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  5. Marico shares jump 8% as company raises FY27 growth guidance; analysts highlight strong Q2 results

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Marico shares jump 8% as company raises FY27 growth guidance; analysts highlight strong Q2 results

image Ahana Chatterjee
By Ahana Chatterjee

4 min read | Updated on November 03, 2026, 11:13 IST

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SUMMARY

For half a year (H1 FY27), Marico’s net profit jumped to ₹1,180 crore as compared to ₹924 crore on a YoY basis, marking a growth of 28%.

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MARICO
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On a year-on-year basis, Marico shares have rallied by 19%. Image: Shutterstock

Marico shares jumped 8.3% to touch an intraday high of ₹865 apiece on Tuesday, November 3, a day after the company reported a healthy September quarter and raised its fiscal year 2026-27 (FY27) guidance.
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The FMCG major reported a growth of 31% in its consolidated net profit, reaching ₹550 crore for Q2 FY27, compared to ₹420 crore in the same quarter of the previous fiscal year.

Its revenue from operations for Q2 FY27 stood at ₹3,897 crore, increasing 13% year-on-year (YoY) from ₹3,450 crore in the same period of the previous fiscal year.

On an operational level, Marico’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) grew 27% to ₹709 crore in Q2 FY27 as against ₹560 crore in Q2 FY26. The firm’s EBITDA margin expanded to 18.19% for the reporting quarter in contrast to 16.23% YoY, the highest in 50 quarters.

The India business delivered 10% underlying volume growth, marking another quarter of robust volume growth. The international business sustained healthy momentum, recording 13% constant currency growth (CCG), the company said.

Further, the international business sustained strong growth momentum and reported a 23% revenue growth in rupee terms.

What analysts said

In a note on Tuesday, Goldman Sachs analysts said Marico’s Q2 FY27 performance was ahead of estimates, with a strong quality of growth. They highlighted that double-digit volume growth continued, with Parachute growing 13% YoY. The analysts also noted an upgrade in the company’s FY27 and medium-term growth guidance, sustained strong growth in VAHO and the ongoing reset in Saffola edible oil.
Jefferies analysts noted that Marico stood out against peers amid uneven business trends, describing it as a compounding machine, which was reflected in its premium valuation relative to peers.
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Further, JPMorgan analysts highlighted healthy international business growth of 13% in constant currency terms despite soft trends in Bangladesh, where Marico expects a gradual recovery to support H2 performance.

The analysts noted that sustained volume growth, an improved portfolio mix and lower copra costs are key positives supporting EBITDA expansion despite higher brand investments.

According to analysts from CLSA, Marico raised its EBITDA growth guidance, supported by procurement benefits, strong execution of its general trade (GT) transformation through Project SETU and improving profitability of its growth businesses. They also highlighted that the company expects to comfortably cross ₹15,000 crore in sales in FY27.

Some key factors from Q2 FY27

Gross margin expanded, supported by moderation in the copra prices and a favourable portfolio mix. A&P investments were up 44% YoY, as Marico said it continued to invest in strengthening the long-term equity of brands and supporting growth initiatives.

For half a year (H1 FY27), Marico’s net profit jumped to ₹1,180 crore as compared to ₹924 crore on a YoY basis, marking a growth of 28%. Its revenue from operations for H1 FY27 surged 18% to ₹7,854 crore as against ₹6,671 crore in H1 FY26.

Marico said its strong performance in H1 reflected the strength of its business model, with its India Core, digital-first and international businesses all delivering strong growth.

The FMCG company said it aims to maintain top-quartile volume growth in India and achieve double-digit constant-currency growth in its international business. At the consolidated level, the firm aspires to deliver double-digit revenue growth to reach ₹20,000 crore in revenue, along with a mid-teens EBITDA CAGR.

“During the quarter, demand trends remained resilient, despite the volatile operating environment. While we remain optimistic about the consumption trends, we continue to closely monitor the evolving inflationary and geopolitical conditions,” Marico said.

Marico share price trends

At 10:48 AM, Marico shares were trading at ₹862.9 apiece on the National Stock Exchange, gaining 8.06%.

Over the past week, shares of the company have jumped 11%, while they have fallen 2.2% in the last three months. On a year-on-year basis, Marico shares have rallied by 19%.

Also read: BLS Polymers shares list at 65% premium on NSE; here's how much investors made per lot

Shares of the firm had hit a 52-week high of ₹889.10 on July 30, 2026, and a 52-week low of ₹705.80 on November 7, 2025.

According to NSE data, as of November 3, 2026, Marico has a total market capitalisation of ₹1.12 lakh crore.

Disclaimer: This article is written purely for informational purposes and should not be considered investment advice from Upstox. Securities mentioned are illustrative and not recommendations. Please consult a financial advisor before making any investment decisions.

About The Author

image Ahana Chatterjee
Ahana Chatterjee is a business journalist with 7 years of experience across several leading news platforms. At Upstox, she covers stock markets and corporate news.

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