Marico Limited Q2 profit rises 29% as revenue gains 13%

Marico Limited reported consolidated net profit of Rs 558 crore for the quarter ended September 30, 2026, up 29% from Rs 432 crore a year earlier, as revenue from operations rose 13% to Rs 3,897 crore. The increase followed lower material costs despite advertisement and sales-promotion expenditure rising 44% to Rs 451 crore.

How did Marico perform in the September 2026 quarter?

Marico delivered Rs 3,897 crore of revenue from operations and Rs 558 crore of consolidated net profit in the quarter ended September 30, 2026. Revenue increased by Rs 447 crore from Rs 3,450 crore in the September 2025 quarter, while other income increased to Rs 53 crore from Rs 49 crore. Total income therefore rose by Rs 451 crore to Rs 3,950 crore.

Profit before tax increased by Rs 124 crore to Rs 674 crore from Rs 550 crore, while tax expense declined to Rs 116 crore from Rs 118 crore. Net profit rose by Rs 126 crore to Rs 558 crore. Basic earnings per share increased to Rs 4.24 from Rs 3.24, and diluted earnings per share were also Rs 4.24, compared with Rs 3.24 a year earlier.

Compared with the immediately preceding quarter, Marico reported lower revenue and profit in September 2026 than in June 2026. Revenue from operations declined from Rs 3,957 crore in June to Rs 3,897 crore, while net profit fell from Rs 652 crore to Rs 558 crore. Profit before tax declined from Rs 790 crore to Rs 674 crore and basic earnings per share moved from Rs 4.86 to Rs 4.24.

What changed in Marico's costs and advertising spending?

Marico's cost of materials consumed declined by Rs 196 crore year on year to Rs 1,714 crore, helping offset increased spending in other expense lines. The materials line was Rs 1,910 crore in the September 2025 quarter and Rs 1,751 crore in the June 2026 quarter. Purchases of stock-in-trade declined to Rs 504 crore from Rs 542 crore a year earlier.

Advertisement and sales-promotion expenditure rose by Rs 138 crore, or 44%, to Rs 451 crore from Rs 313 crore in the prior-year quarter. The expense was also higher than Rs 327 crore in the June 2026 quarter. Other expenses increased by Rs 94 crore year on year to Rs 456 crore from Rs 362 crore.

Employee benefits expense increased to Rs 259 crore from Rs 218 crore, depreciation and amortisation rose to Rs 64 crore from Rs 47 crore, and finance cost increased to Rs 24 crore from Rs 12 crore. Total expenses rose by Rs 327 crore to Rs 3,276 crore, compared with a Rs 451 crore increase in total income. The reduction in material costs was accompanied by higher advertising, employee, finance and depreciation expenses.

How did Marico's first-half results compare with last year?

Marico reported first-half revenue from operations of Rs 7,854 crore and net profit of Rs 1,210 crore for the half year ended September 30, 2026. Revenue increased by Rs 1,183 crore from Rs 6,671 crore in the corresponding 2025 half year, while net profit increased by Rs 265 crore from Rs 945 crore. Total income rose to Rs 7,955 crore from Rs 6,776 crore.

Profit before tax increased to Rs 1,464 crore from Rs 1,206 crore, while tax expense declined to Rs 254 crore from Rs 261 crore. The September 2026 half-year tax figure included a deferred-tax credit of Rs 157 crore, compared with a Rs 44 crore credit in the prior-year period. Basic earnings per share increased to Rs 9.11 from Rs 7.14.

Marico's first-half cost pattern differed from the quarterly material-cost movement. Cost of materials consumed increased to Rs 3,465 crore from Rs 3,094 crore for the six months, while advertisement and sales promotion rose to Rs 778 crore from Rs 574 crore. Employee benefits expense increased to Rs 528 crore from Rs 438 crore, and finance cost rose to Rs 45 crore from Rs 22 crore.

What did Marico report on cash flow and financial position?

Marico generated Rs 692 crore of net cash from operating activities in the half year ended September 30, 2026, compared with Rs 701 crore in the previous year's half. Cash generated from operations before income taxes was Rs 919 crore, against Rs 929 crore a year earlier. Working-capital changes absorbed Rs 640 crore, compared with Rs 313 crore in the prior-year period.

Inventories increased by Rs 663 crore and trade receivables increased by Rs 402 crore during the six months, while trade payables increased by Rs 550 crore. Income taxes paid were Rs 276 crore, compared with Rs 245 crore in the prior-year period. These movements reduced operating cash flow even as profit before income tax rose by Rs 258 crore to Rs 1,464 crore.

Net cash used in investing activities was Rs 878 crore, compared with net cash generated of Rs 600 crore a year earlier. The September 2026 half included Rs 249 crore spent on acquisition of a subsidiary, net of cash, Rs 244 crore of payments for property, plant and equipment and intangible assets, and Rs 628 crore of net purchases of current investments.

At September 30, 2026, total assets were Rs 12,378 crore, compared with Rs 10,075 crore at March 31, 2026. Total equity increased to Rs 5,060 crore from Rs 4,494 crore, while total liabilities rose to Rs 7,318 crore from Rs 5,581 crore. Cash and cash equivalents were Rs 336 crore at September 30, compared with Rs 404 crore at the start of the financial year.

Conclusion

Marico combined 13% year-on-year revenue growth with a 29% increase in quarterly net profit to Rs 558 crore in the September 2026 quarter. The Rs 196 crore reduction in material costs occurred alongside a Rs 138 crore increase in advertisement and sales-promotion expenditure, while profit before tax increased by Rs 124 crore to Rs 674 crore.

The filing does not disclose a future financial target, operating plan or scheduled event beyond approval of these results on November 2, 2026. It records the integration of the Just Herbs business from October 1, 2025 and the Beardo business from June 29, 2026, and states that neither common-control transaction affected Marico's consolidated financial results.