MARICO · Fast Moving Consumer Goods
Marico Ltd. reported revenue of ₹3,957 cr for April to June 2026, +22.9% on the year and +19.9% on the quarter. That is faster than this quarter has grown in recent years (+14.3% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹14,245 cr, +24.9% on the four before.
Operating profit (EBITDA) was ₹819 cr, a margin of 20.7%, +36 bps on the year and +491 bps on the quarter. It is the widest margin of the last 8 quarters (range 15.8% to 20.7%). Operating costs grew +22.3% against revenue growth of +22.9%, so more of each rupee of sales reached operating profit.
Net profit was ₹652 cr, +27.1% on the year and +59.8% on the quarter, with earnings per share of ₹4.86. Profit before other income, one-offs and tax grew 23.7%, so 3 points of the headline growth came from outside the core business. The tax rate of 17% is in line with its recent average. Profit over the last four quarters totals ₹1,952 cr, +15.0% on the four before.
On earnings per share of ₹14.55 over the last four quarters, the stock at ₹788.05 trades at 54.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹2,422 cr | ₹2,278 cr | ₹2,643 cr | ₹2,664 cr | ₹2,794 cr | ₹2,730 cr | ₹3,221 cr | ₹3,450 cr | ₹3,537 cr | ₹3,301 cr | ₹3,957 cr | ₹3,897 cr |
| YoY | — | — | +7% | +8% | +15% | +20% | +22% | +30% | +27% | +21% | +23% | +13% |
| EBITDA margin | 21.2% | 19.4% | 23.7% | 19.6% | 19.1% | 16.8% | 20.3% | 16.2% | 16.7% | 15.8% | 20.7% | 18.2% |
| Other income, % of PBT | 9% | 4% | 6% | 15% | 8% | 11% | 9% | 9% | 7% | 12% | 6% | 8% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 22% | 20% | 22% | 22% | 22% | 22% | 22% | 21% | 19% | 19% | 17% | 17% |
| Net profit | ₹386 cr | ₹320 cr | ₹474 cr | ₹433 cr | ₹406 cr | ₹345 cr | ₹513 cr | ₹432 cr | ₹460 cr | ₹408 cr | ₹652 cr | ₹558 cr |
| YoY | — | — | +9% | +20% | +5% | +8% | +8% | −0% | +13% | +18% | +27% | +29% |
| Core profit YoY | — | — | +9% | +7% | +5% | +3% | +6% | +7% | +11% | +13% | +24% | +24% |
| EPS | ₹2.96 | ₹2.46 | ₹3.58 | ₹3.27 | ₹3.08 | ₹2.65 | ₹3.89 | ₹3.24 | ₹3.44 | ₹3.01 | ₹4.86 | ₹4.24 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | 1 | 1 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Marico Ltd. reported revenue of ₹3,957 cr (+22.9% on the year) and net profit of ₹652 cr (+27.1% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +23.7% on the year, against +27.1% for reported profit.
None of the 7 checks that could run raised a question.
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