Marico Q1 FY27: Consol PAT +25% YoY to ₹630 Cr as revenue beats guidance, margins steady

Marico's consolidated revenue came in at ₹3,957 Cr for Q1 FY27, up 22.9% YoY and 19.9% QoQ, with PAT attributable to owners at ₹630 Cr, up 25.0% YoY (group net profit ₹652 Cr including ₹22 Cr non-controlling interests). Basic EPS rose to ₹4.86 from ₹3.90 a year ago. Standalone told a very different story: revenue grew a similar 18.9% YoY to ₹2,794 Cr, but standalone PAT fell 55.5% YoY to ₹344 Cr — entirely because standalone other income (largely dividends up-streamed from subsidiaries) dropped to ₹53 Cr from ₹473 Cr a year ago. That's a timing effect specific to the parent-only books and is eliminated on consolidation, so it should not be read as a sign of operating weakness; the consolidated print is the one that reflects underlying performance. Net profit margin expanded to 16.5% from 15.9% a year ago, and the sequential jump from 12.4% in Q4 FY26 is partly the usual Q4-to-Q1 seasonal pattern in FMCG (Q4 typically carries heavier trade/inventory adjustments) rather than a step-change, so it shouldn't headline over the YoY move. By segment, India revenue grew 20.9% YoY to ₹3,003 Cr with segment PBIT up 23.7% to ₹580 Cr, while International grew faster at 29.3% YoY to ₹954 Cr with PBIT up 20.7% to ₹257 Cr — the international number is partly boosted by the consolidation of Vietnam's Skinetiq (Candid skincare brand, 75% stake acquired effective April 2, 2026), which the company itself flags as not comparable to prior periods. The quarter runs ahead of both external and company guidance. Marico had pre-announced on July 2 that it expected consolidated revenue growth 'in the early twenties' for the quarter, and Nomura had modelled roughly 18.5% YoY — the actual 22.9% beats both. Against the broader FY27 outlook set out on the Q4 FY26 call (double-digit consolidated revenue growth toward over ₹15,000 Cr and high-teen EBITDA growth), this quarter's revenue growth and roughly 25% growth in PBT+depreciation-based EBITDA run comfortably ahead of the low end, though it is only one of four quarters against a full-year target. No separate management press release or commentary was included in this filing beyond the board outcome letter and financial statements/notes, so India volume growth and international constant-currency growth — both watch items flagged pre-result — cannot be independently verified from this document; the July 2 business update had separately indicated India volumes at a 'multi-quarter high' and copra prices down roughly 45% from peak, aiding gross margin. What this sets up: whether the margin cushion from lower copra costs holds if prices retrace (the central bear-case risk flagged pre-result at Marico's 52–61x forward multiple), how cleanly the Beardo and Just Herbs intra-group integrations settle into standalone reporting over the next few quarters, and whether International's growth rate normalizes once the Skinetiq consolidation anniversarizes in April 2027.