Marico Q2 revenue rise of 31% resurfaces; profit slipped as margins narrowed

Resurfacing a report from mid-November 2025: Marico posted Q2 revenue of Rs 3,482 crore, led by 7% India volume growth and nearly 35% domestic revenue growth. Higher copra costs and brand investments cut EBITDA margin to 16.1%. The FMCG major was targeting direct reach of 1.5 million outlets by FY27.

— FiledMon, 7 Sept, 2026, 21:20 IST·First seen Mon, 7 Sept, 2026, 21:19 IST·Source Financial Express · BrandWagon

What happened

Marico reported Q2 revenue growth of 30.7% to Rs 3,482 crore but a 0.7% profit decline as copra costs and brand investments compressed margins. It plans foods

Key facts

  • Q2 net profit: Rs 420 crore, down 0.7% YoY
  • Q2 revenue: Rs 3,482 crore, up 30.7% YoY
  • Ebitda: Rs 560 crore, up 7.3% YoY
  • Ebitda margin: 16.1% versus 19.6% YoY
  • India volume growth: 7%
  • Domestic revenue: Rs 2,667 crore, up nearly 35% YoY
  • Foods annualised revenue run rate: over Rs 1,100 crore
  • Digital-first portfolio annualised revenue run rate: over Rs 1,000 crore
  • Overseas revenue: Rs 815 crore, up 19% YoY
  • Direct reach target: 1 million outlets in FY24 to 1.5 million by FY27

Why this matters

Marico’s accelerating domestic growth and expanded direct-distribution ambition strengthen its FMCG platform, potentially increasing the strategic appeal of bolt-on brands that can leverage its deeper outlet reach.

What to watch

  • Copra price trend and management commentary on gross-margin outlook.
  • India volume growth after any pricing or pack-size actions.
  • Direct-reach additions, sales per directly served outlet and rural distribution metrics.
  • EBITDA margin trajectory versus the reported 16.1%.
  • Advertising and promotion spend as a share of sales.
  • Market-share movement in core coconut-oil and foods categories.
  • Evidence that domestic revenue growth remains above volume growth without materially weakening demand.
  • Prioritize direct-reach expansion in high-potential rural and semi-urban clusters, with outlet productivity targets rather than pure outlet additions.
  • Use selective price-pack architecture, premiumization and portfolio mix to offset copra inflation while protecting entry-price affordability.
  • Increase in-store execution, distributor analytics and digital ordering tools to convert direct reach into repeat sales and lower servicing costs.
  • Stage brand investment behind categories and geographies showing measurable volume and market-share gains.
  • Tighten procurement, inventory planning and hedging discipline around copra exposure.