Marico witnessed steady demand trends in Q3 FY26. Underlying volume growth in the India business remained in high single digits, showing slight sequential improvement. International business maintained strong momentum with constant currency growth in the early twenties. Consolidated revenue growth was in the high twenties. Copra prices have corrected ~30%. Expect operating profit growth to touch double digits year-on-year.
Q3 FY26 Performance Overview
Marico experienced steady demand trends during Q3 FY26. The company anticipates a gradual improvement in consumption, supported by easing inflation and other economic factors.
India Business
Underlying volume growth in the India business remained in high single digits, showing a slight sequential improvement. Parachute demonstrated resilience, recording a marginal volume decline but positive after adjusting for ml-age reductions. Saffola Oils had a muted quarter due to anniversarizing prior pricing actions. Value Added Hair Oils grew in the twenties, reinforcing sustained traction.
International Business
The International business maintained its robust momentum with constant currency growth in the early twenties, led by Bangladesh. Vietnam and South Africa bounced back to double-digit growth.
Revenue and Margins
Consolidated revenue growth on a year-on-year basis stood in the high twenties. Copra prices have corrected approximately 30% from the highs. The company expects an uptick in gross margin on a sequential basis and anticipates further gross margin improvement in the coming quarters.
Outlook
Marico expects operating profit growth to touch double digits year-on-year. The company aims to deliver sustainable and profitable volume-led growth over the medium term.
Source: BSE
