Investor Update: Marico Ltd. Q3 FY26 Performance Overview

Marico Ltd. has demonstrated a robust operating performance for the quarter ending December 2025 (Q3 FY26), characterized by significant top-line expansion and a positive trajectory in operating margins. Key Financial & Operational Highlights Revenue Growth: On a consolidated basis, revenue grew in the high twenties year-on-year, driven by strong pricing tailwinds and volume recovery. India Business: The domestic market delivered high-single-digit underlying volume growth. Parachute: Showed resilience; while marginal volume declines were noted due to strategic pricing actions, volumes turned positive after normalizing for pack-size adjustments. Value-Added Hair Oils (VAHO): Recorded growth in the twenties, supported by the "Project SETU" distribution initiative and GST rationalization. Saffola & Foods: Saffola Oils saw a muted quarter due to base effects, while the Foods and Premium Personal Care segments continue to scale, with Foods expected to accelerate in H1 2026. International Markets: The portfolio maintained strong momentum with constant-currency growth in the early twenties. Performance was led by a rebound in Bangladesh, while Vietnam and South Africa returned to double-digit growth. Margin Outlook & Cost Dynamics Marico expects double-digit operating profit growth for the quarter, supported by a favorable shift in the raw material cycle: Copra Costs: Prices have corrected by approximately 30% from recent peaks. With the upcoming flush season, further deflation is anticipated. Gross Margins: After bottoming out in Q2, gross margins are expected to improve sequentially as the lagged benefits of lower copra costs flow through the income statement. Brand Investment: The company continues to aggressively fund A&P (Advertising & Promotion) to support portfolio diversification and long-term brand equity.