Please find enclosed the Information Update along with an earnings presentation on the un-audited consolidated and standalone financial results of the Company for the quarter ended June 30, 2025.
MARICO · price
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Marico reported consolidated revenue of ₹3,259 crore in Q1 FY26, up 23% year-on-year, driven by a 9% volume growth in India (multi-quarter high) and 19% constant-currency growth internationally. India business revenue grew 27% to ₹2,495 crore, supported by price hikes in core portfolios to offset sharply higher input costs (copra up 107% YoY). However, gross margin contracted by ~530 bps and consolidated EBITDA margin fell to 20.1% (down 360 bps), with EBITDA up just 5% to ₹655 crore. PAT grew 9% to ₹504 crore. The Foods and Digital-first portfolios continued to scale strongly (Foods up ~20%, Digital-first ARR exited at ₹850+ crore), and ~99% of the India business gained or sustained market share on a MAT basis.
Short-term: Margin compression from commodity inflation remains a drag, though management expects cost headwinds to peak in H1 FY26 and ease thereafter, with operating margins to inch up over the medium term. Medium-term: Sustained strong double-digit revenue growth, Foods scaling toward 8x of FY20 by FY27, and Digital-first reaching ~2.5x of FY24 ARR by FY27 support the growth story, likely keeping the stock in favour with investors focused on diversification and premiumisation.