Parachute volume growth (ex-MLH)
Low single digit
Flat YoY
Parachute delivered low single-digit volume growth after adjusting for MLH changes in Q4.
MARICO
Other
23 Apr 2026
Marico Ltd — Q4 FY26
Marico delivered a strong Q4 FY26, with India business volume growth improving and international business constant currency growth reaching multi-year highs.
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Value-added hair oils volume growth
Low 20s%
+20% YoY
VAO portfolio grew 20% in FY26, led by mid and premium segments with double-digit volume growth.
Foods portfolio revenue
₹1,000+ crore
+16-17% YoY
Foods portfolio exited FY26 at over ₹1,000 crore revenue, with core Saffola foods growing double digits.
Digital-first premium personal care ARR
₹1,100+ crore
+20-25% YoY
Digital-first portfolio (including Beardo, Plix) exited FY26 at ₹1,100+ crore ARR, with improving profitability.
Management Guidance
FY27 consolidated revenue target of ₹15,000 crore
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.
revenueHigh-teen EBITDA growth in FY27
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.
marginsDigital business to exit FY27 at double-digit EBITDA margins
The digital-first portfolio (including Plix, Beardo) is expected to achieve double-digit EBITDA margins by FY27, progressing towards mid-teen margins by FY30.
marginsNew businesses share to reach 27% of India business by FY27
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.
growthKey Risks
Geopolitical tensions in the Middle East
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.
medium · management_commentaryCrude-linked input cost inflation
Vegetable oils and crude derivatives continue to exhibit upward bias due to geopolitical tensions, which could offset copra tailwinds and pressure margins.
high · analyst_questionEl Niño impact on rural consumption
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.
medium · management_commentaryPotential slowdown in Plix growth at scale
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.
low · analyst_questionNotable 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.