Marico Ltd - Quarterly Update: Q4 FY26

This update seeks to provide an overall summary of the operating performance and demand trends witnessed during the quarter ended 31stMarch, 2026. A detailed Information Update will follow this once the Board approves the financial results for Q4 FY26.

The sector witnessed stable demand sentiment during the quarter. We remain hopeful of a gradual improvement in consumption trends in the quarters ahead, while the macroeconomic impact of the evolving geopolitical situation in the Middle East is a key monitorable.

During the quarter, the India business sustained high single-digit underlying volume growth, with a slight sequential improvement. Parachute continued to showcase resilience and the strength of its franchise, as the brand took selective pricing actions to pass on value to consumers amid easing copra prices. The brand recorded low single-digit volume growth after normalising for ml-age reductions. We expect the brand to deliver a gradual pickup in volume growth over the course of FY27. Saffola Oils recorded high single-digit revenue growth, driven by improving volume traction. Value Added Hair Oils registered another robust quarter with growth in the twenties, reinforcing sustained traction in the franchise. Having touched the twenties growth mark in this year, we remain confident of delivering double-digit growth in FY27 and over the medium term, supported by our strategic focus on the mid and premium segments of the portfolio, enhanced direct reach through Project SETU, differentiated innovation pipeline and improved affordability due to the GST rate rationalization. Foods delivered high teens value growth, marking a progressive move towards an accelerated growth trajectory. Premium Personal Care (incl. digital-first brands) continued to scale ahead of aspirations, thereby sustaining the pace of diversification.

The International business maintained its stellar momentum, with constant currency growth in the high teens. Each market contributed positively, apart from the Gulf region, which was impacted by ongoing geopolitical headwinds in March.

Consolidated revenue grew in the low twenties year-on-year during the quarter, enabling us to achieve our full-year aspiration of mid-twenties growth. This performance was underpinned by top-quartile volume growth, a robust recovery in VAHO, formidable equity and pricing power of our core franchises, visible advancement of our profitable diversification journey and strong momentum in the international business. With the building blocks of sustainable growth firmly in place, we remain confident of delivering healthy volume-led revenue growth in FY27.

Among key inputs, copra prices corrected ~35% from its peak and is expected to be rangebound in the coming months. While vegetable oils and crude-sensitive materials exhibit a pronounced upward bias, we will continue to judiciously exercise the pricing power of our franchises to alleviate the impact of the same, while maintaining assured availability of crude-linked inputs. We expect a sequential improvement in gross margin, driven by easing copra prices. Brand building investments were sustained to strengthen the longterm equity of our franchises and accelerate portfolio diversification. In the given context, we expect double-digit operating profit growth in this quarter, with a sequential improvement in growth.

The Company maintains its aspiration of delivering sustainable and profitable volume-led growth over the medium term, enabled by the strengthening brand equity of its core franchises and scale up of new engines of growth across markets.

Shares of Marico Limited was last trading in BSE at Rs. 761.55 as compared to the previous close of Rs. 743.25. The total number of shares traded during the day was 73708 in over 4643 trades.

The stock hit an intraday high of Rs. 767.45 and intraday low of 728.55. The net turnover during the day was Rs. 55582489.00.

Source : Equity Bulls

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Marico INE196A01026 PersonalProducts Q4FY26 QuarterlyUpdate