Earnings Review
Marico Q3 PAT up 12% on year, in line with Street view
This story was originally published at 17:31 IST on 27 January 2026
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--Marico Oct-Dec consol net profit INR 4.47 bln
--Analysts saw Marico Oct-Dec consol net profit at INR 4.45 bln
--Marico Oct-Dec consol revenue INR 35.37 bln
--Analysts saw Marico Oct-Dec consol revenue at INR 35.46 bln
--Marico Oct-Dec consol net profit INR 4.47 bln vs INR 3.99 bln year ago
--Marico Oct-Dec consol revenue INR 35.37 bln vs INR 27.94 bln year ago
--Marico Oct-Dec consol advt expense INR 3.36 bln vs INR 2.93 bln year ago
--Marico Oct-Dec consol cost of raw materials INR 15.25 bln vs INR 12.83 bln
--Marico Apr-Dec consol net profit INR 13.71 bln vs INR 12.86 bln year ago
--Marico Apr-Dec consol revenue INR 102.78 bln vs INR 81.01 bln year ago
--Marico Oct-Dec India revenue INR 26.81 bln vs INR 21.01 bln year ago
--Marico Oct-Dec international revenue INR 8.56 bln vs INR 6.93 bln yr ago
--Marico Oct-Dec consol EBITDA INR 5.92 bln vs INR 5.33 bln year ago
--Marico Oct-Dec consol EBITDA margin 16.7% vs 19.1% year ago
--Marico Oct-Dec domestic volume grew 8% on year
--Marico Oct-Dec international ops grew 21% on yr in constant currency terms
--Marico: Parachute coconut oil volume fell 1% on year in Oct-Dec
--Marico: Parachute coconut oil value growth 50% on year in Oct-Dec
--Marico: Saffola edible oil volume down marginally on year in Oct-Dec
--Marico Oct-Dec Saffola edible oil value growth flat on year
--Marico Oct-Dec value-added hair oils revenue growth 29% on year
By Shakshi Jain
MUMBAI – Fast-moving consumer goods major Marico Ltd. on Tuesday reported a strong year-on-year top-line and bottom-line growth for the December quarter, led by growth in both the India and international businesses. The company's bottom line returned to the growth territory after a mild year-on-year decline in the September quarter. Meanwhile, the company's year-on-year top-line growth in the reporting quarter lagged that of the trailing quarter.
The company's bottom-line growth was slower than its top-line growth in the quarter, as total expenses rose faster than revenue year on year. Both the top line and bottom line figures for the December quarter were largely in line with analysts' consensus estimates.
Marico's consolidated net profit for the December quarter rose 12% on year and over 6% sequentially to INR 4.47 billion. Analysts had pegged the FMCG player's bottom line for the reporting quarter at INR 4.45 billion.
The company's consolidated revenue from operations for the reporting quarter rose almost 27% on year and 1.6% sequentially to INR 35.37 billion. This is also largely in line with the Street's expectation of INR 35.46 billion in top line for the December quarter.
Revenues from the company's India business grew nearly 28% on year in Oct-Dec to INR 26.81 billion, while those from the smaller international segment rose almost 24% to INR 8.56 billion. The company's international business recorded 21% year-on-year revenue growth in constant currency during the quarter, the company said in a press release. Sales volume in the India business rose 8% on year during the quarter, it added.
Marico's total expenses for the December quarter rose almost 30% on year to INR 30.09 billion. Among the big-ticket items, the company's input costs rose nearly 19% on year to INR 15.25 billion in Oct-Dec and its advertisement and sales promotion expenses grew around 15% to INR 3.36 billion. Expenses tied to the purchase of stock-in-trade jumped up by over 73% on year in the three-months to INR 4.25 billion. The Mumbai-headquartered company's employee benefit expenses recorded an over 16% year-on-year uptick in the December quarter at INR 2.41 billion.
For the nine months ended Dec. 31, the company reported consolidated net profit of INR 13.71 billion, up 6.6% on year. The company's revenue from operations rose almost 27% on year in the same period to INR 102.78 billion.
Marico's consolidated earnings before interest, tax, depreciation, and amortisation for the December quarter improved to INR 5.92 billion from INR 5.33 billion a year ago. Its EBITDA margin for the quarter contracted by 234 basis points on year to 16.7%.
STAR PRODUCTS
Parachute Coconut Oil, which contributed 36% of the company's India revenues in Oct-Dec, recorded a marginal year-on-year decline in volumes during the December quarter alongside a 50% value growth. "After normalising for ml-age reductions, volumes grew 2% in Q3," the company said.
Marico also recorded a marginal year-on-year decline in volumes of Saffola edible oils, while value growth in the category was flat for the quarter under review. This product segment accounted for 16% of the company's domestic revenue for the December quarter. The value-added hair oils category, which accounted for 18% of the company's revenue at home, recorded 29% year-on-year value growth in the December quarter.
Marico announced its December-quarter earnings after market hours. Ahead of the earnings, the company's shares closed Tuesday's session 0.7% higher at INR 745.80 on the National Stock Exchange. End
Edited by Saji George Titus
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