequentially
  • ASP investments accelerated substantially for brand building initiatives to strengthen long-term equity and drive portfolio diversification
  • Strong operating profit growth expected driven by robust business growth and softening in copra prices

Strategic Outlook and Aspirations

The solid start to the year underscores strategic clarity, strength of business model, and execution rigor. The company maintains its aspiration of delivering sustainable and profitable volume-led growth over the medium term, enabled by strengthening brand equity of core franchises and scale-up of new growth engines across markets.

Company Background

Marico recorded a turnover of ₹136.1 billion (USD 1.5 billion) during FY 2025-26. The overseas consumer products portfolio contributes about 24% of Group's revenue. The company touches the lives of 1 out of every 3 Indians through its portfolio of brands.