Marico raises stake in Plix parent to 84.09%; Q2 revenue expected to grow in double digits

Marico has increased its stake in Satiya Nutraceuticals Private Ltd, which owns the ‘The Plant Fix – Plix’ brand, to 84.09% on a fully diluted basis after acquiring an additional 24.09% stake from its founders and certain other shareholders.

In an exchange filing, Marico said it had entered into definitive agreements to acquire a 38.18% stake in Satiya Nutraceuticals on a fully diluted basis, in tranches, from its founders and certain other shareholders, in line with the terms and conditions agreed under the definitive agreements.

As part of the transaction, Marico has acquired a 24.09% stake in Satiya Nutraceuticals, taking its aggregate holding from 60% to 84.09% on a fully diluted basis. The acquisition was completed on October 5, 2026.


The current tranche of 24.09% was acquired for a consideration of Rs 1,012.03 crore. Following the transaction, Marico's aggregate consideration for the acquisition of an 84.09% stake in Satiya Nutraceuticals stands at Rs 1,392.07 crore.

The remaining 14.09% stake held by the founder and certain other shareholders will be acquired in July 2027, subject to the terms and conditions of the definitive agreements. The consideration for the remaining stake will comprise a base consideration of up to Rs 592 crore and additional consideration subject to milestones and other terms and conditions under the definitive agreements.

Satiya Nutraceuticals is a subsidiary of Marico, which previously held a 60% stake on a fully diluted basis. Incorporated under the Companies Act, 2013, on February 13, 2020, and headquartered in Mumbai, the company owns ‘The Plant Fix – Plix’, a plant-based nutrition and personal care brand with a presence in the health and wellness segments.

Marico said its strategic investment in Satiya Nutraceuticals has expanded its total addressable market in the value-added foods and nutrition segments, while also strengthening its presence in the rapidly growing personal care and wellness categories.

Separately, Marico provided a quarterly update for the second quarter ended September 30, 2026, saying domestic demand remained resilient during the quarter even as the operating environment remained volatile. The company said it remains optimistic on consumption trends while closely monitoring evolving inflationary conditions.

The India business continued its strong momentum, delivering another robust quarter with underlying volume growth touching double digits. Parachute Coconut Oil sustained its strong performance and accelerated further, with early-teens volume growth. Marico said the performance reflected the brand's strong equity, deep consumer trust and its supply chain-led competitive advantage.

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Saffola Oils delivered mid-single-digit price-led growth, while volumes declined as the company focused on maintaining threshold profitability and rationalised supply of select variants. Value Added Hair Oils recorded its sixth consecutive quarter of strong growth, with volume growth in the twenties for another quarter.

Marico said the performance of Value Added Hair Oils reflected the strength of the franchise and a structural shift in its growth trajectory, aided by investments in the mid and premium segments, enhanced direct reach through Project SETU and aggressive growth in the Almond category.

Foods and Premium Personal Care, including digital-first brands and shampoo, sustained their growth momentum in line with the company's aspirations, further accelerating the pace of its diversification journey.

The international business also delivered a robust quarter, with constant-currency growth in the teens, led by strong performance in Vietnam, the Middle East and South Africa. Bangladesh witnessed a marginal sequential improvement, although it continued to lap a high base amid persistently elevated inflation.

Marico expects consolidated revenue to grow in double digits, with strong performance across its core, digital and international portfolios. The company said this performance underscores the effectiveness of its strategic priorities and execution discipline.

Among key inputs, the cost of crude-linked derivatives increased further, while copra prices remained rangebound at around 35% below peak levels. Marico expects strong acceleration in gross margin on a year-on-year basis, led by favourable portfolio mix and tailwind from copra prices.

ASP investments increased significantly as the company continued to invest behind brand building and growth initiatives. Overall, Marico expects operating profit to grow in the mid-twenties.

With a strong performance through the first half of the year, Marico said it is likely to surpass its near-term guidance across key financial parameters, anchored by the sustained strength of its core franchises and the scale-up of new growth engines.

The company maintained its aspiration of delivering sustainable and profitable volume-led growth over the medium term.

Marico shares settled 1.11% higher at Rs 790 apiece on the NSE on Monday. The stock traded in the range of Rs 780 to Rs 814 during the session.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective Sebi-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here