Marico Ltd — Q3 FY26

Marico's Q3 FY26 call focused on its strategic transformation into a digital-first consumer powerhouse, anchored by three recent acquisitions: 4700 BC (premium snacking), Cosmix (functional nutrition), and Candid (skincare in Vietnam). Management targets 3-3.5x revenue growth for these digital brands by FY30, aiming for a combined ₹4,000 crore top line. The digital-first PPC portfolio is expected to reach double-digit EBITDA margins by FY27 and teens by FY30, while food revenue should hit 9x FY20 levels next year. Key proof points include Beardo scaling 5x post-acquisition and Plix growing 6x in two years. Risks include execution challenges in scaling 4700 BC beyond popcorn and potential margin dilution from new brand investments, though management maintains mid-teens operating profit growth guidance.