The makers, such as Marico, Dabur and AWL Agri Business (formerly Adani Wilmar), have reported growth in both volumes and value, driven by pricing actions, category momentum and resilient domestic consumption, and growth from international markets except the conflict area.
Makers expect margins to improve as inflation eases; however, they remain cautiously optimistic about the coming quarters. They expect the trend of domestic demand recovery to continue, aided by stable macroeconomic conditions and improving consumption trends.
Homegrown FMCG major Marico, in its quarterly update, said its consolidated revenue grew in the “low twenties” year-on-year during the quarter, aided by pricing interventions, strong performance in hair oils, and robust traction in its international business.
The company’s India business posted high-single-digit volume growth, while its overseas operations expanded in the high-teens in constant currency terms, though the Gulf region was affected by geopolitical headwinds.
The maker of Parachute and Saffola said easing input costs, particularly a correction in copra price (down 35 per cent from peak), are expected to support margins going forward. The company remains optimistic about a gradual improvement in consumption trends and expects healthy, volume-led revenue growth in FY27.
Marico expects double-digit operating profit growth in the quarter.
Marico said it witnessed a “stable demand sentiment” during the quarter; however, the macroeconomic impact of the evolving geopolitical situation in the Middle East is a key “monitorable”.
Dabur also reported a more moderate performance, projecting consolidated revenue growth in the mid-single digits for the March quarter. The company said it had a sequential recovery in domestic demand, with its India FMCG business likely to record high single-digit growth.
It had a “steady momentum” in the domestic Indian business, underpinned by a stable macroeconomic environment.
According to Dabur, its strong domestic performance has helped offset challenges in some of its key international markets, particularly West Asia, where heightened geopolitical tensions led to demand disruptions and supply chain constraints.
In terms of channels, organised trade, including modern trade, e-commerce and quick commerce, maintained its growth momentum, alongside a steady recovery in the general trade.
AWL Agri Business, which owns edible oil and staples brands Fortune and Kohinoor rice, said alternate retail channels, such as e-commerce, Quick commerce, and Modern Trade, delivered a strong double-digit growth of 43 per cent YoY in Q4’26.
“Quick Commerce grew by 46 per cent YoY, now contributing 32 per cent of volumes to this channel, aided by tech-enabled execution and focused marketing spends,” it said.
AWL Agri Business reported strong volume growth, with its food and FMCG portfolio (excluding staples like rice and wheat) expanding by 30 per cent year-on-year. Its edible oil segment recorded a robust 17 per cent volume growth, supported by broad-based demand across key categories including soybean, mustard, rice bran and palm oil.
Over the outlook, both Marico and Dabur indicated that easing input costs, particularly in key commodities, along with calibrated pricing actions, are likely to support margin expansion and enable steady and sequential improvement in volume-led revenue growth.
However, the sector remains watchful of external risks, particularly the evolving geopolitical situation in regions such as West Asia, which could impact demand, supply chains, and input costs. They will take proactive measures to mitigate any potential impact on their operations and cost structure.
Published on April 5, 2026