Marico Limited · NSE:MARICO
Marico — Q1 FY26 Earnings Presentation
34 slides from Marico's earnings presentation, Aug 4, 2025
Slide 1: Exchange filing cover letter for Information Update
August 4, 2025 The Secretary, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited, 1st Floor, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1 Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Scrip Code
Slide 2: Q1 FY26 Results
M marico make a difference Q1 FY26 Results AUG 2025 Saffola COLD 9 PRESSED OILS 100% Pure
Slide 3: Safe Harbour Statement
Safe Harbour Statement This Release / Communication, except for the historical information, may contain statements, including the words or phrases such as ‘expects, anticipates, intends, will, would, undertakes, aims, estimates, contemplates, seeks to, objective, goal, projects, should’ and similar
Slide 4: Index
Index Macro Overview Performance Outlook Financials Highlights 4 6 14 20 3
Slide 5: Demand trends remain steady; expect gradual improvement ahead
Demand trends remain steady| Expect gradual improvement in sentiment ahead FMCG Sector Vol Growth Retail (CPI) and Food Inflation (%) Monsoons tracking above normal LPA*% 109 108 105 104 All-India Urban Rural Retail Inflation Food Inflation Q3FY25 Q4FY25 Q1FY26 Jun Jul Aug (F) Sep (F) Jul-24 Jan-25
Slide 6: Index
Index Macro Overview Performance Outlook Financials Highlights 4 6 14 20 5
Slide 7: Multi-quarter high volume & revenue growth in India
Multi-quarter high volume & revenue growth in India | International business sustains healthy momentum Q1FY26 (YoY) India International Consolidated 9% 19% 23% Volume Growth Constant Currency Growth Revenue Growth 9.2% 25% 5% 20.1% 9% Consolidated Consolidated A&P Consolidated EBITDA Consolidated EB
Slide 8: Parachute & Saffola stand firm; VAHO recovery gains pace
Parachute & Saffola stand firm amidst pricing volatility | VAHO recovery gains pace Parachute Coconut Oil Saffola Edible Oils Value Added Hair Oils (35% of India Revenues) (16% of India Revenues) (20% of India Revenues) 4Y Vol. CAGR : Mid-single digit in Edible Oils (1%)* a 31% Delivers mid-single d
Slide 9: Foods: Scaling in line with aspirations
Foods : Scaling in line with aspirations Q1 Value Growth ~20% 8
Slide 10: Premium Personal Care: Sustaining robust growth momentum
Premium Personal Care: Sustaining robust growth momentum Serums | Male Grooming | Skin Care Digital-First Brands >₹300 cr. Q1 ARR ₹850 cr.+ Q1 Exit ARR 9
Slide 11: Project SETU: Drive growth in GT through expansion in Direct Reach
Project SETU: Drive growth in GT through transformative expansion in Direct Reach 3-Year Phased Plan A fit for purpose and FY24 FY27 fit for future GTM Model Market share Gain across categories in rural and urban 1 mn 1.5 mn Direct reach Direct reach To drive profitable growth and competitive advant
Slide 12: Project SETU: Activations in progress at pan-India level
Project SETU: Activations in progress at pan-India level Enhanced focus on driving assortment selling and quality of servicing in rural and urban. Steady Improvement in sales efficiency through structured monitoring – driving increase in outlets billed/day Deploying AI-driven smart PDAs minimizing m
Slide 13: International business maintains strong momentum
International business maintains strong momentum| Robust performance in Bangladesh & MENA Bangladesh Vietnam MENA South Africa 17% 1% 42% Flattish Q1 CCG Q1 CCG Q1 CCG Q1 CCG Robust growth in core and Expect gradual recovery in Robust growth in Gulf and Full year aspiration remains new franchises de
Slide 14: Index
Index Macro Overview Performance Outlook Financials Highlights 4 6 14 20 13
Slide 15: Diversification on track: Foods scaling in line with aspirations
Diversification on track: Foods scaling in line with aspirations | GM expansion to continue Foods portfolio at 5x of FY20 scale Structural GM expansion of ~200 bps in Foods On course to become ~8x of FY20 scale in FY27 Expect gradual improvement ahead Foods Revenues (in ₹ cr.) Foods Gross Margin (%)
Slide 16: Diversification on track: Digital marches ahead
Diversification on track: Digital marches ahead | Driving Profitable Unit Economics Exit ARR expected to be ~2.5x of FY24 ARR in FY27 On course to deliver double-digit (raised from ~2x previously) EBITDA margin in FY27 Digital-first brands exit ARR (in ₹ cr.) Digital-first EBITDA Margin (%) ~2.5x Ax
Slide 17: Digital Businesses: Driving TAM Expansion and Brand Penetration
Digital Businesses: Driving TAM Expansion and Brand Penetration ASPIRATION OVER 3 YEARS Revenues in INR Cr Nutraceuticals Men’s Grooming Breakfast Hair care 2,000-2500 & Skin care CURRENT CATEGORIES Fragrances Seeds & Herbal Skin & Hair Care trail mixes Cosmetics Personal Care Appliances 2.5X Nutrac
Slide 18: Powering double-digit revenue growth aspirations
Powering double-digit revenue growth aspirations in the near and medium term India Business: Building volume and revenue growth momentum and International Business: driving diversification Going Strong Quarterly Volume Growth (%) Revenue growth (%) International Business CCG (%) 9% 14% 6% 7% 14% 5%
Slide 19: Resilient profit growth amidst hyperinflation in input costs
Continue to deliver resilient profit growth amidst unprecedented hyperinflation in input costs Higher profit uplift Scaling Premium Institutionalized Supply Chain & Pricing Power of driven by Foods & Categories Cost Management Back-end Core Brands PPC scale-up Overseas Program Capabilities Margin ac
Slide 20: Index
Index Macro Overview Performance Outlook Financials Highlights 4 6 14 20 19
Slide 21: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement (in ₹ cr.) P&L Particulars Q1FY26 Q1FY25 Change (%) FY25 FY24 Change (%) Revenue from Operations 3,259 2,643 23% 10,831 9,653 12% Material Cost 1,730 1,262 37% 5,388 4,748 13% ASP 299 240 25% 1,128 952 18% Employee Cost 220 203 8% 831 743 12% Other Expenses 355 3
Slide 22: Annexure 1: Operating Margin Structure (Consolidated)
Annexure 1: Operating Margin Structure for Marico Limited (Consolidated) Particulars (% of Revenues) Q1FY26 Q4FY25 Q1FY25 FY25 FY24 Material Cost (Raw + Packaging) 53.1% 51.4% 47.7% 49.7% 49.2% Advertising & Sales Promotion (ASP) 9.2% 11.2% 9.1% 10.4% 9.9% Personnel Costs 6.8% 7.6% 7.7% 7.7% 7.7% Ot
Slide 23: Annexure 2: Working Capital
Annexure 2: Working Capital Key P&L Capital Efficiency Ratios Particulars Q1FY26 Q4FY25 Debtors Turnover (Days) 38 42 Inventory Turnover (Days) 31 47 Net Working Capital (Days) 32 44 Note: The Company has maintained healthy working capital ratios through the year. 22
Slide 24: Annexure 3: Movement of Key Raw Material Prices
Q1FY23 Q1FY23 Q2FY23 Key P&L Q2FY23 Q3FY23 Q3FY23 Q4FY23 Q4FY23 Q1FY24 Q1FY24 Q2FY24 Q2FY24 Q3FY24 Q3FY24 Copra Q4FY24 Q4FY24 Q1FY25 Liquid Paraffin (LLP) Q1FY25 Q2FY25 Q2FY25 Q3FY25 Q3FY25 Q4FY25 Q4FY25 YTD: -8% YoY YTD: +107% YoY Q1FY26 Q1FY26 Q1FY23 Q1FY23 Annexure 3: Movement of Key Raw Material
Slide 25: Annexure 4: Market Shares in Key Categories in India
Annexure 4: Market Shares in Key Categories in the India Business - MAT Jun’25 Franchise ~MS% Rank ^ Coconut Oil Franchise 63% 1st ^ Parachute Rigids within Coconut Oil 53% 1st * Saffola Oats 41% 1st * Value Added Hair Oils 29% 1st ^ Post wash Leave-on Serums 47% 1st *^ Hair Gels/Waxes/Creams 53% 1s
Slide 26: Annexure 5: ESG Performance Snapshot (Q1FY26)
Annexure 5 : ESG Performance Snapshot (Q1FY26) Above image: Jalgaon plant, which transitioned to 100% green Above image: Initiatives conducted as part of Jalashay across Above image: Teachers engagement at Jharkhand, Madhya energy from January 2025 through a Green Energy Agreement Tamil Nadu and Mah
Slide 27: Annexure 6: Awards & Recognitions
Annexure 6: Awards & Recognitions NSE ESG Ratings Marico was awarded by the ET Global Marico has received one of the highest ESG scores Parachute Kalpavriksha Foundation honored Sustainability Alliance as a on the NSE ESG Ratings Platform, demonstrating by ASSOCHAM for ‘Excellence in Providing Champ
Slide 28: Thank You
MARICO LIMITED CIN - L15140MH1988PLC049208 7th Floor, Grande Palladium 175, CST Road, Kalina, Santa Cruz (East) Mumbai- 400 098 www.marico.com Websites: www.niharnaturals.com www.beardo.in www.parachuteadvansed.com www.justherbs.in www.saffola.in www.mylivonmysalon.com/ www.setwet.com www.true-eleme
Slide 29: Marico – Information Update for Q1FY26
Marico – Information Update for Q1FY26 (Quarter ended June 30, 2025) Executive Summary: Consolidated Results Particulars (₹ Cr) Q1FY26 YoY Growth Revenue from Operations 3,259 23% EBITDA 655 5% EBITDA Margin (%) 20.1% Down 360 bps Profit After Tax 504 9% Domestic Volume Growth (%) 9% International B
Slide 30: Marico – Information Update for Q1FY26
Marico – Information Update for Q1FY26 (Quarter ended June 30, 2025) maintained their strong growth momentum. Saffola Muesli has witnessed healthy traction since its launch. During the quarter, we added two new variants to the Saffola Muesli portfolio – namely Mango Crunch and a no-added-sugar varia
Slide 31: Marico – Information Update for Q1FY26
Marico – Information Update for Q1FY26 (Quarter ended June 30, 2025) business. This also reflects in the steadily reducing topline and bottomline dependence on the Bangladesh business. We have also made visible strides towards premiumisation of our portfolios across markets through innovation and ex
Slide 32: Marico – Information Update for Q1FY26
Marico – Information Update for Q1FY26 (Quarter ended June 30, 2025) Mode of Issue of this update We have issued this Information Update, first to the Stock Exchanges, posted it on Marico’s website and then sent it to the financial community members who are on Marico’s regular mailing list. We recom
Slide 33: Marico Limited – Q1FY26 Results
Marico Limited – Q1FY26 Results India Volume Growth and Revenue Growth at multi-quarter highs Consolidated Revenue grew 23% in Q1 Improving trends in core franchises lift India volume growth to 9% Foods and Digital-first portfolios sustain accelerated scale up International business delivers robust
Slide 34: Marico Limited – Q1FY26 Results (continued)
maintained their strong growth momentum. Saffola Muesli has witnessed healthy traction since its launch. During the quarter, we added two new variants to the Saffola Muesli portfolio – namely Mango Crunch and a no-added-sugar variant of Berry Crunch. Premium Personal Care sustained its accelerated g