Marico said demand trends remained steady in the December quarter, with its India business posting high single-digit underlying volume growth and consolidated revenue growth in the high twenties on a year-on-year basis, according to its quarterly update for Q3 FY26.
The maker of Parachute and Saffola said consumption is expected to improve gradually in the coming quarters, aided by easing inflation, lower GST rates, minimum support price (MSP) hikes and a healthy crop sowing season.
India business: mixed brand performance
Within the India portfolio, Parachute showed resilience despite elevated input costs and pricing actions. While the brand reported a marginal volume decline during the quarter, it remained in positive territory after normalising for ml-age reductions undertaken in lieu of price hikes, the company said.
Saffola Oils had a muted quarter, partly due to the anniversary of earlier pricing actions. In contrast, Value Added Hair Oils posted growth in the twenties, with Marico indicating that it expects to sustain double-digit growth in this franchise over the near to medium term, supported by a strategic push in mid and premium segments, expansion of direct reach through Project SETU and recent GST rate rationalisation.
The foods segment recorded a benign quarter, though the company said it expects growth to accelerate over the next two quarters. Premium personal care, including its digital-first brands, continued to scale ahead of internal expectations.
International business stays strong
Marico’s international business maintained robust momentum, reporting constant currency growth in the early twenties. Bangladesh led growth during the quarter, while Vietnam and South Africa returned to double-digit growth, driven by targeted initiatives, the company said.
Margin outlook improves as copra prices cool
On the cost front, Marico said copra prices have corrected about 30% from their peak levels and are expected to trend lower in the coming months, supported by the flush season. Vegetable oil prices, however, remained elevated, while crude oil derivatives were benign during the quarter.
The company expects gross margins to improve sequentially after bottoming out in the previous quarter, with further expansion anticipated in the coming quarters due to the lagged impact of lower copra costs. Marico also said it continues to invest in brand-building to strengthen long-term franchise equity and drive portfolio diversification.
Marico Share Price
Marico’s share price remained flat as of market closing. The stock is up 5.65% in the last 1 month. Furthermore, it was up 15.92% in 2025.