Please find enclosed an update on the operating performance and demand trends witnessed during the quarter ended June 30, 2025
MARICO · price
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Marico reported a strong start to FY26 with consolidated revenue growth in the low twenties year-on-year, underpinned by improving volumes across most businesses. India volume growth improved sequentially to a multi-quarter high, led by core franchises and the scale-up of new businesses. Saffola Oils posted revenue growth in the high twenties with mid-single digit volume growth, and Value Added Hair Oils grew in low double digits with a notable recovery. The International business delivered high-teen constant currency growth, with Bangladesh also growing in the high-teens. However, gross margins are expected to remain under pressure due to rising copra prices and a high base, leading to only modest operating profit growth for the quarter.
A reassuring quarter on the revenue and volume front, with rural demand improving and inflation expected to ease — supportive of the stock. Margin headwinds from copra inflation are a near-term watchpoint, but the company expects relief from H2 FY26.