Interim report
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Marico Information classification: Official November 2, 2026 The Secretary, Listing Department, BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip Code: 531642 The Manager, Listing Department, National Stock Exchange of India Limited, Exchange Plaza, C-1 Block G, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051 Scrip Symbol: MARICO Sub.: Outcome of the Board meeting held on November 2, 2026 Dear Sir / Madam, This is to inform you that the Board of Directors (“ Board”) of the Company has at its meeting held today i.e. November 2, 2026, inter-alia, approved: 1. the un-audited standalone and consolidated financial results of Marico Limited for the quarter and half year ended September 30, 202 6 (“Financial Results”). The Financial Results and the Statutory Auditors’ Limited Review Reports thereon are enclosed. 2. appointment of Mr. Rajan Bharti Mittal (DIN: 00028016), Independent Director, as the Lead Independent Director of the Company w.e.f. November 2, 2026. The Board meeting commenced at 11:30 a.m. and subsequent to approval of the above matters, will continue till its scheduled time up to 5:00 p.m. This intimation is also being made available on the Company’s website at: https://marico.com/india/investors/shareholder/stock-exchange. Kindly take the above on record and oblige. Thank you. For Marico Limited Vinay M A Company Secretary & Head- Legal Operations Encl.: As above
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B S R & Co. LLPChartered Accountants14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai – 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 Registered Office:B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 201314th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 4 Limited Review Report on unaudited consolidated financial results of Marico Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedTo the Board of Directors of Marico Limited1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Marico Limited (hereinafter referred to as “the Parent”), and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”) for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 (“the Statement”) being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").2. This Statement, which is the responsibility of the Parent’s management and approved by the Parent’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.We also performed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.4. The Statement includes the results of the entities mentioned in Annexure I to the Statement.5. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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B S R & Co. LLPLimited Review Report (Continued)Marico Limited Page 2 of 4 6. We did not review the interim financial results of 5 Subsidiaries included in the Statement, whose interim financial results reflects total assets (before consolidation adjustments) of Rs. 2,382 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 1,156 crores and Rs. 2,074 crores, total net profit after tax (before consolidation adjustments) of Rs. 133 crores and Rs. 294 crores and total comprehensive income (before consolidation adjustments) of Rs. 133 crores and Rs. 294 crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash outflows (net) (before consolidation adjustments) of Rs. 22 crores for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. These interim financial results have been reviewed by other auditors whose reports have been furnished to us by the Parent’s management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.Our conclusion is not modified in respect of this matter.7. The Statement includes the interim financial results of 14 Subsidiaries which have not been reviewed, whose interim financial results reflects total assets (before consolidation adjustments) of Rs. 698 crores as at 30 September 2026 and total revenues (before consolidation adjustments) of Rs. 240 crores and Rs. 704 crores, total net profit after tax (before consolidation adjustments) of Rs. 51 crores and Rs. 80 crores and total comprehensive income (before consolidation adjustments) of Rs. 51 crores and Rs. 80 crores, for the quarter ended 30 September 2026 and for the period from 1 April 2026 to 30 September 2026 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 22 crores for the period from 1 April 2026 to 30 September 2026 as considered in the Statement. According to the information and explanations given to us by the Parent’s management, these interim financial results are not material to the Group.Our conclusion is not modified in respect of this matter.For B S R & Co. LLPChartered AccountantsFirm’s Registration No.:101248W/W-100022Vijay MathurPartnerMumbaiMembership No.: 04647602 November 2026UDIN:26046476OXGYVI5453
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B S R & Co. LLPLimited Review Report (Continued)Marico Limited Page 3 of 4 Annexure IList of entities included in unaudited consolidated financial results.Sr. No Name of component Relationship1 Marico Limited Parent2 Marico Bangladesh Limited Subsidiary3 Marico Middle East (FZE) (MME) Wholly Owned Subsidiary4 Marico Malaysia Sdn. Bhd Wholly Owned Subsidiary of MME5Egyptian American Investment and Industrial Development Company S.A.EWholly Owned Subsidiary of MME6 MEL Consumer Care SAE (MELCC) Wholly Owned Subsidiary of MME7 Marico Gulf LLC Wholly Owned Subsidiary of MME8 Marico Egypt for Industries S.A.E. Wholly Owned Subsidiary of MELCC9 Marico For Consumer Care Products SAE Wholly Owned Subsidiary of MELCC10Marico South Africa Consumer Care (Pty) Limited (MSACC)Wholly Owned Subsidiary11 Marico South Africa (Pty) Limited Wholly Owned Subsidiary of MSACC12 Marico South East Asia Corporation (MSEA) Wholly Owned Subsidiary13 Marico Lanka (Private) Limited Wholly Owned Subsidiary14 HW Wellness Solutions Private Limited Wholly Owned Subsidiary15Satiya Nutraceuticals Private Limited (‘SNPL’)Subsidiary16 Juizo Advisory Private Limited Wholly Owned Subsidiary of SNPL17 Cocosecrets Consumer Care LLC Wholly Owned Subsidiary18 Zea Maize Private Limited Subsidiary (w.e.f. 29 January 2026)
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B S R & Co. LLPLimited Review Report (Continued)Marico Limited Page 4 of 4 19 Cosmix Wellness Private Limited Subsidiary (w.e.f. 5 February 2026)20 Skinetiq Joint Stock Company Subsidiary of MSEA (w.e.f. 2 April 2026)21 Apcos Naturals Private LimitedWholly Owned Subsidiary (under voluntary liqudation)22 Zed Lifestyle Private LimitedWholly Owned Subsidiary (under voluntary liqudation)23 Welfare of Mariconions Trust (WEOMA) Employee Welfare Trust
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Rs. in croreYear ended September 30, 2026 (Un-audited) June 30, 2026 (Un-audited) September 30, 2025(Un-audited)September 30, 2026(Un-audited)September 30, 2025(Un-audited)March 31, 2026 (Audited)1 Revenue from operations (Restated Refer Note no 7) 3,897 3,957 3,450 7,854 6,671 13,478 2 Other income 53 48 49 101 105 204 3Total income (1 + 2) 3,950 4,005 3,499 7,955 6,776 13,682 4Expenses(a) Cost of materials consumed 1,714 1,751 1,910 3,465 3,094 6,197 (b) Purchases of stock-in-trade 504 488 542 992 859 1,565 (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (196) (127) (455) (323) (226) (203) (d) Employee benefits expense 259 269 218 528 438 916 (e) Finance cost 24 21 12 45 22 53 (f) Depreciation and amortisation expense 64 56 47 120 92 202 (g) Other expenses Advertisement and sales promotion (Restated Refer Note no 7)451 327 313 778 574 1,167 Others456 430 362 886 717 1,508 Total expenses 3,276 3,215 2,949 6,491 5,570 11,405 5Profit before tax (3 - 4) 674 790 550 1,464 1,206 2,277 6Tax expenseCurrent tax211 200 148 411 305 543 Deferred tax charge / (credit)(95) (62) (30) (157) (44) (79) Tax expense for the period 116 138 118 254 261 464 7Net profit for the period (5 - 6) 558 652 432 1,210 945 1,813 8Other comprehensive income / (loss)A. (i) Items that will not be reclassified to profit or loss Remeasurements of post employment benefit obligations (4) (0) (3) (4) (3) (2) (ii) Income tax relating to items that will not be reclassified to profit or loss Remeasurements of post employment benefit obligations 1 0 1 1 1 0 B. (i) Items that will be reclassified to profit or loss Exchange differences on translation of foreign operations21 9 26 30 13 72 Change in fair value of hedging instruments1 4 (1) 5 (2) (5) (ii) Income tax relating to items that will be reclassified to profit or loss Change in fair value of hedging instruments- (0) 1 (0) 1 2 Other comprehensive income / (loss) 19 13 24 32 10 67 9Total comprehensive income for the period (7+8)577 665 456 1,242 955 1,880 10Net profit attributable to:- Owners550 630 420 1,180 924 1,762 - Non-controlling interests8 22 12 30 21 51 11Other comprehensive income / (loss) attributable to:- Owners19 13 23 32 9 64 - Non-controlling interests0 (0) 1 0 1 3 12Total comprehensive income attributable to:- Owners569 643 443 1,212 933 1,826 - Non-controlling interests8 22 13 30 22 54 13Paid-up equity share capital (Face value of Re. 1/- per share)130 130 130 130 130 130 14Other equity 4,080 15Earnings per share (of Re. 1 /- each) ( Not annualised)(a) Basic (in Rs.)4.24 4.86 3.24 9.11 7.14 13.62 (b) Diluted (in Rs.)4.24 4.85 3.24 9.09 7.13 13.59 See accompanying notes to the financial results Sr. No.ParticularsMARICO LIMITEDSTATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2026Quarter ended Half year ended #Marico Information classification: Official
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Rs. in croreParticulars As at September 30, 2026 (Un audited) As at March 31, 2026 (Audited) ASSETSNon-current assetsProperty, plant and equipment 874 832 Capital work-in-progress 144 85 Right of use assets 230 258 Investment property 9 9 Goodwill 1,218 1,036 Other intangible assets 1,629 1,498 Financial assets(i) Investments 10 135 (ii) Loans 4 4 (iii) Other financial assets 28 27 Deferred tax assets (net) 204 125 Non current tax assets (net) 118 114 Other non-current assets 93 92 Total non-current assets 4,561 4,215 Current assetsInventories 2,297 1,611 Financial assets(i) Investments 2,624 1,948 (ii) Trade receivables 1,705 1,304 (iii) Cash and cash equivalents 336 404 (iv) Bank balances other than (iii) above 36 89 (v) Loans 8 7 (vi) Other financial assets 9 6 Current tax asset (net) 2 3 Other current assets 800 488 Total current assets 7,817 5,860 Total assets12,378 10,075 EQUITY AND LIABILITIES EquityEquity share capital 130 130 Other equityReserves and surplus 4,657 4,167 Other reserves(52) (87) Share application money pending allotment 0 0 Equity attributable to owners4,735 4,210 Non-controlling interests 325 284 Total equity5,060 4,494 LIABILITIESNon-current liabilitiesFinancial liabilities(i) Borrowings 0 0 (ii) Lease liabilities 120 127 (iii) Other financial liabilities 453 947 Employee benefit obligations (net) 35 31 Provisions 1 1 Deferred tax liabilities (net) 321 374 Total non-current liabilities930 1,480 Current liabilitiesFinancial liabilities(i) Borrowings 1,046 355 (ii) Lease liabilities 72 75 (iii) Trade payablesTotal outstanding dues of micro enterprises and small enterprises 136 146 Total outstanding dues of creditors other than micro enterprises and small enterprises 2,050 1,488 (iv) Other financial liabilities 2,478 1,585 Other current liabilities 262 221 Employee benefit obligations (net) 111 146 Provisions 13 9 Current tax liabilities (net) 220 76 Total current liabilities6,388 4,101 Total liabilities7,318 5,581 Total equity and liabilities12,378 10,075 MARICO LIMITEDCONSOLIDATED BALANCE SHEET #Marico Information classification: Official
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September 30, 2026 (Un-audited) September 30, 2025 (Un-audited) ACASH FLOW FROM OPERATING ACTIVITIESPROFIT BEFORE INCOME TAX1,464 1,206 Adjustments for :Depreciation and amortisation expense120 92 Finance costs45 22 Interest income from financial assets(18) (3) (Gain) on disposal of property, plant and equipment and right of use asset (net)(1) (2) Net fair value changes in financial assets and profit on sale of investments(76) (90) Employees stock option charge22 16 Provision for doubtful debts3 1 95 36 Operating profit before working capital changes1,559 1,242 Change in operating assets and liabilities:(Increase) in inventories(663) (363) (Increase) in trade receivables(402) (396) (Increase) in other financials assets(0) (6) Decrease / (Increase) in other non-current assets4 (1) (Increase) in other current assets(313) (17) (Increase) / Decrease in loans and other assets(1) 2 Increase in provisions4 1 (Decrease) in employee benefit obligations(36) (13) Increase / (Decrease) in other current liabilities39 (39) Increase in trade payables550 528 Increase / (Decrease) in other financial liabilities178 (9) Changes in working capital(640) (313) Cash generated from operations919 929 Effect of exchange difference on translation of foreign currency49 17 Income taxes paid (net of refunds)(276) (245) Net cash generated from operating activities (A) 692 701 BCASH FLOW FROM INVESTING ACTIVITIESPayment for property, plant and equipment and intangible assets(244) (142) Acquisition of subsidiary under business combination (net of cash)(249) - Proceeds from sale of property, plant and equipment19 9 Proceeds from sale of non current investments153 93 (Payment) for / proceeds from purchase / sale of current investments (net)(628) 192 (Investment in) / Redemption of bank deposits (having original maturity more than 3 months) (net)53 434 Interest received18 14 Net cash (utilised in) / generated from investing activities (B) (878) 600 CCASH FLOW FROM FINANCING ACTIVITIESProceeds from issuance of share capital147 145 (Purchase)/ sale of investments by WEOMA trust (net)(117) (126) Borrowings (repaid) / taken (net)691 13 Dividend paid to non controlling interest(24) (57) Acquisition of non controlling interest- (219) Interest paid(35) (15) Repayment of principal portion of lease liabilities(17) (28) Interest on lease liabilities(8) (7) Dividends paid to company's shareholders(519) (908) Net cash generated from / (utilised in) financing activities (C)118 (1,203) DNET (DECREASE) / INCREASE IN CASH & CASH EQUIVALENTS (A+B+C)(68) 98 ECash and cash equivalents at the beginning of the financial year404 321 FCash and cash equivalents at the end of the period336 419 MARICO LIMITEDCONSOLIDATED STATEMENT OF CASH FLOW Rs in crore Half year ended Particulars #Marico Information classification: Official
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Notes to the Marico Limited Consolidated financial results:1. The Consolidated unaudited financial results for the quarter and half year ended September 30, 2026Directors of Marico Limited ("the Company") at their meeting held on November 2, 2026 and are - http://www.marico.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). These results have been subjected to limited review by the statutory auditors.2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. 3. The Consolidated financial results for the quarter and half year ended September 30, 2026,comprise results of Marico Limited, its subsidiaries and step-down subsidiaries in India, Bangladesh, UAE, Egypt, South Africa, Malaysia, Sri Lanka, Vietnam and USA. All the aforesaid entities are collectively called 'Marico'.4. The Company has undertaken an intragroup restructuring involving integration of business of a Just Herbsliquidation and distribution of entire business undertaking of Just Herbs to the Company on a going concern basis. Consequently, pursuant to the Letter of Distribution dated October 1, 2025 issued by the Liquidator of Just Herbs, the business undertaking of Just Herbs stands vested in the Company on a going concern basis and consolidated with that of the Company effective from October 1, 2025.Being a common control transaction in accordance with Appendix C of Ind AS 103- Business Combinations, this does not have any impact on the consolidated financial results of the Group.5. The Company has undertaken an intragroup restructuring involving integration of business of a wholly owned subsidiary, Zed LifestyleBeardoliquidation and distribution of entire business undertaking of Beardo to the Company on a going concern basis. Consequently, pursuant to the Letter of Distribution dated June 29, 2026 issued by the liquidator of Beardo, the business undertaking of Beardo stands vested in the Company on a going concern basis and consolidated with that of the Company effective from June 29, 2026.Being a common control transaction in accordance with Appendix C of Ind AS 103- Business Combinations, this does not have any impact on the consolidated financial results of the Group.
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6.has acquired 75% of total shares and gained control of Skinetiqwith effect from April 2, 2026. Skinetiq is an entity incorporated in Vietnam which owns the digital-. The fair value of assets and liabilities acquired have been determined by the Group and accounted for in accordance with IND AS 103 - "Business Combinations". The Group has an obligation to acquire the equity stake from NCI, contingent on achievement of certain business milestones at a future date and the same has been accounted for at the Present Value with a corresponding debit to Other equity in the consolidated financial results.Results for the quarter and half year ended September 30, 2026 include the impact of the above transaction with effect from April 2, 2026 and are not comparable with other periods reported in the Statement.7. Based on an evaluation of the underlying commercial arrangement with customers, the Grouphas reclassified certain customer-related advertisement and promotional expenses during the quarter and half year ended September 30, 2026. These amounts, previously included within Advertisement and Sales Promotion expenses, are now netted off from Revenue from Operations, as a change in accounting policy. The resulting change has been applied retrospectively through reclassification of the comparative figures for the quarter and half year ended September 30, 2025, and the year ended March 31, 2026. The reclassification does not affect profit before tax and interest, profit before tax, profit after tax, earnings per share (EPS), or shareholders' equity.Rs in croresThe above reclassification had no impact on the net profit, total equity, cash flows or EPS of the Group for the comparative periods.
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8. In accordance with the Indian Accounting Standard - Ind AS 108, the Group has organized the business into two segments viz, India and International. Accordingly, the Group has reported its segmental results for these segments. Rs in Crores 9. Subsequent to the quarter and half year ended September 30, 2026, the Company entered into definitive agreement(s) on October 5, 2026 to acquire 38.18% stake in Satiya Nutraceuticals Plixin tranches, from the existing shareholders andas part of the same acquired 24.09% stake in Plix on a fully diluted basis. Consequently, the Acquisition of the remaining 14.09% stake will be completed in July 2027 subject to terms and conditions of the definitive agreement(s). Place Mumbai Saugata GuptaDate: November 02, 2026 Managing Director & CEO
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Marico Information classification: Official About Marico: Marico (BSE: 531642, NSE: “MARICO”) is one of India’s leading consumer products companies operating in the global beauty and wellness categories. During FY2025-26, Marico recorded a turnover of ₹ 136.1 billion (USD 1.5 billion) through its products sold in India and chosen markets globally. Marico touches the lives of 1 out of every 3 Indians, through its portfolio of brands such as Parachute, Saffola, Hair & Care, Parachute Advansed, Nihar Naturals, Mediker , Pure Sense, Coco Soul, Revive, Set Wet, Livon, Beardo, Just Herbs, True Elements, Plix, Cosmix and 4700BC. The overseas consumer products portfolio contributes to about 2 4% of the Group’s revenue, with brands like Parachute, Parachute Advansed, HairCode, Fiancée, Herbsindia, Purité de Prôvence, Ôliv, LASHE Superfood, Candid, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Thuan Phat and Isoplus. As part of Marico's Green Initiative, your Company wants to make its contribution to save the environment by sending its shareholders the Annual Report and other communication using the electronic medium. Therefore, Members holding shares in dematerialized form are requested to contact their respective Depository Participant to update their em ail address. Members can submit service requests in electronic mode through the website of the RTA using the weblink https://web.in.mpms.mufg.com/helpdesk/Service_Request.html or write to the RTA at investor.helpdesk@in.mpms.mufg.com. Marico Limited Reg Office: 7th floor, Grande Palladium, 175, CST Road, Kalina, Santacruz (East), Mumbai 400 098 Tel: (91-22) 6648 0480
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B S R & Co. LLPChartered Accountants14th Floor, Central B Wing and North C WingNesco IT Park 4, Nesco CenterWestern Express HighwayGoregaon (East), Mumbai – 400 063, IndiaTelephone: +91 (22) 6257 1000Fax: +91 (22) 6257 1010 Registered Office:B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 201314th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063Page 1 of 2 Limited Review Report on unaudited standalone financial results of Marico Limited for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amendedTo the Board of Directors of Marico Limited1. We have reviewed the accompanying Statement of unaudited standalone financial results of Marico Limited (hereinafter referred to as “the Company”) for the quarter ended 30 September 2026 and year to date results for the period from 1 April 2026 to 30 September 2026 (“the Statement”) (in which are included interim financial information of its Employee Welfare Trust).2. This Statement, which is the responsibility of the Company’s management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”). Our responsibility is to issue a report on the Statement based on our review.3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.5. The corresponding amounts for the year ended 31 March 2026, in so far as it pertains to business transferred from Zed Lifestyle Private Limited (“Beardo”), as stated in note 5 to the standalone financial results, are based on the audited financial statements of Beardo for the year ended 31 March 2026 which were audited by another auditor who had expressed an unmodified opinion on 01 May 2026. Further, the corresponding amounts for the quarter and period ended 30 September 2025 pertaining to Beardo are unaudited. Further, the adjustments for the accounting effects of the business transfer have been reviewed by us.
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B S R & Co. LLPLimited Review Report (Continued)Marico Limited Page 2 of 2 Our conclusion is not modified in respect of this matter.For B S R & Co. LLPChartered AccountantsFirm’s Registration No.:101248W/W-100022Vijay MathurPartnerMumbaiMembership No.: 04647602 November 2026UDIN:26046476WWDCXH1998
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Rs. in croreYear ended September 30, 2026(Un-audited) June 30, 2026 (Un-audited) September 30, 2025(Un-audited)Restated Refer Note 4 & 5)September 30, 2026(Un-audited)September 30, 2025(Un-audited)Restated Refer Note 4 & 5)March 31, 2026 (Audited)Restated Refer Note 5)1 Revenue from operations (Restated Refer Note no 6) 2,722 2,794 2,510 5,516 4,859 9,653 2 Other income 330 53 171 383 644 987 3Total income (1 + 2) 3,052 2,847 2,681 5,899 5,503 10,640 4Expenses(a) Cost of materials consumed 1,507 1,584 1,848 3,091 2,849 5,575 (b) Purchases of stock-in-trade 188 155 205 343 362 634 (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade(139) (86) (422) (225) (161) (132) (d) Employee benefits expense 159 163 143 322 288 603 (e) Finance cost 13 10 6 23 12 28 (f) Depreciation and amortisation expense 45 37 34 82 65 144 (g) Other expenses Advertisement and sales promotion (Restated Refer Note no 6) 224 155 146 379 249 523 Others293 280 238 573 473 977 Total expenses 2,290 2,298 2,198 4,588 4,137 8,352 5Profit before tax (3 - 4) 762 549 483 1,311 1,366 2,288 6Tax expenseCurrent tax170 152 111 322 232 408 Deferred tax charge /(credit)(91) (63) (26) (154) (37) (82) Tax expense for the period79 89 85 168 195 326 7Net profit for the period (5 - 6)683 460 398 1,143 1,171 1,962 8Other comprehensive income / (loss)A. (i) Items that will not be reclassified to profit or loss Remeasurements of post employment benefit obligations (4) - (3) (4) (3) (0) (ii) Income tax relating to items that will not be reclassified to profit or loss Remeasurements of post employment benefit obligations 1 - 1 1 1 0 B. (i) Items that will be reclassified to profit or loss Change in fair value of hedging instruments1 4 (1) 5 (2) (5) (ii) Income tax relating to items that will be reclassified to profit or loss Change in fair value of hedging instruments- (0) 1 (0) 1 1 Other comprehensive income / (loss) , net of tax(2) 4 (2) 2 (3) (4) 9Total comprehensive income for the period (7 + 8) 681 464 396 1,145 1,168 1,958 10Paid-up equity share capital (Face value of Re. 1/- per share)130 130 130 130 130 130 11Other equity5,747 12Earnings per share (of Re 1 /- each) ( Not annualised)(a) Basic (in Rs.) 5.27 3.55 3.08 8.82 9.05 15.17 (b) Diluted (in Rs.) 5.26 3.54 3.08 8.80 9.04 15.13 See accompanying notes to the financial results Sr. No.ParticularsSTATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALf YEAR ENDED SEPTEMBER 30, 2026MARICO LIMITEDQuarter ended Half year ended #Marico Information classification: Official
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Rs. in croreParticulars As at September 30, 2026 (Un audited) As at March 31, 2026 (Audited)(Restated Refer Note 5)ASSETSNon-current assetsProperty, plant and equipment673 644 Capital work-in-progress136 78 Right of use assets154 170 Investment property9 9 Goodwill115 115 Other intangible assets277 276 Financial assets(i) Investments in subsidiaries1,656 1,518 (ii) Other investments10 136 (iii) Loans164 99 (iv) Other financial assets21 20 Deferred tax assets (net)149 - Non current tax assets (net)109 109 Other non-current assets78 81 Total non-current assets3,551 3,255 Current assetsInventories1,544 1,069 Financial assets(i) Investments2,612 1,939 (ii) Trade receivables1,173 827 (iii) Cash and cash equivalents 72 115 (iv) Bank balances other than (iii) above6 2 (v) Loans4 117 (vi) Other financial assets47 51 Current tax asset (net)1 1 Other current assets547 369 Total current assets6,006 4,490 Total assets9,557 7,745 EQUITY AND LIABILITIES EquityEquity share capital130 130 Other equityReserves and surplus6,422 5,750 Other reserves2 (3) Share application money pending allotment0 0 Total equity attributable to owners6,554 5,877 LIABILITIESNon-current liabilitiesFinancial liabilities(i) Lease liabilities94 104 Employee benefit obligations (net)23 20 Deferred tax liabilities (Net)- 5 Total non-current liabilities117 129 Current liabilitiesFinancial liabilities(i) Borrowings489 36 (ii) Lease liabilities38 44 (iii) Trade payablesTotal outstanding dues of micro enterprises and small enterprises116 119 Total outstanding dues of creditors other than micro enterprises and small enterprises1,281 840 (iv) Other financial liabilities591 435 Other current liabilities159 146 Employee benefit obligations (net)73 104 Provisions9 6 Current tax liabilities (net)130 9 Total current liabilities2,886 1,739 Total liabilities3,003 1,868 Total equity and liabilities9,557 7,745 MARICO LIMITEDSTANDALONE BALANCE SHEET #Marico Information classification: Official
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September 30, 2026 (Un-audited) September 30, 2025 (Un-audited)(Restated Refer Note No. 4 & 5 ) ACASH FLOW FROM OPERATING ACTIVITIESPROFIT BEFORE INCOME TAX1,311 1,366 Adjustments for:Depreciation and amortization expense82 65 Finance costs23 12 Dividend income from subsidiaries(272) (546) Unrealised exchange (gain)/loss(1) (4) Interest income from financial assets(11) (7) (Gain) on disposal of property, plant and equipment and right of use asset (net)(0) (2) Net fair value changes in financial assets and profit on sale of investments(76) (66) Employees stock option charge21 15 (234) (533) Operating profit before working capital changes1,077 833 Change in operating assets and liabilities:(Increase) in inventories(475) (287) (Increase) in trade receivables(346) (303) Decrease in other financials assets4 5 Decrease in other non-current assets3 1 (Increase) in other current assets(178) (14) (Increase) / Decrease in loans and other assets(1) 1 Increase in provisions3 6 (Decrease) in employee benefit obligations(31) (4) Increase / (Decrease) in other current liabilities13 (13) Increase in trade payables438 267 Increase in other financial liabilities155 165 Changes in working capital (415) (176) Cash generated from operations662 657 Income taxes paid (net of refunds)(200) (179) Net cash generated from operating activities (A) 462 478 BCASH FLOW FROM INVESTING ACTIVITIESPayment for property, plant and equipment and intangible assets(149) (107) Proceeds from sale of property, plant and equipment1 9 Proceeds from sale of non current investments153 93 (Payment) for / proceeds from purchase/ sale of current investments (net)(625) 172 Investment in subsidiaries(138) (232) Loan given to subsidiaries(10) (62) Loan repaid by subsidiaries60 - (Investment in)/redemption of bank deposits (having original maturity more than 3 months) (net) (5) 76 Dividend received from subsidiaries272 546 Interest received15 20 Net cash (utilised in) / generated from in investing activities (B)(426) 515 CCASH FLOW FROM FINANCING ACTIVITIESProceeds from issuance of share capital147 145 (Purchase)/ sale of investments by WEOMA trust (net)(117) (126) Borrowings (repaid) / taken (net)453 (66) Interest paid on borrowings(17) (7) Repayment of principal portion of lease liabilities(21) (18) Interest paid on lease liabilities(5) (5) Dividends paid to company's shareholders(519) (908) Net cash utilised in financing activities (C)(79) (985) D NET (DECREASE) / INCREASE IN CASH & CASH EQUIVALENTS (A+B+C) (43) 8 ECash and cash equivalents at the beginning of the financial year115 45 FCash and cash equivalents at the end of the period72 53 Half year ended Rs. in crore MARICO LIMITEDSTANDALONE STATEMENT OF CASH FLOW Particulars #Marico Information classification: Official
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Marico Information classification: Official Notes to the Marico Limited Standalone financial results: 1. The Standalone unaudited financial results for the quarter and half year ended September 30, 2026of Marico Limited ("the Company") at their meeting held on November 2, 2026 and are available - http://www.marico.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com). These results have been subjected to limited review by the statutory auditors. 2. This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under section 133 of Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable.3. In accordance with the Indian Accounting Standard - Ind AS 108, the Company has disclosedsegment results in consolidated financial results.4. The Company has undertaken an intragroup restructuring involving integration of business of a Just Herbsliquidation and distribution of entire business undertaking of Just Herbs to the Company on a going concern basis. Consequently, pursuant to the Letter of Distribution dated October 1, 2025 issued by the liquidator of Just Herbs, the business undertaking of Just Herbs stands vested in the Company on a going concern basis and consolidated with that of the Company effective from October 1, 2025.The Company has accounted for this transaction as a common control business acquisition in accordance with Appendix C of Ind AS 103- Business Combinations. Accordingly, the amounts for the corresponding periods presented in these financial results have been restated to give effect to the aforesaid business restructuring as if the same had occurred from the beginning of the preceding period.Total Assets, Revenue from operations, expenses and profit after tax) for the periods presented.5. The Company has undertaken an intragroup restructuring involving integration of business of a wholly owned subsidiary, Zed LifestyleBeardoliquidation and distribution of entire business undertaking of Beardo to the Company on a going concern basis. Consequently, pursuant to the Letter of Distribution dated June 29, 2026 issued by the liquidator of Beardo, the business undertaking of Beardo stands vested in the Company on a going concern basis and consolidated with that of the Company effective from June 29, 2026.The Company has accounted for this transaction as a common control business acquisition in accordance with Appendix C of Ind AS 103- Business Combinations. Accordingly, the amounts for the corresponding periods presented in these financial results have been restated to give effect to the aforesaid business restructuring as if the same had occurred from the beginning of the preceding period.
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Marico Information classification: Official (Total Assets, Revenue from operations, expenses and profit after tax) for the periods presented.6. Based on an evaluation of the underlying commercial arrangement with customers, the Company has reclassified certain customer-related advertisement and promotional expenses during the quarter and half year ended September 30, 2026. These amounts, previously included within Advertisement and Sales Promotion expenses, are now netted off from Revenue from Operations, as a change in accounting policy. The resulting change has been applied retrospectively through reclassification of the comparative figures for the quarter and half year ended September 30, 2025, and the year ended March 31, 2026. The reclassification does not affect profit before tax and interest, profit before tax, profit after tax, earnings per share (EPS), or shareholders' equity. Rs in croresThe above reclassification had no impact on the net profit, total equity, cash flows or EPS of the Company for the comparative periods.7. Subsequent to the quarter and half year ended September 30, 2026, the Company entered into definitive agreement(s) on October 5, 2026 to acquire 38.18% stake in Satiya Nutraceuticals Private Plixin tranches, from the existing shareholders and as part of the same acquired 24.09% stake in Plix on ain Plix now stands at 84.09% on a fully diluted basis. Acquisition of the remaining 14.09% stake will be completed in July 2027 subject to terms and conditions of the definitive agreement(s).Place Mumbai Saugata Gupta Date : November 02, 2026 Managing Director & CEO