Marico Q1 FY27 Results: Profit Up 25%, Revenue Up 23%

Marico Limited reported consolidated Q1 FY27 results for the quarter ended 30 June 2026 on 4 August 2026. Q1 FY27 numbers (consolidated): Revenue from operations: Rs 3,957 crore, up 22.9% YoY from Rs 3,221 crore EBITDA: Rs 819 crore, up 25% YoY; margin 20.7%, up 40 bps PAT: Rs 630 crore, up 25% YoY from Rs 504 crore, fastest in 28 quarters; EPS Rs 4.86 India underlying volume growth 11%, a multi-quarter high; international constant currency 15% Lower copra prices aided margins. Two comparability notes from the company: the quarter consolidates the 75% Skinetiq (Vietnam) acquisition from 2 April 2026, and an accounting change nets certain A&P spends against revenue, so headline growth is not directly comparable with last year. Guidance: FY27 revenue past Rs 15,000 crore, high-teens EBITDA growth, high single digit India volumes, mid-teens international. Marico [][***** shares trade at Rs 840.54 (19 Aug 2026, 11:26 AM IST), up 20 percent over one year, flat over the past month, 5 percent below the 52-week high of Rs 884. Trailing P/E near 58. My view: the cleanest large FMCG print of the season, volume led rather than price led, but the stock is already paying for it. At 58x trailing, 44x even on Q1 annualised, against guided high single digit volumes, fresh entry near the highs carries a thin margin of safety, and part of the 23% headline is acquisition and accounting, not organic. Hold territory, add only on weakness. Levels: Rs 827 to 836 is the August base to hold; the Rs 884 to 889 band is the ceiling, and a close above it with organic growth intact opens new highs. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.