Marico Ltd has reported a robust start to FY26, recording a 9% volume growth in Q1 driven by diversification into Foods and Premium Personal Care. The company is targeting ₹20,000 crore revenue in the next five years, despite margin pressures from rising copra costs.
Marico Ltd, headquartered in Mumbai, Maharashtra, is a leading Indian consumer goods company specializing in beauty, wellness, and food products. It owns popular brands like Parachute, Saffola, Beardo, and Just Herbs, serving both domestic and international markets.
In the June quarter of FY26, Marico registered 9% volume growth, marking the strongest performance among its staple sector peers. This expansion was driven by continued focus on its Foods and Premium Personal Care portfolios, complemented by a recovery in flagship categories such as Saffola edible oils and the Value Added Hair Oils (VAHO) segment.
The Foods segment delivered 20% year-on-year value growth, highlighting the success of Marico’s diversification strategy. The company’s digital-first businesses—including brands like Beardo, Just Herbs, and Plix—also sustained positive momentum.
Marico’s transformation has significantly altered its revenue mix in India. The Foods business has scaled up to more than five times its FY20 base, exceeding ₹900 crore in FY25. The company now targets 25% CAGR for this segment, aiming to reach approximately 8x of FY20 levels (or 2x of FY24 revenue) by FY27.
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Meanwhile, the digital-first portfolio posted an annual recurring revenue (ARR) of over ₹850 crore in Q1. Marico aims to expand this to 2.5x of its FY24 ARR by FY27. The portfolio is also expected to deliver double-digit EBITDA margins by then. Combined, the Foods and Premium Personal Care segments are projected to contribute 25% to Marico’s India revenue by FY27.
Below is a table summarizing Marico’s growth targets and current progress:
| Segment | FY25 Milestone | FY27 Target |
| Foods Revenue | ₹900+ crore | 8x FY20 Revenue (2x FY24) |
| Digital-first Portfolio ARR | ₹850+ crore | 2.5x FY24 ARR |
| EBITDA Margin (Digital) | Not disclosed | Double-digit by FY27 |
| Revenue Contribution (India) | Rising | 25% from Foods & Premium Personal Care |
Marico has also set out long-term revenue ambitions—aiming to cross ₹15,000 crore in the next two years and reach ₹20,000 crore within five years.
However, this growth trajectory faces near-term challenges. In Q1FY26, Marico’s EBITDA margin contracted by 360 basis points YoY to 20.1%, driven by inflation in key raw materials. Most notably, copra prices surged 18% quarter-on-quarter and 107% year-on-year, heavily impacting the Parachute oils portfolio.
Vegetable oil costs declined due to import duty cuts, and crude oil derivatives remained relatively stable. Yet, the margin impact from rising copra prices remains a key concern for the short-term profitability outlook. This has slightly dampened FY26 earnings per share (EPS) expectations, although longer-term projections remain intact.
Despite these input cost pressures, Marico is well-positioned to achieve its 25% revenue growth target for FY26, supported by market share gains, premium product expansion, and growth in the international business.
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