Marico Q2 FY27 results: net profit up 29.2% to ₹558 crore, revenue up 11.9%

How did Marico perform in Q2 FY27?

Marico reported consolidated revenue of ₹3,897 crore for Q2 FY27, up 11.9% from ₹3,482 crore in Q2 FY26. EBITDA rose 26.6% to ₹709 crore and the EBITDA margin expanded 2.1 percentage points to 18.2%. Net profit increased 29.2% to ₹558 crore, and basic EPS rose to ₹4.24 from ₹3.24.

Against Q1 FY27, revenue was lower by ₹60 crore, or 1.5%, while EBITDA fell 13.4% to ₹709 crore and its margin declined 2.5 percentage points to 18.2%. Net profit fell 14.4% to ₹558 crore, profit attributable to owners fell 12.7% to ₹550 crore, and basic EPS declined to ₹4.24 from ₹4.86.

On a standalone basis, Q2 FY27 revenue was ₹2,722 crore and profit before tax was ₹683 crore. Profit before tax for the year-ago quarter was ₹399 crore, while the standalone revenue growth rate was 12.2%. The figures in the reported comparison above are consolidated.

What changed in Marico's costs and profit?

Total expenses rose 9.9% from ₹2,981 crore in Q2 FY26 to ₹3,276 crore. Cost of materials fell 10.3% by ₹196 crore to ₹1,714 crore, while employee cost rose 18.8% by ₹41 crore to ₹259 crore, finance costs doubled by ₹12 crore to ₹24 crore and depreciation rose 36.2% by ₹17 crore to ₹64 crore.

Other expenses increased 28.3% by ₹200 crore to ₹907 crore, compared with a 9.9% rise in total expenses. Other income rose 8.2% by ₹4 crore to ₹53 crore, and there was no exceptional item. Tax expense was ₹116 crore, down ₹2 crore or 1.7% from ₹118 crore.

Against Q1 FY27, total expenses rose 1.9% to ₹3,276 crore as other expenses increased 19.8% by ₹150 crore to ₹907 crore. Cost of materials fell 2.1% by ₹37 crore, while employee cost fell 3.7% by ₹10 crore; depreciation and finance costs rose ₹8 crore and ₹3 crore, respectively. Tax expense fell ₹22 crore to ₹116 crore.

How did the first half of FY27 go?

In the first half of FY27, consolidated revenue rose 16.5% from ₹6,741 crore in H1 FY26 to ₹7,854 crore. Total income increased 16.2% by ₹1,109 crore to ₹7,955 crore, while profit before tax rose 21.4% by ₹258 crore to ₹1,464 crore.

Net profit for H1 FY27 was ₹1,210 crore, up 28.0% by ₹265 crore from ₹945 crore in H1 FY26. Basic EPS increased to ₹9.11 from ₹7.14, a rise of 27.6%. The reported half-year comparison is on a consolidated basis.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹12,378 crore, compared with ₹10,075 crore at 31 March 2026. Total equity increased to ₹5,060 crore from ₹4,494 crore, while borrowings rose to ₹1,046 crore from ₹355 crore and cash declined to ₹336 crore from ₹404 crore. Inventories were ₹2,297 crore, trade receivables ₹1,705 crore and trade payables ₹2,186 crore.

Operating cash flow for H1 FY27 was ₹692 crore, compared with ₹701 crore in H1 FY26. Investing cash flow was negative ₹878 crore against positive ₹600 crore, financing cash flow was positive ₹118 crore against negative ₹1,203 crore, and capital expenditure was ₹244 crore compared with ₹142 crore.

How has Marico done over the last 8 quarters?

Revenue rose year on year in each of the last eight quarters, while profit rose year on year in each of the last four quarters. Revenue peaked at ₹3,957 crore in Q1 FY27 before easing to ₹3,897 crore in Q2 FY27, while the latest EBITDA margin was 18.2%, below the 20.7% recorded in Q1 FY27.

Over the reported period, profit bottomed at ₹345 crore in Q4 FY25 and later peaked at ₹652 crore in Q1 FY27 before declining to ₹558 crore in Q2 FY27. The EBITDA margin also bottomed at 15.6% in Q4 FY26, peaked at 20.7% in Q1 FY27 and eased to 18.2% in the latest quarter.

Which businesses drove the quarter?

India revenue was ₹2,916 crore, up 9.3% from ₹2,667 crore in Q2 FY26, while segment EBIT rose to ₹540 crore from ₹398 crore. The reported India segment EBIT margin was 18.5%.

International revenue rose 20.4% to ₹981 crore from ₹815 crore, and segment EBIT increased to ₹217 crore from ₹195 crore. The reported International segment EBIT margin was 22.1%.

What else did the company announce?

The Board approved the un-audited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, together with the statutory auditors’ limited review reports. It also appointed Rajan Bharti Mittal as Lead Independent Director with effect from 2 November 2026.

Marico also filed for the appointment of Rohit Jawa as an Additional Director in the capacity of Independent Director for five consecutive years from 1 January 2027 to 31 December 2031, subject to shareholder approval. The company said the appointment would be put to shareholders through a postal ballot, with process details and timelines to follow.

What did Marico's management say?

Management said, “we expect to deliver teens revenue growth this year and comfortably cross the ₹15,000 Cr. revenue mark” for FY27 consolidated revenue. It also said, “We expect to achieve mid-twenties EBITDA growth in FY27,” and expected double-digit India volume growth and mid-teens constant-currency growth for the International business.

Management said the India business was poised for double-digit volume growth in FY27, supported by broad-based market-share gains. It identified portfolio mix and softer copra prices as contributors to margin and profit expansion, while prioritising premiumisation, Foods, Premium Personal Care and digital-first brands.

For 2030, management said it aspired to deliver a double-digit consolidated revenue CAGR and reach ₹20,000 crore, along with mid-teens consolidated EBITDA CAGR. Project SETU 2.0 is being launched with AI-led selling and specialised Foods and Premium Personal Care go-to-market capabilities, with the playbook also being taken internationally.

Management identified geopolitical volatility, weather-related concerns and crude-linked and vegetable-oil inflation as monitorables. It said Bangladesh consumer demand remained soft, Saffola Edible Oils recorded a high-single-digit volume decline, and Parachute’s 13% volume growth translated into only ~1% revenue growth after prior pricing actions were annualised and new copra-price reductions were passed to consumers.

Management reported that debtors rose from 31 to 36 days, inventory from 40 to 50 days and net working capital from 26 to 33 days between Q1 and Q2 FY27. The presentation also said international growth was led by Vietnam, MENA and South Africa despite softness in Bangladesh.

How did Marico shares react?

Marico’s shares rose 1.5% in the first five minutes after the after-market filing, 1.7% after 15 minutes and 2.1% after 30 minutes. From the pre-results close, the stock was up 8.8% by the reaction-day close and 10.8% by the next day’s close.

The Edible Oil industry median moved 1.2% on the reaction day and 1.6% by the next day’s close. Marico’s corresponding excess moves were 7.6 percentage points and 9.1 percentage points. Earlier results-day reactions included declines of 2.6% on 4 August 2026 and 1.5% on 27 January 2026, and increases of 3.1% on 5 May 2026 and 2.0% on 4 August 2025.

How did other Edible Oil companies do?

Eight other Edible Oil companies had filed for the quarter as of 4 November 2026, with a median revenue growth of 25.0%. Of the peers compared on revenue growth, six grew faster than Marico and two grew slower than Marico.

Among the seven peers compared for profit, five reported higher profit. Marico’s own Q2 FY27 revenue growth was 11.9% on the consolidated basis used in the comparison.