Marico Limited (NSE: MARICO | BSE: 531642)
Source: Marico Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Marico Limited |
| Corporate Identity Number (CIN) | L15140MH1988PLC049208 |
| ISIN | INE196A01026 |
| NSE Symbol & BSE Scrip Code | MARICO | 531642 |
| Date of Incorporation / Founding Year | October 13, 1988 |
| Registered Office & Corporate Headquarters | 7th Floor, Grande Palladium, 175, CST Road, Kalina, Santacruz (East), Mumbai – 400 098, Maharashtra |
| Telephone & Investor Relations Contact | Tel No.: +91-22 6648 0480 | E-mail: investor@marico.com |
| Chairman / Managing Director & CEO | Mr. Harsh Mariwala (Chairman) & Mr. Saugata Gupta (Managing Director & CEO) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Pawan Agrawal (Group CFO and CEO – International Business) & Mr. Vinay M A (Company Secretary & Compliance Officer) |
| Promoter & Holding Group | Promoters and Promoter Group (Holding 58.93%) |
| Industry / Sector Classification | Fast Moving Consumer Goods (FMCG) – Global Beauty and Wellness |
| Total Employees / Permanent & Contractual Workforce | 1,944 Permanent Employees (BRSR Disclosures) |
| Manufacturing Plants / Branches / Offices Count | 6 Domestic Plants, 8 International Plants, 5 Domestic Offices, 10 International Offices, 36 Depots (24 in India, 12 overseas) |
| Countries / States Served | 28 States in India, 39 International Countries |
| Statutory Auditors | B S R & Co. LLP |
| Registrar and Share Transfer Agent (RTA) | MUFG Intime India Private Limited |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Marico Limited is one of India’s leading consumer goods companies operating in the global beauty and wellness categories. During the financial year 2025-26, Marico recorded a consolidated turnover of ₹ 13,611 Crore through its products sold in India and chosen markets globally. The enterprise touches the lives of 1 out of every 3 Indians through its portfolio of iconic brands.
The overseas consumer products portfolio contributes about 24% of consolidated revenues, anchored by established international operations across Bangladesh, Vietnam, the Middle East, Egypt, South Africa, and South East Asia. The company’s operational philosophy is anchored in ‘The Marico Way’, which drives a culture of consumer-first orientation, bold ambitions, responsible growth, member development, accountability for outcomes, and execution agility.
The Founders, Promoters & Their Legacy
Marico traces its roots to second-generation entrepreneurship and visionary leadership. Mr. Harsh Mariwala serves as the Chairman and Non-Executive Director of the company, steering its strategic vision. The promoter group, including various family trusts and individual promoters such as Mr. Rajendra Mariwala and Mr. Rishabh Mariwala, holds a significant equity stake of 58.93% in the company, ensuring long-term stability, alignment of interest, and unwavering commitment to corporate governance and value creation.
The Journey: History & Evolution
Established in October 1988, Marico has systematically evolved from a domestic coconut oil and edible oil player into a well-rounded Indian multinational FMCG enterprise with a diversified portfolio of traditional and digital-first brands. Over the decades, the company has successfully expanded its Total Addressable Market (TAM) through organic innovations and strategic inorganic acquisitions—such as Beardo, Just Herbs, True Elements, Plix, Cosmix, and 4700BC—transforming into a digitally advanced consumer goods ecosystem.
The Corporate Umbrella
Marico operates through an extensive network of domestic and international subsidiaries, joint ventures, and operating units. The company’s governance architecture is managed through robust board committees, a Global ESG Council, and specialized taskforces. Key subsidiaries such as Marico Bangladesh Limited serve as major operational pillars, while recent integrations of digital-first businesses have expanded Marico’s footprint into high-growth wellness, gourmet foods, and premium personal care domains.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Marico operates across two principal Ind AS 108 reportable geographic segments: India and International. The India business encompasses domestic fast-moving consumer goods, while the International business comprises operations across South Asia, South East Asia, the Middle East, North Africa, and Sub-Saharan Africa.
| Segment | Segment Revenue (₹ in Crore) | % Share of Total Revenue | Segment Results / PBIT (₹ in Crore) | Segment Assets (₹ in Crore) | Segment Liabilities (₹ in Crore) |
|---|---|---|---|---|---|
| India | 10,348 | 76.03% | 1,661 | 4,832 | 1,774 |
| International | 3,263 | 23.97% | 813 | 2,548 | 888 |
| Unallocated / Corporate | – | – | (144) | 2,695 | 2,919 |
| Total Consolidated | 13,611 | 100.00% | 2,330 | 10,075 | 5,581 |
The Product & Service Catalog
The company’s product architecture is split between Edible Oils & Foods and Personal Care categories. Edible oils and foods contribute approximately 73% of total turnover, while personal care accounts for the remaining 27%.
| Product / Service Category | NIC Code | % of Total Turnover Contributed |
|---|---|---|
| Edible Oil and Foods | 10402 and 10750 | 73% |
| Personal Care | 20236 and 20237 | 27% |
The Names You Know
Marico’s brand portfolio is a household fixture across India and international markets, featuring market-leading trademarks and digital-first extensions:
- Parachute & Parachute Advansed: India’s undisputed No. 1 coconut oil brand and comprehensive hair care portfolio.
- Saffola: The flagship brand for healthy edible oils, oats, muesli, gourmet snacking, and preventive heart health.
- Value-Added Hair Oils: Hair & Care, Nihar Naturals, and Nihar Shanti Amla.
- Digital-First & Premium Personal Care: Beardo (male grooming), Just Herbs (Ayurvedic beauty), True Elements (healthy breakfast & functional foods), Plix (plant-based wellness), Cosmix (plant-based nutrition), and 4700BC (premium gourmet snacking).
- Other Iconic Brands: Mediker, Revive, Set Wet, Livon, Pure Sense, Coco Soul, Candid, and an extensive international portfolio including HairCode, Fiancée, Purité de Prôvence, Ôliv, Caivil, Hercules, Black Chic, Code 10, Ingwe, X-Men, Thuan Phat, and IsoPlus.
Mapping the Domestic & Global Reach
Marico serves consumers across 28 Indian states and 39 international countries. The domestic market accounts for ₹ 10,348 Crore (76.03%), while international markets generate ₹ 3,263 Crore (23.97%). Key international hubs include Bangladesh (contributing ₹ 1,474 Crore), Vietnam (₹ 653 Crore), and other global markets across the Middle East, North Africa, and South Africa.
The Brick & Mortar Footprint
Marico maintains a robust physical infrastructure comprising 6 domestic manufacturing facilities (Perundurai in Tamil Nadu, Sanand in Gujarat, Puducherry, Jalgaon in Maharashtra, and two units in Guwahati, Assam) and 8 international manufacturing plants. Distribution and logistics are supported by 36 warehouses/depots (24 in India and 12 overseas), alongside corporate and regional offices in Mumbai, New Delhi, Kolkata, and Hyderabad.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
The table below presents the Consolidated Statement of Profit and Loss under Ind AS Schedule III for the fiscal years ended March 31, 2026, and March 31, 2025.
| Consolidated Statement of Profit and Loss Line Item | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from operations | 13,611 | 10,831 | +25.67% |
| Other income | 204 | 208 | -1.92% |
| Total Income | 13,815 | 11,039 | +25.15% |
| Cost of materials consumed | 6,197 | 4,572 | +35.54% |
| Purchases of Stock-in-Trade | 1,565 | 960 | +63.02% |
| Changes in inventories of finished goods, stock-in-trade and work-in progress | (203) | (144) | +40.97% |
| Employee benefits expense | 916 | 831 | +10.23% |
| Finance costs | 53 | 53 | 0.00% |
| Depreciation and amortization expense | 202 | 178 | +13.48% |
| Other expenses | 2,808 | 2,473 | +13.55% |
| Total Expenses | 11,538 | 8,923 | +29.31% |
| Profit before tax | 2,277 | 2,116 | +7.61% |
| Current tax | 543 | 480 | +13.13% |
| Deferred tax charge / (credit) | (79) | (22) | +259.09% |
| Tax expense | 464 | 458 | +1.31% |
| Profit for the year | 1,813 | 1,658 | +9.35% |
| Other Comprehensive Income (OCI) for the year (Net of Tax) | 67 | (74) | N/M |
| Total Comprehensive Income for the year | 1,880 | 1,584 | +18.69% |
| Net profit attributable to Owners | 1,762 | 1,629 | +8.16% |
| Net profit attributable to Non-controlling interests | 51 | 29 | +75.86% |
| Basic Earnings Per Share (in ₹) | 13.62 | 12.59 | +8.18% |
| Diluted Earnings Per Share (in ₹) | 13.59 | 12.56 | +8.20% |
Assets, Borrowings, & Net Worth
The consolidated balance sheet reflects a strong capital structure, supported by robust cash generation, low leverage, and disciplined working capital management.
| Consolidated Balance Sheet Line Item | As at March 31, 2026 (₹ in Crores) | As at March 31, 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Property, plant and equipment | 832 | 710 | +17.18% |
| Capital work-in-progress (CWIP) | 85 | 40 | +112.50% |
| Right of use assets | 258 | 230 | +12.17% |
| Investment property | 9 | 15 | -40.00% |
| Goodwill | 1,036 | 857 | +20.89% |
| Other intangible assets | 1,498 | 946 | +58.35% |
| Investments (Non-current) | 135 | 215 | -37.21% |
| Loans (Non-current) | 4 | 6 | -33.33% |
| Other financial assets (Non-current) | 27 | 22 | +22.73% |
| Deferred tax assets (net) | 125 | 57 | +119.30% |
| Non-current tax assets (net) | 114 | 108 | +5.56% |
| Other non-current assets | 92 | 49 | +87.76% |
| Total Non-Current Assets | 4,215 | 3,255 | +29.49% |
| Inventories | 1,611 | 1,235 | +30.45% |
| Investments (Current) | 1,948 | 1,375 | +41.67% |
| Trade receivables | 1,304 | 1,271 | +2.60% |
| Cash and cash equivalents | 404 | 321 | +25.86% |
| Bank balances other than cash and cash equivalents | 89 | 456 | -80.48% |
| Loans (Current) | 7 | 7 | 0.00% |
| Other financial assets (Current) | 6 | 3 | +100.00% |
| Current tax asset (net) | 3 | 2 | +50.00% |
| Other current assets | 488 | 407 | +19.90% |
| Total Current Assets | 5,860 | 5,077 | +15.42% |
| Total Assets | 10,075 | 8,332 | +20.92% |
| EQUITY AND LIABILITIES | |||
| Equity share capital | 130 | 129 | +0.78% |
| Reserves and surplus | 4,167 | 3,997 | +4.25% |
| Other reserves | (87) | (152) | -42.76% |
| Share application money pending allotment | 0 | 1 | -100.00% |
| Equity attributable to owners | 4,210 | 3,975 | +5.91% |
| Non-controlling interests | 284 | 291 | -2.41% |
| Total Equity | 4,494 | 4,266 | +5.34% |
| Non-Current Borrowings | 0 | – | – |
| Lease liabilities (Non-current) | 127 | 124 | +2.42% |
| Other financial liabilities (Non-current) | 947 | 1,211 | -21.80% |
| Employee benefit obligations (Non-current) | 31 | 27 | +14.81% |
| Provisions (Non-current) | 1 | 1 | 0.00% |
| Deferred tax liabilities (net) | 374 | 248 | +50.81% |
| Total Non-Current Liabilities | 1,480 | 1,611 | -8.13% |
| Current Borrowings | 355 | 379 | -6.33% |
| Lease liabilities (Current) | 75 | 51 | +47.06% |
| Trade payables (Micro and Small Enterprises) | 146 | 89 | +64.04% |
| Trade payables (Other than Micro and Small Enterprises) | 1,488 | 1,217 | +22.27% |
| Other financial liabilities (Current) | 1,585 | 288 | +450.35% |
| Other current liabilities | 221 | 232 | -4.74% |
| Employee benefit obligations (Current) | 146 | 92 | +58.70% |
| Provisions (Current) | 9 | 15 | -40.00% |
| Current tax liabilities (net) | 76 | 92 | -17.39% |
| Total Current Liabilities | 4,101 | 2,455 | +67.05% |
| Total Liabilities | 5,581 | 4,066 | +37.26% |
| Total Equity and Liabilities | 10,075 | 8,332 | +20.92% |
Cash Flow: Tracking the Money Movement
The consolidated statement of cash flows highlights robust operating cash generation and disciplined capital allocation across investing and financing activities.
| Consolidated Statement of Cash Flows Line Item | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net cash generated from operating activities (A) | 2,084 | 1,363 | +52.90% |
| Purchase of Property, Plant and Equipment and Intangible Assets (CapEx / CWIP) | (319) | (161) | +98.14% |
| Acquisition of Subsidiary under business combination net of cash | (452) | – | – |
| Other investing cash flows (Net) | 49 | (460) | N/M |
| Net cash utilised in investing activities (B) | (722) | (621) | +16.26% |
| Net cash utilised in financing activities (C) | (1,279) | (649) | +97.07% |
| Net increase in cash and cash equivalents (A+B+C) | 83 | 93 | -10.75% |
| Cash and cash equivalents at the beginning of the year | 321 | 228 | +40.79% |
| Cash and cash equivalents at end of the year | 404 | 321 | +25.86% |
Funding the Future: CapEx, CWIP & R&D Spending
Marico invested ₹ 319 Crore towards property, plant and equipment, and intangible assets during FY26, alongside ongoing Capital Work-in-Progress (CWIP) amounting to ₹ 85 Crore. R&D expenditures aggregated to ₹ 50.15 Crore (representing 0.53% of revenues), supported by capital investments of ₹ 1.12 Crore in technological infrastructure and sustainability initiatives.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Marico’s consolidated financial statements encompass multiple domestic and international subsidiaries and operating entities, including Marico Bangladesh Limited, Marico Middle East FZE, Zed Lifestyle Private Limited (Beardo), Satiya Nutraceuticals Private Limited (Plix), HW Wellness Solutions Private Limited (True Elements), Cosmix Wellness Private Limited, Zea Maize Private Limited (4700BC), and Marico South Africa Consumer Care (Pty) Limited.
Strategic Investments & Treasury Holdings
The group maintains a well-balanced treasury and investment portfolio, holding ₹ 1,948 Crore in current investments and ₹ 135 Crore in non-current investments, ensuring high liquidity, strong balance sheet flexibility, and strategic readiness for value-accretive inorganic opportunities.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
| Name of Director / KMP | Designation | Category | DIN / Membership No. |
|---|---|---|---|
| Mr. Harsh Mariwala | Chairman | Non-Executive Promoter Director | DIN: 00210342 |
| Mr. Saugata Gupta | Managing Director & CEO | Executive Director | DIN: 05251806 |
| Mr. Milind Barve | Lead Independent Director | Independent Director | DIN: 00087839 |
| Mr. Rajendra Mariwala | Non-Executive Director | Non-Independent Promoter Group | DIN: 00007246 |
| Mr. Nikhil Khattau | Non-Executive Director | Non-Independent Director | DIN: 00017880 |
| Mr. Rishabh Mariwala | Non-Executive Director | Non-Independent Promoter Group | DIN: 03072284 |
| Mr. Ananth Sankaranarayanan | Independent Director | Independent Director | DIN: 07527676 |
| Mr. Rajeev Vasudeva | Independent Director | Independent Director | DIN: 02066480 |
| Ms. Apurva Purohit | Independent Director | Independent Director | DIN: 00190097 |
| Ms. Nayantara Bali | Independent Director | Independent Director | DIN: 03570657 |
| Mr. Rajan Bharti Mittal | Independent Director | Independent Director | DIN: 00028016 |
| Mr. Bhaskar Bhat | Independent Director | Independent Director | DIN: 00148778 |
| Mr. Girish Paranjpe | Independent Director (w.e.f. June 1, 2026) | Independent Director | DIN: 02172725 |
| Mr. Pawan Agrawal | Group CFO and CEO – International Business | Key Managerial Personnel | – |
| Mr. Vinay M A | Company Secretary & Compliance Officer | Key Managerial Personnel | FCS No. 11362 |
Who Owns the Stock? Shareholding Pattern
| Category of Shareholder | Number of Shares Held | % of Total Share Capital |
|---|---|---|
| Indian Promoters and Promoter Group | 76,49,40,740 | 58.93% |
| Foreign Promoters and Promoter Group | 2,000 | 0.00% |
| Foreign Portfolio Investors (FPIs) | 31,25,75,910 | 24.08% |
| Foreign Banks, Foreign Nationals & NRIs | 45,40,035 | 0.35% |
| Mutual Funds and NBFCs | 11,21,62,867 | 8.64% |
| Insurance Companies | 4,60,02,729 | 3.54% |
| Financial Institutions, Banks & AIFs | 14,13,151 | 0.11% |
| Central Government / IEPF Authority | 1,01,198 | 0.01% |
| Individuals and HUF (Retail) | 4,87,60,040 | 3.76% |
| Directors & KMPs | 11,50,679 | 0.09% |
| Bodies Corporate, Trusts, Clearing Members | 64,99,586 | 0.50% |
| Total | 1,29,81,48,935 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Marico’s economic moats are anchored in deep consumer trust, enduring brand equity across core franchises like Parachute and Saffola, robust distribution reach spanning general trade, modern trade, and digital-first channels, and institutionalized cost agility. The company’s strategic EDGE framework—Expanding TAM & Portfolio, enhancing Distribution & Digitization, Growing Profitably, and creating an Empowered Organisation—positions it to compound earnings at scale.
What Could Go Wrong? Key Challenges & Business Risks
Key business risks include input cost volatility (particularly copra, crude oil derivatives, and edible oil commodities), foreign currency fluctuations across international operating geographies, geopolitical disruptions in the Middle East and Africa, increasing competitive intensity in both offline and online channels, and evolving regulatory mandates concerning plastic packaging and Extended Producer Responsibility (EPR).
The Next Chapter: Growth & CapEx Initiatives
Marico is aggressively pursuing its Vision 2030 aspiration of crossing ₹ 20,000 Crore in revenue, targeting double-digit revenue CAGR and mid-teen EBITDA CAGR. Strategic growth drivers include scaling up the Foods and Premium Personal Care portfolios (including digital-first brands like Beardo, Plix, Cosmix, 4700BC, and True Elements), expanding direct general trade reach through Project SETU, driving premiumisation in international markets, and deepening technological and AI capabilities across supply chains.
The Verdict: Strategic Outlook & Conclusion
Marico’s robust financial performance in FY26—marked by a 26% growth in consolidated revenue to ₹ 13,611 Crore, a healthy return on capital employed (ROCE) of 49.1%, and a strong net surplus of ₹ 2,071 Crore—reaffirms the resilience and agility of its business model. With a well-diversified portfolio, disciplined capital allocation, and a clear strategic roadmap, Marico is exceptionally well-positioned to deliver sustainable, profitable growth and enduring value for all stakeholders.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.marico.com