Marico revenue rises 31% in Q2 as it targets 1.5 million direct outlets by FY27

Marico reported Q2 revenue of Rs 3,482 crore, up 30.7% year on year, while net profit slipped 0.7% to Rs 420 crore amid higher copra costs, GST-transition disruptions and brand investment. The FMCG company plans to expand direct distribution from 1 million to 1.5 million outlets by FY27.

— FiledWed, 23 Sept, 2026, 06:19 IST·First seen Wed, 23 Sept, 2026, 06:18 IST·Source Financial Express · BrandWagon

What happened

Marico’s Q2 revenue rose 31% while profit marginally declined amid GST transition issues, elevated copra costs and brand investment. India sales grew nearly

Key facts

  • Q2 net profit Rs 420 crore, down 0.7% YoY
  • 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 exceeded Rs 1,100 crore
  • Digital-first portfolio exceeded Rs 1,000 crore
  • Direct distribution to expand from 1 million outlets in FY24 to 1.5 million by FY27

Why this matters

Marico’s push to add 500,000 direct outlets by FY27 strengthens its route-to-market moat and could make targeted acquisitions or partnerships in high-growth categories more scalable.

What to watch

  • Quarterly volume growth versus reported revenue growth, indicating whether growth is price-led or demand-led.
  • Gross-margin and EBITDA-margin trajectory as copra costs and brand investment flow through.
  • Copra price movement, crop availability and procurement commentary.
  • Net outlet additions and progress toward the 1.5 million direct-outlet FY27 target.
  • Rural demand, distributor inventory levels and wholesale-versus-direct sales mix.
  • Evidence that GST-transition disruptions have eased, including normalization in channel replenishment.
  • Market-share trends in core hair oils, foods and premium/personal-care categories.
  • Extent and consumer response to price hikes or pack-size changes.
  • Accelerate distributor-to-direct outlet conversion in underpenetrated rural, semi-urban and regional markets.
  • Prioritize high-velocity and higher-margin SKUs in newly added outlets to raise returns on distribution investment.
  • Use selective price increases, smaller packs and pack-size optimization to manage copra-driven cost inflation.
  • Sustain advertising and brand investment to defend market share while competitors may curb spending under commodity pressure.
  • Increase sourcing, hedging and procurement flexibility for copra and other volatile agricultural inputs.
  • Track GST-transition-related channel inventory and billing disruptions before pushing aggressive trade loading.