Marico Ltd. Q4 FY26 Performance Update

Executive Summary Marico Ltd. has reported a robust Q4 FY26, characterized by a low-twenties year-on-year revenue growth on a consolidated basis. The company has successfully met its full-year aspiration of mid-twenties growth, driven by a strategic pivot toward sustainable, volume-led expansion. Management remains confident in maintaining this momentum through FY27. Segmental Performance & Market Dynamics Domestic Core: The India business achieved high single-digit volume growth. Parachute demonstrated resilience via tactical pricing adjustments to pass on lower copra costs to consumers. Saffola Oils returned to revenue growth in the high single digits, supported by volume recovery. Growth Engines: The Value Added Hair Oils (VAHO) segment grew in the twenties, bolstered by "Project SETU" and premiumization. The Foods portfolio maintained high-teen value growth, while Premium Personal Care continues to outperform, validating the brand's diversification strategy. International Markets: Constant currency growth reached the high teens. While most regions showed strong momentum, the Gulf region is being closely monitored due to geopolitical headwinds impacting late-quarter performance. Margin Profile & Cost Management Marico expects double-digit operating profit growth this quarter with sequential margin improvement. Input Costs: Copra prices have corrected ~35% from peaks and remain range-bound. Tailwinds: Gross margins are benefiting from softer raw material costs and GST rationalization in key segments. Headwinds: An upward bias in vegetable oils and crude-linked derivatives is being managed through proactive pricing actions and brand-building investments.