Domestic Volumes Recover Gradually, Reaching Their Strongest Levels in FY26 For Marico
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About the Company
Marico Limited is a leading Indian FMCG company with a portfolio spanning hair care, edible oils, and health foods. Key brands include Parachute (coconut oil), Saffola (edible oils), and Hair & Care. The company operates in India and 25+ international markets.
About This Chart
After subdued 2-4% volume growth in FY23-early FY24, Marico's domestic volumes have inflected sharply to 7-9% in FY26. This marks the company's strongest growth trajectory in several quarters, driven by rural revival, portfolio strengthening, and improving category dynamics.
Key Insights
What the Data Shows
- Volume growth improved from 2-4% (FY23-FY24) to 7-9% (FY26)
- Core categories (Parachute, VAHO, Saffola) showing healthy traction
- Foods and Premium Personal Care continue steady expansion
- Elevated copra costs compressed gross margins to 16-quarter low
What It Means
- Broad-based demand recovery and improved competitive performance
- Rural revival and stable pricing environment driving turnaround
- Positions Marico to regain market share and expand margins
- Raw material softening expected from March to support margins
Q3 FY26 Segment Performance
Parachute (36% of revenues)
- -1% volume growth due to pricing elasticity
- +50% value growth from price hikes
- Pricing inelasticity continues to hold
Saffola (16% of revenues)
- Flat volumes in edible oils
- Pricing pressures in competitive market
- Focus on premiumization continues
VAHO (18% of revenues)
- +29% value growth
- +170bps market share gain
- Reinforces category strength
Digital-First Brands Outlook
Portfolio Scale-up
- Exit ARR expected to be ~2.5x of FY24 ARR in FY27
- Double-digit EBITDA margin expected in FY27
- Aggressive growth while improving profitability
Brand Performance
- Beardo: Scaled ~4x since FY21, double-digit EBITDA margin
- Plix: Delivering single-digit EBITDA margin
- Path to profitability now visible across portfolio
"We expect meaningful raw material softening from March onward and are guiding for double-digit EBITDA growth in 2H FY26 and 200-250bps margin expansion in FY27."
— Marico, Q3 FY26📬 Get charts Updates
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