Marico reports 10% India volume growth as Foods scales rapidly

Marico recorded 10% India volume growth in Q2 FY27, while Saffola Foods reached an annualised revenue run-rate above Rs 1,500 crore and international business reported 13% CCG. Consolidated revenue grew 13%, with India business revenue up 10% and international business revenue up 23% in Indian-rupee terms.

How did Marico’s India business perform in Q2 FY27?

Marico delivered 10% India volume growth and 10% India business revenue growth in Q2 FY27. Volume growth was one percentage point below the 11% reported in Q1 FY27, but ahead of 7% in Q2 FY26 and 5% in Q2 FY25. Marico said seven of the past 10 quarters produced high-single-digit volume growth.

Parachute Coconut Oil, which accounted for 34% of India revenues on a trailing-twelve-month basis, recorded 13% volume growth in Q2, its highest in 22 quarters. Its value growth was about 1%, while Saffola Edible Oils, representing 16% of India revenues, posted a high-single-digit volume decline and 6% value growth.

Value Added Hair Oils, which represented 18% of India revenues, reported 21% Q2 value growth and an 80-basis-point gain in moving annual total value market share. One basis point equals one-hundredth of a percentage point. The category figures show different conditions across the India portfolio, with Parachute volume growth exceeding that of Saffola Edible Oils, while Value Added Hair Oils led on value growth.

What is driving Marico’s Foods and premium personal care growth?

Marico reported 45% Q2 value growth for Saffola Foods, which had an annualised revenue run-rate above Rs 1,500 crore. The presentation featured Saffola Muesli, Blame Us caramel popcorn, True Elements millet namkeen and Cosmix hydration mix, indicating that the Foods platform extends beyond Saffola Edible Oils.

The 45% value-growth figure for Saffola Foods was above the 6% value growth reported for Saffola Edible Oils in the same quarter. Marico separately disclosed an annualised revenue run-rate above Rs 500 crore for Premium Personal Care and about Rs 1,150 crore for Digital-First Premium Personal Care.

Premium Personal Care included Parachute Advansed and Livon, while the digital-first portfolio included PLIX and Just Herbs. Marico’s SETU 2.0 plan includes go-to-market execution for Premium Foods and Personal Care, digital-first brands in general trade, artificial-intelligence-enabled assortment selling and gamification of sales calls.

How did Marico’s international business perform in Q2 FY27?

Marico’s international business reported 13% CCG in Q2 FY27 and 14% CCG in H1 FY27, while its revenue grew 23% in Indian-rupee terms in Q2. Q2 CCG was lower than 15% in Q1 FY27 and 20% in Q2 FY26, although Marico said nine of the past 10 quarters had delivered teen or higher CCG.

Vietnam was the fastest disclosed international market, reporting 22% Q2 CCG, with growth across the portfolio and continued acceleration in e-commerce. Bangladesh recorded 5% CCG amid persistent inflation and a high base, while the Middle East and North Africa region and South Africa each reported 15% CCG.

South Africa’s growth acceleration was led by Hair Care, according to Marico, while the Middle East and North Africa performance reflected focused execution. Marico is extending its SETU 1.0 Global playbook through direct-reach expansion, in-store execution and artificial-intelligence-led selling in Vietnam; the Bangladesh rollout is in its early stages.

What did Marico report for revenue and profit growth?

Marico reported 13% consolidated revenue growth in Q2 FY27, compared with 23% in Q1 FY27 and 31% in Q2 FY26. The company said eight of the past 10 quarters had delivered teen or higher consolidated revenue growth, while international revenue growth of 23% in rupee terms exceeded the 10% growth in India business revenue.

Consolidated gross margin expanded by 600 basis points, advertising and promotion spending rose 44%, and earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 27%. EBITDA margin expanded by 200 basis points, and Marico described the EBITDA growth rate as its highest in 50 quarters.

Consolidated profit after tax, or PAT, rose 31%, which Marico described as its highest growth in 51 quarters. The presentation identified core-brand pricing power, softer copra prices, supply-chain capabilities, Foods and Premium Personal Care scale-up, overseas premium-category expansion and the MarVal cost-management programme as parts of its operating framework. It also identified geopolitical volatility and crude and vegetable-oil inflation as monitorable factors.

Conclusion

Marico’s Q2 FY27 performance combined 10% India volume growth with a Rs 1,500 crore-plus Saffola Foods run-rate, 13% international CCG and 13% consolidated revenue growth. Category outcomes were not uniform: Parachute Coconut Oil delivered 13% volume growth, Saffola Edible Oils saw a high-single-digit volume decline, and Value Added Hair Oils recorded 21% value growth.

Management expects double-digit India volume growth, mid-teens international CCG, teen consolidated revenue growth above Rs 15,000 crore and mid-twenties EBITDA growth in FY27. Delivery of SETU 2.0 distribution initiatives, including Premium Foods, Personal Care and digital-first brands, will be relevant alongside the disclosed inflation risks in crude and vegetable oils.