Marico Limited (MARICO) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Marico Limited, the maker of Parachute coconut oil, Saffola edible oils and a fast-scaling digital-first wellness portfolio, heads into its Q2 FY 2026-2027 print with an October 5 business update already signalling double-digit revenue growth and mid-twenties operating profit growth. The key things the results will speak to are the gross-margin bridge — copra roughly 35% below peak against inflationary crude-linked packaging inputs — and whether India volumes hold double digits after the 11% printed in Q1.

Marico Limited Q2 Results Date and Time

The Board of Directors is scheduled to meet on November 2, 2026, to consider the Q2 and H1 FY27 financial results. The trading window remained closed from September 26 to November 4, 2026.

Marico has intimated a Q2FY27 earnings call on November 2, 2026, at 6:00 p.m. IST. The speakers are Saugata Gupta (MD & CEO) and Pawan Agrawal (Group CFO & CEO – International Business).

At the AGM on August 6, 2026, shareholders approved a final dividend of Rs. 4 per equity share (face value Rs. 1) for FY26. This relates to the completed financial year and is separate from the Q2 FY27 results agenda.

What to expect from Marico Limited's Q2 FY27 results

The October 5 business update has pre-signalled a strong quarter — double-digit India volumes, double-digit consolidated revenue growth and operating profit growth in the mid-twenties — with management saying it is "likely to surpass near-term guidance across key financial parameters". The margin story is a mixed bridge: copra is roughly 35% below peak after a ~45% correction, supporting gross-margin expansion, but management itself flagged relatively higher input costs in Q2, with vegetable oils up ~20% over the year to mid-September and Brent up 24% in July, holding above $100 through September and keeping crude-linked LP and polymer derivatives (up 60–70% per the company) inflationary. The September 24 cut in edible-oil import duties — crude sunflower to nil, crude soybean/palm BCD from 10% to 5% — lands only in the final week of the quarter and reaches the P&L as higher-cost inventories are exhausted, making it mostly an H2 tailwind. On volumes, Parachute Coconut Oil accelerated to early-teens growth and Value Added Hair Oils posted a sixth consecutive quarter touching twenties, while Saffola Oils saw volumes decline on supply rationalisation of select variants; internationally, constant currency growth was in the teens led by Vietnam, Middle East and South Africa, with Bangladesh improving marginally sequentially after a 4% CCG in Q1. The Q2 base is demanding — Q2FY26 revenue grew 31% with about 2% GST-transition destocking — and the upcoming call is expected to cover whether the beat is framed as durable or timing, and whether FY27 aspirations are upgraded.

Key Things To Watch

FY27 guidance scorecard: Status of the FY27 framework against the latest tracking signals:

• Consolidated revenue — double-digit growth crossing Rs. 15,000 Cr by FY27 — Q2 update expects double-digit growth
• Consolidated EBITDA — high-teen growth with a 20% aspiration by FY27 — Q2 update expects operating profit growth in the mid-twenties
• India volumes — high single-digit by FY27 — Q2 update shows double-digit volumes; Q1FY27 was 11%, highest in 20 quarters
• EBITDA margin — +140–150 bps expansion by FY27 — Q1FY27 delivered +40 bps YoY at 20.7%
• International CCG — mid-teens by FY27 — Q2 update shows teens CCG; Q1FY27 was 15%

Q2 beat magnitude and gross-margin bridge

• Quantify the actual beat vs the Rs. 15,000 Cr / high-teen EBITDA framework, given management's "likely to surpass near-term guidance across key financial parameters" statement
• Check gross-margin outcome vs the "hold gross margin percentage" commitment, with copra ~35% below peak against crude, vegetable oils and LP/polymers (+60–70%) headwinds
• Watch whether management upgrades FY27 aspirations or frames the beat as timing on the copra tailwind

Saffola volumes and Bangladesh recovery

• Saffola Edible Oils volumes declined in Q2 per the business update on supply rationalisation of select variants — probe when volume growth resumes and the response to the air-fryer/GLP-1 structural question
• Bangladesh posted 4% CCG in Q1FY27 on pricing anniversarization and inflation-driven demand softness — watch whether the sequential improvement noted in the Q2 update continues

PLIX stake increase and capital allocation

• PLIX (Satiya Nutraceuticals) stake raised from 60% to 84.09% for Rs. 1,012.03 Cr on October 5, 2026; the remaining 14.09% follows in July 2027 for up to Rs. 592 Cr base consideration plus milestone payments
• Probe funding, ROIC framing and the acquisition playbook, including Plix's path to its 10% EBITDA target by 2027 and the double-digit digital-first EBITDA margin goal by end FY27

Risks and headwinds to monitor

• Management guided to relatively higher input costs in Q2 — crude and vegetable oils with an upward bias, LP and polymer derivatives up 60–70%
• Potential El Niño effects and monsoon progression flagged as H2 rural-demand risks; management is monitoring inflationary conditions
• Parachute pricing: the 10% price correction on loyalty packs and the one-shot correction strategy — check volume response and copra trajectory