Please find enclosed an update on the operating performance and demand trends witnessed during the quarter ended December 31, 2025.
MARICO · price
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Marico reported a strong Q3 FY26 with consolidated revenue growth in the high twenties year-on-year, putting the company on track to meet its full-year aspiration. The India business posted underlying volume growth in the high single digits with a slight sequential improvement, led by Value Added Hair Oils growing in the twenties. The Parachute brand saw a marginal volume decline but stayed positive after adjusting for ml-age changes, while Saffola Oils and Foods had muted quarters. The International business delivered constant currency growth in the early twenties, with Bangladesh leading and Vietnam and South Africa returning to double-digit growth. Copra prices corrected about 30% from highs, supporting expectations of sequential gross margin improvement after bottoming out in the previous quarter, and the company expects operating profit growth to reach double digits year-on-year.
Positive for shareholders: strong topline growth, margin recovery on the horizon from cheaper copra, and a confident outlook on full-year delivery. The stock may get a lift on confirmation of healthy volumes and improving profitability, though mixed brand-level trends (Saffola softness, Parachute marginal decline) cap the enthusiasm.