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NOVEMBER 2025 Q2 FY26 Results
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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 expressions or variations of these expressions or negatives of these terms indicating future performance or results, financial or otherwise, which are forward looking statements. These forward looking statements are based on certain expectations, assumptions, anticipated developments and other factors which are not limited to, risk and uncertainties regarding fluctuations in earnings, market growth, intense competition and the pricing environment in the market, consumption level, ability to maintain and manage key customer relationship and supply chain sources and those factors which may affect our ability to implement business strategies successfully, namely changes in regulatory environments, political instability, change in international oil prices and input costs and new or changed priorities of the trade. The Company, therefore, cannot guarantee that the forward-looking statements made herein shall be realized. The Company, based on changes as stated above, may alter, amend, modify or make necessary corrective changes in any manner to any such forward looking statement contained herein or make written or oral forward-looking statements as may be required from time to time on the basis of subsequent developments and events. The Company does not undertake any obligation to update forward looking statements that may be made from time to time by or on behalf of the Company to reflect the events or circumstances after the date hereof. 2
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Macro Overview 4 Performance Highlights 6 Outlook 13 Financials 19 3 Index
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Demand trends remain steady| Expect gradual improvement in sentiment ahead 4 Source: Nielsen, MoSPI Positive Macro Drivers Easing Inflation Enhancing disposable incomes and driving premiumisation Above-average Monsoons and Healthy Crop Outlook Supporting rural income and consumption recovery GST Rate Rationalization Providing a structural fillip to long-term demand FMCG Sector Vol Growth All-India Urban Rural Q4FY25 Q1FY26 Q2FY26 Retail (CPI) and Food Inflation (%) Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Retail Inflation Food Inflation Policy Stimulus Ongoing fiscal and monetary measures to boost consumption
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Performance Highlights 6 Macro Overview 4 Outlook 13 Financials 19 5 Index
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Q2FY26 (YoY) Consolidated and India revenue at multi-quarter high | International business maintains robust momentum 31% Revenue Growth International 20% Constant Currency Growth India 7% Volume Growth Consolidated 16.1% Consolidated EBITDA Margin 7% Consolidated EBITDA Growth 8% Consolidated PAT Growth (excl. one-offs) India Business Revenues up 35% YoY 95%+ of the business gained/sustained market share and 75%+ of the business gained/sustained penetration, both on MAT basis International Business Revenues up 19% (in INR terms) 19% Consolidated A&P Spends Growth 6
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59% 7 Q2 Value Growth 16% Saffola Edible Oils (17% of India Revenues) MAT Value MS gainQ2 Value Growth Parachute & Saffola remain steady despite elevated pricing| VAHO exhibits acceleration 19% Q2 Value Growth Value Added Hair Oils (16% of India Revenues) Parachute Coconut Oil (36% of India Revenues) Q2 Volume Growth 4Y Vol. CAGR : Mid-single digit in Edible Oils a(3%)* 150bps *After normalising for ml-age reductions, volumes were flattish in Q2. Flattish volumes in Q2
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Foods : Annualized run rate in Q2 crosses ₹1100 Cr. 8 12% Q2 Value Growth
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Premium Personal Care: Scaling in line with aspirations Q2 ARR> ₹325 cr. Q2 Exit ARR> ₹1000 cr. Serums | Male Grooming | Skin Care Digital-First Brands 9
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Project SETU: Drive growth in GT through transformative expansion in Direct Reach A fit for purpose and fit for future GTM Model To drive profitable growth and competitive advantage ~5.8x* Total : Direct Reach ~4x Total : Direct Reach 10 Market share Gain across categories in rural and urban Better Assortment in urban stores – diversification & premiumisation FY24 FY27 Direct reach 1mn Direct reach 1.5mn 3-Year Phased Plan *Represents the ratio between Marico’s total reach (currently 5.8mn outlets) and direct reach (currently~1mn outlets).
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CCG – Constant Currency Growth International business continues to thrive| Bangladesh & MENA deliver stellar performance 11 International business records 20% CCG in Q2FY26 and H1FY26 Bangladesh Vietnam MENA South Africa 22% Q2 CCG 6% Q2 CCG 27% Q2 CCG 1% Q2 CCG Accelerating growth driven by diversified portfolio Visible recovery backed by targeted initiatives Strong growth across core and emerging franchises Recovery imminent in H2FY26
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Outlook 13 Financials 19 Macro Overview 4 Performance Highlights 6 Index 12
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Diversification on track: Foods scaling in line with aspirations | GM expansion to continue 13 Foods portfolio at 5x of FY20 scale On course to become ~8x of FY20 scale in FY27 Structural GM expansion of ~200 bps in Foods Expect gradual improvement ahead Foods poised for 25%+ CAGR driven by scale up of existing franchises and product innovations Supply chain and GTM refinements led to ~1000 bps GM expansion in the last 2 years x ~4x ~5x ~8x FY20 FY24 FY25 FY27E Foods Revenues (in ₹ cr.) FY23 FY24 FY25 FY27E Foods Gross Margin (%) +800 bps +200 bps
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Diversification on track: Digital marches ahead | Driving Profitable Unit Economics 14 Exit ARR expected to be ~2.5x of FY24 ARR in FY27 (raised from ~2x previously) On course to deliver double-digit EBITDA margin in FY27 Beardo scales ~4x since FY21; Just Herbs crosses ₹100 cr. revenues Personal Care play in Plix gaining traction Beardo closes in on double-digit EBITDA Plix delivers low single digit EBITDA margin x ~1.7x ~2.5x FY24 FY25 FY27E Axis Title Digital-first brands exit ARR (in ₹ cr.) Digital-first EBITDA Margin (%)
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CURRENT CATEGORIES POTENTIAL FUTURE CATEGORIES ASPIRATION OVER 3 YEARS Nutraceuticals Skin & Hair Care Hair Care Bath & Shower Men’s Grooming & Skin care Fragrances Breakfast Seeds & trail mixes Healthy Snacks Protein Range Hair care Herbal Cosmetics Revenues in INR Cr 2.5X Kids – Nutraceuticals & Personal Care 900+ Nutraceuticals Extension Skin Care Bath & Shower 2,000-2500 Personal Care Appliances Value Added Nuts Digital Businesses: Driving TAM Expansion and Brand Penetration
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India Business: Building volume and revenue growth momentum and driving diversification International Business: Going Strong Half-Yearly Volume Growth (%) Revenue growth (%) International Business CCG (%) Powering double-digit revenue growth aspirations in the near and medium term 16 1% 2% 5% FY23 FY24 FY25 FY26E 4% 6% 8% H1FY25 H2FY25 H1FY26 14% FY25 FY26E 14% FY25 FY26E ~15% ~22% 25%+ FY23 FY25 FY27E Annual Volume Growth (%) Share of Foods & PPC (incl. Digital-first ) (%) Robust CCG Trajectory in MENA + SA FY22 FY23 FY24 FY25 FY27E FY22-25: 25% CAGR | FY25-27E: 30% CAGR
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Pricing Power of Core Brands Higher profit uplift driven by Foods & PPC scale-up Scaling Premium Categories Overseas Institutionalized Cost Management Program Supply Chain & Back-end Capabilities Strong brand equity enables mitigation of cost push Tapping synergies and economies of scale Margin accretion from operating leverage & growth led by premium categories Structural cost savings driven through ‘MarVal’ program Robust sourcing in core commodities & supply chain intelligence Continue to deliver resilient profit growth amidst unprecedented hyperinflation in input costs 17 *PPC - Premium Personal Care
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Financials 19 4 Performance Highlights 6 Outlook 13 18 Index Macro Overview
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P&L Consolidated Profit & Loss Statement (in ₹ cr.) 19 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 362 328 10% 717 640 12% EBITDA 560 522 7% 1,215 1,148 6% EBITDA Margin 16.1% 19.6% (350 bps) 18.0% 21.6% (360 bps) PBT 550 552 0% 1,206 1,157 4% Reported PAT 420 423 (1%) 924 887 4% Recurring PAT 420 388 8% 924 852 8%
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20 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% Other Expenses 10.4% 10.9% 12.3% 10.6% 12.1% PBDIT margins 16.1% 20.1% 19.6% 18.0% 21.6% PBDIT before ASP 26.0% 29.3% 30.5% 27.6% 31.6%
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Key P&L Capital Efficiency Ratios Annexure 2: Working Capital 21 Note: The Company has maintained healthy working capital ratios through the year. Particulars Q2FY26 Q1FY26 Debtors Turnover (Days) 41 38 Inventory Turnover (Days) 35 31 Net Working Capital (Days) 35 32
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Copra Key P&L Annexure 3: Movement of Key Raw Material Prices 22 YTD: +113% YoY YTD: +28% YoY *The charts above exhibit the trend of average market prices on a quarterly basis and do not represent Marico’s actual purcha se prices. Liquid Paraffin (LLP) HDPE Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 YTD: -5% YoY Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 YTD: -2% YoY Q2FY23 Q3FY23 Q4FY23 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Rice Bran Oil
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Volume Market Share Value Market Share 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% 1st ^ ^ ^ *^ 23 Annexure 4: Market Shares in Key Categories in the India Business - MAT Sep’25 * * *^
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Annexure 5 : ESG Performance Snapshot (Q2 FY26) Emissions & Energy • 87.66% reduction (Scope 1+2) in GHG emissions intensity from baseline of FY 13 • 14.7% indirect GHG emissions intensity (Scope 3) reduction (FY19 baseline) in FY 25 • 78.83% of total energy consumption till date is sourced from renewable sources Water Stewardship • 12.93 KL/ Cr INR reduction in fresh water withdrawal intensity (for manufacturing operations only) • 1053.7 Kl rainwater storage (within facilities) achieved • Approx. 464 Crore liters (till date) of water conservation potential created for community use and agricultural purposes. Sustainable Agriculture • 1.33 lakhs of farmers enrolled till date (cumulative) • 4.65 lakh acres of farmland enrolled till date (cumulative) • 17% improvement in productivity during FY 25 Above image: Jalgaon plant, which transitioned to 100% green energy from January 2025 through a Green Energy Agreement with MSEDCL Above image: Initiatives conducted as part of Jalashay across Tamil Nadu and Maharashtra Above image: Teachers engagement at Jharkhand, Madhya Pradesh and Chhattisgarh Circular Economy • 95.1% Recyclable packaging material share • 28% Recycled plastic share in plastic packaging material (non- food applications) Social Value Creation • 92,000 students benefitted and 40,000 active teachers covered under the Nihar Shanti Pathshala Funwala Programme and about 100 Anganwadis reached till 30th September 2025
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Annexure 6 : Recent Update on ESG Related Developments Marico’s Policies 4 existing policies updated: 1. Code of Conduct for Business Associates: Nine new statements added in the sections “Legal & Regulatory Compliance”, “Anti- bribery and Anti-Corruption” and “Gifts & Hospitality” 2. Anti-bribery and Anti-corruption: Fourteen new policy statements specific to areas on raising concerns and internal investigation 3. Product Stewardship: Eleven new policy statements added in line with the evolving ESG standards 4. Human Rights Policy: Revision made with respect to scope of the policy. A paragraph has been added to the Scope section which clarifies that the policy applies to 100% of operations and the relevant share of suppliers (as per the Supplier Code of Conduct), with annual disclosures. 2 new policies added: 1. Animal Welfare: This policy has been created to meet the mandatory requirements set forth by ESG rating agencies towards demonstration of responsible sourcing practices, transparency, and alignment with ethical treatment of animals across a company’s supply chain. 2. Biodiversity & No Deforestation: This policy has been created in line with the Kunming-Montreal Global Biodiversity Framework and other guidelines including Afi and EUDR towards biodiversity and no deforestation Marico’s ESG Ratings S&P Global Corporate Sustainability Assessment (CSA) scores released: 78 ( by 14 points as compared to FY24) S&P CSA 26 45 65 64 78 FY 21 FY 22 FY 23 FY 24 FY 25 Reference links of Marico’s recent disclosures ESG Data Book Climate Action Report FY25
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Annexure 7: Awards and Recognitions 26 Marico Limited has been recognized as one of the ET Now's Most Iconic Brands of India 2025 Marico has been awarded the “Best Use of Technology in Customer Experience (CX)” at the DCX Confex & Awards 2025. Marico Limited has been featured among ET NOW's Most Innovative Organisations 2025, recognised by ET Edge.
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Annexure 7: Awards and Recognitions 27 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.
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Thank You Investor Relations Contact: Harsh Rungta| Head – M&A and Investor Relations | harsh.rungta@marico.com Gaurav Dokania | Manager – Investor Relations | gaurav.dokania@marico.com 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.parachuteadvansed.com www.saffola.in www.mylivonmysalon.com/ www.setwet.com www.beardo.in www.justherbs.in www.true-elements.com www.plixlife.com www.maricoinnovationfoundation.org www.parachutekalpavriksha.org