Volumes did the work

The headline profit jump is a margin story as much as a sales story. Marico’s India business delivered 10% underlying volume growth, marking another quarter of robust volume growth, while the international business sustained healthy momentum with 13% constant currency growth. India revenue grew 10% year-on-year to Rs 2,916 crore, supported by growth across core franchises and the scale-up of newer businesses. Traditional and organised trade grew in double digits, alongside accelerated growth in quick commerce.

Low copra prices helped margins — the company’s core coconut-oil input — and the benefit flowed through to the bottom line. Sequentially, the picture is less flattering: net profit fell from Rs 630 crore in Q1 FY27 to Rs 550 crore, and revenue slipped from Rs 3,957 crore. The year-on-year comparison, however, is the one management asked investors to judge it on, and on that basis the quarter beat profit estimates (Rs 550 crore against an estimate of Rs 420 crore on one compilation) even as revenue came in slightly below estimates.

The outlook: teens growth, Rs 15,000 crore in sight

For the full year, Marico expects to deliver revenue growth in the teens and to comfortably cross Rs 15,000 crore in annual revenue, with mid-twenties EBITDA growth in FY27. At the consolidated level, the company aspires to revenue of Rs 20,000 crore with a mid-teens EBITDA compound annual growth rate. For the first half of FY27, net profit jumped 28% to Rs 1,180 crore, from Rs 924 crore a year earlier.

The quarter also included the impact of Marico’s acquisition of a controlling stake in Vietnam-based Skinetiq from 2 April 2026, which the company said makes the results not directly comparable with earlier periods. And in a separate stock-exchange filing, Marico appointed former Hindustan Unilever MD & CEO Rohit Jawa as an independent director for five years from 1 January 2027.

C-Suite India take

This is the FMCG quarter in miniature: volume growth returning, input-cost relief flowing to margins, and quick commerce doing real work in distribution. Marico’s 50-quarter margin high is the number to remember — it shows a company converting a commodity tailwind into profit rather than giving it all away in price cuts. The question for the second half is whether volumes hold once copra prices normalise; if they do, the Rs 15,000 crore revenue marker is in reach.