Marico Ltd, the FMCG major known for its household brands across hair care, foods and personal care, has announced its financial performance for the second quarter of FY26 on 14th November 2025. The company posted a marginal dip in consolidated profit, even as it delivered multi-quarter-high revenue growth backed by strong domestic demand and steady international momentum.
Revenue Rises 31% Year-on-Year
Marico reported consolidated revenue of ₹3,482 crore in Q2FY26, marking a 30.7% year-on-year increase from ₹2,664 crore. This sharp rise was supported by solid demand trends in India and double-digit growth across key overseas markets.
The India business contributed ₹2,667 crore, up 35% YoY, aided by both steady demand and price hikes implemented in core categories to offset inflation in key inputs. The company noted that domestic trade channels experienced temporary disruption in September ahead of the implementation of new GST rates, but overall momentum remained healthy.
Profit Declines Marginally
Marico’s consolidated profit after tax stood at ₹420 crore, compared with ₹423 crore in the same quarter last year, reflecting a 0.7% YoY decline. The company clarified that these figures are attributable to its shareholders.
Meanwhile, EBITDA rose to ₹560 crore, a 7% YoY increase, although the EBITDA margin softened to 16.1%, declining 350 basis points due to elevated input costs.
The company’s PBIDT also improved marginally to ₹609 crore, up 0.8% YoY, indicating resilience despite challenging cost pressures.
Healthy Domestic Volume Growth
In the India business, Marico recorded 7% volume growth, reflecting recovery in consumer sentiment and strong offtake across several categories. While core brand Parachute Rigids saw a modest 3% volume decline due to significant inflation in copra prices, the company noted that volume performance remained broadly stable after adjusting for pack-size changes.
Value-added hair oils delivered 16% growth, and Saffola Edible Oils volumes remained flattish during the quarter.
International Business Maintains Strong Momentum
Marico’s international operations delivered 20% constant currency growth, reinforcing the strength of its overseas portfolio. The company highlighted continued stability across geographies and emphasised its confidence in maintaining double-digit growth in the medium term.
Strategic Focus on Distribution Expansion
In its investor communication, Marico outlined a three-year phased plan to significantly expand its direct retail reach. The company aims to increase its direct distribution footprint from 1 million outlets in FY24 to 1.5 million outlets by FY27.
Furthermore, it plans to improve its total-to-direct reach ratio from 5.8x in FY24 to 4x by FY27, emphasising deeper and more efficient market penetration. This initiative forms a core part of Marico’s long-term growth strategy and its broader Project SETU programme.
Outlook: Stable Demand, Easing Pressures
Marico remains optimistic about the months ahead. It expects domestic consumer sentiment to gradually strengthen as inflation cools, crop conditions improve and policy support stabilises demand.
The company plans to continue driving growth in urban-centric and premium portfolios through modern retail and e-commerce. At the same time, it expects core categories to maintain steady momentum even as input cost pressures persist in the short term.
Commenting on the performance, Saugata Gupta, MD & CEO of Marico, noted that the first-half results highlight the company’s resilience despite inflationary challenges. He added that both the India and international businesses delivered healthy growth, and that profit metrics are expected to improve as margin pressures ease.
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Conclusion
Marico’s Q2FY26 performance reflects its ability to deliver strong top-line expansion in a challenging cost environment. With robust revenue growth, improving volumes and a clear focus on strengthening distribution, the company remains well-positioned to build on its momentum in the coming quarters. Its balanced domestic and international business mix continues to reinforce the stability and depth of its growth strategy.
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