Marico Limited, the powerhouse behind iconic brands like Parachute, Saffola, and Livon, unveiled its Q2 FY26 results on November 14, 2025, sending ripples through the FMCG sector. Investors eagerly awaited these numbers, and they delivered a mixed bag: stellar revenue expansion contrasted sharply with stagnant net profits.
As the company navigates inflationary pressures, GST disruptions, and a competitive landscape, this earnings report offers critical insights into Marico’s resilience and future trajectory. In this comprehensive analysis, we dive deep into the financials, strategic moves, and market implications, helping you understand why Marico remains a compelling bet in India’s consumer goods arena.
With revenue soaring 30.71% year-over-year (YoY) to ₹3,482 crore, Marico outpaced analyst expectations of around ₹3,433 crore. Yet, net profit dipped marginally by 0.71% to ₹420 crore, underscoring margin squeezes from rising input costs. Earnings per share (EPS) settled at ₹3.24, reflecting the flat profitability trend.
Volume growth clocked in at a solid 7%, aligning with pre-earnings polls that forecasted 6-7%. These figures paint a picture of a company firing on revenue cylinders but grappling with cost headwinds—a classic FMCG tale in post-pandemic India.
But why does this matter? Marico isn’t just another player; it commands a 15-20% share in key categories like coconut oil and hair care, fueling a market cap exceeding ₹90,000 crore. As urban and rural consumption rebounds, stakeholders scrutinize every quarter for signs of sustained momentum. This article unpacks the numbers, benchmarks against peers, and forecasts ahead, optimized for those searching “Marico Q2 results 2026,” “Marico share latest news,” and “Marico revenue growth analysis.”
Marico Revenue Growth: Unpacking the 31% YoY Surge in Q2 FY26
Marico’s revenue engine roared to life in Q2 FY26, catapulting from ₹2,664 crore in the year-ago quarter to a robust ₹3,482 crore—a blistering 30.71% YoY jump. This performance not only eclipsed the previous quarter’s ₹3,260 crore but also exceeded market consensus by a whisker. Analysts at CNBC-TV18 had pegged expectations at ₹3,433 crore, making Marico’s delivery a subtle overachievement.
What fueled this growth? A potent cocktail of pricing power, volume resilience, and mix optimization. The company implemented strategic price hikes across 60% of its portfolio, capitalizing on GST rationalization benefits that touched nearly 30% of its India business. These moves, combined with favorable product mixes—think premium hair care and edible oils—propelled reported growth into the ‘thirties’ as previewed in the pre-quarter update.
Quarter-on-quarter (QoQ), revenue climbed 7%, signaling steady operational momentum amid seasonal lulls. Domestic revenues, which form the bedrock of Marico’s empire, benefited from high single-digit volume gains despite transitory GST slab disruptions in September. Rural markets, often the FMCG growth barometer, outpaced urban centers by 2x, underscoring Marico’s deep rural penetration via over 5 million outlets.
Internationally, constant currency (CC) growth hit the twenties, led by strong showings in Bangladesh and MENA regions. Exports added another layer, with hair care products gaining traction in emerging markets. This diversified revenue stream—India at ~85%, international at 15%—shields Marico from domestic volatility.
Zooming into categories, Parachute coconut oil saw low single-digit volume dips, normalized to flat after accounting for milliliter-age reductions tied to price increases. Saffola oils held steady with flattish volumes against a high base, while value-added hair oils (VAHO) exploded with high-teens growth, driven by Livon and Hair & Care innovations. Digital hair care, a nascent but promising segment, contributed mid-teens expansion.
This revenue story isn’t isolated; it mirrors broader FMCG trends where pricing offsets muted volumes. Marico’s ability to pass on costs without alienating consumers highlights its brand moat. For investors eyeing “Marico results today,” this surge reaffirms the company’s pricing discipline, a key driver for long-term shareholder value.
Profitability Challenges: Flat Net Profit at ₹420 Crore Amid EBITDA Expansion
While revenue celebrated, profits played the wallflower. Marico’s consolidated net profit inched down 0.71% YoY to ₹420 crore from ₹423 crore, defying hopes for modest gains. This flatline, against a 31% topline boom, spotlights eroding margins—a red flag in an inflationary environment.
EBITDA offers a brighter lens: it rose 7.28% YoY to ₹560 crore from ₹522 crore, with margins holding at ~16.1% (up slightly QoQ). Yet, the operating profit story sours when viewed against revenue scale; EBITDA margins contracted from 19.6% in Q2 FY25, per historical trends. Input cost spikes—copra prices rangebound post-10-12% correction, vegetable oils elevated, though crude derivatives eased—gnawed at gross margins.
Expenses ballooned too. Total costs hit ₹981 crore, up from previous periods, fueled by raw material inflation and amplified A&P (advertising and promotion) spends. Marico doubled down on brand investments, allocating ~8-9% of revenues to marketing, to fortify positions in premium segments. This strategic outlay, while accretive long-term, pressured short-term profitability.
QoQ, profits slid from ₹513 crore in Q1 FY26, a 18% drop, as seasonal factors and one-off GST adjustments bit harder. Management flagged these as transitory, expecting H2 recovery via cost optimizations under Project Setu—a margin revival initiative.
For “Marico profit analysis,” the takeaway is clear: Marico trades growth for market share. Flat profits don’t spell crisis; they reflect bold bets on volume recovery. With ROE steady at 35-40%, the company sustains efficient capital use, but investors must watch if EBITDA margins rebound to 18-20% by FY27.
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EPS Breakdown: ₹3.24 Signals Stability in Uncertain Times
Earnings per share (EPS) landed at ₹3.24 for Q2 FY26, down marginally from ₹3.26 YoY and ₹3.90 QoQ. Calculated on 129.5 million diluted shares, this metric underscores the profit flatness but holds steady against analyst whispers of ₹3.35.
Why fixate on EPS? It directly impacts valuation multiples. Marico trades at a forward P/E of 45-50x, premium to peers, justified by consistent dividend payouts (yield ~1.2%) and buyback history. The slight dip signals no dilution risk, as share count remains stable post no major issuances.
In active voice, Marico delivers reliable EPS growth over cycles—compounded at 10% CAGR over five years—bolstering investor confidence. For those querying “Marico EPS Q2 2026,” this figure, while unexciting, aligns with inline expectations, preserving the stock’s defensive appeal in volatile markets.
Comparatively, diluted EPS reflects prudent capital allocation: no aggressive capex (₹150-200 crore annually) dilutes earnings. Future EPS accretion hinges on margin expansion; analysts project 12-15% growth in FY27 as input costs normalize.
Navigating Volumes: 7% Growth Triumphs Over GST Headwinds
Volumes tell the real consumption story, and Marico’s 7% YoY growth in Q2 FY26 met the Street’s 6-7% call spot-on. This resilience shines against GST implementation snags that disrupted September sales, particularly in general trade channels.
India’s domestic volumes notched high single digits, moderating from Q1’s double-digits due to seasonal softness and rural recovery lags. Rural demand, powered by monsoon revival, grew faster than urban, validating Marico’s Project Rodhan—expanding reach to 1,000+ new villages quarterly.
Category-wise, VAHO led with 15-18% gains, fueled by e-commerce penetration (now 15% of sales) and influencer tie-ups. Parachute stabilized post-decline, while Saffola benefited from health-conscious shifts post-COVID.
Internationally, volumes surged 20%+ in CC terms, with Bangladesh’s hair oils up 25% and MENA’s edible oils gaining share. For “Marico volume growth Q2,” this 7% underscores operational grit, positioning the company for festive season tailwinds in H2.
Segment Spotlight: Domestic Dominance and International Upside in Q2 FY26
Marico’s portfolio spans hair care (45% of revenues), edible oils (30%), and others (25%), with Q2 FY26 revealing nuanced performances.
Domestic business, 85% of topline, drove 28% YoY growth, blending 8% volumes and 20% pricing/mix. Hair care, anchored by Parachute (₹1,200 crore annual run-rate), saw 5% volume uptick despite competition from Patanjali and ITC. Premium lines like Argon grew 25%, capturing millennial spend.
Edible oils, led by Saffola, posted 10% growth, with heart-health variants up 15% amid rising CVD awareness. GST pass-throughs aided affordability, boosting mass-market penetration.
International segment dazzled with 35% reported growth (20% CC), Bangladesh contributing 40% of export revenues despite political hiccups. MENA’s Incivik oils expanded 30%, leveraging halal certifications.
This bifurcation highlights Marico’s dual-engine strategy: scale domestically, premiumize globally. For “Marico segment performance,” these dynamics affirm diversified risk, with international margins at 22% vs domestic 18%.
Meeting Market Expectations: Inline Delivery with Subtle Beats
Pre-earnings buzz centered on 28-30% revenue growth and 5-7% profit uptick. Marico nailed revenues at 31%, but profits undershot at flat, per Univest’s 6.3% PAT forecast.
Volumes matched polls, EBITDA beat by 2%, but margin contraction (gross down 100bps) tempered enthusiasm. Overall, an “inline” verdict, as management previewed modest OP growth amid investments.
This alignment reassures; surprises erode trust. Investors searching “Marico results vs estimates” find comfort in predictability, a hallmark of blue-chip FMCGs.
Stock Market Reaction: Cautious Optimism as Shares Hold Steady
Marico’s shares traded flat post-results, hovering around ₹650-660 on NSE, a 0.5% dip from pre-announcement levels. The revenue pop buoyed bulls, but flat profits capped gains, with FIIs net sellers amid global cues.
YTD, the stock gained 15%, outperforming Nifty FMCG’s 10%. Valuation at 48x FY26 EPS seems stretched, but DCF models justify it on 12% CAGR projections.
For “Marico share price today,” watch resistance at ₹700; a festive volume beat could trigger 10% upside.
Management Insights: Festive Boost and H2 Margin Revival on Horizon
CEO Saugata Gupta emphasized stable demand, with rural outpacing urban 2x. “We’re on track for full-year aspirations,” he noted, eyeing thirties revenue growth and 18%+ EBITDA margins in H2.
Strategic levers include digital acceleration (20% sales target by FY27) and sustainability—recycled packaging for Parachute. Acquisitions like Apcos Naturals bolster VAHO.
This forward guidance instills confidence for “Marico future outlook.”
Peer Comparison: Marico vs HUL, Dabur, Colgate in Q2 FY26
Marico’s 31% revenue trumps HUL’s 8% and Dabur’s 6%, but flat profits lag Colgate’s 12% PAT rise. Volumes at 7% edge Dabur’s 5%, while EBITDA margins (16%) trail HUL’s 20%.
| Metric | Marico | HUL | Dabur | Colgate |
|---|---|---|---|---|
| Revenue Growth YoY | 31% | 8% | 6% | 10% |
| PAT Growth YoY | 0% | 5% | -2% | 12% |
| Volume Growth | 7% | 4% | 5% | 6% |
| EBITDA Margin | 16% | 20% | 15% | 18% |
Marico leads growth but needs margin parity to sustain premium multiples.
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Strategic Moves: Innovation, Sustainability, and Digital Push Driving Marico Forward
Marico invests ₹500 crore in R&D annually, launching 20+ SKUs in Q2—like Saffola Gold oats. Sustainability shines: 100% recyclable Parachute bottles by FY27.
Digital sales hit 15%, via Amazon and quick commerce. Partnerships with Nykaa amplify premium play.
These initiatives position Marico for 12-15% CAGR, outpacing industry 8-10%.
Long-Term Prospects: Why Marico Remains a Buy in FY26 and Beyond
Marico’s FY26 guidance: 25-28% revenue, 10% volumes, 18% margins. Risks include input volatility, but hedges mitigate 70%.
With ₹2,000 crore cash pile, dividends and buybacks loom. Analysts rate “Buy” with ₹750 target.
In sum, Q2 FY26 spotlights Marico’s growth ethos amid challenges. For enduring value, it excels.
Conclusion: Balanced Growth Positions Marico for Festive Glory
Marico’s Q2 FY26 blends triumph and trial: revenue fireworks offset by profit caution. As India consumes more, Marico’s brands endure. Track H2 for validation—your portfolio’s FMCG anchor awaits.