Slide 1: Exchange cover letter: Information Update for Q2 FY26
November 14, 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 C
Slide 2: Q2 FY26 Results
Q2 FY26 Results NOVEMBER 2025
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 13 19 3
Slide 5: Demand trends remain steady; expect gradual improvement in sentiment
Demand trends remain steady| Expect gradual improvement in sentiment ahead Positive Macro Drivers FMCG Sector Vol Growth Easing Inflation Enhancing disposable incomes and driving premiumisation Above-average Monsoons and Healthy Crop Outlook Supporting rural income and All-India Urban Rural consumpt
Slide 6: Index
Index Macro Overview Performance Outlook Financials Highlights 4 6 13 19 5
Slide 7: Consolidated and India revenue at multi-quarter high
Consolidated and India revenue at multi-quarter high | International business maintains robust momentum Q2FY26 (YoY) India International Consolidated 7% 20% 31% Volume Growth Constant Currency Growth Revenue Growth 19% 7% 16.1% 8% Consolidated A&P Consolidated EBITDA Consolidated EBITDA Consolidated
Slide 8: Parachute & Saffola steady despite elevated pricing; VAHO accelerates
Parachute & Saffola remain steady despite elevated pricing| VAHO exhibits acceleration Parachute Coconut Oil Saffola Edible Oils Value Added Hair Oils (36% of India Revenues) (17% of India Revenues) (16% of India Revenues) 4Y Vol. CAGR : Mid-single digit in Edible Oils (3%)* a 59% Flattish volumes i
Slide 9: Foods: Annualized run rate in Q2 crosses ₹1100 Cr.
Foods : Annualized run rate in Q2 crosses ₹1100 Cr. Q2 Value Growth 12% 8
Slide 10: Premium Personal Care: Scaling in line with aspirations
Premium Personal Care: Scaling in line with aspirations Serums | Male Grooming | Skin Care Digital-First Brands > ₹325 cr. Q2 ARR > ₹1000 cr. Q2 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: International business continues to thrive
International business continues to thrive| Bangladesh & MENA deliver stellar performance Bangladesh Vietnam MENA South Africa 22% 6% 27% 1% Q2 CCG Q2 CCG Q2 CCG Q2 CCG Accelerating growth driven by Visible recovery backed by Strong growth across core and Recovery imminent diversified portfolio targ
Slide 13: Index
Index Macro Overview Performance Outlook Financials Highlights 4 6 13 19 12
Slide 14: 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 15: 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 16: 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 17: 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 Half-Yearly Volume Growth (%) Revenue growth (%) International Business CCG (%) 8% 14% 6% 14% 4% H
Slide 18: Continue to deliver resilient profit growth amidst input cost hyperinflation
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 19: Index
Index Macro Overview Performance Outlook Financials Highlights 4 6 13 19 18
Slide 20: Consolidated Profit & Loss Statement
Consolidated Profit & Loss Statement (in ₹ cr.) P&L Particulars Q2FY26 Q2FY25 Change (%) H1FY26 H1FY25 Change (%) Revenue from Operations 3,482 2,664 31% 6,741 5,307 27% Material Cost 1,997 1,311 52% 3,727 2,573 45% ASP 345 290 19% 644 530 22% Employee Cost 218 213 2% 438 416 5% Other Expenses 362 3
Slide 21: Annexure 1: Operating Margin Structure
Annexure 1: Operating Margin Structure for Marico Limited (Consolidated) Particulars (% of Revenues) Q2FY26 Q1FY26 Q2FY25 H1FY26 H1FY25 Material Cost (Raw + Packaging) 57.4% 53.1% 49.2% 55.3% 48.5% Advertising & Sales Promotion (ASP) 9.9% 9.2% 10.9% 9.6% 10.0% Personnel Costs 6.3% 6.8% 8.0% 6.5% 7.8
Slide 22: Annexure 2: Working Capital
Annexure 2: Working Capital Key P&L Capital Efficiency Ratios Particulars Q2FY26 Q1FY26 Debtors Turnover (Days) 41 38 Inventory Turnover (Days) 35 31 Net Working Capital (Days) 35 32 Note: The Company has maintained healthy working capital ratios through the year. 21
Slide 23: Annexure 3: Movement of Key Raw Material Prices
Q2FY23 Q2FY23 Q3FY23 Key P&L Q3FY23 Q4FY23 Q4FY23 Q1FY24 Q1FY24 Q2FY24 Q2FY24 Q3FY24 Q3FY24 Q4FY24 Q4FY24 Copra Q1FY25 Q1FY25 Q2FY25 Liquid Paraffin (LLP) Q2FY25 Q3FY25 Q3FY25 Q4FY25 Q4FY25 Q1FY26 Q1FY26 YTD: -5% YoY YTD: +113% YoY Q2FY26 Q2FY26 Q2FY23 Q2FY23 Annexure 3: Movement of Key Raw Material
Slide 24: Annexure 4: Market Shares in Key Categories in India
Annexure 4: Market Shares in Key Categories in the India Business - MAT Sep’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 46% 1st *^ Hair Gels/Waxes/Creams 52% 1s
Slide 25: Annexure 5: ESG Performance Snapshot (Q2 FY26)
Annexure 5 : ESG Performance Snapshot (Q2 FY26) Above image: Jalgaon plant, which transitioned to 100% Above image: Initiatives conducted as part of Jalashay Above image: Teachers engagement at Jharkhand, Madhya green energy from January 2025 through a Green Energy across Tamil Nadu and Maharashtra
Slide 26: Annexure 6: Recent Update on ESG Related Developments
Annexure 6 : Recent Update on ESG Related Developments Marico’s Policies Marico’s ESG Ratings S&P Global Corporate Sustainability Assessment (CSA) 4 existing policies updated: 2 new policies added: scores released: 78 ( by 14 points as compared to FY24) 1. Code of Conduct for Business Associates: N
Slide 27: Annexure 7: Awards and Recognitions
Annexure 7: Awards and Recognitions Marico has been awarded the “Best Marico Limited has been Marico Limited has been recognized as Use of Technology in Customer featured among ET NOW's Most one of the ET Now's Most Iconic Experience (CX)” at the Innovative Organisations 2025, Brands of India 2025 D
Slide 28: Annexure 7: Awards and Recognitions
Annexure 7: Awards and Recognitions On the occasion of the 156th Birth Anniversary of Mahatma Gandhi, Marico was conferred with the Mahatma Award 2025 by the Mahatma Foundation for CSR Excellence in Water Management. 27
Slide 29: 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 30: Information Update for Q2FY26: Executive Summary
Marico – Information Update for Q2FY26 (Quarter ended September 30, 2025) Executive Summary: Consolidated Results Particulars (₹ Cr) Q2FY26 YoY Growth H1FY26 YoY Growth Revenue from Operations 3,482 31% 6,741 27% EBITDA 560 7% 1,215 6% EBITDA Margin (%) 16.1% Down 350bps 18.0% Down 360bps Profit Aft
Slide 31: Information Update for Q2FY26
Marico – Information Update for Q2FY26 (Quarter ended September 30, 2025) based nutraceuticals portfolio of Plix maintained their strong growth momentum. Towards the quarter-end, True Elements expanded its ready-to-eat portfolio with high protein and fibre-rich offerings with the prototype of Protei
Slide 32: Information Update for Q2FY26
Marico – Information Update for Q2FY26 (Quarter ended September 30, 2025) The International business has navigated headwinds, including macroeconomic volatility and currency devaluation in select markets. While the Bangladesh and Vietnam businesses remain strong anchors, the robust momentum in the M
Slide 33: Mode of Issue of this update
Marico – Information Update for Q2FY26 (Quarter ended September 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
Slide 34: Marico Limited – Q2FY26 Results
Marico Limited – Q2FY26 Results Consolidated Revenue up 31%; highest in 17 quarters India Volume growth at 7%; momentum expected to sustain in H2 Digital-first Premium Personal Care portfolio crosses ₹1000 cr. ARR International business delivers robust 20% CCG EBITDA up 7%, PAT up 8% on like-for-lik
Slide 35: Premium Personal Care, International Business and Outlook
Premium Personal Care sustained its accelerated growth trajectory, led by the Digital-first portfolio. The Digital-first portfolio, comprising Beardo, Just Herbs and the personal care portfolio of Plix, crossed the ₹1000 cr. ARR mark. International Business Bangladesh posted 22% CCG, maintaining its