Marico Q2 revenue rose 31% as margins contracted on copra costs and brand spend — resurfacing a mid-November report

Resurfacing Marico's Nov. 14 Q2 update: revenue reached Rs 3,482 crore, while net profit slipped 0.7% to Rs 420 crore and EBITDA margin fell to 16.1%. India revenue grew nearly 35%; the FMCG company is targeting 1.5 million direct outlets by FY27 while scaling foods and digital-first brands.

— FiledFri, 31 Jul, 2026, 19:49 IST·First seen Fri, 31 Jul, 2026, 19:48 IST·Source Financial Express · BrandWagon

What happened

Marico reported Q2 revenue growth of 30.7% but a marginal profit decline as copra costs and brand investment compressed margins. India revenue rose nearly 35%,

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% a year earlier
  • India volume growth: 7%
  • India revenue: Rs 2,667 crore, up nearly 35% YoY
  • India contributes around 70-75% of revenue
  • Foods growth: 12% YoY; annualised run rate above Rs 1,100 crore
  • Digital-first portfolio revenue crossed Rs 1,000 crore
  • International revenue: Rs 815 crore, up 19% YoY
  • Direct distribution target: 1 million outlets in FY24 to 1.5 million by FY27

Why this matters

Marico’s push toward 1.5 million direct outlets by FY27 and its scaling of foods and digital-native brands signals continued appetite for adjacencies and acquisitions that deepen reach or add high-growth consumer platforms.

What to watch

  • Copra and edible-oil price trends, especially whether input inflation persists into the next two quarters.
  • India volume growth versus value growth after any price increases.
  • EBITDA-margin trajectory and management commentary on the timing of margin recovery.
  • Progress in direct outlet additions and rural distribution productivity.
  • Revenue growth and profitability contribution from foods and digital-first brands.
  • Advertising and promotional-spend intensity relative to sales growth.
  • Competitive pricing and market-share changes in coconut oil, value-added hair oils and healthy foods.
  • Implement selective price hikes, pack-size adjustments and promotional changes in coconut-oil portfolios to protect gross margin.
  • Accelerate direct distribution toward the FY27 target of 1.5 million outlets, increasing reach in rural and semi-urban markets.
  • Increase brand and trade investment behind foods, Saffola franchises and digital-first brands to diversify away from core edible-oil dependence.
  • Prioritise premium SKUs and higher-margin adjacencies to improve product mix as commodity-linked categories face cost pressure.
  • Use supply-chain sourcing, inventory management and hedging where feasible to reduce copra-cost volatility.