India · Delayed Price · Currency is INR Marico Earnings Call Transcripts
Fiscal Year 2026
-
Strategic acquisitions in India and Vietnam are set to diversify the business, targeting high-growth digital-first segments in foods and personal care. Synergies in supply chain and operations are expected to drive profitability, with new businesses projected to contribute 33% of India revenues and INR 4,000 crore globally by FY 2030.
-
Stable demand and moderating inflation supported sequential volume growth, with strong gains in value-added hair oils and robust international performance. Foods and digital-first businesses are set for double-digit growth, while the 4700BC acquisition and GST cuts are expected to drive further expansion and margin improvement.
-
Q2 FY26 saw 7% volume growth despite GST disruptions, with strong India and international performance. Premiumization, digital-first brands, and foods drove growth, while margin improvement is expected as input costs ease. Double-digit EBITDA growth and robust revenue guidance maintained.
-
Sequential volume growth in India neared double digits, with multi-year high revenue and strong market share gains, despite unprecedented copra inflation. Premium, foods, and digital-first segments led growth, while international business delivered high teen constant currency growth. Margin compression is seen as temporary, with profit acceleration expected as input costs normalize.
Fiscal Year 2025
-
Double-digit revenue growth and robust performance in foods, premium personal care, and international markets drove a record year, despite input cost pressures. Margin improvement is expected as commodity inflation eases, with continued investment in brand building and distribution expansion.
-
Domestic and international businesses delivered strong double-digit growth, with foods and digital-first portfolios scaling rapidly and improving profitability. Despite input inflation, operating margins are expected to remain around 20%, and the company is on track for double-digit revenue growth.
-
Sequential domestic volume growth and strong international performance drove double-digit profit growth in H1, with foods and premium personal care segments expanding rapidly. Margin pressures from commodity inflation are expected, but double-digit revenue growth is targeted for the full year.
-
Domestic revenue grew in high single digits, led by strong foods and digital-first brand performance, while international business maintained double-digit growth. Margins are expected to hold at FY24 levels, with continued focus on portfolio diversification and direct distribution expansion.