Marico Ltd reported its financial results for the third quarter ended December 31, 2025. Revenue from operations stood at Rs 3,537 crore in Q3FY26, registering a 27 per cent year-on-year increase.
The company reported underlying volume growth of 8 per cent in the India business during the quarter. The international business recorded 21 per cent constant currency growth.
Profit before tax increased 9 per cent year-on-year to Rs 567 crore. Reported profit after tax stood at Rs 447 crore, up 12 per cent year-on-year. Recurring profit after tax was also Rs 447 crore, compared with Rs 399 crore in the corresponding quarter of the previous year.
The India business revenue was Rs 2,681 crore, up 28 per cent year-on-year. The growth was supported by an improvement in underlying volume growth and pricing interventions implemented across core portfolios over the past 12 months in response to inflation in input costs.
E-commerce and quick commerce contributed to growth, while traditional trade recorded improved traction following initiatives undertaken over the last 24 months.
Offtake growth remained strong during the quarter. More than 95 per cent of the business gained or sustained market share, while around 80 per cent of the business gained or sustained penetration, both measured on a MAT basis.
International Business
The international business reported 21 per cent constant currency growth, with all markets delivering double-digit growth. Vietnam and South Africa recorded a rebound during the quarter following targeted initiatives.
Bangladesh, MENA, South Africa, NCD and Exports also posted growth during the period.
Margins and Costs
Gross margin improved by around 90 basis points sequentially, supported by easing copra prices. On a year-on-year basis, gross margin declined by around 595 basis points.
The company increased advertising and promotion spending by 15 per cent year-on-year during the quarter.
EBITDA rose 11 per cent year-on-year to Rs 592 crore. EBITDA margin stood at 16.7 per cent, compared with 19.1 per cent in the year-ago period, a decline of 234 basis points.
During the quarter, the company recognised a one-off impact of approximately Rs 6 crore related to the new labour codes on the actuarial valuation of gratuity and leave encashment liabilities.
Portfolio Performance and Investment Update
In terms of portfolio performance, Parachute Rigids reported a decline in reported volumes during the quarter. After adjusting for ml-age reductions, underlying volumes showed growth. Revenue growth for the brand stood at 50 per cent.
Value-Added Hair Oils recorded 29 per cent value growth during the quarter. The portfolio gained 170 basis points in value market share on a MAT basis, taking its market share to around 30 per cent.
The Saffola Edible Oils business recorded flat revenue growth during the quarter amid elevated pricing conditions. The Foods portfolio reported 5 per cent year-on-year growth. Saffola Oats continued to gain market share on a MAT basis.
The Premium Personal Care portfolio, including digital-first brands, recorded growth during the quarter. The company said the Premium Personal Care portfolio is expected to exit FY26 at an annual revenue run rate of over Rs 350 crore, while the digital-first portfolio is expected to exit the year at an annual revenue run rate of over Rs 1,000 crore.
On January 26, 2026, Marico announced that it had entered into definitive agreements to make a strategic investment in Zea Maize Private Limited, which owns the gourmet snacking brand 4700BC.
As part of the transaction, Marico will acquire 93.27 per cent of Zea Maize’s paid-up share capital, with the right to acquire the remaining stake after three years.
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