Marico Reports Strong Q2FY26 Performance With 31% Revenue Growth

Marico has reported ?3,482 crore in Revenue from Operations for Q2FY26, marking a 31% year-on-year increase. The India business delivered underlying volume growth of 7%, while the international business recorded 20% constant currency growth, underscoring strong performance across markets. Revenues from the India segment stood at ?2,667 crore, up 35% YoY, aided by price hikes in core categories to counter sharp inflation in key raw materials. The company noted steady demand throughout the quarter, barring a temporary disruption in trade channels due to the implementation of revised GST rates in September.

Marico highlighted that over 95% of its India portfolio gained or maintained market share, while more than 75% sustained or improved penetration on a MAT basis, indicating strong offtake and consumer trust. Its international business continued its robust growth trajectory with 20% constant currency growth, reflecting strong fundamentals and long-term expansion potential. However, the quarter was marked by pressure on profitability. Gross margin contracted by 810 bps YoY on a high base as commodity inflation surged. Despite this, Marico continued to invest strategically in brand-building and diversification, with A&P spending rising 19% YoY. As a result, EBITDA grew 7%, with EBITDA margin at 16.1%, down around 350 bps.Profit after tax (PAT) stood at ?420 crore, up 8% YoY on a like-for-like basis after adjusting for one-offs in the base quarter. Reported PAT was marginally lower year-on-year.

Marico stated that sector demand remained stable, and consumer sentiment is expected to gradually improve owing to easing inflation, a favourable crop outlook, and policy support. The company welcomed the Government’s GST rate rationalisation, noting that 30% of its India portfolio benefited from the changes, with price reductions passed on to consumers to improve affordability and accessibility.The company expects steady growth in its core categories despite near-term cost challenges. Key enablers will include initiatives to support General Trade partners and the expansion of direct reach under Project SETU. Marico will also continue driving premium and urban-centric growth through organised retail and e-commerce channels.

Saugata Gupta, MD & CEO of Marico, said: “Our performance in the first half of the year reflects the institutional resilience of our operating model amid tough inflationary conditions. We sustained healthy volume-led growth in the India business along with market share and penetration gains across core portfolios. Despite steep input cost pressures, our core franchises remained steady, while new businesses continued to move toward strategic goals. The international business delivered stellar growth, reinforcing the strength and balance of our portfolio. We expect healthy momentum in both volume and revenue growth in the coming quarters, with profitability improving as margin pressures moderate.”