Marico Limited Earnings Summary — Q4 FY2026
Marico Limited Maintains Resilient Performance Amidst Volatile Operating Conditions
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue grew 19.9% sequentially in Q1 FY2027.
- Revenue of ₹3,957 Cr is 22.9% higher year-on-year.
- Revenue has compounded at 27.8% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit has reached its highest level in 10 quarters.
- Net profit of ₹630 Cr is 25.0% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 35.5% annualised across the period.
- Operating margin stands at 20.7% in Q1 FY2027.
- Operating margin expanded by 36 bps year-on-year.
- Over the last two years operating margin has contracted by 299 bps.
- PBT margin is 20.0%.
- Expense growth of 22.3% remained below revenue growth of 22.9%.
- Operating profit of ₹819 Cr is 25.0% higher year-on-year.
- Operating leverage continues to improve.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 78/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 3,957 | 3,301 | 3,537 | 3,482 | 3,221 | 2,730 | 2,794 | 2,664 | 2,643 | 2,278 |
| Expenses | Improving | 3,138 | 2,780 | 2,945 | 2,922 | 2,566 | 2,272 | 2,261 | 2,142 | 2,017 | 1,836 |
| Operating Profit | Improving | 819 | 521 | 592 | 560 | 655 | 458 | 533 | 522 | 626 | 442 |
| Operating Margin | Stable | 20.7% | 15.8% | 16.7% | 16.1% | 20.3% | 16.8% | 19.1% | 19.6% | 23.7% | 19.4% |
| Other Income | Volatile | 48 | 60 | 39 | 49 | 56 | 47 | 42 | 82 | 37 | 15 |
| Interest | Accelerating | 21 | 17 | 14 | 12 | 10 | 12 | 13 | 11 | 17 | 17 |
| Depreciation | Improving | 56 | 60 | 50 | 47 | 45 | 52 | 44 | 41 | 41 | 41 |
| Profit Before Tax | Improving | 790 | 504 | 567 | 550 | 656 | 441 | 518 | 552 | 605 | 399 |
| Tax | Improving | 138 | 96 | 107 | 118 | 143 | 96 | 112 | 119 | 131 | 79 |
| Net Profit | Improving | 630 | 391 | 447 | 420 | 504 | 343 | 399 | 423 | 464 | 318 |
| Net Margin | Improving | 15.9% | 11.8% | 12.6% | 12.1% | 15.7% | 12.6% | 14.3% | 15.9% | 17.6% | 14.0% |
Key Takeaways
- Revenue grew significantly by 22% year-on-year to ₹3,333 Crores despite a sequential dip of 5.7%.
- Net Profit reached ₹408 Crores, an 18% improvement over the same quarter last year, though down from the previous quarter.
- Operating Profit Margins (OPM) contracted to 16% from 17% YoY and 17% in the previous quarter, indicating rising expense pressures.
- Expenses surged to ₹2,812 Crores in Q4 FY2026 compared to ₹2,272 Crores in Q4 FY2025.
- Tax rate remained efficient at 19%, lower than the 22% rate recorded in the prior year's corresponding quarter.
- The company maintains its market dominance in coconut oils and healthy foods despite high sensitivity to raw material price volatility.
- Capital efficiency remains high with an ROE reaching 43% for the fiscal year period ending March 2026.
Management Guidance
Management focus remains on 'Project SETU' to expand direct reach and a strategic pivot toward digital-first brands like Beardo and True Elements to accelerate premium growth.
Sentiment Shift
Stable
While revenue and profit show strong year-on-year growth, the compression in operating margins and sequential decline in both top and bottom lines suggests short-term cost headwinds.
Outlook
Marico is expected to leverage its dominant 60% market share in coconut oils while transitioning into a multi-branded beauty and wellness conglomerate. The focus on value-added personal care and digital-first brands is aimed at countering commodity price volatility and driving premiumization.
From the Annual Report (Key Quotes)
“Marico has successfully transitioned from a single-product commodity firm to a multi-branded wellness and beauty conglomerate.”
“The business is currently focusing on 'Project SETU' to expand direct reach.”
“Management is recognized for high transparency and clear strategic roadmaps... navigating the transition while retaining core values.”
Official Quarterly Documents
This summary is AI-generated from Marico Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.