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Revenue
₹3,333 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
Pending
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Quarter read
What the record says.
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.
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Guidance to track
- Management expects double-digit revenue growth to reach approximately ₹15,000 crore in FY27, driven by high single-digit volume growth in India and mid-teens constant currency growth in international business.
- Subject to stable macros, Marico aims to deliver high-teen EBITDA growth, implying ~150 bps operating margin expansion, with gross margin expansion of 300-400 bps.
- The digital-first portfolio (including Plix, Beardo) is expected to achieve double-digit EBITDA margins by FY27, progressing towards mid-teen margins by FY30.
- The combined revenue share of foods and premium personal care (including digital-first brands) is expected to expand to about 27% in FY27, up from 23% in FY26.
Risks flagged
- Supply chain disruptions in March impacted MENA sales, though the region is only 4% of total turnover. Management sees no immediate major concern but will monitor.
- Vegetable oils and crude derivatives continue to exhibit upward bias due to geopolitical tensions, which could offset copra tailwinds and pressure margins.
- A strong El Niño year could affect consumption in the back half of FY27, particularly in rural areas, which is a key monitorable for FMCG demand.
- As Plix approaches ₹1,000 crore ARR, sustaining high growth rates may require channel expansion beyond online, though management is confident in 20-25% growth with profitability.
Key quotes
- We have delivered double-digit profit growth despite facing unprecedented inflation in key inputs.
- We expect to sustain high single-digit volume growth in the India business in FY27.
- Our supply chain and backend advantages will act as a competitive advantage over smaller players and drive superior volume growth and market share gains.
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