Marico Q4 FY26: Profit up 18%, stock hits record

Stock jumps to a fresh high after results

Marico Ltd shares rose sharply after the FMCG company reported a strong March-quarter performance for FY26. The stock gained about 4.5% in early trade and touched an intraday and record high of ₹843.15 on the NSE. It opened 2.3% higher at ₹826.20 and was trading at ₹824.60 around 10:20 AM, up 2.1%. Trading activity was strong, with about 2.5 million shares changing hands. Marico was the top gainer in the Nifty FMCG pack even as the sector index slipped 0.4%. The benchmark Nifty 50 was up 152 points, or 0.63%, at 24,184 at the time.

Two reported profit figures, one quarter outcome

The March quarter (Q4 FY26) numbers cited across reports show the same revenue figure but differ on net profit. One report said consolidated net profit rose 18.26% year-on-year to ₹408 crore, compared with ₹345 crore a year ago. Another results wrap put Q4 net profit at ₹391 crore, up 14% year-on-year from ₹343 crore, broadly matching a Street estimate of ₹392 crore. Despite the difference in profit figures, both versions point to steady bottom-line growth and strong demand trends. Consolidated revenue from operations for the quarter was consistently reported at ₹3,333 crore. That compares with ₹2,730 crore in the year-ago period, implying a 22.1% year-on-year increase.

Revenue strength led by India and international businesses

The company’s India business remained the biggest contributor to growth in the quarter. India revenue was reported at ₹2,505 crore, up 21% year-on-year. Domestic volume growth stood at 9% in Q4, a data point also cited by Motilal Oswal Financial Services (MOFSL) in its note. International business revenue rose 25% year-on-year to ₹828 crore. On a constant currency basis, international markets recorded 20% growth in FY26, described as the strongest performance in 14 years. The numbers indicate that growth was not limited to a single geography, with both domestic and overseas operations contributing.

Margins soften as costs rise

While sales growth was strong, operating profitability was reported to be below some expectations. EBITDA for Q4 FY26 was ₹521 crore versus ₹458 crore a year earlier, while analyst estimates mentioned in the report were around ₹533 crore. EBITDA margin fell to 15.6% from 16.8% in the corresponding quarter last year. The margin outcome was also described as below an expectation of 16.1%. Higher operating costs and an uneven input cost environment were cited as factors weighing on margins. Other income increased to ₹60 crore from ₹47 crore a year earlier, which supported the quarter’s reported profit.

FY26 full-year numbers point to scale-up

For the full FY26 year, Marico reported consolidated net profit of ₹1,813 crore versus ₹1,658 crore in FY25. Full-year consolidated revenue from operations was ₹13,611 crore compared with ₹10,831 crore in the preceding fiscal. Full-year volume growth for FY26 was reported at 8%, described as the highest in the last seven years. The company also flagged an ambition to deliver double-digit revenue growth and cross ₹15,000 crore in topline next year, alongside an aspiration for high-teen EBITDA growth subject to stable macro conditions. Separately, it reiterated a longer-term ambition of scaling toward a ₹20,000 crore topline by 2030.

Final dividend announced

Marico announced a final dividend of ₹4 per share for FY26. The announcement adds to shareholder payouts for the year, as noted in the report. Dividend decisions are closely tracked in the FMCG space because cash generation and payout discipline often influence investor expectations. The final dividend also comes at a time when the company is highlighting growth investments and a portfolio shift.

Brokerage view: MOFSL stays positive, flags upside

After the quarterly earnings, MOFSL maintained a ‘Buy’ rating and cited a target price of ₹950, based on 50x March 28E EPS. The brokerage said this target implied a 15% upside from the prevailing market price. In another MOFSL note included in the text, the brokerage reiterated ‘Buy’ but cited a target price of ₹900, implying a 22% upside, based on a 50x price-to-earnings multiple estimated for FY28. MOFSL highlighted that Marico reported an in-line Q4 performance with volume growth of 9%. It also said copra forms about 50% of Marico’s raw material basket and noted copra prices were down about 40% from their peak, supporting expectations of margin expansion.

What management and analysts highlighted

Management commentary referenced sequential improvement in India volumes and strong topline growth aided by pricing in core franchises. Commentary also pointed to pressures from advertising spends and rising costs in non-copra inputs as a driver of operating margin contraction. A cited analyst note from Mirae Asset Sharekhan said India’s 9% volume growth was driven by recovery in core portfolios, while the international business continued robust momentum. The same note attributed operating profit margin contraction to increased advertising spends and higher non-copra input costs. The text also mentioned a plan to increase the contribution of food and digital-first brands to roughly 33% of total domestic revenue from 25%.

Key numbers at a glance

Market impact and what investors will watch next

The immediate market reaction reflected confidence in Marico’s volume-led growth and revenue momentum. At the same time, the reported margin compression keeps focus on input costs, ad spends, and the pace of operating leverage. MOFSL’s commentary on copra deflation and its expectation of EBITDA margin expansion of 150-200 basis points in FY27 places raw material trends at the centre of the near-term debate. Investors are also likely to track whether the company can sustain high single-digit volume growth in FY27 and deliver mid-teen constant currency growth in international markets, as stated. The company’s targets around reaching ₹15,000 crore topline next year and scaling toward ₹20,000 crore by 2030 set measurable milestones that the market can track through subsequent updates.

Conclusion

Marico’s Q4 FY26 update triggered a move to a record high as revenue growth stayed strong and volume momentum improved. The quarter also showed margin pressure, making cost trends and mix improvements important watchpoints. Broker targets remained constructive, with MOFSL reiterating a ‘Buy’ while citing target prices of ₹950 and ₹900 in separate notes included in the text. The company’s final dividend of ₹4 per share adds to the shareholder-return narrative alongside its stated FY27 growth expectations. The next set of management commentary and quarterly numbers will be key to confirming whether volume growth, international momentum, and margins move in line with the stated goals.