The ripple effects of elevated crude oil prices and escalating tension across the Middle East are visible across sectors, from aviation to fast-moving consumer goods.
Against this backdrop, FMCG major Marico delivered a strong finish to FY26, reporting a 14% year-on-year rise in consolidated net profit even as geopolitical tension across the Gulf region weighed on the FMCG major’s overseas business.
Steady demand in India and the robust momentum across international markets were the highlight of the Q4 results. While the domestic business posted a 9% volume growth, the international segment stood out with a 19% constant currency growth, reinforcing the company’s global expansion strategy.
International momentum offsets regional disruptions
The overseas business of Marico emerged as a key growth engine during the quarter, with broad-based performance across most geographies. The company revealed that all markets delivered positive growth, barring the Gulf region, where temporary geopolitical disruptions impacted supply chains in March.
According to Marico’s report, Bangladesh led the charge with a strong 35% constant currency growth (CCG), supported by a resilient core portfolio and rapid scale-up of new product franchises. Vietnam maintained its double-digit trajectory with 18% growth, while South Africa recorded an 8% rise, driven primarily by the hair care segment.
However, the MENA region declined 7%, largely due to disruptions in the Gulf. This was partially offset by high-teen growth in Egypt. Meanwhile, North Africa, the Middle East and exports (NCD) posted an impressive 46% growth.
India business sees sequential recovery
On the domestic front, Marico reported a sequential improvement in volume growth, which rose to 9% in Q4. India revenues grew 21% YoY to Rs 2,505 crore.
The company noted that over 95% of its portfolio either gained or maintained market share, while more than 90% sustained or improved penetration levels on a moving annual total (MAT) basis.
E-commerce, including quick commerce platforms, continued to be the fastest-growing channel, while traditional trade showed visible traction, aided by sustained investments and strategic interventions over the past two years.
Portfolio strength drives growth
Marico continues to leverage a diversified portfolio across beauty and wellness categories. Its brands such as Beardo, Livon, Parachute and Saffola remain central to its growth strategy, alongside newer digital-first and premium offerings.
Global uncertainty, local resilience
Marico’s performance shows a broader shift in Indian FMCG, where international diversification is no longer just a growth lever but a buffer against regional shocks.
However, the road ahead remains closely tied to geopolitical developments. Continued disruptions around the Strait of Hormuz could keep crude prices elevated, stoking inflationary pressures and squeezing consumption in key markets.
For Marico and its global peers, the challenge will be to sustain growth momentum while navigating an increasingly unpredictable geopolitical landscape where supply chains, currency movements and consumer demand are all being reshaped by events far beyond domestic borders.
Marico: Dividend announcement and full-year performance
Marico’s board has recommended a final dividend of Rs 4 per equity share (face value Re 1) for FY26, subject to shareholder approval at the upcoming 38th Annual General Meeting. The record date has been set as July 30, 2026, and the payout is expected on or before September 5, 2026.
For the full financial year, the company reported a turnover of Rs 13,610 crore, showing steady growth across its India and international operations.