Marico's Indian business grew volumes in Q2 FY26 despite tax rollout issues, driven by tax cuts and strong demand in foods and premium personal care.

Marico's India business posted high single-digit volume growth in Q2 FY26 despite GST 2.0 rollout disruptions, aided by tax cuts on essential goods benefiting 30% of its business. The company passed savings to consumers, maintained steady demand, and saw strong growth in Foods and Premium Personal Care, including digital brands. Saffola Oils posted flat volumes with high teens revenue growth, while Value Added Hair Oils grew in the high teens. International operations rose strongly in constant currency, led by Bangladesh and MENA. Input costs remain elevated, but gross margin pressure is expected to ease in H2. Marico expects modest operating profit growth and reaffirmed its long-term volume-led growth strategy.