Marico, a prominent Fast-Moving Consumer Goods (FMCG) company, announced on Thursday that the Income Tax Department has completed its survey action on the company’s offices and manufacturing units in India. The survey, which began on September 17, 2025, was conducted by the Mumbai investigation wing of the department.
The company stated that there were no further material updates that required disclosure, implying that the survey did not uncover any significant issues. Marico had a turnover of $1.3 billion in FY25, with a 23% year-on-year rise in revenue from operations in Q1 FY26, reaching Rs 3,259 crore. The domestic business saw a 27% year-on-year increase in revenue, with Rs 2,495 crore, while the international business experienced 19% constant currency growth.
It’s worth noting that a survey under Section 133A of the Income Tax Act is distinct from a search operation, with a narrower scope but broad powers to detect possible tax evasion. The Income Tax Authority can inspect books of account and other documents, place identification marks, make extracts or copies, and even impound books or documents, although these cannot be retained for more than ten working days without approval from the Chief Commissioner or Director General.
During the survey, officers can visit and survey locations outside the business premises if the person surveyed states that books or other items are kept elsewhere. The survey action on Marico’s offices and manufacturing units is now complete, and the company has not disclosed any further information on the matter. As a reliable and trusted news source, it is essential to provide accurate and unbiased information, and in this case, the survey’s completion does not appear to have had a significant impact on the company’s operations.
The company’s financial performance in Q1 FY26 was strong, with a 9% underlying volume growth in the India business and a 19% constant currency growth in the international business. The survey by the Income Tax Department may have been a routine check to ensure compliance with tax laws, and the company’s cooperation and transparency in this matter are noteworthy. The completion of the survey action is a positive development for Marico, and the company can now focus on its business operations and growth plans.