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Marico Ltd

Q2 FY26

Marico Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹785

Market cap₹1.0L Cr

P/E54.1

Updated16 Oct 2026

Read5 min read

The short version

Marico expects sustained top quartile volume growth in India, indicating confidence in maintaining strong volume momentum. - The international business is expected to maintain robust double-digit constant currency revenue growth in the second half. - The digital-first portfolio aims to reach 2.5x FY24 ARR by FY27, targeting double-digit EBITDA margins. - Foods portfolio, including digital-first brands like Plix and True Elements, plans to scale with a focus on profitability and growth synergy. - VAHO (Value Added Hair Oils) segment is expected to maintain double-digit volume growth, driven by premiumization investments. - Pricing growth and easing cost headwinds are expected to contribute to around 25% consolidated revenue growth for the year. - The company aims to reach Rs. Margin improvement levers are in place; earnings could surpass previous peaks in 2-3 years.

From Marico Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Marico expects sustained top quartile volume growth in India, indicating confidence in maintaining strong volume momentum.
The international business is expected to maintain robust double-digit constant currency revenue growth in the second half.
The digital-first portfolio aims to reach 2.5x FY24 ARR by FY27, targeting double-digit EBITDA margins.
Foods portfolio, including digital-first brands like Plix and True Elements, plans to scale with a focus on profitability and growth synergy.
VAHO (Value Added Hair Oils) segment is expected to maintain double-digit volume growth, driven by premiumization investments.
Pricing growth and easing cost headwinds are expected to contribute to around 25% consolidated revenue growth for the year.

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Profitability & Margins

Margin improvement levers are in place; earnings could surpass previous peaks in 2-3 years. (Page 19)
Targeting double-digit EBITDA profit growth in the second half of FY26, with higher targets in FY27 due to expected cost reductions. (Pages 18, 12)
Over a 2-year CAGR, aiming for comfortable double-digit profit growth. (Page 19)
Digital first brands aspire to achieve double-digit EBITDA margins by FY27, with specific brands like Beardo already at double-digit margins and Plix targeting mid to high single digits soon. (Pages 16, 12)
Foods portfolio expected to reach company-level operating margins as scale increases, with growth trajectory resuming strongly by Q4 FY26. (Pages 15, 13)

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Capital Expenditure Plans

Marico is focused on continued brand-building investments across its portfolio to sustain growth.
There is a strategic emphasis on building the Foods and Digital-first businesses, including integrating acquisitions such as True Elements.
The digital brands portfolio aims to achieve double-digit EBITDA margins by FY '27, supported by investments in common sourcing, logistics, and media buying to drive synergies.
Project SETU involves investments in improving distribution reach, range selling, automation, and converting below-the-line spends to above-the-line marketing to enhance growth.
Investment priorities include premiumization and diversification within value-added hair oils and Foods segments.

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Fundraising & Capital Structure

The provided excerpts from the Marico Limited document do not mention any current or planned future fundraising through debt or equity. The key points related to financial strategy are: - Focus on volume and profit growth, with expectations of double-digit EBITDA growth in the second half. - Margin improvement expected as input costs ease. - Continued brand investment and strategic priorities with no reference to new fundraising.

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Order Book & Pipeline

The provided transcript of Marico Limited's earnings call does not contain any information regarding the company's current or expected order book or pending orders. The discussion primarily revolves around: - Performance of different product portfolios (Parachute, Saffola, Foods) - Digital-first brand growth and profitability targets - Pricing, volume growth, and margin outlook

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Marico Ltd — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹3.3K Cr, net profit ₹408 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

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What Marico Ltd's management said in earlier quarters

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Frequently Asked Questions

What were Marico Ltd Q2 FY26 results?

Marico expects sustained top quartile volume growth in India, indicating confidence in maintaining strong volume momentum. - The international business is expected to maintain robust double-digit constant currency revenue growth in the second half. - The digital-first portfolio aims to reach 2.5x FY24 ARR by FY27, targeting double-digit EBITDA margins. - Foods portfolio, including digital-first brands like Plix and True Elements, plans to scale with a focus on profitability and growth synergy. - VAHO (Value Added Hair Oils) segment is expected to maintain double-digit volume growth, driven by premiumization investments. - Pricing growth and easing cost headwinds are expected to contribute to around 25% consolidated revenue growth for the year. - The company aims to reach Rs. Margin improvement levers are in place; earnings could surpass previous peaks in 2-3 years.

What is Marico Ltd share price analysis?

Marico Ltd currently shows a neutral. The stock trades at a P/E of 54.1 with a market cap of ₹102,066 Cr. Investors should review the full earnings analysis for detailed insights.

Is Marico Ltd planning capital expenditure?

Marico is focused on continued brand-building investments across its portfolio to sustain growth.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.