Marico Q3 FY26 update: Steady demand, high single-digit India volume growth
During the quarter, underlying volume growth in the India business remained in high single digits, with a slight sequential improvement.
- Jan 2, 2026,
- Updated Jan 2, 2026 4:37 PM IST
Marico Ltd, in its quarterly update for the period ended December 31, 2025 (Q3 FY26), said on Friday that it witnessed steady demand trends across the sector and remains optimistic about a gradual improvement in consumption in the coming quarters. It added that a detailed information update will be issued after the Board approves the financial results.
During the quarter, underlying volume growth in the India business remained in high single digits, with a slight sequential improvement. Parachute continued to demonstrate resilience amid elevated input costs and pricing conditions. While the brand saw a marginal volume decline, it remained in positive territory after normalising for ml-age reductions undertaken in lieu of price increases.
Saffola Oils experienced a muted quarter as prior pricing actions anniversarised during the period. In contrast, the value added hair oils portfolio delivered growth.
Marico said it expects to maintain double-digit growth momentum in this franchise over the near and medium term, supported by a strategic focus on mid and premium segments, enhanced direct reach through Project SETU and recent GST rate rationalisation.
The foods business had a benign quarter and is expected to revert to accelerated growth over the next two quarters. Premium Personal Care, including digital-first brands, continued to scale ahead of aspirations.
The international business maintained "robust momentum", posting constant currency growth. Bangladesh led performance, while Vietnam and South Africa returned to double-digit growth on the back of targeted initiatives.
On a consolidated basis, it stated that year-on-year (YoY) revenue growth is "poised to achieve our full year aspiration."
Copra prices corrected by about 30 per cent from peak levels and are expected to show a downward bias, while vegetable oil prices remained elevated and crude derivatives were benign. Against this backdrop, Marico expects a sequential uptick in gross margin and anticipates further gross margin improvement in the coming quarters.
On the stock-specific front, Marico shares settled 0.42 per cent lower at Rs 757.35.
Marico Ltd, in its quarterly update for the period ended December 31, 2025 (Q3 FY26), said on Friday that it witnessed steady demand trends across the sector and remains optimistic about a gradual improvement in consumption in the coming quarters. It added that a detailed information update will be issued after the Board approves the financial results.
During the quarter, underlying volume growth in the India business remained in high single digits, with a slight sequential improvement. Parachute continued to demonstrate resilience amid elevated input costs and pricing conditions. While the brand saw a marginal volume decline, it remained in positive territory after normalising for ml-age reductions undertaken in lieu of price increases.
Saffola Oils experienced a muted quarter as prior pricing actions anniversarised during the period. In contrast, the value added hair oils portfolio delivered growth.
Marico said it expects to maintain double-digit growth momentum in this franchise over the near and medium term, supported by a strategic focus on mid and premium segments, enhanced direct reach through Project SETU and recent GST rate rationalisation.
The foods business had a benign quarter and is expected to revert to accelerated growth over the next two quarters. Premium Personal Care, including digital-first brands, continued to scale ahead of aspirations.
The international business maintained "robust momentum", posting constant currency growth. Bangladesh led performance, while Vietnam and South Africa returned to double-digit growth on the back of targeted initiatives.
On a consolidated basis, it stated that year-on-year (YoY) revenue growth is "poised to achieve our full year aspiration."
Copra prices corrected by about 30 per cent from peak levels and are expected to show a downward bias, while vegetable oil prices remained elevated and crude derivatives were benign. Against this backdrop, Marico expects a sequential uptick in gross margin and anticipates further gross margin improvement in the coming quarters.
On the stock-specific front, Marico shares settled 0.42 per cent lower at Rs 757.35.