Analysts/Institutional Investor Meet/Con. Call Updates

November 6, 2026 The Secretary, The Manager, Listing Department, Listing Department, BSE Limited, National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1 Block G, Dalal Street, Bandra Kurla Complex, Bandra (East), Mumbai – 400 001 Mumbai – 400 051 Scrip Code: 531642 Scrip Symbol: MARICO Sub: Transcript of the earnings conference call Dear Sir/Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, copy of transcript of the earnings conference call held on Monday, November 2, 2026 on the un-audited financial results and operations of the Company for the quarter and half year ended September 30, 2026, is enclosed. The said transcript is also available on the Company’s website at https://marico.com/investorspdf/Marico%20Limited%20Q2FY27%20Earnings%20Call%20Transcript.pdf. This is for your information and records. Thank you. Yours faithfully, For Marico Limited Vinay M A Company Secretary & Head - Legal Operations Encl.: As above Marico Information classification: Official “Marico Limited Q2FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. SAUGATA GUPTA – MD & CEO, MARICO LIMITED MR. PAWAN AGRAWAL – GROUP CFO & CEO- INTERNATIONAL BUSINESS, MARICO LIMITED Page 1 of 17 Marico Information classification: Official Marico Limited November 02, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Marico Limited's Q2 FY27 Earnings Conference Call. We have with us the senior management of Marico represented by Mr. Saugata Gupta, MD and CEO; and Mr. Pawan Agrawal, Group CFO and CEO International Business. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. Before we get started, I would like to remind you that the Q&A session is for institutional investors and analysts. And therefore, if there's anybody else who is not an institutional investor or analyst, but would like to ask questions, please directly reach out to Marico's Investor Relations team. I now hand the conference over to Mr. Saugata Gupta. Thank you, and over to you, sir. Saugata Gupta: Good evening, everyone, and thank you for joining the call. I'll start with a perspective on the operating environment during the quarter, and we'll then cover our performance followed by our outlook and strategic priorities. The global operating environment remained volatile during the quarter Geopolitical developments in West Asia led to higher energy prices and renewed concerns around supply chain and inflation. In India, however, the economic activity remained resilient, supported by domestic consumption and investment. Consumer inflation increased led by food, edible oil and fuel. These developments reinforce the importance of managing agility in pricing, sourcing and execution. Against this backdrop, we delivered yet another quarter of strong all-round performance. Consolidated revenue grew 13%, driven by 10% volume growth in India business and 13% constant currency growth in the international business. EBITDA grew 27% while PAT increased 31%, marking the highest profit growth in the last 50 quarters. Gross margin expanded by approximately 600 basis points year-on-year. This improvement was driven by favorable portfolio mix. improving profitability across our new growth engines and the benefit of softer copra prices. Advertising and promotion expenditure increased by 44% during the quarter as we continue to invest in strengthening the long-term equity of our core franchises while accelerating the scale- up of our new growth engines. Even as we significantly stepped up our A&P investments, EBITDA margin expanded by 200 basis points to 18.2%. Our performance stands out even on a 2-year basis with revenue growth and EBITDA compounded at 22% and 17%, respectively, underpinned by 8% volume growth in India Business and 16% constant currency growth in the International Business. This strong performance demonstrates how Marico has evolved over the last few years. We have built a more diversified portfolio with multiple increasingly complementary growth engines: our Page 2 of 17 Regd. Off: 7th Floor, Grande Palladium, 175, CST Road, Kalina, Santa Cruz (East), Mumbai – 400098. CIN: L15140MH1988PLC049208. Email: investor@marico.com Marico Information classification: Official Marico Limited November 02, 2026 core franchises, foods and premium personal care and digital-first brands and a geographically diverse steady international business. This diversification has increased the resilience of our business across multiple commodity cycles. Last year, when copra prices reached multiyear high, we delivered resilient earnings growth and stable volumes in Parachute. This year, even after passing on the benefit of softer copra prices to consumer, we have sustained strong top line growth led by double-digit volume growth in India and an unprecedented volume growth in Parachute post a significant price drop. The consistency of our performance reflects something fundamental about Marico. The willingness to challenge the status quo, the courage to set bold ambitions independent of external issues and a deep sense of ownership to deliver on what we promise. That combination of strategic clarity, execution excellence in adversity and accountability to our outcomes is what continues to raise the bar on our performance and the numbers bear this out. Over the last 10 quarters, India has delivered high single-digit or better volume growth in 7 quarters, the international business has delivered teens or high constant currency growth in 9, while consolidated revenue growth has grown in the teens or higher in 8 of the last 10 quarters. Pivotal to our strong performance has been our GTM transformation under Project SETU, which has given us significant advantage in terms of better reach, assortment, rural distribution and sharpened our execution. Our direct reach has gone up by more than 1.5x while we have deepened our rural distribution by nearly doubling the number of stockist. We estimate that through SETU we have been able to drive 1% to 2% incremental volume growth in the business over the last couple of years with VAHO being the key portfolio that benefited from this and now PCNO getting some benefits. In addition, SETU has delivered a far better rhythm of business every day of the month with significant savings in below-the-line spend and a very thin stock pipeline. We are now embarking upon SETU 2.0 in India with a focus on AI and tech-led smarter growth and GTM expansion of our premium core and digital brands. Let me touch upon the key trends across the domestic business. Parachute which has delivered volume growth of 13%, its highest in 22 quarters. The franchise gained around 570 basis points of volume market share and reached a new high of 60%. Importantly, Parachute delivered positive value growth despite a deflationary pricing environment. This performance reflects the formidable equity of the brand, the trust consumer places in it and the competitive advantage provided by our sourcing and supply chain capability. Value-Added Hair Oil delivered its sixth consecutive quarter of stellar growth with a 21% value growth and an 80-basis point gain in value market share on a MAT basis. This consistency points to a structural shift in the portfolio growth strategy. It is driven by our strategic pivot towards the mid and premium segments. This segment is both growth and margin accretive for us and delivered mid-teens volume growth in this quarter. Our almond hair oil franchise accelerated further. We remain on track to scale it to an annualized revenue run rate of over INR100 crores by FY28 with a medium-term aspiration of being a scaled [Showing first 8,000 characters — download PDF for full document]