Marico Limited reported a strong performance for the quarter and nine months ended December 31, 2025. Consolidated revenue from operations increased by 27% year-on-year to ₹3,537 crore for Q3FY26. The India business achieved an 8% volume growth, with revenues rising 28% to ₹2,681 crore. This growth was driven by sequential improvement in volumes and pricing interventions, with over 95% of the business gaining or sustaining market share and approximately 80% gaining or sustaining penetration on a MAT basis. The international business demonstrated robust growth, posting a 21% constant currency growth. Vietnam and South Africa showed smart rebounds due to targeted initiatives. Gross margin sequentially improved by approximately 90 bps due to easing copra prices, though it was down approximately 595 bps year-on-year. Advertising and sales promotion spends increased by 15% YoY. Consequently, EBITDA grew 11% YoY to ₹592 crore, with EBITDA margin at 16.7%, a decrease of 234 bps YoY. Profit After Tax (PAT) stood at ₹447 crore, up 12% YoY. The company also noted a one-off impact of ₹6 crore from new labor codes on actuarial valuations. Key brand performance highlights include Parachute Rigids showing resilience with underlying volume growth of 2% (after adjusting for ml-age reductions) and 50% revenue growth. Value-Added Hair Oils delivered a stellar quarter with 29% value growth and a market share gain of 170 bps to reach 30%. Saffola Edible Oils had a flat revenue growth, with the brand pivoting towards premium offerings. The Foods portfolio grew 5% YoY, and the Premium Personal Care segment, including digital-first brands, sustained accelerated growth, with the digital-first portfolio expected to exit FY26 at ₹1000+ crore ARR. In a significant strategic move, Marico announced on January 26, 2026, its intention to make a strategic investment in Zea Maize Private Limited, the owner of the premium gourmet snacking brand '4700BC'. Marico will acquire 93.27% of Zea Maize, with the right to acquire the remaining stake later. The brand offers gourmet popcorn, popped chips, and other snacks, and operates across offline, online, and institutional channels. Looking ahead, Marico anticipates a gradual uptick in consumption trends, supported by favorable macroeconomic indicators. The company expects steady growth in core categories, supported by Project SETU for General Trade expansion. Marico aims to grow its Foods business at 25%+ CAGR to approximately 8 times its FY20 revenues by FY27, and scale the digital-first portfolio to 2.5 times its FY24 ARR by FY27. The company is on track to deliver over 25% consolidated revenue growth in FY26 and expects progressive improvement in operating profit growth as input cost pressures moderate.
