Marico

Marico delivered a strong Q4 FY26, with India business volume growth improving and international business constant currency growth reaching multi-year highs. Key drivers include robust performance in value-added hair oils (low-20s volume growth), recovery in parachute coconut oil with copra prices down ~35% from peak, and continued scaling of foods and premium personal care portfolios. Management guided for FY27 consolidated revenue of ~₹15,000 crore (double-digit growth) and high-teen EBITDA growth, supported by ~300-400 bps gross margin expansion from copra tailwinds, partially offset by crude-linked inflation. Risks include geopolitical tensions in the Middle East impacting 4% of turnover and potential El Niño effects on rural consumption. Overall, the company's diversified portfolio and supply chain advantages position it well for sustained profitable growth.