Marico Limited Q2 FY26 Concall Decoded: 60% price hikes, calm volumes, and a CEO who swears EBITDA never surprises
1. Opening Hook
When most FMCG CEOs panic at a 5% price hike, Marico casually dropped a 60% pricing growth on Parachute and then complained it was “unheard of globally.” Fair enough.
Between GST chaos, Copra inflation, and Flipkart accounting gymnastics, Marico still walked into this call sounding like a monk who meditates on EBITDA spreadsheets. Volumes dipped, prices soared, and management insisted—again—that margins will bounce back, just wait for March.
Quick commerce doubled, Foods slowed “by design,” and digital brands are now large enough to demand profits, not just vibes.
Oh, and apparently Marico has never surprised on EBITDA since COVID. That’s either elite discipline or elite PR.
Read on. The calm confidence here is doing more heavy lifting than Copra prices. 😏
2. At a Glance
India volumes +7% – Despite GST disruption and consumer price shock therapy.
~30% of portfolio benefited from GST cuts – Passed on to consumers, no drama.
Parachute price +60% YoY – Volumes flat, elasticity still alive.
