Marico

NP up 13.99%

On consolidated basis

Quarter ended March 2026 compared with Quarter ended March 2025.

Net sales (including other operating income) of Marico has increased 22.09% to Rs 3333 crore.  Sales of India segment has gone up 21.13% to Rs 2,505.00 crore (accounting for 75.16% of total sales).  Sales of International segment has gone up 25.08% to Rs 828.00 crore (accounting for 24.84% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 17.46% to Rs 565.00 crore.  PBIT of India segment rose 13.66% to Rs 366.00 crore (accounting for 64.78% of total PBIT).  PBIT of International segment rose 25.16% to Rs 199.00 crore (accounting for 35.22% of total PBIT).  

PBIT margin of India segment fell from 15.57% to 14.61%.  PBIT margin of International segment rose from 24.02% to 24.03%.  Overall PBIT margin fell from 17.62% to 16.95%.  

Operating profit margin has declined from 16.78% to 15.63%, leading to 13.76% rise in operating profit to Rs 521.00 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 39.56% to 47.01%.   Purchase of finished goods cost fell from 9.65% to 8.37%.   Employee cost decreased from 7.97% to 7.06%.   Other expenses fell from 25.28% to 22.04%.   Selling and administration expenses fell from 11.68% to 9.53%.   

Other income rose 27.66% to Rs 60 crore.  PBIDT rose 15.05% to Rs 581 crore.  Provision for interest rose 41.67% to Rs 17 crore.  Loan funds rose to Rs 557.00 crore as of 31 March 2026 from Rs 554.00 crore as of 31 March 2025.  Inventories rose to Rs 1,611.00 crore as of 31 March 2026 from Rs 1,235.00 crore as of 31 March 2025.  Sundry debtors were higher at Rs 1,304.00 crore as of 31 March 2026 compared to Rs 1,271.00 crore as of 31 March 2025.  Cash and bank balance declined from Rs 777.00 crore as of 31 March 2025 to Rs 493.00 crore as of 31 March 2026.  Investments rose to Rs 2,083.00 crore as of 31 March 2026 from Rs 1,590.00 crore as of 31 March 2025 .  

PBDT rose 14.40% to Rs 564 crore.  Provision for depreciation rose 15.38% to Rs 60 crore.  Fixed assets increased to Rs 2,682.00 crore as of 31 March 2026 from Rs 1,941.00 crore as of 31 March 2025.  Intangible assets increased from Rs 857.00 crore to Rs 1,036.00 crore.  

Profit before tax grew 14.29% to Rs 504.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 96 crore, compared to debit of Rs 96 crore.  Effective tax rate was 19.05% compared to 21.77%.

Minority interest increased 750% to Rs 17.00 crore.  Net profit attributable to owners of the company increased 13.99% to Rs 391.00 crore.  

Equity capital increased from Rs 129.00 crore as of 31 March 2025 to Rs 130.00 crore as of 31 March 2026.  Per share face Value remained same at Rs 1.00.  

Promoters? stake was 58.93% as of 31 March 2026 ,compared to 59.05% as of 31 March 2025 .  Promoters pledged stake was 2.03% as of 31 March 2026 ,compared to 0.13% as of 31 March 2025 .  

Full year results analysis.

Net sales (including other operating income) of Marico has increased 25.67% to Rs 13611 crore.  Sales of India segment has gone up 27.60% to Rs 10,348.00 crore (accounting for 76.03% of total sales).  Sales of International segment has gone up 19.92% to Rs 3,263.00 crore (accounting for 23.97% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has jumped 9.42% to Rs 2,474.00 crore.  PBIT of India segment rose 7.16% to Rs 1,661.00 crore (accounting for 67.14% of total PBIT).  PBIT of International segment rose 14.35% to Rs 813.00 crore (accounting for 32.86% of total PBIT).  

PBIT margin of India segment fell from 19.11% to 16.05%.  PBIT margin of International segment fell from 26.13% to 24.92%.  Overall PBIT margin fell from 20.88% to 18.18%.  

Operating profit margin has declined from 19.75% to 17.10%, leading to 8.84% rise in operating profit to Rs 2,328.00 crore.  Raw material cost as a % of total sales (net of stock adjustments) increased from 41.66% to 44.86%.   Purchase of finished goods cost rose from 8.75% to 11.33%.   Employee cost decreased from 7.57% to 6.63%.   Other expenses fell from 22.53% to 20.33%.   Selling and administration expenses fell from 10.28% to 9.41%.   

Other income fell 1.92% to Rs 204 crore.  PBIDT rose 7.88% to Rs 2532 crore.  Loan funds rose to Rs 557.00 crore as of 31 March 2026 from Rs 554.00 crore as of 31 March 2025.  Inventories rose to Rs 1,611.00 crore as of 31 March 2026 from Rs 1,235.00 crore as of 31 March 2025.  Sundry debtors were higher at Rs 1,304.00 crore as of 31 March 2026 compared to Rs 1,271.00 crore as of 31 March 2025.  Cash and bank balance declined from Rs 777.00 crore as of 31 March 2025 to Rs 493.00 crore as of 31 March 2026.  Investments rose to Rs 2,083.00 crore as of 31 March 2026 from Rs 1,590.00 crore as of 31 March 2025 .  

PBDT rose 8.06% to Rs 2479 crore.  Provision for depreciation rose 13.48% to Rs 202 crore.  Fixed assets increased to Rs 2,682.00 crore as of 31 March 2026 from Rs 1,941.00 crore as of 31 March 2025.  Intangible assets increased from Rs 857.00 crore to Rs 1,036.00 crore.  

Profit before tax grew 7.61% to Rs 2,277.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 464 crore, compared to Rs 458 crore.  Effective tax rate was 20.38% compared to 21.64%.

Minority interest increased 75.86% to Rs 51.00 crore.  Net profit attributable to owners of the company increased 8.16% to Rs 1,762.00 crore.  

Equity capital increased from Rs 129.00 crore as of 31 March 2025 to Rs 130.00 crore as of 31 March 2026.  Per share face Value remained same at Rs 1.00.  

Promoters? stake was 58.93% as of 31 March 2026 ,compared to 59.05% as of 31 March 2025 .  Promoters pledged stake was 2.03% as of 31 March 2026 ,compared to 0.13% as of 31 March 2025 .  

Other Highlights

The board recommended a final dividend for the financial year 2025-26 of Rs 4 per equity share of Re 1 each for FY26. The record date for the purpose is July 30, 2026.

During the quarter, the company acquired 93.27% equity stake and gained control of Zea Maize with effect from January 29, 2026 thereby making it a subsidiary of the Company.

The company also acquired 60% equity stake and gained control of Cosmix Wellness with effect from February 05, 2026 thereby making Cosmix a subsidiary of the Company.

In FY26, India business Volume increased by 8% YoY and International up 20% YoY in Constant Currency terms. India Business Revenues grew 28% YoY.

In Q4 FY26, India business Volume increased 9% YoY and International up 19% YoY in Constant Currency terms.

On a MAT (Moving Annual Total) basis, 95% of the business either gained or maintained market share, and over 90% of the business either gained or sustained penetration.

In Q4 FY26, Parachute Coconut Oil witnessed value growth of 29% YoY, Saffola Franchise witnessed value growth of 8% YoY, and hair oil segment witnessed value growth of 26% YoY.

In Q4 FY26, Advertising and Promotion (A&P) expenses accounted for 5% of sales.

In Q4 FY26, in international business, Bangladesh business sales increased by 35% YoY, MENA down 7% YoY, South Africa grew 8% YoY, and Vietnam went up 18% on a YoY basis.

Management Comments :
Saugata Gupta, MD & CEO commented: ?The fiscal year 2025?26 stands as a testament to our ability to execute with resilience and foresight in an unprecedently challenging input cost environment. We are pleased to have met our strategic aspirations on topline and volume growth, along with the diversification objective. This performance underscores the enduring strength of our core categories, the profitable scale-up of premium and digital businesses across markets, and the strength of our operating model anchored in supply chain agility, cost discipline, and future-ready capabilities. As we look ahead, we remain committed to achieving competitive, top quartile outcomes in FY27, while steadfastly advancing towards our bold vision of surpassing Rs 20,000 Crores in revenue by FY30.?

 

Marico : Consolidated Results

Quarter ended Year ended Particulars 202603 202503 Var.(%) 202603 202503 Var.(%) Net Sales (including other operating income) 3,333.00 2,730.00 22.09 13,611.00 10,831.00 25.67 OPM (%) 15.63 16.78 -114 bps 17.10 19.75 -265 bps OP 521.00 458.00 13.76 2,328.00 2,139.00 8.84 Other Inc. 60.00 47.00 27.66 204.00 208.00 -1.92 PBIDT 581.00 505.00 15.05 2,532.00 2,347.00 7.88 Interest 17.00 12.00 41.67 53.00 53.00 0 PBDT 564.00 493.00 14.40 2,479.00 2,294.00 8.06 Depreciation 60 52 15.38 202 178 13.48 PBT 504.00 441.00 14.29 2277 2116 7.61 Share of Profit/(Loss) from Associates 0 0 - 0 0 - PBT before EO 504 441 14.29 2277 2116 7.61 EO Income 0 0 - 0 0 - PBT after EO 504 441 14.29 2277 2116 7.61 Taxation 96 96 0 464 458 1.31 PAT 408 345 18.26 1813 1658 9.35 Minority Interest (MI) 17 2 750.00 51 29 75.86 Net profit 391 343 13.99 1762 1629 8.16 P/(L) from discontinued operations net of tax 0 0 - 0 0 - Net profit after discontinued operations 391 343 13.99 1762 1629 8.16 EPS (Rs)* 3.01 2.64 13.99 13.57 12.55 8.16 * EPS is on current equity of Rs 129.81 crore, Face value of Rs 1, Excluding extraordinary items. # EPS is not annualised bps : Basis points EO : Extraordinary items Figures in Rs crore Source: Capitaline Corporate Database

Marico : Consolidated Segment Results

Quarter ended Year ended % of (Total) 202603 202503 Var.(%) % of (Total) 202603 202503 Var.(%) Sales India 75.16 2,505.00 2,068.00 21.13 76.03 10,348.00 8,110.00 27.60 International 24.84 828.00 662.00 25.08 23.97 3,263.00 2,721.00 19.92 Total Reported Sales 100.00 3,333.00 2,730.00 22.09 100.00 13,611.00 10,831.00 25.67 Less: Inter segment revenues   0.00 0.00 -   0.00 0.00 - Net Sales 100.00 3,333.00 2,730.00 22.09 100.00 13,611.00 10,831.00 25.67 PBIT India 64.78 366.00 322.00 13.66 67.14 1,661.00 1,550.00 7.16 International 35.22 199.00 159.00 25.16 32.86 813.00 711.00 14.35 Total PBIT 100.00 565.00 481.00 17.46 100.00 2,474.00 2,261.00 9.42 Less : Interest 17.00 12.00 41.67 53.00 53.00 0 Add: Other un-allcoable -44.00 -28.00 -57.14 -144.00 -92.00 -56.52 PBIT Margin(%) India   14.61 15.57 -95.98   16.05 19.11 -306.08 International   24.03 24.02 1.57   24.92 26.13 -121.44 PBT 100.00 504.00 441.00 14.29 100.00 2,277.00 2,116.00 7.61

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