Marico Ltd has emerged from one of its most challenging years with renewed focus and momentum. After grappling with intense competition and high commodity prices, the FMCG major has recalibrated its strategy—strengthening its foothold among traditional mom-and-pop stores and refining its product line to focus on fewer, faster-moving items. This approach, spearheaded by Managing Director and CEO Saugata Gupta, is already paying dividends.
In the June quarter, Marico posted consolidated revenue from operations of ₹3,259 crore, a 23% year-on-year rise, powered by a 9% volume growth in its India business. This achievement came despite the strain of record-high copra prices, a key raw material, underscoring the company’s ability to deliver in tough conditions.
Gupta attributes this growth to a blend of disciplined execution, innovation, and portfolio focus. With many large FMCG categories already highly penetrated, the company recognizes that double-digit revenue ambitions require both innovation and targeted diversification. Marico’s diversification strategy zeroes in on adjacent categories where it enjoys a “right to win” through existing consumer insights and distribution networks.
A major operational change has been the adoption of the “fewer, bigger, better” principle for SKUs. By streamlining offerings and creating channel-specific products, Marico aims to reduce complexity and boost recall at the retail level. This focus extends to using organized trade as a testing ground for new launches before broader rollouts, as seen in recent experiments like cold-pressed oils introduced via digital platforms.
Looking ahead, Marico has set its sights on reaching ₹15,000 crore in revenue within two years. The roadmap includes high single-digit to double-digit volume growth in India, mid-teens constant currency growth in international markets, and selective acquisitions, particularly in the digital space.
Crucially, the company continues to champion general trade as a cornerstone of its competitive edge. Initiatives like Project Setu are expanding direct distribution, especially in urban markets, while also driving growth in newer segments such as premium personal care and specialty foods. Gupta remains confident that digital-first brands, despite their rapid rise, cannot easily replicate the scale, relationships, and deep-rooted systems of India’s traditional trade network.
Marico’s reset is as much about discipline as it is about ambition—focusing resources on what works, pruning what doesn’t, and building on its legacy strengths while adapting to the changing consumer landscape. If the current trajectory holds, the next two years could mark one of the most significant growth phases in the company’s history.
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