Marico Ltd (MARICO) Q2FY27 Concall Summary - Sep-2026 Qtr
Key Takeaways
- Management has accelerated its ambition to reach INR 20,000 crore in revenue by FY29, one year ahead of its original FY30 target, without relying on major M&A.
- Full-year FY27 EBITDA growth guidance was upgraded from ~20% to mid-20s, driven by mix, cost efficiencies, and better-than-expected volume growth, with margins set to expand 120-150 bps.
- Project SETU's GTM transformation has structurally added 1-2% volume growth, with its successful playbook now being rolled out globally, starting with Bangladesh, after positive results in Vietnam.
Performance Overview
- Delivered strong all-round performance with a 13% growth in consolidated revenue, driven by 10% volume growth in the India business and 13% constant currency growth in the international business.
- Profitability saw a significant uplift, with EBITDA growing by 27% and PAT increasing by 31%, marking the highest profit growth in the last 50 quarters.
- Gross margins expanded by a notable 600 basis points year-on-year, benefiting from a favorable product mix, softer copra prices, and improved profitability in new growth engines.
- The company aggressively reinvested in brand building, increasing advertising and promotion (A&P) expenditure by 44% to strengthen its core franchises and scale up new ventures.
- All business segments, including the core India business, Foods, Premium Personal Care, Digital-first brands, and the International business, contributed to the quarter's stellar performance.
Financial Metrics
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Operating Performance / Business Segments
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Key Discussions & Insights
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Outlook and Guidance
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Challenges / Concerns
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Industry / Competitive Landscape
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Overall Summary
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