Marico Q4 FY26 Results: Profit up, FY27 ₹15,000-cr aim

What Marico reported for the March quarter

Marico Ltd, the maker of Saffola, Parachute and Livon, reported a strong set of numbers for the quarter ended March 31, 2026 (Q4 FY26), backed by domestic volume growth and a steady international performance. In a regulatory filing cited by PTI, the company said consolidated net profit rose 18.26% year-on-year to ₹408 crore. Consolidated revenue from operations for the quarter rose 22% to ₹3,333 crore, compared with ₹2,730 crore a year earlier.

Separately, a market report on the same results pegged Q4 FY26 consolidated net profit at ₹391 crore, up 13.99% year-on-year, on the same ₹3,333 crore revenue base. The different profit figures reflect the way the results were presented across reports, but the overall picture remained consistent: Marico delivered over-20% topline growth while profitability improved at a slower pace due to cost pressures.

Key Q4 FY26 financial highlights

Marico’s total expenses increased 23.67% year-on-year to ₹2,889 crore in Q4 FY26. The company said demand trends were “stable” during the quarter, and it remained optimistic about a gradual improvement in consumption. However, it also flagged the need to monitor macro implications from evolving geopolitical developments in the Middle East.

The quarter’s growth was supported by underlying volume growth of 9% in the India business and constant currency growth of 19% in the international business, as per Marico’s earnings statement. Gross margin improved by 140 basis points sequentially, supported by easing copra prices, but was down 360 basis points year-on-year, indicating continued pressure versus the high base of the previous year.

Summary table: reported numbers and operating metrics

India business: volume growth, e-commerce lift

Marico said the domestic business delivered underlying volume growth of 9% in Q4 FY26. Domestic revenue increased 21.13% year-on-year to ₹2,505 crore, with the company citing market gains and the growing contribution of e-commerce. E-commerce, including quick-commerce, was described as the leading growth driver during the quarter.

The company also pointed to a “visible improvement” in traction in traditional trade. It said offtakes remained strong, with over 95% of the business gaining or sustaining market share and more than 90% gaining or sustaining penetration, both on a MAT (moving annual total) basis. These indicators suggest breadth-based participation across categories rather than a narrow, single-brand outperformance.

International business: strong markets, Gulf region weighed

Marico’s international business reported 19% constant currency growth in Q4 FY26 and delivered 25% growth in reported revenue to ₹828 crore. The company said performance was positive across markets except the Gulf region, where ongoing geopolitical headwinds weighed on the business in March.

A market update provided more market-level colour: Bangladesh delivered 35% constant currency growth, Vietnam recorded 18%, and South Africa registered 8% constant currency growth led by hair care. MENA declined 7% as the Gulf region faced temporary supply-chain disruptions linked to geopolitical developments, while Egypt grew in the high teens. NCD and Exports grew 46%, according to the same update.

Costs, margins, and advertising spends

Marico said gross margin improved 140 bps sequentially due to progressive easing of copra prices, but remained under pressure year-on-year (down 360 bps). It also said it continued advertising and promotion (A&P) investments, which were up 5% year-on-year in Q4 FY26.

EBITDA grew 14% year-on-year, while EBITDA margin stood at 15.6%, down 114 bps year-on-year. Reuters linked the margin pressure to “significant input cost pressures” amid elevated crude prices and broader geopolitical tensions in the Middle East. Marico indicated that any sustained increase in costs would be addressed through price increases, without giving further details.

Brand and portfolio performance: pricing actions and diversification

In its portfolio update, Marico said Parachute Rigids saw a 1% decline in volumes, while revenue grew 29% due to a price hike. Value-added hair oils delivered a record 26% value growth during the quarter, highlighting a stronger mix and improving traction in premium segments.

Saffola Edible Oils posted 8% revenue growth, supported by mid-single digit volume growth. The Foods portfolio registered 16% year-on-year growth and exited the year with over ₹1,000 crore in revenues, underscoring the company’s diversification push beyond core oil and hair care franchises.

Full-year FY26: revenue up, profit growth, and FY27 goals

For FY26, Marico reported revenue from operations rising 25.7% to ₹13,611 crore. PTI also reported the company’s total consolidated income for FY26 at ₹13,815 crore, up 25.14%. On profitability, PTI cited FY26 profit rising 9.34% to ₹1,813 crore, while another market report pegged FY26 consolidated net profit at ₹1,762 crore, up 8.16%.

Marico said it aims to cross ₹15,000 crore in revenue in FY27 with double-digit revenue growth. It expects to sustain high single-digit volume growth in the India business and maintain mid-teen constant currency growth in the international business. It also said it aspires to deliver high-teen EBITDA growth, subject to macro conditions.

Stock reaction: mixed moves reported around results

Market reports captured different near-term price moves. One update said the stock rallied 3.12% to ₹808.95 after the results, while Reuters reported the shares fell 2.7% despite a quarterly profit beat, as investors focused on margin pressure and input-cost risks.

These moves, taken together, suggest the market’s near-term sensitivity to margin trajectory and commodity-linked costs even when topline growth remains strong.

Why the quarter matters for investors tracking FMCG

The Q4 FY26 print reinforced three themes visible across Indian FMCG: steady but competitive domestic demand, faster-growing modern channels such as e-commerce, and the growing importance of international operations for incremental growth. For Marico, the combination of high single-digit domestic volume growth and high-teen constant currency international growth helped sustain consolidated revenue expansion.

At the same time, the quarter highlighted the operating reality for staples companies: margins can remain volatile when crude-linked inputs and key commodities stay elevated. Marico’s sequential gross margin improvement, helped by copra easing, was a positive data point, but year-on-year compression showed the cost base remained heavier than the prior year.

Conclusion

Marico’s Q4 FY26 results showed strong revenue growth to ₹3,333 crore and improved profits, supported by domestic volume expansion and healthy international momentum outside the Gulf region. Management reiterated its FY27 objective to cross ₹15,000 crore in revenue, alongside high single-digit India volumes and mid-teen constant currency growth internationally. The next key monitorables remain commodity costs, pricing actions, and whether the expected gradual improvement in consumption plays out over the coming quarters.