Marico Ltd posted a steady set of consolidated earnings for the March quarter, with profit growth supported by strong volume expansion across India and international markets, even as margins came in below expectations. The consumer goods major reported net profit of Rs 391 crore for Q4, up 14% year‑on‑year from Rs 343 crore. The figure was broadly in line with Street estimates of Rs 392 crore.
Consolidated revenue rose 22.1% year‑on‑year to Rs 3,333 crore, marginally exceeding analyst expectations of Rs 3,325 crore, reflecting sustained demand momentum across key portfolios. Operating performance, however, was softer than anticipated.
EBITDA stood at Rs 521 crore, compared with estimates of Rs 533 crore, while EBITDA margin declined to 15.6% from 16.8% a year earlier, undershooting expectations of 16.1%. Higher operating costs and an uneven input cost environment weighed on margins during the quarter. Other income increased sharply to Rs 60 crore from Rs 47 crore a year earlier, aiding bottom‑line growth.
Marico Q4FY26 (Cons, YoY)
- Net Profit up 14% at Rs 391 crore versus Rs 343 crore
- Revenue up 22.1% at Rs 3,333 crore versus Rs 2,730 crore
- EBITDA up 13.8% at Rs 521 crore versus Rs 458 crore
- EBITDA Margin at 15.6% versus 16.8%
- Other Income at Rs 60 crore versus Rs 47 crore
Marico Q4FY26 (Cons)
- Net Profit at Rs 391 crore versus estimate of Rs 392 crore
- Revenue at Rs 3,333 crore versus estimate of Rs 3,325 crore
- EBITDA at Rs 521 crore versus estimate of Rs 533 crore
- EBITDA Margin at 15.6% versus estimate of 16.1%
Marico's India business remained the primary growth driver, with revenue rising 21% year‑on‑year to Rs 2,505 crore. Volume growth for the domestic business stood at 9% in Q4, while full‑year volume growth for FY26 came in at 8% — the highest in the last seven years — indicating broad‑based consumption recovery across categories.
The international business also delivered a robust showing, with revenue growing 25% year‑on‑year to Rs 828 crore. On a constant currency basis, international markets recorded 20% growth in FY26, marking the strongest performance in 14 years.
For FY26, Marico reported volume‑led growth despite margin pressure, benefiting from scale leverage and improving demand conditions. The company announced a final dividend of Rs 4 per share, taking shareholder payouts for the year higher.
Looking ahead, Marico said it expects to sustain high single‑digit volume growth in FY27, while targeting mid‑teen constant currency growth in international markets. The company aims to deliver double‑digit revenue growth to cross Rs 15,000 crore in topline next year and has outlined an aspiration to achieve high‑teen EBITDA growth, subject to stable macroeconomic conditions.
Marico reiterated its longer‑term ambition of scaling towards a Rs 20,000 crore topline by 2030, anchored on volume expansion, premiumisation and international growth.
Kruttika Pabhudesai, Research Analyst at Mirae Asset sharekhan says, "Marico reported a strong jump in revenue and steady profit growth in Q4FY26. India business recorded 9% y-o-y volume growth (highest in seven years) driven by a recovery in core portfolios, while international business continued robust momentum. OPM contraction can be attributed to increased advertising spends and rising costs in non-copra inputs. The Board recommended a final dividend of Rs. 4 per share for FY26. Management expects to deliver healthy volume-led revenue growth in FY27 led by stable demand sentiment and a strong diversification play in Foods and Digital-first brands."
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