Established in 1990, Marico evolved from the consumer products division of Bombay Oil Industries. Over the years, it has built a strong reputation for understanding consumer needs and delivering quality products. Key milestones include the launch of iconic brands like Parachute Coconut Oil and Saffola refined edible oils, which have become household names in India. Marico has also strategically expanded its portfolio through acquisitions and the development of new product lines, venturing into categories like value-added hair oils (Nihar Naturals, Hair & Care), male grooming (Set Wet, Beardo), and healthy foods (Saffola Oats, Saffola FITTIFY Gourmet).
Marico’s business strategy focuses on “growing the core” brands while also building “new growth engines” in adjacent and new categories. The company emphasizes innovation, strong distribution networks (covering millions of retail outlets), and a consumer-centric approach. Marico also has a significant international presence, with brands like Parachute, HairCode, and Caivil holding strong positions in various overseas markets. The international business contributes a substantial portion to the Group’s overall revenue.
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Marico Revises Assessment Metrics as Technical Signals Show Mixed Results Amidst Robust Sales Figures
Marico, a mid-sized company in the edible oil sector, has recently seen a change in its evaluation score due to shifts in technical trends. The company’s technical indicators show a mixed picture, with daily Moving Averages indicating a mildly bullish trend, while the MACD shows a mildly bearish signal on a weekly basis, but a bullish signal on a monthly scale. This change in trend has led to a revision in Marico’s evaluation score, moving from a bullish stance to a mildly bullish outlook.
Despite the mixed technical trends, Marico has demonstrated resilience in its performance, achieving a return of 7.21% over the past year, outperforming the broader market. The company reported its highest net sales of Rs 3,259.00 crore in the recent quarter, alongside a robust return on equity (ROE) of 37.29%. This suggests that Marico has been able to maintain its profitability despite challenges in the market.
However, Marico’s long-term growth appears to be constrained, with operating profit increasing at an annual rate of 8.25% over the last five years. This slower growth rate may be a concern for investors looking for companies with high growth potential. On the other hand, Marico’s financial position remains stable, with a low debt-to-equity ratio and high institutional holdings of 36.33%. This suggests that the company has a strong foundation and is well-positioned to weather any future challenges.
Despite its stable financial position, Marico’s valuation remains on the higher side compared to its peers. This may make it less attractive to investors who are looking for undervalued companies with high growth potential. Overall, Marico’s recent performance and financial position suggest that it is a stable company with a strong track record, but its high valuation and limited long-term growth potential may be concerns for investors. With its adjusted evaluation score and mixed technical trends, Marico is likely to be closely watched by investors and analysts in the coming months.
Marico aims to become a Rs 20,000 crore FMCG company by 2030, targeting to double its revenue within the next five years.
Marico, a leading Indian fast-moving consumer goods (FMCG) company, has set an ambitious target to become a Rs 20,000 crore company by 2030. The company aims to achieve this goal by doubling its revenue in the next five years. This target is a part of Marico’s long-term strategy to expand its presence in the Indian market and establish itself as a major player in the FMCG sector.
To achieve this target, Marico plans to focus on innovation, digital transformation, and expansion of its product portfolio. The company will invest heavily in research and development to create new and innovative products that cater to the changing needs of Indian consumers. Additionally, Marico will leverage digital platforms to enhance its distribution network, improve customer engagement, and increase its online presence.
Marico’s strategy also involves expanding its product portfolio to include new categories and brands. The company will look to acquire or partner with other companies to accelerate its growth and expand its presence in new markets. Marico will also focus on increasing its rural penetration, which currently accounts for around 30% of its total sales.
The company’s growth plans are driven by the increasing demand for FMCG products in India, which is expected to grow at a CAGR of 10-12% in the next five years. Marico’s management believes that the company is well-positioned to capitalize on this growth opportunity, given its strong brand portfolio, extensive distribution network, and commitment to innovation and quality.
Marico’s target of becoming a Rs 20,000 crore company by 2030 is ambitious, but achievable. The company has a strong track record of delivering growth and has consistently outperformed the industry average in terms of revenue growth. With its focus on innovation, digital transformation, and expansion, Marico is well-positioned to achieve its target and establish itself as a leading player in the Indian FMCG sector.
Overall, Marico’s growth plans are driven by its commitment to innovation, quality, and customer satisfaction. The company’s focus on digital transformation, expansion of its product portfolio, and increasing rural penetration will help it to achieve its target of becoming a Rs 20,000 crore company by 2030. With its strong brand portfolio and extensive distribution network, Marico is well-positioned to capitalize on the growing demand for FMCG products in India and establish itself as a major player in the sector.
Marico and Meesho Mall collaborate to introduce personal care products in India’s tier-2 markets.
Meesho Mall, a leading Indian e-commerce platform, has partnered with Marico, a prominent FMCG company, to launch personal care brands in Tier-ll markets. This strategic partnership aims to expand the reach of Marico’s popular personal care brands, such as Parachute, Nihar, and Livon, to smaller towns and cities across India.
Meesho Mall, with its vast network of sellers and logistics capabilities, will enable Marico to tap into the growing demand for personal care products in Tier-ll markets. The partnership will allow Marico to leverage Meesho’s platform to reach a wider audience, particularly in areas where traditional distribution channels may be limited.
As part of the partnership, Meesho Mall will offer Marico’s personal care products to its customers in Tier-ll markets, providing them with access to high-quality products at competitive prices. Meesho’s sellers will be able to source Marico’s products directly, ensuring timely and efficient delivery to customers.
The partnership is expected to benefit both parties, with Meesho Mall expanding its product offerings and Marico increasing its reach and sales in Tier-ll markets. The collaboration is also likely to drive growth in the personal care segment, as more consumers in smaller towns and cities gain access to a wider range of products.
Meesho Mall’s partnership with Marico is a significant development in the Indian e-commerce market, highlighting the growing importance of collaborations between online marketplaces and FMCG companies. The partnership demonstrates Meesho’s commitment to expanding its product offerings and reaching new customers, while also underscoring Marico’s efforts to increase its presence in Tier-ll markets.
The Indian personal care market is expected to continue growing, driven by increasing demand from consumers in smaller towns and cities. The partnership between Meesho Mall and Marico is well-positioned to capitalize on this trend, providing consumers with access to high-quality personal care products and driving growth in the segment.
Overall, the partnership between Meesho Mall and Marico is a significant development in the Indian e-commerce market, highlighting the growing importance of collaborations between online marketplaces and FMCG companies. The partnership is expected to drive growth in the personal care segment, increase access to high-quality products for consumers in Tier-ll markets, and further establish Meesho Mall as a leading e-commerce platform in India.
Hindustan Unilever and Dabur reduced their advertising spend, while Marico experienced a significant 35% increase in ad expenses during the fourth quarter of FY25.
India’s leading Fast-Moving Consumer Goods (FMCG) companies experienced moderate growth in advertising and marketing expenditures in the fourth quarter of fiscal year 2025. The growth was impacted by food inflation and sluggish demand in urban markets. Hindustan Unilever Limited (HUL), one of the largest FMCG companies, reduced its advertising spend by 6.5% to Rs 1,510 crore in Q4 FY25. Despite this, the company plans to increase its media spending and digital advertising to drive growth for key brands such as Lifebuoy, Glow & Lovely, and Nutrition Drinks.
Other FMCG companies also adjusted their advertising budgets. Dabur Ltd reduced its advertising spend to Rs 176.40 crore in Q4 FY25, while Godrej Consumer Products witnessed a marginal increase to Rs 310.07 crore. Marico, on the other hand, increased its advertising and promotional spends by 35% year-on-year to Rs 305 crore. Patanjali Foods, owned by Yoga guru Baba Ramdev, spent Rs 325.66 crore on advertisement and promotional activities in Q4 FY25.
The FMCG companies have shifted their focus from traditional advertising media to more targeted and digital channels. According to TAM AdEx, television advertising for FMCG brands declined by 12% in FY25, while print media ad space reduced by 20% year-on-year. Marketers are now opting for “high-impact, measurable platforms” such as Connected TV, choosing relevance and effectiveness over visibility.
The Q4 uptick in ad spending highlights a more strategic approach by FMCG companies. They are focusing on digital advertising and targeted marketing to drive growth and improve brand performance. As Managing Director and CEO of HUL, Rohit Jawa, stated, the company has taken initiatives such as heavy media spending, extensive digital advertising, and product relaunching to improve brand performance in fiscal year 2026. The shift towards digital advertising is expected to continue, with FMCG companies allocating more resources to targeted and measurable platforms.
Marico aims to reach a revenue milestone of ₹20,000 crore by the year 2030.
Marico, a leading Fast-Moving Consumer Goods (FMCG) manufacturer, has set an ambitious goal to double its revenue and reach ₹20,000 crore by 2030. The company, which recently crossed the ₹10,000 crore revenue mark in FY25, aims to achieve this milestone through a combination of organic and inorganic growth across its product portfolio. Pawan Agrawal, Group CFO and CEO of International Business, expressed confidence in the company’s ability to deliver double-digit revenue growth consistently over the medium term.
The company’s food business has shown significant growth, crossing ₹900 crore in revenue in FY25, with a five-fold increase since FY20. The digital-first portfolio has also performed well, exiting FY25 at ₹750 crore ARR, with a projected growth rate of 2.5x by FY27. The male grooming and personal care brand Beardo has quadrupled since FY21, while ‘Just Herbs’ has crossed the ₹100-crore revenue mark in FY25.
Marico will continue to invest in advertising and promotion as part of its marketing and brand-building exercise. The company has expanded into new categories, and investments in these areas are expected to grow by 40-50%. Agrawal emphasized the importance of focusing on mid-to-long-term growth rather than managing short-term margins.
The company is optimistic about the demand outlook for the FMCG segment in FY26, with consumption among the upper middle class trending healthily. Marico expects a gradual recovery in middle-class consumption in the coming quarters, driven by encouraging trends in demand across several core categories, including Parachute coconut oil, Saffola edible oil, and value-added hair oils.
Marico’s diversified portfolio, comprising foods and premium personal care, including the digital-first portfolio, continues to grow well, with a growth rate of over 25%. The company remains confident in its ability to improve its performance in FY26 across all key dimensions, driven by its strong brand-building efforts and investments in newer portfolios. With its sights set on doubling its revenue by 2030, Marico is well-positioned to achieve its ambitious growth targets and maintain its position as a leading player in the FMCG industry.
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Meet Somasree Bose Awasthi of Marico, a Key Player on the Asia-Pacific Power List for 2025
Somasree Bose Awasthi is the Chief Marketing Officer at Marico India, a company operating in the beauty and wellness space. With a long history of working with homegrown Indian companies in the FMCG sector, Awasthi’s career path differs from many senior marketers in India who typically start at multinationals like Unilever or P&G. She began her career with a summer internship at Cavin Kare and later moved to Godrej, where she spent 16 years and held various roles, including Chief Marketing Officer.
During her tenure at Godrej, Awasthi built the air care category with the launch of Godrej Aer and grew brands like pesticide Hit. She also initiated the direct-to-consumer channel at the company. At Marico, Awasthi has made a significant impact, particularly with the healthcare brand Saffola. She created a campaign called “Step Up For Your Heart” that featured a relatable celebrity, Ronit Roy, and an AI-powered app that allowed consumers to have conversations with the actor while exercising. The campaign was highly successful, with over 2.5 million registrations in 35 days.
Awasthi has also been selective in her use of influencers, avoiding the trap of being overly reliant on them. Instead, she has used them to tap into the equity of health experts and created campaigns that highlight product superiority. For example, Marico’s “Hair & Care” brand campaign is a tongue-in-cheek riff on influencers and their sometimes impractical solutions. The company’s marketing initiatives have contributed to a 19.8% increase in revenue in Q4 2025.
In addition to her marketing achievements, Awasthi is a champion of gender equity at the workplace. She has consistently worked to address the bias in hiring and promotions and has implemented initiatives to support women in senior roles. At Marico, she has launched the Neo Mama Network, which supports new mothers in the workplace. The company’s brand communication also reflects this commitment, with campaigns like #ExpressWithPride for Livon and #UnStereotype for Nihar Naturals. Overall, Awasthi’s approach to marketing and her commitment to gender equity have made her a notable figure in the industry.
The desire for acquisitions among FMCG companies is intensifying, with their hunger for deals showing no signs of abating.
Indian fast-moving consumer goods (FMCG) companies, including Dabur India, Marico, and Emami, are actively seeking mergers and acquisitions (M&As) to expand their presence in new categories, build a digital-first portfolio, and increase their reach in traditional markets. The companies are looking to tap into the growing demand for premium personal care and wellness products, as well as healthy snacks and beverages. Despite a slowdown in urban consumption, the Indian FMCG industry reported an 11% year-on-year value growth in the March quarter, driven by rural demand.
To achieve their goals, these companies are adopting a multi-pronged approach, including investing in core brands, expanding into premium categories, and pursuing strategic acquisitions. Dabur, for instance, has outlined a seven-pronged strategy that includes investing in new-age healthcare, wellness foods, and premium personal care brands. Marico, on the other hand, is focusing on becoming a “house of brands” and is open to acquisitions that fit its digital transformation aspirations.
The consumer and retail sector has seen a modest 13% increase in deal volume in 2024, with strategic acquisitions dominating the M&A landscape. Companies like Tata Consumer Products, Hindustan Unilever, and Emami have made significant acquisitions in the past year, with a focus on premium, online-first brands and regional players.
Industry experts expect the M&A activity to continue, driven by the need for companies to stay relevant in a rapidly changing consumer landscape. Regional brands and direct-to-consumer (D2C) companies are expected to be key targets for acquisition, as they provide immediate scalability and access to local markets.
In terms of specific deals, Dabur acquired a 51% stake in hair care company Sesa Care in 2022, while Marico has invested in premium skincare brand Just Herbs and plant-based nutrition company Plix. Emami, meanwhile, has acquired stakes in male grooming, new-age personal care, and pet care brands.
Overall, the Indian FMCG industry is witnessing a significant shift towards premiumization, digitalization, and regionalization, driven by changing consumer preferences and behaviors. Companies that are able to adapt to these changes through strategic acquisitions and investments are likely to emerge as winners in the long term. With a growing middle class and increasing demand for health and wellness products, the Indian FMCG market is expected to continue to grow, driven by both organic and inorganic expansion.
India’s FMCG sector is expected to bounce back this fiscal year, according to Marico.
The fast-moving consumer goods (FMCG) sector in India is expected to experience slightly higher volume growth in 2025-26, driven by steady demand and easing inflation. According to Saugata Gupta, Managing Director and CEO of Marico, the consumption trend is better than what is reported by listed companies, and urban consumption is expected to improve. India’s retail inflation has slowed down to 3.16% in April, its slowest pace in over six years, due to lower food prices. This trend is expected to continue, with several economists predicting a rate cut by the Reserve Bank of India’s monetary policy committee in June, which would boost consumption and economic growth.
The FMCG sector reported an 11% year-on-year value growth in the March quarter, driven by a 5.1% volume increase and a 5.6% price hike. However, high edible oil prices are keeping the basket of staples expensive, resulting in higher value growth. Most consumer goods companies, including Marico and Godrej Consumer Products, are optimistic about demand and expect gradual improvement in urban demand going forward.
Marico is confident of delivering double-digit revenue growth in the current fiscal year, driven by improving demand and distribution in rural and urban markets. The company also remains open to acquisitions that fit its adjacency criteria and address portfolio gaps, particularly in wellness. Gupta expects inflation to persist in the first half of the fiscal year due to the base effect from the previous year’s price increases, but expects copra prices to start softening around the second quarter.
The Union government’s decisions on lowering personal income tax and welfare schemes rolled out over the past year are expected to start bearing fruit, leading to improved consumer demand. The El Nino effect, which led to high food prices last year, has reversed, and food price inflation has come down in the January-March period. Overall, the FMCG sector is expected to experience a gradual recovery, driven by easing inflation, improving demand, and government initiatives. While a dramatic recovery may not be immediate, the sector is expected to perform better than last year, with Marico and other companies optimistic about their growth prospects.
What succeeded at a ₹100 crore scale failed to replicate its success at the ₹1000 crore mark, Marico’s Harsh Mariwala divulges the key to expanding a startup – Fortune India
In a recent interview with Fortune India, Harsh Mariwala, the Chairman of Marico, shared his insights on the challenges of scaling up a startup. Mariwala, who has successfully grown Marico from a small company to a ₹10,000 crore conglomerate, emphasized that what works at a smaller scale often doesn’t work at a larger scale. He revealed that the key to scaling up a startup lies in adapting to changing circumstances and being open to learning and experimentation.
Mariwala stated that when Marico was a ₹100 crore company, the organization was relatively simple, and decision-making was straightforward. However, as the company grew to ₹1000 crore, the complexities increased, and the organization had to become more structured and process-oriented. He noted that the company had to change its management systems, talent acquisition strategies, and innovation processes to accommodate the growing scale.
The Marico Chairman highlighted the importance of having a clear vision and strategy for scaling up. He emphasized that startups should focus on building a strong foundation, including a robust organizational structure, a talented team, and a culture that encourages innovation and experimentation. Mariwala also stressed the need for startups to be agile and adaptable, as the ability to pivot quickly in response to changing market conditions is crucial for success.
Mariwala shared that Marico’s success can be attributed to its ability to innovate and stay ahead of the curve. The company has been able to successfully launch new products and brands, such as Saffola and Set Wet, which have become household names in India. He noted that innovation is not just about product development but also about process innovation, supply chain optimization, and customer experience.
The Marico Chairman also emphasized the importance of talent acquisition and development in scaling up a startup. He stated that as companies grow, they need to attract and retain top talent to drive growth and innovation. Mariwala noted that Marico has been able to build a strong leadership team, which has been instrumental in driving the company’s growth.
In conclusion, Harsh Mariwala’s insights offer valuable lessons for startups looking to scale up. He emphasizes the need for adaptability, innovation, and a strong foundation, including a talented team and a clear vision. By following these principles, startups can successfully navigate the challenges of growth and achieve long-term success. Mariwala’s experience at Marico serves as a testament to the effectiveness of these strategies, and his insights are likely to inspire and guide entrepreneurs and business leaders looking to take their startups to the next level.
Marico Reinforces Eco-Friendly Commitment on Earth Day, Aims for 93% Renewable Energy Usage in Asia Pacific by 2030
On Earth Day, Marico Ltd, a leading FMCG company, reaffirmed its commitment to sustainability with a target of using 93% renewable energy by 2030. The company began its transition to clean energy in 2017 and has made significant progress since then. Marico has launched a formal Sustainability Roadmap with ambitious targets, including achieving net-zero emissions across its global operations by 2040 and in India by 2030. To achieve this, the company aims to scale up its renewable electricity usage to 93% by 2030, a threefold increase since 2017.
Currently, Marico meets 67.4% of its operational energy requirements through clean energy sources, having already doubled its usage of renewable energy. The company plans to reduce direct greenhouse gas emissions by 93% and offset the remaining 7% through sequestration and carbon offset by 2030. To further its renewable energy journey, Marico’s Jalgaon unit has signed a Green Energy Agreement with Maharashtra State Electricity Distribution Company Ltd. to source 100% green energy.
According to Amit Bhasin, Chief Legal Officer at Marico, the company recognizes the importance of environmental stewardship and is committed to minimizing its impact on the planet. Marico has implemented sustainable practices into its operations and partners with environmentally conscious suppliers. The company has taken pioneering steps, such as transitioning to coal-free operations and implementing agro-fuel-based boilers, to reduce its environmental footprint.
Marico ensures transparency in reporting its progress towards measurable goals and believes that integrating environmental responsibility into its core values will enable it to sustain a thriving business and a healthy planet for generations to come. With its commitment to sustainability, Marico is taking significant steps towards achieving its vision of a net-zero future. The company’s efforts demonstrate its dedication to reducing its environmental impact and promoting responsible business practices, making it a leader in the FMCG industry.
Marico Appoints Juhi Singh as Head of Digital Transformation
Juhi Singh has been appointed as the new Head of Digital Transformation at Marico, a leading Indian consumer goods company. In her new role, Singh will be responsible for driving the company’s digital transformation agenda, leveraging technology to enhance customer experiences, streamline processes, and drive business growth.
Singh brings over 15 years of experience in the field of digital transformation, having worked with prominent companies such as American Express, AT Kearney, and Accenture. Her expertise lies in creating a culture of innovation and experimentation, and she has a proven track record of delivering successful digital transformation projects.
At Marico, Singh will be responsible for leading cross-functional teams to design and implement digital solutions that align with the company’s business goals. She will also work closely with various stakeholders, including business leaders, IT teams, and external partners, to ensure seamless integration of digital technologies with the company’s existing infrastructure.
Marico has been actively exploring digital technologies to enhance its operational efficiency, improve customer engagement, and expand its reach. Under Singh’s leadership, the company aims to accelerate its digital transformation journey and become a leader in the digital consumer goods space.
Singh’s appointment comes at a time when Marico is poised to expand its digital presence, with a focus on e-commerce, online marketplaces, and social media. Her expertise in digital transformation will be instrumental in helping the company navigate this critical phase and achieve its long-term growth goals.
Overall, Juhi Singh’s appointment as Head of Digital Transformation at Marico marks a significant milestone in the company’s digital transformation journey. With her extensive experience and expertise, she is well-positioned to drive innovation and growth, and help Marico become a digital-first consumer goods company.
When can we expect HUL, Nestle India, Marico, and Dabur to release their earnings reports?
The financial year 2024-25 has come to a close, with global markets experiencing heightened volatility due to the threat of a global trade war sparked by US President Donald Trump’s imposition of tariffs on over 180 countries. India appears to be managing the crisis better than others, but the full impact of the tariffs on its economy is yet to be seen.
The performance of India’s FMCG (fast-moving consumer goods) companies is often seen as a barometer of the country’s economic health and consumer trends. As such, investors and analysts will be closely monitoring the financial results of major FMCG companies for the quarter and year ending March 31, 2025.
Some of the prominent companies in India’s FMCG space include Hindustan Unilever (HUL), Nestlé India, Marico, and Dabur. These companies will be announcing their quarterly and annual results in the coming weeks, with HUL’s board set to meet on April 24, Nestle India on April 24, Marico on May 2, and Dabur on May 7.
The results will provide insights into the companies’ performance and their potential exposure to the US tariffs, which could impact their operations and profitability in the coming financial year. Investors will be keenly watching these results to gauge the impact of the global economic uncertainty on India’s economy and consumer spending habits.
Marico founder Harsh Mariwala says he's not too concerned about inflation, but notes that consumer sentiment in India is very confused.
I couldn’t find any content from MSN on Marico’s founder discussing consumer sentiment in India. However, I can provide a general response based on Marico’s business and industry.
Marico Limited is a Mumbai-based Indian multinational consumer goods company that operates in the beauty and health space. The company was founded in 1988 by Harsh Mariwala, and its portfolio includes brands such as Parachute, , and Surya Herbal among others.
Regarding consumer sentiment in India, various surveys and studies indicate that despite rising inflation, Indian consumers remain optimistic about their spending habits. A survey conducted by market research firm Nielsen found that Indians are becoming increasingly optimistic, with 52% of respondents feeling more confident about future economic conditions.
However, the Indian consumer market is also experiencing a transformation driven by changing demographics and rising affluence. The younger generation is increasingly turning to digital platforms to make purchasing decisions, and their preferences are shifting towards premium, high-quality products that meet their evolving needs.
Marico’s founder, Harsh Mariwala, has spoken about the company’s business philosophy, which focuses on innovative products and strong distribution networks. He emphasizes the importance of connecting with changing consumer behavior and leveraging technology to enhance product development and distribution.
Mariwala has also expressed confidence in India’s economic growth prospects, despite rising inflation. He believes that the country’s growing middle-class population, coupled with government initiatives aimed at boosting consumption, will drive long-term growth for consumer goods companies like Marico.
In terms of consumer behavior, Mariwala has noted that Indian consumers are becoming more aspirational and willing to spend on premium, high-quality products. He believes that this trend presents opportunities for companies like Marico to innovate and position themselves as market leaders in their respective categories.
While inflation remains a concern, Marico’s business model, which focuses on a mix of premium and mass-market offerings, appears resilient. The company’s dominant presence in various categories, combined with its ability to navigate changing consumer preferences, positions it well to navigate India’s evolving consumer market. As the company continues to expand its portfolio and distribution network, it will be interesting to see how Marico leverages these opportunities and adapts to the changing market dynamics.
Precise dates for HUL, Nestle India, Marico, and Dabur’s earnings announcements remain unknown.
The financial year 2024-25 has concluded amidst global economic uncertainty, with US President Donald Trump’s decision to impose reciprocal tariffs on over 180 countries sparking fears of a trade war and market volatility. Despite this, India seems to be weathering the storm better than most, but the full impact of the tariffs on the economy remains to be seen. Investors and analysts will be closely monitoring the financial results of India’s leading Fast-Moving Consumer Goods (FMCG) companies for the quarter and year ending March 31, 2025, as their performance is often seen as a barometer of the country’s economic health and consumption trends.
Companies such as Hindustan Unilever (HUL), Nestlé India, Marico, and Dabur will release their quarterly and annual results, providing valuable insights into how the Indian economy is faring amidst internal and external challenges. A key factor to watch is the potential impact of US tariffs on these companies’ operations and profitability, particularly as they enter the new financial year 2026.
The scheduled dates for the announcement of Q4 and FY25 results by major FMCG companies are as follows:
* Hindustan Unilever – April 25, 2025
* Nestlé India – April 28, 2025
* Marico – May 3, 2025
* Dabur – May 6, 2025
These results will provide crucial information on the FMCG sector’s performance, helping investors and analysts gauge the impact of the global economic uncertainty on India’s economy and consumption trends.
Its Neutral on Science Tobacco, Bajaj Auto, SRF, Natco Pharma, and Apollo Hospitals.
Bank of America has released a report on the Indian consumer sector, highlighting its top picks and areas of concern ahead of the March quarter results. The brokerage has named Titan Co., United Spirits Ltd., and Marico Ltd. as its top picks, while expressing caution on Avenue Supermarts Ltd. The report highlights that Marico, Varun Beverages Ltd., United Spirits, and Tata Consumer Products Ltd. are among the companies showing double-digit topline momentum. However, it flags that DMart is facing earnings and valuation pressures due to heightened competitive intensity.
The report notes that broader trends in the Indian consumer space remain stable, but a meaningful recovery is still elusive. Bank of America expects the sector to witness similar trends as last quarter, with largely unchanged year-on-year trends across staples and discretionary segments. The brokerage expects around 7% year-on-year Ebitda growth and flat to moderate revenue gains for most names in its coverage.
The report also highlights that pricing growth in staples is improving, but is still trailing earlier forecasts, and cost pressures are hurting margins across the board, excluding alcoholic beverage companies. Overall, the report suggests that Bank of America remains selective on the consumer sector, with a focus on companies that are showing strong growth momentum and are better equipped to navigate the challenging market conditions.
Various companies, including Volkswagen India, Honasa Consumer, Marico, Motorola India, Ogilvy, McCann Worldgroup, and others, have undergone executive movements.
Storyboard18’s CXO Moves provides a round-up of key people movements in the brand marketing ecosystem. Here are the notable executive movements:
* Bishwajeet Samal, previously the global lead – campaigns and media management at Volkswagen, has been named head of marketing and public relations at Volkswagen India.
* Josh Line, with experience at Bates Worldwide, TBWA\Chiat\Day, and Anomaly, has been appointed as Yahoo’s new CMO.
* Gagandeep Bedi, previously head of marketing – offline at Infinix India, has been named head of marketing at Motorola India.
* Anuja Mishra, chief marketing officer at Honasa Consumer, has tendered her resignation, effective June 30, 2025.
* Mauro Porcini, previously SVP and chief design officer at PepsiCo, has been appointed as president and chief design officer at Samsung Electronics.
* Koteshwar L N, EVP and head of digital business at Marico, has stepped down from his position.
* Harsh Kapadia, former EVP and chief creative officer at MRM, has been appointed as chief creative officer at Grey.
* Jitender Dabas, previously chief operating officer and CSO at McCann Worldgroup India, has been named CEO at Cheil X.
* Rohitash Srivastava, national planning head at North India for Ogilvy, has been appointed as chief strategy officer at 82.5 Communications.
* Dhruv Agarwala, executive officer at REA India, has stepped down from his position.
* Pravin D Chaudhari, executive officer at Kansai Paint Co, has been elevated to managing director at Kansai Nerolac Paints.
* Shibashish Roy, with experience at Voltas, Tata Steel, and Tata Motors, has been elevated to a top role at Croma.
These moves highlight the changing landscape of the branding and marketing industry, as professionals move between companies, roles, and industries.
Consumer Goods Producers Anticipate a Lackluster Q4 Performance
The Indian fast-moving consumer goods (FMCG) sector is expected to have a dull quarter, with some companies performing better than others. Marico Ltd reported a high single-digit revenue growth in the quarter, driven by steady growth in key segments and pricing tweaks in its domestic business. On the other hand, Dabur India Ltd’s update was disappointing, with growth expected to slow down due to delayed and truncated winters and tepid urban demand.
Godrej Consumer Products Ltd (GCPL) expected high single-digit sales growth in rupee terms, with a mid-single-digit volume growth. Hindustan Unilever Ltd (HUL) volumes are expected to be flat in the quarter, and the company’s revenue growth is likely to be 2% year-on-year.
Nestle India Ltd is expected to perform better, with consolidated revenue growth of 5% year-on-year and domestic sales rising 5-6%. However, gross margins are expected to be under pressure due to input cost inflation and lacklustre revenue growth.
The sector’s overall performance is expected to be impacted by gloomy demand, with urban demand remaining affected by low wage growth and high inflation. Nomura Global Markets Research expects overall consumer demand/volumes in the quarter to remain unchanged from the previous quarter.
Investors will be closely watching management commentary on rural and urban demand trends, but a significant recovery in urban demand is not expected immediately. Until volumes improve and inflation softens, optimism may need to be tempered. The Nifty FMCG index has underperformed the benchmark Nifty 50 over the past six months, falling 16% compared to 11%.
Global Consumer Goods Leaders Prepare to Implement 2-4% Price Adjustments to Mitigate Thin Profit Margins
Several consumer goods companies in India, including Peer Godrej, Emami, and Marico, are experiencing pressure on their profit margins due to high palm oil prices and other raw material costs. As a result, they are implementing price hikes and grammage cuts to maintain their operating margins. Peer Godrej’s Managing Director and CEO, Sudhir Sitapati, expects the company’s operating margin to be between 22-26% for fiscal 2025, with a potential one-to-two round of price increases needed to reach this level.
Emami, another major player, anticipates a further 1-1.5% price increase in the coming quarters, on top of the 2% hike it took in the December quarter. Britannia Industries has also announced a price hike of 4-5% in the current quarter and may take further actions to maintain its margins. Marico has taken a 10% price hike in coconut oil and 20% in edible oil so far this fiscal, but more price hikes are expected to cushion profit margins.
These companies are facing challenges due to the high prices of palm oil, a key raw material, as well as other vegetable oils. Marico’s Managing Director, Harsha Manjunath, stated that the company may need to take more price hikes, as the current price hikes taken were not enough to maintain profit margins. The companies are expecting higher prices to continue in the near future, which will likely lead to more price increases and trade-offs to maintain their operating margins.
Three Industry Leaders – United Spirits, United Breweries, and Marico – are Our Top Consumer Picks for a Sizzling Summer Summer
Nuvama, a brokerage firm, has released a report highlighting its top picks for the fourth quarter of FY25. The report identifies several companies that are expected to perform well, including United Spirits Ltd., United Breweries Ltd., Pidilite Industries Ltd., and Marico Ltd. The brokerage also expects strong performance from Nestle India Ltd., Berger Paints India Ltd., and Emami Ltd.
Nuvama believes that the upcoming summer season will drive sales of cola, beverages, talcum powder, and ice creams, which will benefit companies like Varun Beverages Ltd. and Emami. The report also notes that liquor companies will perform well due to a shift towards premium products, favorable policies in Andhra Pradesh, and the wedding season.
However, the report also highlights some challenges faced by companies. Margins for soaps, snacks, tea, and coconut oil are expected to be under pressure due to increases in the prices of palm oil, copra, and tea, which may negatively affect the year-over-year margins of Tata Consumer Products Ltd., Godrej Consumer Products Ltd., Bikaji Foods International Ltd., and Marico.
The report also notes that the paints sector is showing a slight recovery, but Asian Paints may still face challenges due to the urban slowdown. Nuvama’s pick for the sector is Berger Paints, which is expected to perform better. Colgate-Palmolive is also expected to have a weak quarter.
Rural demand is expected to show a gradual recovery, driven by a strong monsoon season. However, the slowdown in urban areas is expected to continue, affecting traditional grocery stores and modern trade.
Overall, Nuvama’s report provides a positive outlook for some companies, but also highlights some challenges and potential drawbacks. The report serves as a useful guide for investors seeking to make informed decisions about their investments.
Marico’s Harsh Mariwala advises entrepreneurs to Empathize with your customers, not just research the market.
Harsh Mariwala, the founder and chairman of Marico, recently shared three key pieces of advice for young entrepreneurs on surviving in a highly competitive business environment at the Mint’s India Investment Summit and Awards 2025. The three advice points focus on differentiation, talent and culture, and good governance.
Mariwala emphasized the importance of differentiation in a competitive market, stating that entrepreneurs must focus on being unique and different from others. He also highlighted the need for market research, but cautioned that there is no shortcut to launching a product in the market, and that consumer insights are crucial.
The second point Mariwala made was the significance of having good talent and a strong work culture. He advised entrepreneurs to attract and retain top talent by having a strong culture within the organization, which would motivate employees to perform better and enjoy working.
Lastly, Mariwala stressed the importance of good governance, regardless of company size. He warned that taking shortcuts in governance can lead to devastating consequences, such as destroying a business. He emphasized that having good governance is essential for long-term success and is crucial for entrepreneurs to focus on.
Mariwala’s advice is valuable for young entrepreneurs, and his experiences in the FMCG industry have given him a unique perspective on what it takes to succeed. His words of wisdom can be applied to various industries, and his emphasis on differentiation, talent and culture, and governance are essential for any entrepreneur looking to build a sustainable and successful business.
skipped the traditional route, instead leveraging passion, hard work, and entrepreneurial spirit to create the Marico success story.
Harsh Mariwala, the Chairman of Marico, has shared his insights on leadership and building strong organizations. He emphasizes the importance of nurturing talent and creating a growth-focused culture. Mariwala didn’t have a fancy degree when he started building his business, but he had a clear goal: to build a team that was smarter than him.
He believes that real leadership is about creating space for talent to thrive, and he achieves this by hiring experts in their fields, including MBAs and CAs. Mariwala believes that his success is not about knowing everything, but about creating a work environment where people can grow and reach their full potential.
In a series of tweets, Mariwala highlights the importance of retaining good talent, as people will only continue to work in an organization that makes them happy, fulfilled, and allows them to grow. He also emphasizes the need for a culture that is transparent, trust-based, and meritocratic.
Mariwala also believes that individuals thrive when placed in roles that challenge and grow them. He stresses that hard work is important, but it’s not just about the number of hours clocked in, but about the quality and passion one brings to those hours. He argues that organizations should place people in roles that match their strengths, which helps to create an environment where they can thrive and reach their full potential.
Overall, Mariwala’s approach to leadership is centered around building a strong team, creating a growth-focused culture, and allowing individuals to grow and excel in their roles. He believes that this is the key to building a successful and sustainable organization.
Is Marico Ltd.’s (NSE: MARICO) balance sheet in good health?
Warren Buffett once said, “Volatility is far from synonymous with risk.” When evaluating a company’s risk level, it’s natural to look at its balance sheet, as debt is often involved in business failures. Marico Limited (NSE:MARICO) has debt, but the question is whether this debt poses a risk. To assess this, let’s examine the company’s cash and debt together. Marico has ₹4.98 billion in debt, but also has ₹14.5 billion in cash, resulting in a net cash position of ₹9.55 billion. This suggests that the company has a healthy balance sheet, with sufficient cash to offset its debt.
An analysis of the balance sheet shows that Marico has liabilities of ₹23.5 billion due within 12 months and ₹8.23 billion due beyond that. However, it also has ₹14.5 billion in cash and ₹13.1 billion in receivables due within 12 months. This means that its liabilities outweigh its cash and near-term receivables by ₹4.08 billion. Despite this, Marico’s liquid assets are well-balanced with its total liabilities, indicating that it has sufficient funds to manage its debt.
Marico’s recent growth of 7.6% in EBIT over the past 12 months should ease concerns about debt repayment. The company’s ability to maintain a healthy balance sheet going forward will depend on its future earnings performance. A business needs free cash flow to pay off debt, and Marico’s free cash flow equals 61% of its EBIT. This means it can reduce its debt when it wants to.
In conclusion, while it’s essential to examine a company’s debt levels, Marico’s net cash position provides reassurance that the company can manage its debt safely. The company’s ability to generate free cash flow and its recent growth in EBIT suggest that it can maintain a healthy balance sheet going forward.
Marico’s Harsh Mariwala advises entrepreneurs to cultivate an opportunistic mindset, emphasizing its importance for success.
Marico’s Harsh Mariwala’s Marico Innovation Foundation is a 20-year-old initiative that has nurtured and incubated various socially impactful innovations. In a conversation with Fortune India, Mariwala discussed the evolution of innovation in India Inc. He noted that innovation is now a top priority for corporate CEOs, but there is still much to be done. Many organizations are hesitant to take risks and invest in innovation due to fear of failure, which is not conducive to a culture of experimentation. Mariwala emphasized the importance of encouraging people to take risks and embracing failure as a learning opportunity.
The entrepreneur ecosystem has evolved significantly over the years, with a rise in startups and entrepreneurs emerging from small towns with limited resources. Technology has enabled many of these entrepreneurs to leverage disruptions and launch new businesses. However, there is still a need for more social innovation in areas like healthcare, education, and agriculture.
Mariwala discussed several examples of climate-specific and sustainable entrepreneurial ventures, including Ishitva Robotics, which develops high-powered, AI-enabled garbage recycling machines. He also highlighted the potential for innovation in waste management, citing a project by ReSustainability, which aims to develop high-speed recycling machines to segregate and identify different types of plastics.
To set up impact-led enterprises, entrepreneurs need a mindset that is open to experimentation, risk-taking, and continuous learning from failures. Mariwala emphasized the importance of having a consumer mindset, working closely with customers, and being open to adopting innovations from abroad.
Many companies are talking about investing in sustainable practices, but few are truly walking the talk. Mariwala believes that sustainability initiatives can have a direct financial payback, citing benefits such as attracting top talent and improving an organization’s image. He emphasized that companies should consider multiple paybacks, including financial, social, and environmental, when evaluating sustainability initiatives. Overall, Mariwala’s views emphasize the importance of innovation, experimentation, and sustainability for driving growth and impact.