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Q2 FY27 Results November 2026
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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. Safe Harbour Statement
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01 Operating Environment 02 Performance Highlights 03 Outlook 04 Financials Index
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Operating Environment Real GDP Growth Rates (%) Resilient economic activity driven by private consumption and investment -2% 0% 2% 4% 6% 8% 10% Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 CPI Food Inflation Transport Inflation Consumer Inflation % Evolving geopolitical situation and weather-related risks drive inflation Source: MoSPI and RBI 4% 5% 6% 7% 8% 9% 10% Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Real GDP Consumption Consumer demand trends remained healthy aided by favorable policy stimulus Inflation Geopolitical volatility and rising inflation especially crude and vegetable oil remains a key monitorable
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01 Operating Environment 02 Performance Highlights 03 Outlook 04 Financials Index
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Strong performance underpinned by volume-led teens revenue growth India Business Revenue up 10% YoY | International Business Revenue up 23% YoY (in INR terms) Domestic Volume Growth 10% International CCG 13% Consolidated Revenue Growth 13% 27% Consolidated EBITDA Growth; 200bps margin expansion 31% Consolidated PAT Growth 600 bps Consolidated Gross Margin Expansion Highest in 50 quarters 44% Consolidated A&P Spends Growth Highest in 51 quarters
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With sustained robust momentum across India and International markets India Volume Growth International Business CCG Consolidated Revenue Growth 4% 5% 6% 7% 9% 7% 8% 9% 11% 10% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 10% 13% 16% 16% 19% 20% 21% 19% 15% 13% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 7% 8% 15% 20% 23% 31% 27% 22% 23% 13% Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 out of 10 quarters delivered high- single digit volume growth7 out of 10 quarters delivered teens or higher CCG9 out of 10 quarters delivered teens or higher revenue growth8 Sustained Track Record of Consistent Outperformance across India and International Markets
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Parachute accelerates growth, while VAHO continues on its strong growth momentum Parachute Coconut Oil (34% of India Revenues) Saffola Edible Oils (16% of India Revenues) Value Added Hair Oils (18% of India Revenues) 13% Q2 Volume Growth ~1% Q2 Value Growth High Single Digit Volume Decline 6% Q2 Value Growth 80 bps MAT Value MS Gain 21% Q2 Value Growth Portfolio contribution is based on TTM Highest in 22 quarters
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Saffola Foods sustains healthy growth, while acquisitions accelerate sequentially 45% Q2 Value Growth ₹ 1500+ Crore Annualised Revenue Run-rate
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Digital-First Premium Personal Care Premium Personal Care (incl. Digital-First) continues its strong momentum Premium Personal Care ₹ 500+ Crore Annualised Revenue Run-rate ~₹ 1150 Crore Annualised Revenue Run-rate
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SETU 2.0 | Building further competitive moats in India and Globally I N D I A Driving Execution Excellence Next phase of GTM transformation AI enabled assortment selling, gamification of sales call Premium Foods and Personal Care GTM Digital-first brands in General Trade G L O B A L SETU1.0 Global | India playbook now scaling internationally Vietnam Bangladesh Roll-out in early stages THE SETU PLAYBOOK 01 Fit-for-purpose and fit-for-future GTM Model 02 Better assortment aiding premiumization 03 Drive profitable growth and competitive advantage 1.5x+ FY24 to FY27 exit Direct Reach Expansion In-store execution AI-led selling Deeper rural penetration (stockist added) Stronger sales rhythm, higher throughput and better assortment Direct Reach Scaled ~2x FY24 to FY27 exit Continue to drive distribution expansion
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Diversified market momentum drives robust International growth International business CCG : Q2 13% | H1 14% Bangladesh Vietnam MENA South Africa 5% Q2 CCG 22% Q2 CCG 15% Q2 CCG 15% Q2 CCG Resilient performance amidst persistent inflation and on a high base Healthy Growth across portfolio and sustained acceleration in E- Commerce Strong performance supported by focused execution Acceleration in growth momentum led by Hair Care
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01 Operating Environment 02 Performance Highlights 03 Outlook 04 Financials Index
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Near term: Consistently deliver top quartile outcomes across key performance metrics… India Volume Growth (%) International Business CCG (%) Consolidated Revenue Growth (%) Consolidated EBITDA Growth (%) FY25 FY27E 2Y CAGR High Teens Teens revenue growth, ₹15,000+ Cr. in FY27 Mid-twenties EBITDA growth in FY27 Expect Double-digit (DD) volume growth in FY27 Sustain Mid-teens CCG in FY27 FY25 FY26 FY27E DD FY25 FY27E 2Y CAGR High Teens FY25 FY26 FY27E Mid-Teens 2Y CAGR HSD 2Y CAGR High Teens
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…backed by sharp execution, strong capabilities and strategic clarity *PPC - Premium Personal Care including Digital-first brands Pricing Power of Core Brands Higher profit uplift driven by Foods & PPC* scale-up Copra tailwinds alleviating other input cost inflation Scaling Premium Categories in Overseas Markets Supply Chain & Back-end Capabilities Institutionalized Cost Management Program Leveraging strong equity of our market leader brands Softening copra prices to mitigate crude-linked cost inflation Robust sourcing in core commodities & supply chain intelligence Tapping synergies and economies of scale Driving scale across markets through premium categories Structural cost savings driven through ‘MarVal’ program
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Medium term: Accelerating towards the 20K+ Crore topline Vision by 2030… Consolidated Revenue Growth (%) Consolidated EBITDA Growth (%) FY26 FY30E Double-digit CAGR Poised to deliver double-digit revenue CAGR, top-quartile volume growth in India and teens CCG in the International business Aspire for mid-teen EBITDA CAGR, driven by operating leverage, profitable scale-up of new growth engines and premiumization FY26 FY30E Mid-teen CAGR
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…driven by clear strategic priorities shaped by the EDGE framework Expand TAM and Portfolio Distribution and Digitization Grow Profitably Empowered Organization Build larger growth engines through category creation, premiumisation, portfolio expansion and geographic diversification Transform go-to-market execution through AI- enabled decision making and integrated digital ecosystems Drive profitable growth through sharper portfolio choices, disciplined capital allocation, and focused investment behind growth engines Build a future-ready organization with top- talent, AI-led capabilities, data-driven decision making and execution discipline
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Diversification through scale-up of Premium and Digital Portfolios Globally Reducing exposure to commodity-linked portfolios in India and overseas markets, driven by expansion of premium personal care and digital-native brands 73% 63% 56% 50% 27% 37% 44% 50% FY20 FY26 FY27E FY30E Mass Premium + Digital *Mass refers to commodity linked categories.
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India: Profitable scale-up of high-growth businesses Foods Revenue (in ₹ cr.) Digital-first PPC exit ARR (in ₹ cr.) FY24 FY27E FY30E ~5x ~2.5x x Digital-first PPC EBITDA Margin (%) FY22 FY24 FY27E FY30E Double Digit Teens Revenue Share of Foods & PPC (incl. Digital-first) (%) Profit Share (NC)* of Foods & PPC (incl. Digital-first ) FY20 FY26 FY30E x ~5x ~10x FY20 FY24 FY27E FY30E ~9x ~4x x ~15x ~11% ~23% ~27% ~33% FY20 FY26 FY27E FY30E *Profit refers to Net Contribution (NC) calculated as Net Revenues less all variable costs and marketing expenses - equivalent to CM3. Exit
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International: Scaling Profitably Across Regions & Driving Portfolio Premiumization Revenue Growth in International Business (ex. Bangladesh) FY20 FY26 FY30E EBITDA Margin (%) of International Business (ex. Bangladesh) FY20 FY26 FY30E Revenue Share of non- Bangladesh in International Business (%) FY20 FY26 FY30E Revenue Share from Premium Categories* in International Revenue (%) FY20 FY26 FY30E High-Single Digit High Teens Twenties ~50% ~55% ~65% 20%+ CAGR ~30% ~40% 15% CAGR ~20% *Premium Categories – Beauty & Personal Care incl. Hair Cleansing, Hair Styling/ Care (ex-Hair oils), Skin Care and Baby Care
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01 Operating Environment 02 Performance Highlights 03 Outlook 04 Financials Index
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Consolidated Profit & Loss Statement Particulars Q2FY27 Q2FY26* Change (%) H1FY27 H1FY26* Change (%) Revenue from Operations 3,897 3,450 13% 7,854 6,671 18% Material Cost 2,022 1,997 1% 4,134 3,727 11% ASP 451 313 44% 778 574 36% Employee Cost 259 218 19% 528 438 21% Other Expenses 456 362 26% 886 717 24% EBITDA 709 560 27% 1,528 1,215 26% EBITDA Margin 18.2% 16.2% 200 bps 19.5% 18.2% 130 bps PBT 674 550 23% 1,464 1,206 21% Reported PAT 550 420 31% 1,180 924 28% Recurring PAT 550 420 31% 1,180 924 28% In ₹ Cr. *Adjusted for Reclassification of Advertising & Sales Promotion Expenses as referred in Q1FY27 earnings presentation
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Annexure 1: Operating Margin Structure for Marico Limited (Consolidated) Particulars (% of Revenues) Q2FY27 Q1FY27 Q2FY26 H1FY27 H1FY26 Material Cost (Raw + Packaging) 51.9% 53.4% 57.9% 52.6% 55.9% Advertising & Sales Promotion (ASP) 11.6% 8.3% 9.1% 9.9% 8.6% Personnel Costs 6.6% 6.8% 6.3% 6.7% 6.6% Other Expenses 11.7% 10.9% 10.5% 11.3% 10.7% PBDIT margins 18.2% 20.7% 16.2% 19.5% 18.2% PBDIT before ASP 29.8% 29.0% 25.3% 29.4% 26.8%
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Annexure 2: Working Capital Particulars (% of Revenues) Q2FY27 Q1FY27 Debtors Turnover (Days) 36 31 Inventory Turnover (Days) 50 40 Net Working Capital (Days) 33 26 Note: The Company has maintained healthy working capital ratios through the quarter.
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Rice Bran Oil Annexure 3: Movement of Key Raw Material Prices Copra YTD: -31% YoY YTD: +22% YoY Liquid Paraffin (LLP) HDPE Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 YTD: +91% YoY Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 YTD: +54% YoY Q1FY24 Q2FY24 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Q1FY26 Q2FY26 Q3FY26 Q4FY26 Q1FY27 Q2FY27 *The charts above exhibit the trend of average market prices on a quarterly basis and do not represent Marico’s actual purchase prices.
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Annexure 4: Market Shares in Key Categories in the India Business - MAT Sep’26 Volume Market Share Value Market Share Franchise ~MS% Rank Parachute Rigids within Coconut Oil 60% 1st Saffola Oats 42% 1st Value Added Hair Oils 30% 1st Post wash Leave-on Serums 44% 1st Hair Gels/Waxes/Creams 50% 1st ^ ^ *^ * * *^
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Annexure 5 : ESG Performance Snapshot (Q2 FY27) Emissions & Energy • 85% reduction (Scope 1+2) in GHG emissions intensity from baseline of FY13 • 2 out of 6 manufacturing units externally certified as “Carbon Neutral” • To know more, please visit our newly published Climate Action Report Water Stewardship • Approx. 579 Crore liters (cumulative) of water conservation potential created for community use and agricultural purposes. Sustainable Agriculture • 2.10 lakh farmers enrolled (cumulatively) in productivity improvement program; 15.6% relative productivity improvement observed. • 5.11 lakh acres of farmland enrolled (cumulative) Social Value Creation • Quality education provided through Nihar Shanti Pathshala Funwala program to 2.12 lakh students and 63,498 active teachers covered as of FY26 • In addition, the NSPF programme engaged 415 Anganwadi centres during FY26. Responsible Sourcing • Launched our Deforestation-Free Sourcing Code, reinforcing our commitment to building deforestation-free and ecosystem conversion-free supply chains across priority agricultural raw materials Circular Economy • 30% recycled content integrated into rigid packaging across key personal care SKUs through post- consumer recycled PET (rPET).
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Annexure 6: Awards and Recognitions Marico has been recognized by ET Edge as the ‘Best Organizations to Work 2026’. Marico's Sanand unit wins CII National Award for Excellence in Energy Management 2026
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Annexure 6: Awards and Recognitions Marico has been recognized as one of ET Edge’s Best Manufacturing Brands 2026 Marico is proud to be recognized as one of ET Edge’s Most Iconic Brands of India 2026, receiving this honor for the third time
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Annexure 6: Awards and Recognitions Parachute Kalpavriksha Foundation brought together 200+ coconut farmers in Kovilpalayam, Coimbatore, for a day of learning, expert guidance and hands-on exposure to sustainable farming practices on the occasion of World Coconut Day ESG Databook for the FY2025-26 has been published on Marico’s website. Marico’s Sanand unit has been recognised as an “Excellent Energy Efficient Unit” at the CII National Award for Excellence in Energy Management 2026 - the highest award category.
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Thank You Investor Relations Contact: Saurabh Khaitan| Head Finance – International Business and Investor Relations Gaurav Dokania | Manager – Investor Relations Envelope outline Envelope outline MARICO LIMITED CIN - L15140MH1988PLC049208 7th Floor, Grande Palladium 175, CST Road, Kalina, Santa Cruz (East) Mumbai- 400 098 www.marico.com
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Marico – Information Update for Q2FY27 (Quarter ended September 30, 2026) Page 1 of 3 For further information / clarification, contact Marico on Tel (91-22) 6648 0480, E-mail: investor@marico.com Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Executive Summary: Consolidated Results Particulars (₹ Cr) Q2FY27 YoY Growth H1FY27 YoY Growth Revenue from Operations 3, 897 13% 7,854 18% EBITDA 709 27% 1,528 26% EBITDA Margin (%) 18.2% Up 200 bps 19.5% Up 130 bps Profit After Tax 550 31% 1,180 28% Domestic Volume Growth (%) 10% 10% International Business (% CCG) 13% 14% In Q2FY27, Consolidated Revenue from Operations grew 13% YoY to ₹3, 897 crore. The India business delivered 10% underlying volume growth , marking another quarter of robust volume growth . The International business sustained healthy momentum, recording 13% constant currency growth (CCG). The India business continued its strong performance, with revenue up 10% YoY to ₹2,916 crore, driven by 10% underlying volume growth, reflecting the strength of the core franchises and the continued scale -up of new businesses . Business fundamentals remained healthy, supported by strong offtakes and broad -based gains in market share and penetration. Over 95+% of the business gained or sustained market share and penetration on a MAT basis. Traditional and Organized Trade grew in double digits, alongside accelerated growth in Quick Commerce. Gross margin expanded ~600 bps YoY, supported by moderation in the copra prices and a favourable portfolio mix. A&P investments were up 44% YoY as we continued to invest behind strengthening the long -term equity of our brands and supporting growth initiatives. Backed by the strong expansion in gross margin, EBITDA margin expanded ~200 bps to 18.2%, while EBITDA grew 27%, its strongest growth in 50 quarters. PAT grew 31%, marking the highest growth in the last 51 quarters. Key performance highlights for the quarter: • Parachute Rigids sustained its strong momentum, with volume growth accelerating to 13% - its highest growth in the last 22 quarters. Revenue growth stood at ~1%, reflecting the anniversarisation of prior pricing actions and the impact of price reductions undertaken at the beginning of the year to pass on the benefit of easing copra prices to consumers. The brand further strengthened its leadership, gaining over 570 bps market share to reach a new high of 60% volume market share, underscoring the brand’s formidable equity, deep consumer trust and supply chain led competitive advantage. • Value-Added Hair Oils delivered its sixth consecutive quarter of stellar growth, registering 2 1% value growth and gaining 80 bps in value market share on a MAT basis. The consistency of the performance indicates structural shift in the portfolio’s growth trajectory, supported by focused innovation across the mid and premium segments, benefits of GTM transformation led by Project SETU and sustained brand investments. Performance remained healthy across key franchises, with Almond Hair Oils continuing to accelerate further. • Saffola Edible Oils recorded 6% revenue growth during the quarter, with a high -single-digit volume decline . The premium range continued to grow significantly ahead of the overall portfolio led by cold-pressed oils, reinforcing our premiumisation agenda. We are structurally resetting the business to improve the long-term profitability of the franchise by rationalising the supply of select variants. Towards the end of the quarter, we responded swiftly to the reduction in import duties on vegetable oils by passing on the benefit to consumers through appropriate pricing actions. • Foods portfolio grew 45%, crossing an annualised revenue run rate of ₹1,500+ crore. Our sharp focus on unit economics and favorable mix also dr ove an improvement in profitability . The Saffola Foods portfolio delivered early teens growth, led by Saffola Oats, Muesli and Soya Chunks. Saffola Oats sustained market share and continued to retain its leadership position as the #1 Oats brand . True Elements , 4700BC and Cosmix continued to scale up in line with our aspirations recording a sequential acceleration. During the quarter, we continued to build future growth engines through new launches across brands, expanding into adjacencies and increasing our relevance across a wider set of consumer needs and occasions. • Premium Personal Care including our digital f irst brands continued its s trong performance led by B eardo, Livon Serums and Parachute Ad vansed P rotein Shampoo. The portfolio, comprising Premium Hair Nourishment, Hair Cleansing, Male Grooming and Skin Care, crossed an annualised revenue run rate of ₹ 500 crore and the Digital-first portfolio reported an annualised run rate of ~₹1,150 crore.
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Marico – Information Update for Q2FY27 (Quarter ended September 30, 2026) Page 2 of 3 For further information / clarification, contact Marico on Tel (91-22) 6648 0480, E-mail: investor@marico.com Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official • The International business sustained strong g rowth momentum and reported 13% constant currency growth (CCG) and 23% revenue growth in INR terms . Bangladesh delivered 5% CCG, marking a marginal sequential improvement despite consumer demand softness amidst persistent high inflation and lapping a high base . We expect growth to gradually improve in the subsequent quarter s. Vietnam continued its strong growth momentum and delivered 22% CCG, with healthy growth across the portfolio, and acceleration in e-commerce. MENA delivered 15% CCG, supported by resilient performance in the Gulf on the back of focused execution. South Africa and NCD & Exports business registered strong performance with 15% and 17% CCG respectively. • Among key inputs, copra prices remained range-bound during the quarter at 35% below peak levels of last year. Crude- linked derivatives as well as Vegetable oil p rices inflated further on the back o f geopolitical developments and weather-related concerns. Outlook During the quarter, demand trends remained resilient, despite the volatile operating environment . W hile we remain optimistic about the consumption trends, we continue to closely monitor the evolving inflationary and geopolitical conditions. The strong performance in the first half of the year, with 18% consolidated revenue growth and 2 6% EBITDA growth , reflects the strength of our business model with all our growth engines viz. India Core, Digital -first and International businesses delivering strong performance. Supported by robust business fundamentals and disciplined execution, we expect to deliver teens revenue growth this year and comfortably cross the ₹15,000 Cr. revenue mark . We expect to achieve mid-twenties EBITDA growth in FY27. Further, India business is poised to deliver double-digit volume growth and International business should see accelerating constant currency growth in the second half of FY27. As we advance towards our Vision 2030, our focus remains clear: strengthen our core franchises, expand into adjacencies where we have a right to win, scale up our digital businesses profitably and further diversify our international growth engine. Profitable growth is central to our strategy, with a clear intent to reduce the share of commodity-linked businesses and progressively shift our portfolio towards categories that are more profitable. As a result, the portfolio is being designed to compound more profitably, with stronger unit economics, lower cyclicality and better operating leverage over time. This balanced approach enables us to deliver consistent growth while enhancing the quality and resilience of our portfolio. Our aim is to maintain top quartile volume growth trajectory in India and teens constant currency growth in the International business. At a consolidated level, we aspire to deliver double-digit revenue growth to achieve ₹20,000 Cr. revenue, with mid-teens EBITDA CAGR. Our core franchises continue to anchor the business, both in scale and value generation. The strategic priority ahead, is to strengthen this leadership further through sustained investments in our brands, wider portfolio participation across formats, channels and consumer cohorts. Building on the significant success of Project SETU in driving wider direct reach to 1.5x+ of FY24 and improving assortment, we are now launching Project SETU 2.0. The new phase will be focused on AI-led capabilities to drive assortment selling, sales-force enablement & store execution and a dedicated Foods & Premium personal care GTM. We have taken our SETU playbook global. Vietnam is already showing encouraging results, while Bangladesh, where we have just rolled it out, is at an early stage. We continue to drive a structural shift in our portfolio towards premium and more profitable categories. Through focused investments to accelerate profitable scale up of our Foods and Premium Personal Care portfolios (incl. Digital -first businesses), we aim to increase their share of India revenue to ~27% by end of FY27 and ~33% by FY30. Simultaneously, we expect Digital-first businesses to achieve double-digit EBITDA margin by FY27 exit and expand further to teens within the medium term. The International business continues to demonstrate resilience, with premiumization and diversification underway, coupled with strong profitability. We have made significant strides in premiumising our international portfolio by driving innovation and expanding into beauty and personal care categories, including shampoo, skincare, hair styling, and baby care, amongst others. Consequently, our revenue share of premium categories in the International business has increased from ~20% in FY20 to ~30% in FY26 , and we expect this to expand to ~40% by FY30 . We are increasingly diversifying our international growth engine through accelerated growth in Vietnam, MENA and scale up of South Africa. As a result of this diversification, the revenue share of non-Bangladesh portfolio in the overall International business has increased from ~50% in FY20 to ~55% in FY26 and is expected to increase further to ~65% by FY30. We remain confident of delivering top quartile performance, underpinned by a clear strategy, strong fundamentals and disciplined execution.
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Marico – Information Update for Q2FY27 (Quarter ended September 30, 2026) Page 3 of 3 For further information / clarification, contact Marico on Tel (91-22) 6648 0480, E-mail: investor@marico.com Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official Marico Information classification: Official 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 recommend that readers refer to the Marico Group financials to get a better appreciation of the business performance. A copy of the latest Annual Audited Financial Results of Marico Limited (Standalone and Consolidated) is available on Marico’s website. Disclosure of Information, Communication with Investors / Analysts / Financial Community Marico issues fresh information updates, like the one you are reading now, on the day it declares its Quarterly Financial Results. Some forward -looking statements on projections, estimates, expectations, outlook etc. are included in such updates to help in vestors/ analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. All the aforesaid information is also available on Marico’s Website: www.marico.com. In view of this, information contained in such updates is made public and thus not therefore constitute unpublished price sensitive information under the SEBI (Prohibition of Insider Trading) Regulations, 2015. Marico holds periodic meetings/ conference calls, from time to time, with individual members of the financial community. Marico Investor Relations Team Saurabh Khaitan Head Finance - International Business and Investor Relations (saurabh.khaitan@marico.com) Gaurav Dokania Manager - Investor Relations (gaurav.dokania@marico.com)
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Marico Information classification: Official k Marico Limited, Regd. Off: 7th Floor Grande Palladium, 175, CST Road, Kalina, Santacruz (E), Mumbai 400 098, India. Tel: (91-22) 66480480 | Website: www.marico.com | Email: investor@marico.com Marico Limited – Q2FY27 Results Broad-Based Growth Powers Consolidated Revenue Up 13% in Q2 and 18% in H1 India Business Sustains Double-Digit Volume Growth Momentum International Business delivers robust 13% CCG, 23% INR growth Profitability Hits Multi-Year High: EBITDA Up 27%, PAT Jumps 31%, Highest in 50 Quarters In Q2FY27, Consolidated Revenue from Operations grew 13% YoY to ₹3,897 crore. The India business delivered 10% underlying volume growth, marking another quarter of robust volume growth. The International business sustained healthy momentum, recording 13% constant currency growth (CCG). The India business continued its strong performance, with revenue up 10% YoY to ₹2,916 crore, driven by 10% underlying volume growth, reflecting the strength of the core franchises and the continued scale-up of new businesses. Business fundamentals remained healthy, supported by strong offtakes and broad-based gains in market share and penetration. Over 95+% of the business gained or sustained market share and penetration on a MAT basis. Traditional and Organized Trade grew in double digits, alongside accelerated growth in Quick Commerce. Gross margin expanded ~600 bps YoY, driven by a favourable portfolio mix and softening in copra prices. A&P investments were up 44% YoY as we continued to invest behind strengthening the long-term equity of our brands and supporting growth initiatives. Backed by the strong expansion in gross margin, EBITDA margin expanded 200 bps to 18.2%. EBITDA and PAT grew 27%, 31% respectively, marking the strongest performance in the last 50 quarters. India Business Parachute Rigids sustained its strong momentum, with volume growth accelerating to 13% - its highest growth in the last 22 quarters. Revenue growth stood at ~1%, reflecting the anniversarisation of prior pricing actions and the impact of price reductions undertaken at the beginning of the year to pass on the benefit of easing copra prices to consumers. The brand further strengthened its leadership, gaining over 570 bps market share to reach a new high of 60% volume market share, underscoring the brand’s formidable equity, deep consumer trust and supply chain led competitive advantage. Value-Added Hair Oils delivered its sixth consecutive quarter of stellar growth, registering 21% value growth and gaining 80 bps in value market share on a MAT basis. The consistency of the performance indicates structural shift in the portfolio’s growth trajectory, supported by focused innovation across the mid and premium segments, benefits of GTM transformation led by Project SETU and sustained brand investments. Saffola Edible Oils recorded 6% revenue growth during the quarter, with a high-single-digit volume decline. The premium range continued to grow significantly ahead of the overall portfolio led by cold-pressed oils, reinforcing our premiumisation agenda. We are structurally resetting the business to improve the long-term profitability by rationalising the supply of low margin variants. Foods portfolio grew 45%, crossing an annualised revenue run rate of ₹1,500+ crore. Our sharp focus on unit economics and favorable mix drove an improvement in profitability. The Saffola Foods portfolio delivered early teens growth, led by Saffola Oats, Muesli and Soya Chunks. Saffola Oats sustained market share and continued to retain its leadership position as the #1 Oats brand. True Elements, 4700BC and Cosmix continued to scale up in line with our aspirations recording a sequential acceleration. During the quarter, we continued to build future growth engines through new launches across brands, expanding into adjacencies and increasing our relevance across a wider set of consumer needs and occasions. Premium Personal Care including digital first brands continued strong performance led by Beardo, Livon Serums and Parachute Advansed Protein Shampoo. The portfolio, comprising Premium Hair Nourishment, Hair Cleansing, Male Grooming and Skin Care, crossed an annualised revenue run rate of ₹500 crore and the Digital-first portfolio reported an annualised run rate of ~₹1,150 crore. Marico Limited Celebrates World Water Week; Creates 547 Crore Litres of Water Conservation Potential in FY26 Saffola Gold Urges Women to Focus on Their Hearts with ‘Dil Se Ladies First’ Campaign This World Heart Day Marico Deepens Grassroots Agricultural Resilience Through Parachute Kalpavriksha Foundation on World Coconut Day 2026 Parachute Advansed Jasmine celebrates the confidence to shine in its latest campaign film
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Marico Information classification: Official k International Business International business sustained strong growth momentum and reported 13% constant currency growth (CCG) and 23% revenue growth in INR terms. Bangladesh delivered 5% CCG, marking a marginal sequential improvement despite consumer demand softness amidst persistent high inflation and lapping a high base. We expect growth to gradually improve in the subsequent quarters. Vietnam continued its strong growth momentum and delivered 22% CCG, with healthy growth across the portfolio, and acceleration in e- commerce. MENA delivered 15% CCG, supported by resilient performance in the Gulf on the back of focused execution. South Africa and NCD & Exports business registered strong performance with 15% and 17% CCG respectively. Outlook The strong performance in the first half of the year reflects the strength of our business model. Supported by robust business fundamentals and disciplined execution, we expect to deliver teens revenue growth this year and comfortably cross the ₹15,000 Cr. revenue mark. We expect to achieve mid-twenties EBITDA growth in FY27. Further, India business is poised to deliver double-digit volume growth and International business should see accelerating constant currency growth in the second half of FY27. As we advance towards our Vision 2030, our focus remains clear: strengthen our core franchises, expand into adjacencies, scale up our digital businesses profitably and further diversify our international growth engine. Profitable growth is central to our strategy, with a clear intent to reduce the share of commodity- linked businesses and progressively shift our portfolio towards categories that are more profitable. Our aim is to maintain top quartile volume growth trajectory in India and teens constant currency growth in the International business. At a consolidated level, we aspire to deliver double digit revenue growth to achieve ₹20,000 Cr. revenue, with mid-teens EBITDA CAGR. Building on the significant success of Project SETU in driving wider direct reach to 1.5x+ of FY24 and improving assortment, we are now launching Project SETU 2.0. The new phase will be focused on AI-led capabilities and a Foods & Premium personal care GTM. We have taken our SETU playbook global. Vietnam is already showing encouraging results, while Bangladesh, where we have just rolled it out, is at an early stage. We continue to drive a structural shift in our portfolio towards premium and more profitable categories. Through focused investments to accelerate profitable scale up of our Foods and Premium Personal Care portfolios (incl. Digital-first businesses), we aim to increase their share of India revenue to ~27% by end of FY27 and ~33% by FY30. Simultaneously, we expect Digital-first businesses to achieve double-digit EBITDA margin by FY27 exit and expand further to teens within the medium term. The International business continues to demonstrate resilience, with premiumization and diversification underway, coupled with strong profitability. We have made significant strides in premiumising our international portfolio by driving innovation and expanding into beauty and personal care categories, including shampoos, skincare, hair styling, and baby care, amongst others. Consequently, our revenue share of premium categories in the International business has increased from ~20% in FY20 to ~30% in FY26, and we expect this to expand to ~40% by FY30. We are increasingly diversifying our international growth engine through accelerated growth in Vietnam, MENA and scale up of South Africa. As a result of this diversification, the revenue share of non-Bangladesh portfolio in the overall International business has increased from ~50% in FY20 to ~55% in FY26 and is expected to increase further to ~65% by FY30. Saugata Gupta, MD & CEO, commented, “The strength of our first-half performance underscores Marico’s evolution into a more resilient and diversified business, with several growth engines and a proven ability to deliver strong growth across commodity cycles. Robust momentum across the portfolio and several businesses reaching new highs, alongside multi-quarter high operating profit growth reflect the strength of our franchise and execution. With multiple growth engines firing and sustained investments behind our brands, people and capabilities, we are well positioned to sustain this momentum and build an even stronger Marico for the future.” Marico Limited, Regd. Off: 7th Floor Grande Palladium, 175, CST Road, Kalina, Santacruz (E), Mumbai 400 098, India. Tel: (91-22) 66480480 | Website: www.marico.com | Email: investor@marico.com Marico Limited Celebrates World Water Week; Creates 547 Crore Litres of Water Conservation Potential in FY26 Saffola Gold Urges Women to Focus on Their Hearts with ‘Dil Se Ladies First’ Campaign This World Heart Day Marico Deepens Grassroots Agricultural Resilience Through Parachute Kalpavriksha Foundation on World Coconut Day 2026 Parachute Advansed Jasmine celebrates the confidence to shine in its latest campaign film