Marico expects its India business to deliver double-digit volume growth in fiscal 2027 after underlying volumes rose 10% in the quarter ended Sept. 30, 2026, alongside an updated full-year outlook.
In its Q1 outlook, Marico forecast high-single-digit volume growth in India for FY27. Its latest outlook calls for double-digit growth during the year.
The company’s unaudited consolidated results put revenue from operations at ₹3,897 crore. Profit attributable to owners of the parent was ₹550 crore, while total profit was ₹558 crore, including ₹8 crore for non-controlling interests.
Marico’s international business grew 13% on a constant-currency basis in Q2, while revenue in rupees increased 23%. Its earlier FY27 forecast called for mid-teens international growth on a constant-currency basis. The latest outlook says that growth should accelerate in the second half, without setting a new full-year percentage.
Growth varied by market: Marico reported 22% in Vietnam, 15% in MENA and South Africa, and 5% in Bangladesh. The company also raised its FY27 EBITDA growth outlook after its Q2 margin expanded, as covered in an earlier outlook update.
The Saffola edible-oil reset is lowering volumes as Marico reduces supply of selected lower-margin variants while shifting toward premium products. The company said the reductions are intended to protect profitability. Q2 volumes in the category fell by a high-single-digit percentage, while revenue rose 6%. Cold-pressed oils and Saffola Total grew faster than the overall franchise.
Marico reported a similar high-single-digit decline in Q1, when it said it was reducing selected variants to protect profitability. On the Q2 earnings call, Managing Director and CEO Saugata Gupta said, “This process will get completed over the next two or three quarters.” Marico gave no specific date for completion.
