Marico international growth hits 23%, ahead of India in Q2

Marico Limited reported international segment revenue of Rs 981 crore for the quarter ended September 30, 2026, up 23% from Rs 795 crore a year earlier and ahead of the India segment’s 10% rise to Rs 2,916 crore. International profit before tax and interest increased 11% to Rs 217 crore.

How fast did Marico international revenue grow in Q2?

Marico’s international segment added Rs 186 crore of revenue year on year in the September 2026 quarter, taking sales and other operating income to Rs 981 crore from Rs 795 crore in the September 2025 quarter. India remained the larger business at Rs 2,916 crore, but its Rs 261 crore increase from Rs 2,655 crore translated to a slower 10% growth rate.

The segment disclosure records total revenue of Rs 3,897 crore in the quarter ended September 30, 2026, compared with Rs 3,450 crore in the corresponding prior-year period. International operations therefore accounted for about one-quarter of quarterly segment revenue, up from about 23% a year earlier, based on the disclosed segment figures. Marico reports its business under two segments, India and International, in line with Indian Accounting Standard 108, or Ind AS 108.

International revenue was also higher than the Rs 954 crore reported in the immediately preceding quarter ended June 30, 2026. The Rs 27 crore sequential increase contrasted with India revenue, which declined Rs 87 crore from Rs 3,003 crore in June 2026 to Rs 2,916 crore in September 2026. Total segment revenue consequently fell Rs 60 crore sequentially, from Rs 3,957 crore to Rs 3,897 crore.

The comparison uses restated revenue figures, as identified in Marico’s segment disclosure. Marico reclassified certain customer-related advertising and promotional costs from advertisement and sales promotion expense to a deduction from revenue, retrospectively restating the September 2025 quarter’s consolidated revenue to Rs 3,450 crore from the previously reported Rs 3,482 crore.

How did Marico international profit compare with India?

International profit before tax and interest rose 11% to Rs 217 crore in the September 2026 quarter from Rs 195 crore a year earlier, slower than the 23% increase in its revenue. India segment profit increased 36% to Rs 540 crore from Rs 398 crore, exceeding its 10% revenue growth rate over the same comparison.

The result was a Rs 22 crore year-on-year increase in international segment profit, compared with a Rs 142 crore increase for India. Total segment results rose Rs 164 crore to Rs 757 crore from Rs 593 crore. The segment-result measure excludes finance costs and other unallocable expenditure net of unallocable income before arriving at consolidated profit before tax.

Sequentially, both segments reported lower profit before tax and interest in the September quarter. International profit fell Rs 40 crore from Rs 257 crore in the June 2026 quarter, while India profit declined Rs 40 crore from Rs 580 crore. Total segment results decreased from Rs 837 crore in June 2026 to Rs 757 crore in September 2026.

Marico reported finance cost of Rs 24 crore and other unallocable expenditure net of unallocable income of Rs 59 crore for the September 2026 quarter. After those items, consolidated profit before tax was Rs 674 crore, compared with Rs 550 crore in the September 2025 quarter. The reported increase in profit before tax was Rs 124 crore.

What do Marico’s half-year segment figures show?

For the half year ended September 30, 2026, Marico’s international revenue increased 26% to Rs 1,935 crore from Rs 1,533 crore in the comparable 2025 half year. India revenue rose 15% to Rs 5,919 crore from Rs 5,138 crore, meaning international growth remained faster over the six-month period as well as in the September quarter.

International segment profit before tax and interest for the half year increased Rs 66 crore to Rs 474 crore from Rs 408 crore, a 16% rise. India segment profit increased Rs 253 crore to Rs 1,120 crore from Rs 867 crore, or 29%. Thus, the pattern in the half-year numbers matched the quarter: international sales grew faster, while India’s segment profit grew faster.

Total segment revenue for the six months was Rs 7,854 crore, up from Rs 6,671 crore, and total segment results were Rs 1,594 crore versus Rs 1,275 crore. Consolidated profit before tax rose to Rs 1,464 crore from Rs 1,206 crore after Rs 45 crore of finance cost and Rs 85 crore of other unallocable expenditure net of unallocable income.

Marico’s operating cash flow did not rise alongside profit before tax in the half year. Net cash generated from operating activities was Rs 692 crore for the half year ended September 30, 2026, versus Rs 701 crore a year earlier, while changes in working capital were an outflow of Rs 640 crore compared with an outflow of Rs 313 crore in the prior-year period.

How have Marico’s segment assets and comparability changed?

Marico reported international segment assets of Rs 3,135 crore as of September 30, 2026, up Rs 879 crore from Rs 2,256 crore a year earlier. India segment assets rose Rs 1,433 crore to Rs 5,878 crore from Rs 4,445 crore, while total assets increased to Rs 12,378 crore from Rs 8,679 crore.

International segment liabilities were Rs 988 crore at September 30, 2026, compared with Rs 788 crore a year earlier. India segment liabilities rose to Rs 2,332 crore from Rs 1,576 crore. Unallocated liabilities were Rs 3,998 crore, bringing total liabilities to Rs 7,318 crore, compared with Rs 4,473 crore in September 2025.

Comparability across reported periods is limited by Marico’s acquisition of 75% of Skinetiq, a Vietnam-incorporated entity, effective April 2, 2026. Marico said results for the quarter and half year ended September 30, 2026 include the transaction’s effect from that date and are not comparable with other reported periods. The filing does not quantify Skinetiq’s contribution to international revenue or profit.

Marico also said the retrospective advertising-cost reclassification did not affect profit before tax and interest, profit before tax, profit after tax, earnings per share, equity or cash flows for comparative periods. Its direct effect was on presentation: September 2025 quarterly revenue was reduced by Rs 32 crore and advertisement and sales promotion expense was reduced by the same amount.

Conclusion

Marico’s September 2026 segment data show that international operations were the faster revenue-growth contributor, with sales up 23% to Rs 981 crore against a 10% increase in India to Rs 2,916 crore. However, international profit before tax and interest increased 11%, while India’s rose 36%, leaving India as the larger revenue and segment-profit contributor.

The next disclosed transaction to watch is Marico’s planned acquisition of the remaining 14.09% stake in Satiya Nutraceuticals Plix, scheduled for completion in July 2027 subject to the definitive agreement terms and conditions. Marico had acquired 24.09% of Plix on a fully diluted basis after entering definitive agreements on October 5, 2026.