Board Meeting Outcomes

The Board of Directors of Marico Limited met on November 2, 2026. The meeting commenced at 11:30 AM and was scheduled to continue till 5:00 PM.

The Board approved the following items:

1. The un-audited standalone and consolidated financial results of the Company for the quarter and half year ended September 30, 2026.

2. The appointment of Mr. Rajan Bharti Mittal (DIN: 00028016), Independent Director, as the Lead Independent Director of the Company with effect from November 2, 2026.

Consolidated Financial Results (Q2 FY27)

Profit & Loss Statement (Quarter ended September 30, 2026):

  • Revenue from operations: ₹3,897 crore (vs. ₹3,450 crore in Q2 FY26)
  • Other income: ₹53 crore
  • Total income: ₹3,950 crore
  • Total expenses: ₹3,276 crore
  • Profit before tax: ₹674 crore (vs. ₹550 crore in Q2 FY26)
  • Tax expense: ₹116 crore
  • Net profit for the period: ₹558 crore (vs. ₹432 crore in Q2 FY26)
  • Other comprehensive income: ₹19 crore
  • Total comprehensive income: ₹577 crore

Earnings per share (not annualized):

  • Basic EPS: ₹4.24
  • Diluted EPS: ₹4.24

Profit Attribution:

  • Net profit attributable to owners: ₹550 crore
  • Net profit attributable to non-controlling interests: ₹8 crore

Consolidated Financial Results (H1 FY27)

Profit & Loss Statement (Half year ended September 30, 2026):

  • Revenue from operations: ₹7,854 crore (vs. ₹6,671 crore in H1 FY26)
  • Other income: ₹101 crore
  • Total income: ₹7,955 crore
  • Total expenses: ₹6,491 crore
  • Profit before tax: ₹1,464 crore (vs. ₹1,206 crore in H1 FY26)
  • Tax expense: ₹254 crore
  • Net profit for the period: ₹1,210 crore (vs. ₹945 crore in H1 FY26)
  • Other comprehensive income: ₹32 crore
  • Total comprehensive income: ₹1,242 crore

Earnings per share (not annualized):

  • Basic EPS: ₹9.11
  • Diluted EPS: ₹9.09

Profit Attribution:

  • Net profit attributable to owners: ₹1,180 crore
  • Net profit attributable to non-controlling interests: ₹30 crore

Consolidated Balance Sheet (As at September 30, 2026)

  • Total assets: ₹12,378 crore (vs. ₹10,075 crore as at March 31, 2026)
  • Non-current assets: ₹4,561 crore
  • Current assets: ₹7,817 crore
  • Total equity: ₹5,060 crore (vs. ₹4,494 crore as at March 31, 2026)
  • Equity attributable to owners: ₹4,735 crore
  • Non-controlling interests: ₹325 crore
  • Total liabilities: ₹7,318 crore
  • Non-current liabilities: ₹930 crore
  • Current liabilities: ₹6,388 crore
  • Paid-up equity share capital: ₹130 crore (Face value of Re. 1 per share)

Consolidated Cash Flow (H1 FY27)

  • Net cash from operating activities: ₹692 crore
  • Net cash used in investing activities: ₹(878) crore
  • Net cash from financing activities: ₹118 crore
  • Net decrease in cash & cash equivalents: ₹(68) crore
  • Cash and cash equivalents at period end: ₹336 crore

Standalone Financial Results (Q2 FY27)

Profit & Loss Statement (Quarter ended September 30, 2026):

  • Revenue from operations: ₹2,722 crore
  • Other income: ₹330 crore
  • Total income: ₹3,052 crore
  • Total expenses: ₹2,290 crore
  • Profit before tax: ₹762 crore
  • Tax expense: ₹79 crore
  • Net profit for the period: ₹683 crore
  • Other comprehensive loss: ₹(2) crore
  • Total comprehensive income: ₹681 crore

Earnings per share (not annualized):

  • Basic EPS: ₹5.27
  • Diluted EPS: ₹5.26

Standalone Financial Results (H1 FY27)

Profit & Loss Statement (Half year ended September 30, 2026):

  • Revenue from operations: ₹5,516 crore
  • Other income: ₹383 crore
  • Total income: ₹5,899 crore
  • Total expenses: ₹4,588 crore
  • Profit before tax: ₹1,311 crore
  • Tax expense: ₹168 crore
  • Net profit for the period: ₹1,143 crore
  • Other comprehensive income: ₹2 crore
  • Total comprehensive income: ₹1,145 crore

Earnings per share (not annualized):

  • Basic EPS: ₹8.82
  • Diluted EPS: ₹8.80

Standalone Balance Sheet (As at September 30, 2026)

  • Total assets: ₹9,557 crore (vs. ₹7,745 crore as at March 31, 2026)
  • Non-current assets: ₹3,551 crore
  • Current assets: ₹6,006 crore
  • Total equity: ₹6,554 crore
  • Total liabilities: ₹3,003 crore
  • Paid-up equity share capital: ₹130 crore

Standalone Cash Flow (H1 FY27)

  • Net cash from operating activities: ₹462 crore
  • Net cash used in investing activities: ₹(426) crore
  • Net cash used in financing activities: ₹(79) crore
  • Net decrease in cash & cash equivalents: ₹(43) crore
  • Cash and cash equivalents at period end: ₹72 crore

Key Notes to Financial Results

1. Accounting Policy Change: The Group has reclassified certain customer-related advertisement and promotional expenses. These amounts, previously included within Advertisement and Sales Promotion expenses, are now netted off from Revenue from Operations. Comparative figures for previous periods have been restated accordingly. This reclassification does not affect profit before tax, profit after tax, EPS, or shareholders' equity.

2. Business Combinations:

  • The business undertaking of Just Herbs was vested in the Company effective October 1, 2025, as a common control transaction.
  • The business undertaking of Beardo was vested in the Company effective June 29, 2026, as a common control transaction.
  • The Company acquired 75% of total shares and gained control of Skinetiq (Vietnam) with effect from April 2, 2026. The Group has an obligation to acquire the remaining equity stake from non-controlling interests, contingent on achievement of certain business milestones.

3. Subsequent Event: Subsequent to the quarter end, on October 5, 2026, the Company entered into definitive agreement(s) to acquire 38.18% stake in Satiya Nutraceuticals Private Limited (Plix) in tranches. The Company acquired 24.09% stake in Plix, increasing its total holding to 84.09% on a fully diluted basis. Acquisition of the remaining 14.09% stake will be completed in July 2027 subject to terms and conditions of the definitive agreement(s).

Subsidiary Information

The consolidated results include 22 entities as listed in Annexure I, including subsidiaries in India, Bangladesh, UAE, Egypt, South Africa, Malaysia, Sri Lanka, Vietnam, and USA.

Auditor Information

The financial results have been subjected to limited review by the statutory auditors, B S R & Co. LLP. Their limited review report is included in the filing.