Marico sees robust Q2 FY26 growth, driven by international business

Marico Limited announced that its India business achieved high single-digit underlying volume growth in Q2 FY26, despite transitory disruptions from trade channels and Canteen Stores Department purchases ahead of new GST rates in September. Parachute volumes saw a low single-digit decline but were flattish after normalizing for ml-age reductions, while Saffola Oils delivered flattish volumes but high teen revenue growth. Value Added Hair Oils also contributed with high teens growth.

The international business demonstrated robust momentum, with constant currency growth reaching the twenties, driven by strong performances in Bangladesh and MENA. Overall, Marico anticipates consolidated revenue growth to hit the thirties year-on-year, primarily due to pricing interventions and improved mix, positioning the company well to meet its full-year aspirations.

Despite incremental gross margin pressure due to stable copra prices and high vegetable oil prices, Marico expects modest operating profit growth year-on-year. The company continued its brand-building investments and provided pipeline inventory discounts to channel partners ahead of GST rate changes.