MARICO · Fast Moving Consumer Goods · filed 2 Nov 2026
Marico Ltd. reported revenue of ₹2,722 cr for July to September 2026, +8.4% on the year and −2.6% on the quarter.
Operating profit (EBITDA) was ₹490 cr, a margin of 18.0%, +398 bps on the year and −143 bps on the quarter. Operating costs grew +3.4% against revenue growth of +8.4%, so more of each rupee of sales reached operating profit.
Net profit was ₹683 cr, +71.6% on the year and +48.5% on the quarter, with earnings per share of ₹5.27. Profit before other income, one-offs and tax grew 38.5%, so 33 points of the headline growth came from outside the core business.
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 +398 bps on the year against a sector median of −69 bps.
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +71.6% on the year; profit before other income, exceptional items and tax +38.5%.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹1,173 cr | ₹827 cr | ▲ 41.8% |
| Inventory | ₹1,544 cr | ₹1,069 cr | ▲ 44.4% |
| Cash | ₹72.0 cr | ₹115 cr | ▼ 37.4% |
| Bank balances | ₹6.0 cr | ₹2.0 cr | ▲ 200.0% |
| Short-term borrowings | ₹489 cr | ₹36.0 cr | ▲ 1,258.3% |
| Trade payables | ₹1,397 cr | ₹959 cr | ▲ 45.7% |
| Net block | ₹673 cr | ₹644 cr | ▲ 4.5% |
| Capital work in progress | ₹136 cr | ₹78.0 cr | ▲ 74.4% |
| Equity | ₹6,554 cr | ₹5,877 cr | ▲ 11.5% |
| Total assets | ₹9,557 cr | ₹7,745 cr | ▲ 23.4% |
Receivables at 39 days of sales (+8 days against the last year end). Inventory at 51 days of sales (+11 days).
No emphasis of matter.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| India | ₹2,916 cr | — | — | — |
| International | ₹981 cr | — | — | — |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹2,510 cr | ₹2,794 cr | ₹2,722 cr |
| YoY | — | — | +8% |
| EBITDA margin | 14.0% | 19.4% | 18.0% |
| Other income, % of PBT | 35% | 10% | 43% |
| Exceptional items | — | — | — |
| Tax rate | 18% | 16% | 10% |
| Net profit | ₹398 cr | ₹460 cr | ₹683 cr |
| YoY | — | — | +72% |
| Core profit YoY | — | — | +38% |
| EPS | ₹3.08 | ₹3.55 | ₹5.27 |
| 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 ₹2,722 cr (+8.4% on the year) and net profit of ₹683 cr (+71.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +38.5% on the year, against +71.6% for reported profit.
1 check raised a question: Headline profit grew much faster than core profit. What made up the difference?
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