Homegrown FMCG major Marico Ltd on Friday reported a marginal decline in consolidated net profit at ₹ 432 crore for September quarter of this fiscal, as gross margin contracted, on account of high base and inflation in key commodities.
It had posted a net profit of ₹ 433 crore in the July-September period a year ago, according to a regulatory filing by Marico.
"In Q2FY26, revenue from operations was at ₹ 3,482 crore, up 31 % year-on-year, with underlying volume growth of 7 % in the India business and constant currency growth of 20 % in the international business. Consolidated and India revenue growth stood at multi-quarter highs," Marico said in its earnings statement.
31 October 2025
Get the latest issue of Outlook Business
Total expenses increased 35.87 % in September quarter to ₹ 2,981 crore.
"Gross margin contracted by 810 basis points year-on-year, on a particularly high base, as sharp inflation in key commodities exerted incremental pressure in this quarter. Despite these headwinds, we continued to invest meaningfully to strengthen the long-term equity of our franchises and accelerate portfolio diversification, with A&P spending rising 19 % YoY," it said.
Margin was at 16.1 %, down 350 bps in the quarter. Marico owns popular brands like Saffola, Parachute and Livon.
In September quarter, Marico's revenue from the domestic market was at ₹ 2,667 crore, up 34.76 % year-on-year.
"We witnessed steady demand trends in India during the quarter, except for the transitionary disruption in trade channels ahead of the implementation of new GST rates in September," said Marico.
Similarly, revenue from the 'International' market was at ₹ 815 crore, up 19 %.
Marico's total income, including other income, rose 28.58 % to ₹ 3,531 crore in the quarter.
"The international business maintained its robust growth trajectory with 20 % constant currency growth (CCG), demonstrating its strong fundamentals and sustained growth potential," it said.
Bangladesh posted 22 % growth on CCG basis, while Vietnam grew 6 % in CCG, exhibiting signs of a gradual recovery.
"MENA (Middle East and North Africa) ) delivered 27 % CCG, with both the Gulf region and Egypt recording strong growth. South Africa recorded 1 % CCG and we are confident of a recovery in H2. NCD and Exports recorded 53 % growth," it said.
In India, Marico's Parachute Rigids posted a volume decline of 3 %, amidst headwinds posed by unprecedented hyperinflation in copra prices. After normalizing for ml-age (volume) reductions, the brand was flattish in volume terms. Revenue growth for the brand stood at 59 %.
Value-Added Hair Oils business, which includes Hair & Care, Nihar and Coco Soul - grew by 16 % in value terms.
Saffola Edible Oils had a flattish quarter in volume terms amidst a relatively elevated pricing environment though the brand registered 19 % revenue growth.
Marico's foods grew 12 % YoY and crossed the ₹ 1,100 crore mark in annualized run rate.
In the first half (H1) of FY26, Marico's total consolidated income was at ₹ 6,846 crore, up 26.17 %.
Commenting on results, MD & CEO Saugata Gupta said: "Our performance in the first half of the year reflects the institutionalized resilience of our operating model amidst tough inflationary conditions. We have sustained healthy volume-led growth in the India business, coupled with market share and penetration gains across key portfolios." The core franchises have been stable despite steep input cost headwinds, while the new businesses continue to advance towards strategic aspirations.
Shares of Marico Ltd on Friday settled at ₹ 739.35 per scrip on the BSE, up 2.41 % from the previous close.
