Marico Q4 FY25: Profit up 8%, FY25 revenue ₹10,831 cr

Results snapshot: growth holds up, margins tighten

Marico ended Q4 FY25 with a mix of strong revenue growth and visible pressure on profitability ratios. Consolidated profit after tax (PAT) rose year-on-year, supported by pricing actions and steady demand trends in key portfolios. But EBITDA and gross margin contracted as raw material costs, especially copra and vegetable oils, stayed elevated through the quarter.

For FY25, the company also crossed a milestone on scale, with consolidated revenue for the full year reaching ₹10,831 crore, the first time it has moved past ₹10,000 crore. Alongside the results, Marico announced a final dividend of ₹7 per share, taking the total dividend for FY25 (including interim) to ₹10.50 per share.

Q4 FY25 financials: PAT up 8%, revenue up 20%

For the quarter ended March 31, 2025, Marico reported consolidated PAT of ₹343 crore, up 8% from ₹318 crore in Q4 FY24. Revenue from operations rose 20% to ₹2,730 crore compared with ₹2,278 crore a year earlier, showing that topline momentum remained strong.

EBITDA increased 4% year-on-year to ₹458 crore, indicating that operating profit growth lagged revenue growth during the quarter. Profit before tax (PBT) rose 10.53% to ₹441 crore, as per the figures provided. Management commentary in the disclosures linked the slower operating leverage to higher input costs and stepped-up investments in brand building.

Margin pressure: EBITDA margin down 260 bps to 16.8%

Marico reported a clear contraction in margins in Q4 FY25. EBITDA margin fell to 16.8% from 19.4% in Q4 FY24, a decline of about 260 basis points. The company also flagged gross margin contraction of around 300 basis points, primarily due to higher copra and vegetable oil prices.

While the company said strategic pricing actions in key portfolios helped offset part of the cost pressure, the overall impact remained visible in the margin profile. The quarter illustrates how FMCG earnings are being shaped by the balance between volume recovery, pricing-led value growth, and commodity volatility.

India business: 14-quarter high on volumes, but mixed disclosures

Marico said the India business delivered a strong quarter, reporting India revenues of ₹2,068 crore in Q4 FY25, up 23% year-on-year. Underlying volume growth in India stood at 7% year-on-year, which the company described as the strongest in 14 quarters.

The company also stated that about 95% of its India business gained or sustained market share during the year, while around 80% of the portfolio maintained or improved penetration on a moving annual total (MAT) basis.

Separately, another performance disclosure in the provided text mentioned India business profit rising 42% year-on-year to ₹325 crore, while India revenue from operations grew 14% to ₹1,870 crore from ₹1,637 crore. The disclosures indicate a strong quarter in India, but the reported India revenue figures differ across the cited extracts.

Category trends: Parachute pricing supports value, volumes mixed

Operational disclosures showed mixed trends across categories. Parachute Rigids saw a 1% volume decline in Q4, with the company attributing sluggishness to consumption titration during hyperinflationary cycles and the impact of ml-age reduction in select packs. Even with volume pressure, the Parachute brand recorded 22% revenue growth, supported by pricing.

For FY25, Parachute posted 2% volume growth and 13% revenue growth. Saffola posted 26% value growth despite a low single-digit volume decline, with elevated pricing playing a role amid higher edible oil costs.

Advertising push: A&P spend up 35% in Q4

Marico increased advertising and promotion (A&P) spend by 35% year-on-year in Q4. The company linked this step-up to its intent to strengthen its brand portfolio and support diversification.

The disclosures also highlighted that the growth mix in FY25 was supported by Foods and digital-first portfolios, alongside core franchises. Management messaging tied these investments to building scale in newer segments while continuing to defend market position in established categories.

Commodity inflation and outlook on copra

On input costs, Marico reported a 48% year-on-year increase in copra prices in FY25. It indicated that this could keep pressure on gross margins through the end of Q1 FY26, with an expectation that copra prices normalise by the end of Q2.

A separate business update in the provided text stated that copra, the company’s primary raw material, had corrected about 35% from peak levels and was expected to remain range-bound in the near term, offering margin support. Together, these points frame copra as the key swing factor for near-term margin direction.

Stock reaction: shares rose over 2.5% intraday

Marico shares rose over 2.5% intraday after a Q4 business update pointed to stable demand trends and easing input cost pressures. The update referred to consolidated revenue growth in the low twenties for Q4, supported by domestic and international performance, alongside high single-digit underlying volume growth in India.

The same update also guided for double-digit operating profit growth for the quarter, aided by improving gross margins, linking this improvement to the correction in copra.

Key numbers table

What the quarter signals for investors

Marico’s Q4 FY25 results show that demand and execution can keep revenue growth strong even when input costs rise sharply. The gap between revenue growth (20%) and EBITDA growth (4%), along with the 260 bps margin decline, highlights how sensitive near-term profitability remains to commodity inputs such as copra and vegetable oils.

At the same time, the India business volume growth of 7% and the company’s comments on market share and penetration indicate steady underlying consumption in core portfolios. The sharper focus on A&P spending also suggests Marico is prioritising brand support while navigating an inflationary cost environment.

Conclusion

Marico closed Q4 FY25 with higher profit and strong revenue growth, while margins narrowed due to elevated raw material costs. With FY25 consolidated revenue at ₹10,831 crore and dividend for the year at ₹10.50 per share, the focus now shifts to how quickly copra and vegetable oil inflation eases, and how that flows into margins through Q1 and Q2 of FY26.