MARICO · Fast Moving Consumer Goods · filed 2 Nov 2026
Marico Ltd. reported revenue of ₹3,897 cr for July to September 2026, +13.0% on the year and −1.5% on the quarter. That is slower than this quarter has grown in recent years (+18.5% on average). Over the last four quarters revenue comes to ₹14,692 cr, +20.5% on the four before.
Operating profit (EBITDA) was ₹709 cr, a margin of 18.2%, +196 bps on the year and −250 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.8% to 20.7%, averaging 18.0%. Operating costs grew +10.3% against revenue growth of +13.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹558 cr, +29.2% on the year and −14.4% on the quarter, with earnings per share of ₹4.24. Profit before other income, one-offs and tax grew 24.0%, so 5 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 ₹2,078 cr, +22.5% on the four before.
Of the 8 companies in Fast Moving Consumer Goods that have reported Q2 FY27 so far, Marico Ltd. ranks 8th on revenue growth; the sector median is +16.8%. Its margin moved +196 bps on the year against a sector median of −69 bps.
On earnings per share of ₹15.55 over the last four quarters, the stock at ₹788.05 trades at 50.7 times trailing earnings.
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, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,705 cr | ₹1,304 cr | ▲ 30.8% |
| Inventory | ₹2,297 cr | ₹1,611 cr | ▲ 42.6% |
| Cash | ₹336 cr | ₹404 cr | ▼ 16.8% |
| Bank balances | ₹36.0 cr | ₹89.0 cr | ▼ 59.6% |
| Long-term borrowings | ₹0.0 cr | ₹0.0 cr | — |
| Short-term borrowings | ₹1,046 cr | ₹355 cr | ▲ 194.6% |
| Trade payables | ₹2,186 cr | ₹1,634 cr | ▲ 33.8% |
| Net block | ₹874 cr | ₹832 cr | ▲ 5.0% |
| Capital work in progress | ₹144 cr | ₹85.0 cr | ▲ 69.4% |
| Equity | ₹4,735 cr | ₹4,210 cr | ▲ 12.5% |
| Total assets | ₹12,378 cr | ₹10,075 cr | ▲ 22.9% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹692 cr | ₹701 cr |
| Capital expenditure | ₹244 cr | ₹142 cr |
| Investing cash flow | −₹878 cr | ₹600 cr |
| Financing cash flow | ₹118 cr | −₹1,203 cr |
| Dividends paid | ₹519 cr | ₹908 cr |
Operating cash flow was 0.57× profit. Receivables at 40 days of sales (+4 days against the last year end). Inventory at 53 days of sales (+10 days).
No emphasis of matter.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| India | ₹2,916 cr | — | — | — |
| International | ₹981 cr | — | — | — |
| 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 ₹3,897 cr (+13.0% on the year) and net profit of ₹558 cr (+29.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +24.0% on the year, against +29.2% for reported profit.
None of the 14 checks that could run raised a question.
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