Marico Limited · NSE:MARICO
Marico — Q2 FY27 Earnings Presentation
38 slides from Marico's earnings presentation, Nov 2, 2026
Slide 1: Exchange filing cover letter for Q2 FY27 Information Update
November 2, 2026 The Secretary, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1 Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 531642
Slide 2: Q2 FY27 Results
Q2 FY27 Results November 2026
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: Operating Environment, Performance Highlights, Outlook, Financials
Index 01 02 03 04 Operating Performance Outlook Financials Environment Highlights
Slide 5: Operating Environment
Operating Environment Real GDP Growth Rates (%) Consumer Inflation % 10% 10% Consumption 9% 8% Consumer demand trends 8% 6% remained healthy aided by 7% favorable policy stimulus 4% 6% 2% 5% 0% 4% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY2
Slide 6: Performance Highlights
Index 01 02 03 04 Operating Performance Outlook Financials Environment Highlights
Slide 7: Strong performance underpinned by volume-led teens revenue growth
Strong performance underpinned by volume-led teens revenue growth 10% 13% 13% Domestic Volume Growth International CCG Consolidated Revenue Growth 600 bps 44% 27% 31% Consolidated Gross Consolidated A&P Consolidated EBITDA Growth; Consolidated PAT Margin Expansion Spends Growth 200bps margin expansi
Slide 8: With sustained robust momentum across India and International markets
With sustained robust momentum across India and International markets India Volume Growth International Business CCG Consolidated Revenue Growth 31% 21% 20% 27% 19% 19% 11% 10% 16% 16% 23% 22% 23% 9% 9% 15% 20% 8% 13% 13% 7% 7% 15% 6% 10% 13% 5% 4% 8% 7% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q1 Q2 Q3 Q4 Q1
Slide 9: Parachute accelerates growth, while VAHO continues on its strong growth momentum
Parachute accelerates growth, while VAHO continues on its strong growth momentum Parachute Coconut Oil Saffola Edible Oils Value Added Hair Oils (34% of India Revenues) (16% of India Revenues) (18% of India Revenues) 13% ~1% High Single Digit Volume 6% 80 bps 21% Q2 Volume Growth Q2 Value Growth Dec
Slide 10: Saffola Foods sustains healthy growth, while acquisitions accelerate sequentially
Saffola Foods sustains healthy growth, while acquisitions accelerate sequentially ₹ 1500+ Crore Annualised Revenue Run-rate 45% Q2 Value Growth
Slide 11: Premium Personal Care continues its strong momentum
Premium Personal Care (incl. Digital-First) continues its strong momentum Premium Personal Care Digital-First Premium Personal Care ₹ 500+ Crore ~₹ 1150 Crore Annualised Revenue Run-rate Annualised Revenue Run-rate
Slide 12: SETU 2.0: Building further competitive moats in India and Globally
SETU 2.0 | Building further competitive moats in India and Globally Driving Execution Excellence Next phase of GTM transformation 1.5x+ ~2x FY24 to FY27 exit FY24 to FY27 exit INDIA Direct Reach Deeper rural penetration AI enabled assortment Premium Foods and Digital-first brands Scaled (stockist ad
Slide 13: Diversified market momentum drives robust International growth
Diversified market momentum drives robust International growth Bangladesh Vietnam MENA South Africa 5% 22% 15% 15% Q2 CCG Q2 CCG Q2 CCG Q2 CCG Resilient performance amidst Healthy Growth across portfolio Strong performance supported by Acceleration in growth persistent inflation and on a high and su
Slide 14: Outlook
Index 01 02 03 04 Operating Performance Outlook Financials Environment Highlights
Slide 15: Near term: Consistently deliver top quartile outcomes across key metrics
Near term: Consistently deliver top quartile outcomes across key performance metrics… India Volume Growth (%) International Business CCG (%) 2Y CAGR HSD 2Y CAGR High Teens DD Mid-Teens FY25 FY26 FY27E FY25 FY26 FY27E Expect Double-digit (DD) volume growth in FY27 Sustain Mid-teens CCG in FY27 Consol
Slide 16: Backed by sharp execution, strong capabilities and strategic clarity
…backed by sharp execution, strong capabilities and strategic clarity Copra tailwinds Supply Chain & Higher profit uplift Scaling Premium Institutionalized Pricing Power of alleviating other Back-end driven by Foods & Categories in Cost Management Core Brands input cost inflation Capabilities PPC* s
Slide 17: Advancing towards Vision: Fewer, Bigger, Bolder, Faster
ie Advancing towards : e e Vision —jS =O FEWER, BIGGER, BOLDER, FASTER o% ley — > Strengthening Scaling up high- core franchises growth adjacencies ce Building future-ready Deepening technological digital brands capabilities
Slide 18: Medium term: Accelerating towards the 20K+ Crore topline Vision by 2030
Medium term: Accelerating towards the 20K+ Crore topline Vision by 2030… Consolidated Revenue Growth (%) Consolidated EBITDA Growth (%) Mid-teen CAGR Double-digit CAGR FY26 FY30E FY26 FY30E Poised to deliver double-digit revenue CAGR, top-quartile Aspire for mid-teen EBITDA CAGR, driven by operating
Slide 19: Clear strategic priorities shaped by the EDGE framework
…driven by clear strategic priorities shaped by the EDGE framework Expand TAM and Distribution and Grow Empowered Portfolio Digitization Profitably Organization Drive profitable growth Build a future-ready Build larger growth engines Transform go-to-market through sharper portfolio organization with
Slide 20: Diversification through scale-up of Premium and Digital Portfolios Globally
Diversification through scale-up of Premium and Digital Portfolios Globally Reducing exposure to commodity-linked portfolios in India and overseas markets, driven by expansion of premium personal care and digital-native brands 27% 37% 44% 50% 73% 63% 56% 50% FY20 FY26 FY27E FY30E Mass Premium + Digi
Slide 21: India: Profitable scale-up of high-growth businesses
India: Profitable scale-up of high-growth businesses Foods Revenue (in ₹ cr.) Digital-first PPC exit ARR (in ₹ cr.) Digital-first PPC EBITDA Margin (%) Teens ~15x ~5x Double Digit ~9x ~2.5x ~4x x x FY20 FY24 FY27E FY30E FY24 FY27E FY30E FY22 FY24 FY27E FY30E Exit Revenue Share of Foods & PPC Profit
Slide 22: International: Scaling Profitably Across Regions & Driving Portfolio Premiumization
International: Scaling Profitably Across Regions & Driving Portfolio Premiumization Revenue Growth in EBITDA Margin (%) of International Business (ex. Bangladesh) International Business (ex. Bangladesh) Twenties High Teens 20%+ CAGR High-Single Digit 15% CAGR FY20 FY26 FY30E FY20 FY26 FY30E Revenue
Slide 23: Financials
Index 01 02 03 04 Operating Performance Outlook Financials Environment Highlights
Slide 24: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement In ₹ Cr. Particulars Q2FY27 Q2FY26* Change (%) H1FY27 H1FY26* Change (%) Revenue from Operations 3,897 3,450 13% 7,854 6,671 18% Material Cost 2,022 1,997 1% 4,134 3,727 11% ASP 451 313 44% 778 574 36% Employee Cost 259 218 19% 528 438 21% Other Expenses 456 362
Slide 25: Annexure 1: Operating Margin Structure for Marico Limited (Consolidated)
Annexure 1: Operating Margin Structure for Marico Limited (Consolidated) Particulars (% of Revenues) Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 Material Cost (Raw + Packaging) 51.9% 53.4% 57.9% 52.6% 55.9% Advertising & Sales Promotion (ASP) 11.6% 8.3% 9.1% 9.9% 8.6% Personnel Costs 6.6% 6.8% 6.3% 6.7% 6.6%
Slide 26: Annexure 2: Working Capital
Annexure 2: Working Capital Particulars (% of Revenues) Q2FY27 Q1FY27 Debtors Turnover (Days) 36 31 Inventory Turnover (Days) 50 40 Net Working Capital (Days) 33 26 Note: The Company has maintained healthy working capital ratios through the quarter.
Slide 27: Annexure 3: Movement of Key Raw Material Prices
Q1FY24 Q1FY24 Q2FY24 Q2FY24 Q3FY24 Q3FY24 Q4FY24 Q4FY24 Q1FY25 Q1FY25 Q2FY25 Q2FY25 Q3FY25 Q3FY25 Q4FY25 Copra Q4FY25 Q1FY26 Q1FY26 Liquid Paraffin (LLP) Q2FY26 Q2FY26 Q3FY26 Q3FY26 Q4FY26 Q4FY26 Q1FY27 Q1FY27 Q2FY27 YTD: -31% YoY YTD: +91% YoY Q2FY27 Annexure 3: Movement of Key Raw Material Prices
Slide 28: Annexure 4: Market Shares in Key Categories in the India Business
Annexure 4: Market Shares in Key Categories in the India Business - MAT Sep’26 Franchise ~MS% Rank ^ Parachute Rigids within Coconut Oil 60% 1st * Saffola Oats 42% 1st * Value Added Hair Oils 30% 1st ^ Post wash Leave-on Serums 44% 1st *^ Hair Gels/Waxes/Creams 50% 1st ^ Volume Market Share * Value
Slide 29: Annexure 5: ESG Performance Snapshot (Q2 FY27)
Annexure 5 : ESG Performance Snapshot (Q2 FY27) Emissions & Energy Water Stewardship Responsible Sourcing Circular Economy Sustainable Agriculture Social Value Creation • 85% reduction • Approx. 579 Crore • Launched our • 30% recycled content • 2.10 lakh farmers • Quality education (Scope 1+2) in GH
Slide 30: Annexure 6: Awards and Recognitions
Annexure 6: Awards and Recognitions Marico has been recognized by ET Edge as the Marico's Sanand unit wins CII National Award for ‘Best Organizations to Work 2026’. Excellence in Energy Management 2026
Slide 31: Annexure 6: Awards and Recognitions
Annexure 6: Awards and Recognitions Marico is proud to be recognized as one of ET Edge’s Marico has been recognized as one of ET Edge’s Best Most Iconic Brands of India 2026, receiving this honor Manufacturing Brands 2026 for the third time
Slide 32: Annexure 6: Awards and Recognitions
Annexure 6: Awards and Recognitions Marico’s Sanand unit has been Parachute Kalpavriksha Foundation brought ESG Databook for the recognised as an “Excellent together 200+ coconut farmers in Kovilpalayam, FY2025-26 has been Energy Efficient Unit” at the CII Coimbatore, for a day of learning, expert p
Slide 33: Thank You
Thank You MARICO LIMITED CIN - L15140MH1988PLC049208 7th Floor, Grande Palladium Investor Relations Contact: Envelope outline 175, CST Road, Kalina, Santa Cruz (East) Saurabh Khaitan| Head Finance – International Business and Investor Relations Envelope outline Mumbai- 400 098 Gaurav Dokania | Manag
Slide 34: Information Update for Q2FY27: Executive Summary of Consolidated Results
Marico – Information Update for Q2FY27 (Quarter ended September 30, 2026) Executive Summary: Consolidated Results Particulars (₹ Cr) Q2FY27 YoY Growth H1FY27 YoY Growth Revenue from Operations 3, 897 13% 7,854 18% EBITDA 709 27% 1,528 26% EBITDA Margin (%) 18.2% Up 200 bps 19.5% Up 130 bps Profit Af
Slide 35: Information Update for Q2FY27: International business and input costs
Marico – Information Update for Q2FY27 (Quarter ended September 30, 2026) • The International business sustained strong growth momentum and reported 13% constant currency growth (CCG) and 23% revenue growth in INR terms. Bangladesh delivered 5% CCG, marking a marginal sequential improvement despite
Slide 36: Mode of Issue of this update
Marico – Information Update for Q2FY27 (Quarter ended September 30, 2026) 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
Slide 37: Marico Limited Q2FY27 Results: Broad-Based Growth Powers Consolidated Revenue
Marico Limited – Q2FY27 Results Broad-Based Growth Powers Consolidated Revenue Up 13% in Q2 and 18% in H1 India Business Sustains Double-Digit Volume Growth Momentum International Business delivers robust 13% CCG, 23% INR growth Profitability Hits Multi-Year High: EBITDA Up 27%, PAT Jumps 31%, Highe
Slide 38: International Business and Outlook
International Business International business sustained strong growth momentum and reported 13% constant currency growth (CCG) and 23% revenue growth in INR terms. Bangladesh delivered 5% CCG, marking a marginal sequential improvement despite consumer demand softness amidst persistent high inflation