Marico Ltd. is trying to broaden its business beyond coconut oil and edible oils as it pushes into foods, nutrition, beauty and digital-first brands.
The maker of Parachute, Saffola, Beardo, Plix, True Elements, 4700BC, Cosmix, Kaya and Just Herbs ended FY26 with consolidated revenue of ₹13,611 crore, up 26% from ₹10,831 crore a year earlier.
EBITDA rose 9% to ₹2,328 crore, while recurring profit increased 11% to ₹1,762 crore.
Margins, however, came under pressure. EBITDA margin slipped to 17.1% in FY26 from 19.7% in FY25 as raw material costs climbed.
The company wants to take revenue beyond ₹20,000 crore by FY30.
Old Brands Still Drive Growth
Marico’s traditional portfolio continues to generate most of the cash.
During Q4FY26:
- Parachute Coconut Oil contributed 36% of India revenue.
- Saffola Edible Oils accounted for 17%.
- Value Added Hair Oils made up 18%.
These brands remain the foundation of the India business.
India volumes grew 8% in FY26, the fastest pace in seven years. Revenue from the domestic business increased 28%.
In the March quarter, volumes rose 9%, while revenue grew 21%.
Parachute posted low single-digit volume growth after adjusting for pack-size reductions. Copra prices corrected by around 35% from their peak, giving Marico room to pass some benefits to consumers.
Value Added Hair Oils delivered one of the stronger performances in the portfolio.
The segment recorded low-20s volume growth in Q4FY26 and gained market share. For the full year, it expanded 20%, helped by mid and premium products outside Shanti Amla.
Saffola Edible Oils remained stable. Marico continued to focus on profitability rather than chasing volumes.
Why Marico Wants a Different Mix
Coconut oil and edible oils are profitable businesses. But they are tied closely to commodity prices.
That pressure showed up in FY26.
Material cost rose to 55.5% of revenue from 49.7% a year earlier. Revenue grew sharply, but margins weakened.
Marico wants to reduce the share of commodity-linked businesses from more than 70% to around 50% over the next decade.
The aim is to increase exposure to categories where branding and innovation matter more than raw material cycles.
That shift has already started.
Foods and premium personal care, including digital-first brands, now contribute 23% of the India business.
Marico expects the share to rise:
- To around 27% in FY27.
- To nearly one-third of India revenue by FY30.
Foods Portfolio Tops ₹1,000 Crore
Foods has become one of the company’s key growth areas.
The business crossed ₹1,000 crore in revenue during FY26 and posted 16% value growth in Q4FY26.
The portfolio now stretches well beyond Saffola Oats.
It includes:
- Saffola for mainstream health and wellness products.
- True Elements for clean-label breakfast and healthy snacks.
- 4700BC for premium snacking.
- Cosmix and Plix for functional nutrition.
4700BC
The premium snack brand is known for popcorn.
Its range also includes:
- Popped chips.
- Makhana.
- Crunchy corn.
- Nachos made with avocado oil.
Management had earlier said the brand was generating about ₹140 crore in annual recurring revenue (ARR).
It sees scope to triple that figure over the next three years.
Retail distribution remains limited, leaving room for expansion through modern trade and e-commerce.
Cosmix
Cosmix gives Marico exposure to plant protein, supplements and gut-health products.
Management had earlier pegged the brand’s ARR at around ₹100 crore and said it was delivering high-teen EBITDA margins.
True Elements
True Elements forms another pillar of Marico’s food strategy.
The brand focuses on:
- Muesli.
- Granola.
- Oats.
- Nuts and seeds.
- Healthier snacks.
It targets urban consumers seeking cleaner labels and healthier diets.
Beauty and Grooming Become a Bigger Bet
Premium personal care is the second growth engine.
Marico is building this business through:
- Beardo in men’s grooming.
- Plix in plant-based personal care.
- Kaya in dermatologist-backed products.
- Just Herbs in ayurveda-inspired beauty.
The serums, men’s grooming and skincare portfolio exited FY26 with annual recurring revenue of more than ₹350 crore.
The broader digital-first premium personal care portfolio crossed ₹1,100 crore ARR.
Advertising patterns are changing too.
About 55% of Marico’s advertising spending now goes to digital media. Digital brands spend entirely on online platforms.
Management said it looks for:
- Product-market fit.
- Attractive categories.
- Healthy unit economics.
- Founder mentality.
- Scalability.
The company is focusing on brands with annual sales potential of ₹100 crore to ₹150 crore and a clear path to profitability.
Beardo has expanded fivefold since coming fully under Marico in 2020.
Plix has grown six times in the past two years.
Marico expects the digital-first portfolio to exit FY27 with double-digit EBITDA margins and reach teen margins by FY30.
Overseas Business Maintains Momentum
International operations delivered 20% constant currency growth in FY26, the highest in 14 years.
Growth stood at 19% in Q4FY26.
Bangladesh remained a strong market.
Vietnam, South Africa and exports are emerging as additional growth drivers.
In Vietnam, Marico is building a digital beauty platform through Candid, Astroman and Lashe.
Management said Candid, which accounts for about two-thirds of the Skinetiq business, is scaling in the science-based skincare segment and delivers mid-20s EBITDA margins.
The company is also extending its digital-first model to the Middle East.
Markets such as the UAE and Saudi Arabia are part of that strategy.
FY27 Guidance and FY30 Target
For FY27, Marico expects:
- High single-digit volume growth in India.
- Mid-teen constant currency growth in international business.
- Double-digit consolidated revenue growth.
- Revenue above ₹15,000 crore.
- High-teen EBITDA growth, subject to stable macro conditions.
By FY30, the company aims to comfortably cross ₹20,000 crore in revenue and targets mid-teen EBITDA growth.
Margin Pressure Remains a Key Watchpoint
FY26 also highlighted the challenges facing the business.
Material costs jumped 40%, outpacing revenue growth.
EBITDA margin contracted by 265 basis points during the year and by 114 basis points in Q4FY26.
Commodity swings, pricing in Saffola and the integration of acquisitions remain areas to watch.
Marico is not moving away from its legacy brands. Instead, it is using them to support newer businesses.
If the strategy works, the company could look very different by the end of the decade than the oil-led FMCG business investors have known for years.
TL;DR
Marico plans to cross ₹20,000 crore in revenue by FY30. While Parachute and Saffola remain its core businesses, the company is expanding into foods, nutrition, beauty and digital-first brands. Margin pressure from higher raw material costs remains a key challenge.
AI Summary
- Marico reported FY26 revenue of ₹13,611 crore, up 26%.
- The company aims to cross ₹20,000 crore revenue by FY30.
- Foods and premium personal care now contribute 23% of India business.
- Digital brands such as Beardo, Plix, True Elements and 4700BC are gaining scale.
- Margin pressure from commodity costs remains a key monitorable.
