Marico Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Marico Ltd filed with BSE on 11 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Marico reported consolidated revenue growth of 23% for Q1 FY27 with EBITDA and PAT growth of 25%, which management called its highest profit growth in 28 quarters. The India business grew 11% in volume and 21% in revenue, led by Parachute Rigids and value-added hair oils, while the international business delivered 15% constant currency growth led by Vietnam and MENA. Management discussed pricing actions on Parachute, the scale-up of Foods, Premium Personal Care and digital-first brands, and outlined full-year targets for revenue and EBITDA growth.
Numbers mentioned
Consolidated revenue growth: 23% (Q1 FY27)
p. 3
“We have started the year on a very strong note with a consolidated revenue growth of 23% and EBITDA and PAT growth of 25%, making our highest profit growth in the last 28 quarters.”
Saugata Gupta, page 3 of the filed PDF · View the filing
India business volume growth: 11% (Q1 FY27)
p. 3
“The India business delivered one of the strongest quarters in recent years with 11% volume growth and revenue growth of 21%, led by robust momentum in core business and continued scale-up of new growth engines.”
Saugata Gupta, page 3 of the filed PDF · View the filing
International business constant currency growth: 15% (Q1 FY27)
p. 4
“International business reported 15% constant currency growth, led by outperformance in Vietnam and MENA.”
Saugata Gupta, page 4 of the filed PDF · View the filing
Gross margin expansion: 30 basis points year-on-year (Q1 FY27)
p. 4
“Talking about our bottom-line performance, gross margin expanded 30 basis points year-on-year, led by softer copra prices, a favourable channel and portfolio mix coming from our strong growth in premium portfolio, GT growth and profitable scale up of our food and digital-first portfolio.”
Saugata Gupta, page 4 of the filed PDF · View the filing
Advertising and sales promotion expense growth: 25% (Q1 FY27)
p. 4
“Advertising and sales promotion expenses grew substantially at 25% as we continue to invest significantly behind our brands to strengthen their long-term equity, support innovation, some of the big innovations we have launched this quarter, and drive consumer salience.”
Saugata Gupta, page 4 of the filed PDF · View the filing
EBITDA margin: 20.7% (Q1 FY27)
p. 4
“EBITDA margin improved 40 basis points year-on-year to 20.7%.”
Saugata Gupta, page 4 of the filed PDF · View the filing
Parachute Rigids volume growth: 10% (Q1 FY27)
p. 4
“Parachute Rigids delivered 10% volume growth with strongest performance in the last 20 quarters and gained over 400 basis points in volume share, marking a new high.”
Saugata Gupta, page 4 of the filed PDF · View the filing
Value-added hair oils value growth: 22% (Q1 FY27)
p. 4
“Value-added hair oils continued its strong momentum, delivering 22% value growth led by mid-and premium segment.”
Saugata Gupta, page 4 of the filed PDF · View the filing
Saffola Edible Oil revenue growth: 7% (Q1 FY27)
p. 4
“Saffola Edible Oil delivered 7% revenue growth during the quarter as we implemented calibrated pricing actions in response to further increase in input costs.”
Saugata Gupta, page 4 of the filed PDF · View the filing
Foods business growth: 43% (Q1 FY27)
p. 5
“Foods continued its strong growth trajectory, reporting a 43% growth and crossing annualized revenue run rate of INR1,300 crores.”
Saugata Gupta, page 5 of the filed PDF · View the filing
Premium Personal Care annualized revenue run rate: around INR450 crores (Q1 FY27)
p. 5
“Premium Personal Care continues to scale well, reaching an annualized revenue run rate of around INR450 crores.”
Saugata Gupta, page 5 of the filed PDF · View the filing
Digital-first portfolio ARR: over INR1,100 crores (Q1 FY27)
p. 5
“With an ARR of over INR1,100 crores, the business has scaled up profitably, exemplifying our digital playbook of combining entrepreneurial brand building with disciplined capital allocation and operating leverage.”
Saugata Gupta, page 5 of the filed PDF · View the filing
Bangladesh constant currency growth: 4% (Q1 FY27)
p. 5
“Bangladesh reported a 4% constant currency growth as the business experienced a transient moderation in growth due to pricing anniversarization and demand softness due to persistent high inflation in the economy.”
Saugata Gupta, page 5 of the filed PDF · View the filing
Vietnam constant currency growth: 27% (Q1 FY27)
p. 5
“Vietnam continued its growth trajectory, delivering 27% constant currency growth during the quarter, driven by strong performance across the male and female personal care categories.”
Saugata Gupta, page 5 of the filed PDF · View the filing
MENA growth: 24% (Q1 FY27)
p. 5
“MENA grew 24% with both Gulf and Egypt performing well.”
Saugata Gupta, page 5 of the filed PDF · View the filing
South Africa growth: 8% (Q1 FY27)
p. 5
“South Africa posted 8% growth led by hair care with our key brands Black Chic, Just for Kids and Isoplus performing well.”
Saugata Gupta, page 5 of the filed PDF · View the filing
Tax rate: about 17.5% (Q1 FY27)
p. 12
“Yes. So this year, tax this quarter, it was about 17.5%.”
Pawan Agrawal, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue — cross INR15,000 crores · FY27
stated firmly by Saugata Gupta
p. 6
“The strong start to this year has set us well to achieve our full year aspirations of delivering double-digit revenue growth to cross INR15,000 crores easily.”
Saugata Gupta, page 6 of the filed PDF · View the filing
EBITDA growth — high-teens, aspiring to 20% · FY27
stated as an aspiration by Saugata Gupta
p. 6
“We are confident of achieving high-teens EBITDA growth and aspire to touch 20% EBITDA growth during this year.”
Saugata Gupta, page 6 of the filed PDF · View the filing
India volume growth — high single-digit · FY27
stated firmly by Saugata Gupta
p. 6
“We expect India to deliver high single-digit volume growth and international business to deliver mid-teens constant currency growth.”
Saugata Gupta, page 6 of the filed PDF · View the filing
India volume growth — double-digit quarter · next three quarters
stated as an aspiration by Saugata Gupta
p. 6
“We will certainly try and hit another double-digit quarter in India volume growth sometime in the next three quarters.”
Saugata Gupta, page 6 of the filed PDF · View the filing
Copra prices — around 35% lower than last year's peak levels
stated conditionally by Saugata Gupta
p. 6
“Copra prices have corrected meaningfully. While it has seen some upward bias recently, we expect prices to be range bound at around 35% lower than the last year's peak levels.”
Saugata Gupta, page 6 of the filed PDF · View the filing
Input costs — Q2 FY27
stated firmly by Saugata Gupta
p. 6
“And consequently, we expect input costs to be relatively higher in Q2.”
Saugata Gupta, page 6 of the filed PDF · View the filing
Revenue — INR20,000 crores · Vision 2030
stated as an aspiration by Saugata Gupta
p. 6
“As we advance towards the Vision 2030 to achieve INR20,000 crores in revenues with mid-teens EBITDA CAGR, our focus remains clear: strengthen our core franchises, expand into adjacencies where we have a right to win, scale up our digital businesses profitably and further diversify our international growth engine.”
Saugata Gupta, page 6 of the filed PDF · View the filing
Almond oil franchise annualized revenue run rate — INR100 crores plus ARR · FY28
stated as an aspiration by Saugata Gupta
p. 4
“We continue to gain market share handsomely. Further, we are seeing encouraging progress in our almond oil franchise, and our aim is to build it to INR100 crores plus ARR franchise by FY28.”
Saugata Gupta, page 4 of the filed PDF · View the filing
Shampoo revenue — near about INR100 crores · this year
stated as an aspiration by Saugata Gupta
p. 5
“We are witnessing encouraging traction in shampoos category and aspire to achieve near about INR100 crores of revenue this year.”
Saugata Gupta, page 5 of the filed PDF · View the filing
EBITDA margin expansion — 140 to 150 basis points · FY27
stated conditionally by Pawan Agrawal
p. 10
“And if you do the reverse math and if you see that INR15,000 crores is something that we should definitely deliver, then the reverse math would suggest that EBITDA margin would expand in the range of about 140 to 150 basis points as compared to last year.”
Pawan Agrawal, page 10 of the filed PDF · View the filing
Tax rate — about 18% for FY27, 19% to 20% for FY28 · FY27-FY28
stated firmly by Pawan Agrawal
p. 12
“I think from a full year perspective, you can take a guidance of about 18% for FY27 and maybe about 19% to 20% for FY28.”
Pawan Agrawal, page 12 of the filed PDF · View the filing
Parachute volume growth — mid-single digit · FY27
stated firmly by Pawan Agrawal
p. 11
“We would want to maintain the guidance of mid-single digit for the Parachute.”
Pawan Agrawal, page 11 of the filed PDF · View the filing
VAHO growth — high teens
stated as an aspiration by Pawan Agrawal
p. 14
“We will definitely drive for even delivering high teens growth.”
Pawan Agrawal, page 14 of the filed PDF · View the filing
Digital-first business EBITDA margin — INR4,000 crores early teens EBITDA margin business · by 2030
stated as an aspiration by Saugata Gupta
p. 17
“we are pretty confident to have a INR4,000 crores early teens kind of EBITDA margin business by 2030.”
Saugata Gupta, page 17 of the filed PDF · View the filing
Saffola volume growth — mid-single-digit
stated as an aspiration by Saugata Gupta
p. 16
“So mid-single-digit volume growth is absolutely fine.”
Saugata Gupta, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Plix and Cosmix have loyal, repeat consumers built via D2C, that some competitive intensity helps convert a category fad into a habit, and both brands are expected to deliver profitable growth.
Answered by Saugata Gupta
Asked by Abneesh Roy: How does Marico view pricing power and competition in the plant protein, collagen and ACV segments given entry of many new and large players?
p. 8
“We believe in both the categories we participate, it's a habit.”
Saugata Gupta, page 8 of the filed PDF · View the filing
Management compared the opportunity to the earlier disruption of Amla, citing improved distribution via Project SETU and execution capability as reasons the target is achievable.
Answered by Saugata Gupta
Asked by Abneesh Roy: Is the INR100 crore almond hair oil target by FY28 achievable given past failed attempts by others?
p. 8
“I believe that there is a case for disruption in this category.”
Saugata Gupta, page 8 of the filed PDF · View the filing
Management explained that only one price drop of around 10% was taken in loyalty packs, that pipeline management was much improved, and that copra is expected to stay range bound with a slight upward bias.
Answered by Saugata Gupta
Asked by Mihir Shah: With copra prices rising again, is further pricing intervention needed on Parachute, and what price decline can be expected?
p. 9
“Now coming to copra, we believe that it will stay range bound with maybe a slight upward bias at this 30% - 35% kind of a level below the peak.”
Saugata Gupta, page 9 of the filed PDF · View the filing
CFO explained that gains from lower copra prices are offset by higher costs in LP, polymers and edible oils, and reiterated the full-year EBITDA growth aspiration.
Answered by Pawan Agrawal
Asked by Mihir Shah: Given gross margin tailwinds from copra, why is EBITDA growth guidance only high teens?
p. 10
“But on a full year basis, you heard Saugata mentioned that high teens is something which is the base case, and we would try for 20% growth for the full year.”
Pawan Agrawal, page 10 of the filed PDF · View the filing
Management clarified there was no grammage increase and that the growth was organic, driven by pricing execution, supply chain resilience and more rational competitor pricing.
Answered by Pawan Agrawal
Asked by Harit Kapoor: How much of the 10% Parachute volume growth came from grammage changes versus competitive/supply-chain advantage?
p. 11
“I want to clarify that we have not increased grammage. So this 10% volume growth is the organic volume growth.”
Pawan Agrawal, page 11 of the filed PDF · View the filing
Management said acquisitions were capital outlay and did not affect A&P investment capacity, and that resources were deployed behind both core and new products including the shampoo launch.
Answered by Pawan Agrawal
Asked by Harit Kapoor: How is Marico able to maintain A&P investment growth alongside new acquisitions?
p. 11
“The assets that we have bought are capital outlay. So that does not impact our ability to invest behind the A&P line items.”
Pawan Agrawal, page 11 of the filed PDF · View the filing
Management said the core Foods portfolio still grew in double digits excluding the new acquisitions.
Answered by Saugata Gupta
Asked by Nihal Mahesh Jham: Excluding Cosmix and 4700BC, what was the underlying Foods growth?
p. 12
“In double digits.”
Saugata Gupta, page 12 of the filed PDF · View the filing
Management said Saffola Gold has not been impacted, cold-pressed is a category of the future being invested in, and that its margin structure is superior to core Saffola edible oil.
Answered by Saugata Gupta
Asked by Arnab Mitra: Is the growth of cold-pressed oils impacting the core Saffola consumer, and how attractive is Marico's own cold-pressed business?
p. 13
“It is far superior to the core Saffola Edible Oil gross margin.”
Saugata Gupta, page 13 of the filed PDF · View the filing
Management said it was difficult to isolate the source but noted a slightly different, less price-sensitive shopper profile and steps taken to avoid cannibalization across channels.
Answered by Saugata Gupta
Asked by Sidharth Negandhi: Is quick commerce growth mainly a channel shift from modern trade or general trade?
p. 16
“Very difficult to say. I think it's coming from everything.”
Saugata Gupta, page 16 of the filed PDF · View the filing
Management said the brand is undergoing a structural reset toward profitability and food, and that mid-single-digit volume growth is acceptable as Saffola pivots toward Foods.
Answered by Saugata Gupta
Asked by Abneesh Roy: Is there a structural risk to Saffola volume growth from rising Air Fryer and GLP-1 adoption among its target consumers?
p. 16
“So mid-single-digit volume growth is absolutely fine. Having said that, it's pivoting towards food.”
Saugata Gupta, page 16 of the filed PDF · View the filing
Risks flagged
Global macro volatility including supply chain disruptions and rising energy costs
p. 3
“During the quarter, macro environment globally remained volatile with supply chain disruptions and increasing energy costs impacting economic activity.”
Saugata Gupta, page 3 of the filed PDF · View the filing
Rising domestic consumer inflation led by food and fuel prices
p. 3
“While there was a rise in consumer inflation led by food and a marginal fuel price hike, it remained within RBI's threshold.”
Saugata Gupta, page 3 of the filed PDF · View the filing
Transient headwinds in some international economies from geopolitical developments
p. 3
“On the other hand, some of the international economies where we are operating have experienced some transient headwinds due to ongoing geopolitical development in the form of inflation and other costs.”
Saugata Gupta, page 3 of the filed PDF · View the filing
Bangladesh demand softness from persistent high inflation and rising fuel and energy prices
p. 5
“Bangladesh reported a 4% constant currency growth as the business experienced a transient moderation in growth due to pricing anniversarization and demand softness due to persistent high inflation in the economy.”
Saugata Gupta, page 5 of the filed PDF · View the filing
Inflationary pressures and operating challenges in the Gulf region
p. 5
“Despite the inflationary pressures and operating challenges in the Gulf region, the business delivered resilient performance driven by strong execution, focused innovation and continued market share gain in key categories.”
Saugata Gupta, page 5 of the filed PDF · View the filing
Rising crude and vegetable oil costs pushing up input costs
p. 6
“On the other side, crude and vegetable oils continue to exhibit an upward bias.”
Saugata Gupta, page 6 of the filed PDF · View the filing
Significant cost increases in crude-linked derivatives such as LP and polymers
p. 10
“For example, on both these items, the cost increase has been anywhere in the range of 60% to 70%.”
Pawan Agrawal, page 10 of the filed PDF · View the filing
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