{"id":182367,"date":"2026-05-05T09:23:38","date_gmt":"2026-05-05T13:23:38","guid":{"rendered":"https:\/\/alphastreet.com\/india\/marico-ltd-marico-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-05T10:37:17","modified_gmt":"2026-05-05T14:37:17","slug":"marico-ltd-marico-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/marico-ltd-marico-q4-2026-earnings-call-transcript\/","title":{"rendered":"Marico Ltd (MARICO) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Marico Ltd (NSE: MARICO) Q4 2026 Earnings Call dated May. 05, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Saugata Gupta<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Pawan Agrawal<\/strong> \u2014 Group Chief Financial Officer<\/em><\/p>\n

Analysts:<\/h2>\n

Abneesh Roy<\/strong> \u2014 Analyst<\/em><\/p>\n

Mihir Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Avi Mehta<\/strong> \u2014 Analyst<\/em><\/p>\n

Harit Kapoor<\/strong> \u2014 Analyst<\/em><\/p>\n

Tejash Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Arnab Mitra<\/strong> \u2014 Analyst<\/em><\/p>\n

Vivek Maheshwari<\/strong> \u2014 Analyst<\/em><\/p>\n

Nihal Jham<\/strong> \u2014 Analyst<\/em><\/p>\n

Percy Panthaki<\/strong> \u2014 Analyst<\/em><\/p>\n

Aditya Soman<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and gentlemen, good day and welcome to the Marico Limited Q4FY26 earnings conference call.<\/p>\n

We have with us today the senior management team of Merico Limited, Mrs. Augatha Gupta, MT and CEO and Mr. Pawan Agarwal Group, CFO and CEO, International Business. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touchstone phone.<\/p>\n

Before we get started, I would like to remind you that the Q and A session is only for the institutional investors and analysts. And therefore, if there is anybody else who is not an institutional investor or analyst but would like to ask questions, please directly reach out to the MERICO Investors relation team. I now hand the conference over to Mr. Sagata Gupta. Thank you. And over to you, sir.<\/p>\n

Saugata Gupta<\/strong> \u2014 Managing Director & Chief Executive Officer<\/em><\/p>\n

Yeah. Hi everyone. And good evening to all those who have joined the call. With FY26 having concluded, I will begin with a brief overview of the operating environment after which I will take you through our performance and strategic priorities going forward. During the quarter, demand sentiment remained broadly stable supported by benign inflation, improving rural sentiment and favorable policy stimulus. These are further aided by the enhanced affordability following the GST rate rationalization implemented during the financial year.<\/p>\n

We are optimistic of a gradual improvement in consumption trends in the quarters ahead supported by these factors. However, the onset and progression of monsoon as well as the inflationary impact of the West Asian crisis will remain a key monitorable. I will now move to our performance. FY26 marked a year of strong execution in a tough and operating environment. Volume growth in India business, international business, constant currency growth and consolidated revenue of Marico reached multi year highs.<\/p>\n

The India business continued its improving volume growth trajectory during the quarter. Offtakes remained robust with more than 95% of the portfolio gaining or sustaining market share and over 90% maintaining or improving penetration on a mad basis. Investments under Project SETU are yielding visible results particularly in rural reach and execution quality, supporting the revival and sustained growth of general trade this year in parallel, alternate channels including organized retail, E commerce and big commerce continue to scale strongly driving differential growth in urban and premium portfolios delving deep into our key categories, Parachute continued to demonstrate strong resilience during the quarter and delivered low single digit volume growth after adjusting for MLH adjustments.<\/p>\n

With copra prices having corrected to about 35% from peak levels and expected to remain range bound from here on, we have passed on the benefits to consumers to some selective pricing actions. As pricing stabilizes, we expect a recovery in consumption with a pickup in volume growth which will be evidently visible from Q1 FY27 itself. Our strengthened distribution and robust backend and supply chain capabilities position us well as compared to the smallest players in current situation. While the brand has continued to strengthen its leadership position during the year.<\/p>\n

Value Added Hair oils delivered robust growth in this quarter led by volume growth in the low 20s and meaningful market share gains. The portfolio grew 20% this year backed by strong momentum in the mid and premium segments with which is a non Shanti AMLA portfolio. These high margin segments have delivered close to double digit volume growth on a two year CAGR basis. We’ve also entered the almond oil category under the hair and care franchise and we have made considerable inroads in modern trade already.<\/p>\n

We expect Waho to sustain its double digit volume led growth trajectory supported by a focused innovation pipeline, improved availability following GST rationalization and distribution expansion under Project Citi. Sofola Edible oils delivered steady performance in an elevated pricing environment. As we enter FY27 we expect stable growth while maintaining our focus on the threshold levels of profitability. We remain disciplined in passing on necessary input cost movements through calibrated pricing actions while continuing to drive premiumization and pushing for higher growth in cold press oils, Safola Gold and Total Variance food transitioned to a mid teen growth on the back of double digit growth in core for Fola Foods in Q4 the foods portfolio exited the year at 1000 plus crore in revenue.<\/p>\n

We now have a wholesome play in foods with our portfolio spanning from mainstream health and wellness with Sephola Clean level and modern breakfast and snacking with two elements, premium gourmet snacking with 4700 BC and functional nutrition with Cosmics and Plix. You must note that this growth is being delivered alongside a significant improvement in profitability. Our focus remains on building fewer, bigger and more profitable plays while driving category development through innovation and strong execution.<\/p>\n

In premium personal care we continue to scale with a clear focus on profitable growth. The portfolio comprising serums, male grooming and skin care exited the year at an ARR of INR350 plus crores. The digital first portfolio premium personal care exited FY26 at 1100 crores plus ARR. The scale up of this portfolio is being accompanied by a structural improvement in profitability and we aim to exit FY27 at a double digit EBITDA margins and eventually teens Bitda margins in FY30. Bido and Clicks remain on an accelerated growth trajectory at improving profitability.<\/p>\n

Our digital transformation continues to accelerate with 55% of Maricor core spends advertising spends now directed towards digital media. Of course 100% of the digital I mean it’s 100% spends in the digital brands. Consequently, the combined revenue share of foods and premium personal care including digital first brands in the India business moved up to 23% this year despite the sharp pricing led growth in the core portfolio. We expect the share of these new businesses to expand to about 27% which is which was earlier targeted to reach 25% in FY27 and aspire to move about one third of our business by FY30.<\/p>\n

Moving to the international business, we delivered robust growth this year supported by broad based performance across markets and portfolio diversification. Bangladesh maintained its strong momentum while Vietnam, South Africa and the export markets continued scaling up as CRE growth engines strengthened. Resilience of the portfolio in mena Performance in the Gulf region during the quarter was impacted by near term supply side constraints in March while Egypt continued to deliver strong growth.<\/p>\n

We continue to monitor the impact on sales in some markets of the Middle east which contributes as in the Middle east region to only 4% of our total turnover, but we see no immediate major concern. We are also making steady progress in premiumizing our portfolio across markets driven by expansion into beauty and personal care categories and supported by innovation. This is expected to drive both differential growth and margin expansion over the medium term. Our ongoing diversification and premiumization effort across India and international business markets are already reshaping our growth construct in a meaningful way.<\/p>\n

By FY30 we expect to have substantially transformed the portfolio resulting in lowering the share of commodity linked businesses from more than 70% to 50% over a decade. To sum up, we have delivered on our aspirations across key performance parameters while navigating a highly volatile input cost environment and strengthen the underlying growth drivers of the business. More notably, we have delivered double digit profit growth despite facing unprecedented inflation and key inputs. This performance reflects the resilience and pricing power of our core categories, profitable scale up of our new businesses and the strength of our operating model anchored in supply chain agility, cost discipline and the results of ramping up of investments in future ready capabilities.<\/p>\n

Despite ongoing geopolitical tensions. We have maintained strong supply chain assurance through strategic positioning across raw materials, packaging materials and finished goods and do not foresee any material disruption in the near term. Further, we believe that our supply chain and back end advantages will act as a competitive advantage over smaller players and drive superior volume growth and market share gains from these players during the next few quarters. We remain focused on consistently driving competitive top quartile outcomes.<\/p>\n

In the near term we expect to sustain high single digit volume growth in the India business in FY27. The international businesses expect to maintain strong momentum and mid teen constant currency growth driven by broad based performance across markets. At a consolidated level, we aim to deliver double digit revenue growth across 15,000 crores in revenues in high teen and high teen EBITDA growth subject to stable macros. On the cost front, we are witnessing divergence in input trends while copra prices have corrected meaningfully, declining by approximately 35% from peak levels.<\/p>\n

Vegetable oils and other crude linked inputs continue to exhibit an upward bias driven by ongoing geopolitical tensions in the Middle East. While we benefit from tailwinds in copra, we will mitigate cost pressures through calibrated pricing actions and cost management initiatives. So far the weighted average input cost increased next year, therefore extremely marginally. We have already implemented price hikes will neutralize the impact over the medium term. Our strategy remains anchored in driving profitable growth through expansion of the total addressable market, sharper portfolio choices, accelerated premiumization and continued investments in digital media, analytics, automation and AI capabilities.<\/p>\n

This calibrated yet ambitious approach to growth underpinned by strong execution capabilities and disciplined capital allocation gives us the confidence in our ability to deliver consistent, sustainable and profitable growth over the medium term, we will aim to maintain our current track record of top quartile volume growth in India and teens, constant currency growth in international business. At a consolidated level, we will aim to sustain double digit revenue growth to comfortably cross 20,000 crores in revenues and aspire for mid teen ebitda growth by FY30.<\/p>\n

Our growth trajectory reflects both ambition and execution, scaling from 10,000 crores to 15,000 crores in just two years and adding another 5,000 crore plus by FY30 with a transformed portfolio. As we continue to build fewer, bigger, bolder and faster plays, a resilient operating model and a disciplined capital allocation, we believe we are well positioned to deliver this sustained profitable growth at scale as we path across our journey into 2030. With that, I conclude my remarks. Thank you and we can now take some questions.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now Begin the question and answer session. Anyone who wishes to ask a question may press star and then one on the Touchstone telephone. If you wish to remove yourself from the question queue, you may press star and then two participants. You are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. A reminder to all the participants. You may press star and then one to ask a question. We have the first question from the line of Avnish Roy from Nuama Wealth. Please go ahead.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Yeah, congrats. I have three questions. First is on international business. Two subparts to it. One is Bangladesh. There is a sharp acceleration of sales growth to 35% versus full year growth of 25%. So any one off here. Was there some delayed pricing which is benefiting now or was it a soft base? And given now in FY27 entire year a democratically elected government is there versus very fragile government in most part of FY26 in Bangladesh. What will be the outlook? Second subpart to the international piece is MENA.<\/p>\n

Obviously in March month was challenging for all FMCG companies which were having business there in April month. Are there alternate channels from which maybe the business has seen some improvements? So if you could update on April. I understand March there was a sharp decline or maybe no business for most company. How has April been?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

So I think coming to Bangladesh we have been extremely steady. Now sometimes you know there are quarterly this one and obviously there are some pricing which has been taken into account. But I think overall as I said, I think as long as we continue to deliver, obviously Bangladesh has been a critical component and has continued to remain resilient and therefore annualized double digit growth. We are happy. We believe that we have been resilient in Bangladesh and continue to diversify and deliver consistent growth in Bangladesh.<\/p>\n

And we are actually we will continue to invest behind brands diversify and we are pretty confident about delivering this number coming to Meena March. Obviously there were issues on shipment. There was some visibility. See there’s a difference between impact on offtake and impact on the primary sale. Because primary sale is a function of some of the shipment. There are alternative routes. We just don’t feed Mina from India. Some of the stuff goes to Egypt. There are alternative routes there. So therefore I think what I alluded to in the call is that broadly the impact is less and we will wait and see how the situation unfolds. But I think in terms of offtake we have no reason to have significant concern.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Understood. My second question is on Some of the recent acquisitions. So if you could give us some update on 4700 BC and some of the other ones in India and say Vietnam etc. What is the initial scale up in distribution? Any initial shocks? Because in M and A generally we see in India especially everything looks quite positive initially. But when the actual business comes up in the first year there are few challenges either inventory buildup or any other challenge. So any, any learnings you can share in on any of the recent acquisitions.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

So I think firstly those challenges happen when there is a hundred percent sale happens. You know, we now have a playbook of ensuring how the integration happen, how we do the valuation, what are the things we look into. I think it has been a positive start. We are I think extremely privileged to have most and one of the things we do is we ensure that we partner with fantastic set of founders in all the cases a unique set of brands.<\/p>\n

And therefore we have had positive starts, no hiccups. And I think the one big change that has happened now that we have a house of brands, we are seeing the impact of synergy, at least in the back end which benefits long term profitability, long term traction or even for example, if you know that in a brand like popcorn in 4700 we see a price point that can be taken over by gt we have actually started immediate synergies on modern trade.<\/p>\n

So it started off very, very, very well. And as I said that we don’t acquire or buy stake in places where there is we believe that the business is fundamentally weak or unit economics is not there. And I think so far our success rate on that front has been fairly okay.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

Understood. The last quick question, so I think you are one of the unique companies from FY27 perspective where key raw material is deflationary. I think for most other companies clearly there is a sharp inflation. But if I see your raw material construct out of four, three are quite inflationary. The big one is deflationary. So if you could tell us as a basket how things stand. I do understand things are volatile on daily basis but some sense if you can give as a basket, how much is it up now? Second is you did say some corrective action.<\/p>\n

So is there a MRP cut also or is it just select drama, intervention, select promotions being changed, etc in parachute. And one final question here. So can you cross subsidize your inflationary part of the portfolio because the bulk of the portfolio copra is deflationary. Can you cross subsidize your foods and personal care by this which can give you market share gains also.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

So I think from a pricing perspective what we’ve done is since we have seen that copra prices have come down by approximately 35% from the peak, we have taken price cuts in non price point in small packs to the extent of about 10% or so. We haven’t really taken any call in terms of increasing the mlh. But as of now that’s the call that we have taken. Now on your question of cross subsidizing we always take a portfolio approach of course we have to keep in mind in terms of what are the expectations from a profit delivery standpoint and of course we’ll keep calibrating those calls and take a portfolio approach in terms of when we take the calls on pricing etc.<\/p>\n

Now coming to a margin so next year of course there are a lot of moving parts as you rightly said. Yes, we have a tailwind in terms of copra prices where we have some gains coming in as compared to from the high base of last year. But because the crude where it is at this point in time and where it will move we don’t know. But still if you look at our guidance what we’ve given is that if situations were normalized we would target to deliver about it’s in fact slightly higher than what we had guided in the previous call. But this definitely assumes that situation should normalize soon. But if it doesn’t really sort of then it’s difficult to sort of tell where exactly we will be.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

And just to add I think to what Pawan said that see normally whenever there is parachute deflation I think we now in terms of our overall proactiveness in managing deflation is much better. But having said that this is a unique year where we believe that given the supply chain constraints and other challenges the smaller players will face, I think this is advantageous for us. So therefore instead of cost subsidizing there is itself we have a kind of a competitive advantage this year if this supply situation and all these constraints continue.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

And on the RM basket any sense some of the companies have said in…<\/p>\n

Operator<\/strong><\/p>\n

Between Avnish, I would request you to kindly rejoin the queue again.<\/p>\n

Abneesh Roy<\/strong><\/p>\n

No problem. Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Mihirsha from Nomura. Please go ahead.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Hi sir, thank you for taking my question and congrats on a very good performance. Thank you. Wanted to just understand on your rationale behind the upward revision on the EBITDA guidance as this is despite the new acquisitions which could have some drag on the Margins plus the inflation in crude derivatives that we are seeing currently is very sharp. Believe in 3Q as Pawan highlighted, you know you had highlighted about mid teens, EBITDA groups and now it’s been high teens. So what is driving the change in assumptions? Would appreciate, you know, some thoughts on those.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

I think two things. I think firstly just to just to give a perspective, two of the three acquisitions, for example Cosmics and Skinny Tech are profitable as you know, Skinny Tech is in the mid-20s, Cosmics is in the high teens. So therefore actually these acquisitions and number two, of course there’s a significant as we talked about in clicks which is a large part of the digital business which is also experiencing an upward trajectory in operating margins. Okay, so now coming to I think this is now we have a firmer view of copra which is now going to be range bound for the rest of the year and we have a stress test version of what crude we of course it is very difficult to predict but our current estimates suggest and obviously we have taken some pricing action in that part of the portfolio where there is an impact in input cost which we have taken immediately when this issue happened during March.<\/p>\n

So therefore, and therefore we have a firmer view of and therefore this is the best case view given the current situation that this should be around mid teens. And obviously as I said that there has been far better also visibility of what the digital business profitability improvement agenda is and what we can achieve. And as I said the one more thing which we have done is as now that we have what I call a basket of brands, a portfolio brands and digital and with all synergies coming in, I think we have been able to realize better gains in terms of input costs and procurement and other cost drivers.<\/p>\n

Secondly, I believe that one of the significant competitive advantage or a capability which we have owned over the last four years is ability to handle adversity. And this started during COVID we faced Ukraine where there was input cost. We had our own unique adversity in terms of 100% increase in copra prices. So we managed these situations far more proactively in terms of supply chain assurance and other things. So I think a combination of all that where given the current situation is the best case visibility which suggests that we should be able to deliver a high teen. When I talked about in Jan, obviously those we now have much more firmer data and visibility of that.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Got it. So thank you. That’s very clear. Secondly, on Sapola both the volumes and pricing has seen some improvement improvement on a sequential basis and actually in the press not highlighted that there was some pantry stocking up in the early part of March due to the West Asia crisis. So wanted to check just one, the level of pricing that would be required on Safola to maintain margins to any pantry stocking up. And, and what can be the sustainable volume levels for Sapphila for FY27?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

See, I think as I said, we have made it clear in Sofola we are okay to have a low to mid single digit volume growth subject to a threshold level of margin. So whenever there has been input cost increase, we’ll pass it on and we have done already. Now coming to the other important thing we are doing is we are focusing on Sapphola Gold Total and Cold Press Oil which is the higher margin portfolio and higher realization portfolio. So there is no change. And obviously given the volatility they could volume and value growth could fluctuate, you know, in quarter to quarter as long as annualized. That is the, you know, kind of an aspiration.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Understood. And just one last clarification on Wahoo. Did I hear you correctly when you said there was 20 plus percent volume growth in Wahoo and wanted to understand is there any answerizing or pricing should one expect during the, you know, first half of FY27 in Wahoo? Which could…<\/p>\n

Saugata Gupta<\/strong><\/p>\n

There Would be some pricing? Yes, there would be some pricing.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

So we already have taken about 6 to 7% price increase in response to whatever increase we have seen in crude debt derivatives. So yeah, so that’s the price increase that we’ve taken.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Okay, thank you Sagatha.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

And with respect to volume growth, what you asked for. Yes, in quarter four it was 20% plus volume growth in the BAO portfolio.<\/p>\n

Mihir Shah<\/strong><\/p>\n

Got it? Clear. Thanks. Thanks so much Jens. Wishing you all the very best.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of ABHI Mehta from Macquarie. Please go ahead.<\/p>\n

Avi Mehta<\/strong><\/p>\n

Yeah, hi, just wanted to kind of understand, you know, you pointed about supply chain constraints that are present by the smaller players and especially in, you know, parachute. Could you give us a sense on how is it, where are we, what are the kind of constraints you’re facing to better appreciate the competitive advantage that you are kind of alluding to.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

See, I think it could be as you know, all polymers, packaging material, it could be fuel in the factory. Now we don’t have such constraints. We have ensured to the best of our ability these things are managed and also obviously ability to foresee that, for example, any smart player would have bought in advance in March, early March, because this issue started off in February 27th. Obviously some people had a window of ensuring that you have that supply chain assurance which gives you both the cost advantage and as well as supply chain advantage.<\/p>\n

So a smaller player’s response times ability to foresee these would be, you know, lower and therefore. And also what happens when is high inflation. They are working capital constraints. They are not able to stock and have, you know, kind of a position build up in these. So that’s the advantage. And we have seen this during COVID We have seen this highly inflationary times that always that we. So this is a good thing for us because normally in a deflationary environment they become active. We believe we have reasons to believe they’re no longer active that much. Even if there is a deflationary inferno in copra because all the other things have neutralized that copra impact for them.<\/p>\n

Avi Mehta<\/strong><\/p>\n

The advantages that we saw, which started probably towards the start of the conflict. Would it be fair that competitive landscape is broadly the same. It’s not kind of changed materially from there on despite you know, government trying to reduce cooking price, availability, etc. So it’s more. It’s something that, you know, should sustain or could sustain for some time. Is a. Is a right read through. Is that how I feel?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

It depends obviously as I said that overall. See the issue is as I said that today packaging material, there’s inflation and there is some kind of a, you know, I won’t call it lack of availability, but there is constraint availability. Now obviously a small player’s ability to cope with that is lower and this is going to continue for some time.<\/p>\n

Avi Mehta<\/strong><\/p>\n

Got it. So it’s a mix of inflation plus availability, which is why this time it’s going to be. Which is what kind of gives us more confidence from. And hence the upgrade is what you’re essentially kind of setting.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

That’s right.<\/p>\n

Avi Mehta<\/strong><\/p>\n

Got it. The last bit, I just wanted to kind of get a sense see on the foods portfolio we have now kind of broadly come out of any. When we kind of look at the growth momentum kind of going forward, we are now it’s fair to expect profitability plus a 25% kind of plus growth momentum. Now is something that we can kind of achieve here or is inflation a concern and hence their growth could take a hit in color over there or income in common.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

I think let’s take it as a 20% as a base case and then we will see.<\/p>\n

Avi Mehta<\/strong><\/p>\n

Okay, perfect. Perfect. That’s also my favorite. Thank you very much.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Hareet Kapoor from investech. Please go ahead.<\/p>\n

Harit Kapoor<\/strong><\/p>\n

Hi, good evening. Just two or three for me, you know, one was in the gross margin side on the standalone entity. Given that sequentially, I know you normally see some sequential drops, but given that there hasn’t been a sharp improvement sequentially, is it fair to assume that the low cost base completely starts playing out in quarter one? Only for copra? Is that the right way to think about it?<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

That will start playing out from quarter one. But let me not get into quarter wise as to what could be the gross margin expansion and rather I would want to paint a picture for the full year and I believe for full year about 300 to 400 basis points improvement over the exit of FY27. FY26 is fairly possible.<\/p>\n

Harit Kapoor<\/strong><\/p>\n

Got it. And just one thing on you know, your sense on this consumption uptick which it looks like in quarter four. Right. You know, you’ve seen a lot of the companies actually deliver numbers which are ahead of third quarter, you know, trajectory. I mean what would be your kind of prognosis thought process at least on a top down basis on what’s kind of driving this at a sector level? Would be great to hear your comments.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

If you look at the second half of the year, I think two things would have happened. I would say that one, of course some of the parts of the sector were lapping a slightly softer base. But more than that rural had earlier recovered. We are, we started seeing a recovery in urban. It’s a combination of obviously the GST rate rationalization and the affordability factor led to I think price increases. I mean the price drops which we had taken. See also what has happened is that if most of the especially in food now that everything is 5% that unbranded to branded or unpackaged to packaged conversion is going to likely to get accelerated with that.<\/p>\n

And we also see in value added heralds for example in a large category where there is some unbranded small players. So the gap is actually pretty small. Secondly, I think we continue to enjoy a period of very low inflation. Low inflation helps in FMCG consumption. Ultimately people are aspirational. They want to get into aspirational brands there as disparities, income increases. And even now as we speak, I think the government has done a fantastic job of containing the kind of shock which other countries, a lot of emerging markets have faced because of the current crisis.<\/p>\n

I think we have been insulated and therefore we believe that the sector and especially the organized part of the sector because as I said that they are in a. They have a better coping ability in terms of handling these kind of adversity. So it looks okay for the sector and definitely looks okay for us because as far as we are concerned we are inflation neutralized to a large extent.<\/p>\n

Harit Kapoor<\/strong><\/p>\n

Great. Just one last bookkeeping was on the tax rate. Just any sense on FY27 at a consolidated level would be active.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

Yeah, you could consider around 20% or so.<\/p>\n

Harit Kapoor<\/strong><\/p>\n

Got it. That’s it for me. Thank you. Wish you all the best.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

We will take the next question from the line of Tejas Shah from Evander Spark Institutional Equities. Please go ahead.<\/p>\n

Tejash Shah<\/strong><\/p>\n

Hi, thanks for the opportunity and congrats on good set of numbers swab with this one question. See we have been navigating macro headwinds well over the past few quarters in fact past few years and while the government has kind of parallelly for last one year or one and a half year is trying to revive consumption by making a lot of interventions. So as we look ahead next year our growth confidence is primarily driven by internal execution. Or are you beginning to see signs of sustainable consumption recovery at ground level as well?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

I think as I said in the second half of the year the sector has started accelerating. Having said that, at the end of the day we have to ensure that we continue to deliver top quartile performance. We believe that we have multiple vectors of growth whether the recovery of the core SETU has significantly given us a distribution reach advantage, the waho turnaround, the diversification strategy, the stable businesses international and the significant profitable growth trajectory of digital. So I think multiple vectors are playing out and sometimes one or two are not playing, might not play for example, I mean we had a short term issue in Middle east, but I believe if I have eight or nine, ten, eight to ten vectors of growth and they are in a symphony, one or two strings not working even then we are pretty confident of delivering what we are seeking to achieve.<\/p>\n

Tejash Shah<\/strong><\/p>\n

Lastly, the government’s effort, fiscal effort also has been led by state governments also in some cases. So are you seeing any divergent growth trend in some of those states where let’s say there is a lot of push to put more money in hands of bottom end of the consumer or is it very secular as of now?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

I think it’s pretty secular. Obviously it’s also for us it has been a function of where we have got deeper gains because of setu. Because as you know in some of the states our distribution, especially the direct distribution was not indexed, you know, under indexed and therefore we are seeing that obviously because of our portfolio, especially in food and premium personal care, you know, the metros. But to us, I think one of the things which is unique to us, we called it out first before others, is that we need to get GT back on drive back on track.<\/p>\n

We started investing behind setu, invested to say that the general trade contributes so much to the country, creates so much employment and which is a source of competitive advantage for us because the entry barriers have decreased in ot, but it continues to be in GT I think our systematic investment and we believe that we owe it into the entire general trade, our distribution partners and everything to increase in viability. So to us that is a big thing and therefore we believe independent of what happens in a state consumption or anything, this will help us to grow and consistently grow.<\/p>\n

Tejash Shah<\/strong><\/p>\n

Very clear. Thanks and all the best for coming for us.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Arnav Mitra from Goldman Sachs. Please go ahead.<\/p>\n

Arnab Mitra<\/strong><\/p>\n

Sorry my line was muted. So congratulations on a great year. And Pawan, my first question was on foods. So if I look at the 16% growth, I assume this includes the turnover part quarter turnover from the new acquisitions. So if you could just help me understand how the organic business has done relative to the last couple of quarters and are you seeing an improvement there and what are the building blocks there for FY27 as you go ahead in the organic part of the food process?<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

I think the first good news is that in the quarter the core foods has grown in double digits. Now why overall food growth is still not looking all that good in this quarter is because TE’s two elements is lapping up the base quarter which was a high base. And secondly, we’ve also taken some ascalation call over there for some of the low GC products to accelerate the path of profitability in two elements. However, we definitely expect team growth in two elements in FY27 also and thirdly also for Plix over the last 3, 4 quarters, Plix is now more pivoting more to personal care and therefore the contribution of Plix in the foods growth is progressively coming down.<\/p>\n

So these are the reasons as to why foods growth, despite inclusion of 4700 and cost prospects is at about 1617%. But as Shabbat alluded earlier in the call that we definitely believe going ahead it will be in the range of at least 20, 25% if not more.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

And it’s not the entire quarter of cosmics. And yeah, just it’s a few days, you know, it’s not entire, this one, it’s a, it’s around, you know, it. We started doing it in I think maybe 50 days or something. Year.<\/p>\n

Arnab Mitra<\/strong><\/p>\n

Got it, got it. So in that sense like for next year and I think you spoke about 20% plus growth in food. You should potentially be able to do a lot more because the organic business also is recovering and you will get a full year plus. I assume there will be a ramp up in that business. So just wanted to check whether you think the food growth can be higher because of the M and A adding to that 20%.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

I think we took as a base case, let’s take it as 20 to 25 I think but we’ll see. I think but as I said that I don’t think we have any concern as far as food is concerned at least immediately and we will see the results coming from quarter one. That’s all I can say.<\/p>\n

Arnab Mitra<\/strong><\/p>\n

Got it. My second question actually was I just wanted to go back to the Bangladesh performance because last two quarters there has been a very strong acceleration from 22, 29 and 35. So just wanted to understand is the pricing cycle on coconut oil there going different from India in the sense that is Bangladesh also likely to see a deflation now in pricing or the price trends there are different and therefore the inflation net growth could continue in the coconut oil business. If you could just help understand a little bit on how this last two quarters have accelerated and if we should think this will decelerate immediately or it’s a gradual go back to that mid teens kind of a growth that we historically had.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

I think we shouldn’t read too much into this quarterly swings on a steady state basis. We expect definitely to deliver double digit growth in Bangladesh. Specifically talking about the last couple of quarters, I believe it’s a combination of good performance of both core and the newer portfolio comprising shampoo, baby, etc. And I think it’s also driven by decent volume growth. So therefore going ahead, I think from a guidance standpoint we would say that at least double digit growth is for sure is going to be delivered.<\/p>\n

And I think one other thing which we are being watchful is about as to what happens on the consumption side depending on the inflation, etc. But over there also I believe that the robust business foundation and strong more that we’ve built over the years and the favorable cost structure, we believe that we are in a unique position to sort of whether any of these kind of things play out, we would be in a position to sort of deliver healthy growth in this market.<\/p>\n

Arnab Mitra<\/strong><\/p>\n

Got it got it. Thanks so much. That’s it from my side.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Vivek Maheshwari from Jeopardy. Please go ahead.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Hi Savita and Pawan. Great results. Two questions. The first question is you know and I understand the you know there is fair amount of volatility because of whatever is happening around us. But when I just look at you know your guidance of 15,000 crores F27 revenues and high teen EBITDA growth. If I just you know calculate the margins, the margins are actually lower than what you know what you would have done in like four out of five years in the past whether FY 25, 24. And this is despite the fact that copra is correcting.<\/p>\n

Your mix is getting better. Some of the new initiatives have started to contribute. The portfolio mix is getting better. So is it just because of the uncertainty that you are, you know, you have given this guidance as a base case or am I missing something? Would love to know that.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

Are you suggesting that we are not going back to the peaks of the operating margin? Is that what your question is?<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

So your margins. Yeah. Not. Yeah. So it’s, it’s still you know, way lower than what where you know, let’s say the, the last five, six years margins highs were. So I just want to understand what am I missing? If there is something dramatically different from let’s say 21, 23, 24, 25. What am I missing then?<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

One thing which has to be kept in mind veg is that peak margin was also a year where we had low inflation in all the commodities. Now this year while we would have copra tailwind but the wave and where the crude is at this point in time there could be hit in the crude. So broadly what we’ve said is you know in gross margin terms we expect about 350 to 400bps expansion for FY27 build up the NP investment again from the current levels. I believe maybe 200 to 50 basis points can be increased in the ANP and balance 150bps to about 200bps base case.<\/p>\n

In case of 150bps it’s operating margin expansion that we’re looking at now. Operating margin percentage is also a function of you know, where you revenue is because we have had a significant revenue growth and therefore denominator effect also plays out. So while we are delivering 17% in this year it’s also because of significant denominator effect. So therefore keeping in all this thing we are saying about 150 basis points expansion. And therefore if you do the math, it will come out to about high teens EBITDA growth from a guidance standpoint that we’ve given.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Right. But Pawan, just to follow up and just to clear my understanding, you know, in the past and As I said, three out of five actually. Sorry, my bad. Not four out of five but three out of five, the margins were closer to let’s say 20 this time around. You know, your other parts of the portfolio makes waho which is a high margin portfolio is also doing better. So you know, I don’t want to. So is there a possibility that the guidance is a bit more conservative sitting today or it is just the volatility which is what is, you know, driving this kind of guidance.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

I think we would be the only company who would be giving this kind of a guidance in this kind of environment of IT growth. So I don’t think there is a conservatism which has been factored into it. But We also need to be mindful in terms of the environment that we are operating in. And still we are saying that despite you know, at 110 of crude and what derivatives, the crude derivatives where it is trading at this point in time, we are still sticking out our neck and saying that we would be delivering 150 basis of expansion or operating margin will deliver high teen. I think that’s, that’s, that’s more than one can expect, I guess.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

No, no, totally agree. No, no doubts about it. I think let,<\/p>\n

Saugata Gupta<\/strong><\/p>\n

Let us stabilize also in the sense that let the situation stabilize. Maybe after one or two quarters you will get a better visibility. Right now this is a base case kind of a situation in terms of 150bps expansion. You know what he’s talking about?<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Sure, sure. And I just want to clarify it was just about the math rather than, you know, anything not to say that, you know, your, your guidance and your disclosures are, you know, continue to be the top notch. I would say the second without making it very abstract and you know, open ended thing. But Sagat and Pawan, what will be the top, you know, one or two things that because your execution is good, you know, in the toughest of the commodity cycle, you have done very well versus peers. Also you have done extremely well.<\/p>\n

Your new, you know, product strategy, D2C whatever, premiumization, everything has been good. What are the top one or two things that you worry about, you know, at this juncture for FY27 and which we should also monitor for your business.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

So I think if you look at it obviously the macro geopolitical this one fortunately of course our Middle Middle east contribution is low. The macro geopolitical this one is important and obviously in FMCG and the kind of portfolio we have whenever there is inflation it has an impact in terms of consumers either down trading or outraging. See the macro factors I believe as far as internal factors are concerned the way we are going about doing it I don’t think and if we are on a momentum on that I don’t see that as an issue but obviously we have to watch out for the macro factor because if you see historically inflation is FMCG consumption’s biggest enemy especially in the bottom of pyramid or in rural and the last one is another monitorable is if it is a strong El Nino year in terms of El Nino effect impacting consumption towards the back half of the year stretching into the quarter one of next year.<\/p>\n

But all these factors are not Marico this one but I believe at this stage I think in terms of the machine that is running we are okay. You know we have internally right now there are more of the external factors than internal factors.<\/p>\n

Vivek Maheshwari<\/strong><\/p>\n

Got it. Very interesting. Thank you very much. Wish you and your team all the very best.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Nihal Mahesh Jam from HSBC Security. Please go ahead.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Greetings. I had two questions. First was on the PCNO part so what would be the relative price index at this point in time after we’ve taken the price cut and given a firm view of COPRA that we already have what is the incremental pricing action we are thinking?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

As of now I think we have taken that what Pawan alluded to at around 10% ish on the non price point tax. I believe COPRA will be range bound and if we could manage with this. We’ll manage, we’ll see, wait and see. And as I said that we are, we seem to be in a relatively advantageous position compared to the other deflationary cycles because of weaker competitive positioning because of all these supply chain issues.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Right. But the 10% cut would still from an RPI perspective take a premium to the loose coconut oil. So is that something we will consider in terms of readjusting or. We are not looking at that as a metric.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

So even last year when the coconut prices increased by more than 121 30% we did not take as much price increase. We are taking about 60% price increase of coma pricing RPA standpoint we are not significantly off and as I said, we have taken calls from certain non price point but if required and if depending on corporate trajectory we might take certain calls at this point in time, the visibility is that we would want to stay with this.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

And just to add, I think the price elasticity model has got challenged in the last year because we were ourselves surprised because of the strong brand equity of parachute that we were able to carry on a flat volume growth, you know, in spite of 60%. So therefore we have there could be a case of a recalibration of our pricing model, you know, over the next couple of years.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Understood. The second question was on Flix. If you could just say, you know, what was the ballpark EBITDA margin for this year given you’ve been alluding to, you know, looking at margins and the brand did a break even last year. The second part of the question was that when we bought the brand, the hero product was ACV and foods was a much larger contributor. And given the trends we see, at least in terms of weight loss, what is it that has changed where the focus is now shifted more to personal care. But I would believe that this part of the portfolio still has a lot of scalability and should ideally be a much higher contributor to growth. That was the question.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

So I think clicks currently should be hitting around mid to high single digit kind of a thing. We hope very soon it will get into double digits. Yes, we started with acv. I think what it pivoted towards and that is a function of, you know, see PLIC stands for plant based and hair and skin food. And hair and skin food is what we pivoted. If you look at all the plic’s play in personal care, we believe that the personal care had higher profitability, it expanded tam the brand could carry itself off.<\/p>\n

But you will see similarly some of the launches even in the nutraceutical this one over the next couple of months. I think secondly what we have focused on clicks is we have a very strong D2C play and I think D2C is around what 45% of the business in clicks and therefore we own the consumer and it’s a profitable CM2D 2C play. So therefore it is important that we start cross selling upselling as so therefore it could be an ACV consumer having a hair growth serum and that’s how the PLIX has played.<\/p>\n

So the overall portfolio has pivoted towards that. Having said that, we will see action in the nutraceutical space. In fact we have just launched an ACV can Drink. It is available, I think in one or two quick commerce players and we will, as you know, globally there has been a shift from carbonated soft drinks to healthy drinks in specially developed markets. We have just launched one. So you will see some of the plays in nutraceuticals plays also. Now the other thing is this, that between clicks and cosmics, cosmics will be in the slightly more serious nutraceutical and protein play.<\/p>\n

So they will be in the vitamin supplement. This one nutraceutical play, Plix is a more fun brand. So it’s a slightly more fun brand. So therefore we will then straddle both the things together. But going forward, we believe the center of gravity of Blix will be more towards personal care, which is far more profitable in the long term.<\/p>\n

Nihal Jham<\/strong><\/p>\n

Got that? Savita, thank you so much and I wish you all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Siddesh Deshmu from IFL Capital. Please go ahead.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Oh, hi, this is Percy here from IIFL Sagatha. My first question is on. Am I audible?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

Yes.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Yeah, yeah. My first question is on the construct of the overall hair oil markets between Waho and coconut. We have seen in the last few quarters very strong growth in Wahoo across all companies. Companies, not just Marico. And do you think this has got anything to do with the fact that copra price has, I mean the coconut oil price has become very unaffordable. So there is a little bit of market share shift towards Waho and going ahead, do you think that market share shift could reverse a little bit where copra price is coming down and there could be sort of a little bit of market share move towards Copra away from Wahoo.<\/p>\n

These are of course not very, very large shifts, but to some extent can it bring down the Wahoo growth and can it actually accelerate the copra growth and act as a buffer against the general sort of slowdown we see during a deflationary cycle in volumes of Copra?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

See, as you know that we re pivoted our strategy on Waho. What had happened is that there was a significant focus between the two major players on price points, especially in AMLA and Mustard. And therefore we decided that and therefore also a lot of spend went from ATL to BTL couple of quarters. We decided that we should as a leader in one of the volume share leader in the category we must behind, we must invest behind category growth. And therefore we. And therefore in the mid and the premium segment which are highly but much more higher profitability consequent to that.<\/p>\n

If you notice from Q2 our growth started accelerating. Obviously the GST reduction has helped because share from some of the smaller players or some unbranded VAHO to branded vaho, that has helped. I think that is the reason and we are extremely confident that we will be able to consistently deliver high growth, higher growths in Wahoo including double digit consistent growth.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Right. My starting point was that of course you have done good actions on Wahoo, no denying that. But across the industry if I look because many players are listed, we are seeing all the players reporting extremely strong growth on WoW. So it seems to be more of an industry phenomenon in addition to of course you doing maybe slightly better than the industry. But overall Wahoo industry not only in value terms but even volume terms is growing way above what long term average would be. So the question was in that context maybe I’ll take that further offline.<\/p>\n

Also just wanted to understand second question on Plix. It’s had a huge ramp up over the last few years and I think it must be coming close to touching 1000 crore kind of ARR. So do we see any kind of slowdown just from the point of view of absolute size of the brand? And what kind of growth can we expect in Plix as a brand? Of course I’m seeing food and personal care put together at the overall brand level. Can it keep growing at a sort of fast clip or at some point of time there are some barriers that we hit in terms of it needing some new channels of growth in addition to sort of online. What are your thoughts on these?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

Without getting into specifics, let me tell you. I think Flix has the added advantage of a far more broader TAM than some of the other brands because they either play in bpc. This is one of the very few unique brands that play across two distinctive categories which is Nutraceuticals as well as nutraceutical wellness and personal care coming to. Of course you are right. I mean as it reaches a certain number, any 1,000 crore, you can’t be expecting that kind of a growth. But I’ll give you the philosophy, broader philosophy of our overall digital play.<\/p>\n

We are here to build to last. We are here to create a sustainable, profitable, consistent growth in the business. So for me any day I will vote for a 2025 percent growth with significant increase and steady increase in profitability over a 60% growth without any increase in profitability. And I think Clicks is a brand. And beard also we have shown we can do both. So obviously I think as long as the digital business continues to grow 2025, 30% and be consistent on the journey to go into the team’s profitability which we have talked about in 2030, we’ll be happy.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Do we need unlock of new channels for 2020 5% growth in the brand?<\/p>\n

Saugata Gupta<\/strong><\/p>\n

I think as I said we believe in maximizing full potential focus is a very important thing. I think food is something which we believe has a far better omnichannel potential versus bpc. But we are open to it. I don’t think there is any capability or resource concerns to the growth. But we want growth which is mindful as opposed to growth which is pray and pray.<\/p>\n

Percy Panthaki<\/strong><\/p>\n

Sure. That’s all from my side. Savatha, thanks a lot and all the best.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. We will take the next question from the line of Aditya Soman from clsc. Please go ahead.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Hi, good evening and thanks for the opportunity. So two questions. First on the sort of guidance of 15,000 crores. Now the growth is obviously lower than what you’ve delivered and is this largely a function of deflation in copra prices or is there anything else? That again which is why the growth is more conservative than what is delivered next year.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

So I think delivering double digit revenue growth is not conservative in any category and any sector. I don’t know where you are coming from in terms of conservatism in this. See this year what happened is significant inflation that was built in what we have said consistently that we are confident of delivering high single digit growth in India.<\/p>\n

A kind of a mid teens kind of a constant currency growth in the international business. And subject to that that leads to a kind of a growth which is again a double digit revenue growth overall blended. Obviously as you know that we have taken some pricing correction in parachute in the non this one passive extent of 10% that that is being incorporated into the revenue expectations.<\/p>\n

Aditya Soman<\/strong><\/p>\n

No, that’s very clear. Thanks. I just wanted to check if that parachute price cut because the guidance was similar even earlier. Right. So I mean I’m assuming that you’ve already factored in that there’ll be a price cut for parachute.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

Exactly.<\/p>\n

Aditya Soman<\/strong><\/p>\n

Fair enough. Thank you.<\/p>\n

Saugata Gupta<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much ladies and gentlemen. We will take that as a last question for today. I now hand the conference back to the management for closing comments.<\/p>\n

Pawan Agrawal<\/strong><\/p>\n

Thank you for listening onto the call. To Conclude, we closed FY26 on a very strong note. Achieving multi year highs on most of the key business parameters in India international business. These results underscore the strength of our brand’s disciplined execution and strategic diversification and premiumization initiative across geographies and categories in a volatile environment. We believe that our ability to foresee and manage risk will continue to hold us in good stead. As some of you rightly mentioned that we are in a unique position in terms of RM cost which is great positive for us.<\/p>\n

In addition to this positive shift in digital businesses growth trajectory in premium wahoo. Strong momentum in international business gives us confidence on the top line bottom line guidance that we gave so we’ll remain focused on sustaining the underlying volume growth momentum and improving the earning growth trajectory meaningfully in FY27 while continue to make consistent investments in pursuit of our FY30 strategic aspirations. That’s it from our side. If you have any further queries please feel free to reach out to our IR team and they’ll be happy to address thank you and have a great evening.<\/p>\n

Operator<\/strong><\/p>\n

Thank you members of the management on behalf of Mericor Ltd. That concludes this conference. Thank you all for joining with us today and you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Marico Ltd (NSE: MARICO) Q4 2026 Earnings Call dated May. 05, 2026 Corporate Participants: Saugata Gupta \u2014 Managing Director & Chief Executive Officer Pawan Agrawal \u2014 Group Chief Financial Officer Analysts: Abneesh Roy \u2014 Analyst Mihir Shah \u2014 Analyst Avi Mehta \u2014 Analyst Harit Kapoor \u2014 Analyst Tejash Shah \u2014 Analyst Arnab Mitra \u2014 Analyst […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":128935,"url":"https:\/\/alphastreet.com\/india\/marico-ltd-q4-fy22-earnings-conference-call-insights\/","url_meta":{"origin":182367,"position":0},"title":"Marico Ltd Q4 FY22 Earnings Conference Call Insights","author":"Praveen","date":"May 6, 2022","format":false,"excerpt":"https:\/\/youtu.be\/nlaqJNQCJqo Key highlights from Marico Ltd (MARICO) Q4 FY22 Earnings Concall Management Update: MARICO stated that looking forward the near-term demand outlook is uncertain, but is confident of staying ahead of market growth, winning market share and gaining penetration. 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