Marico Limited shareholders have approved the appointment of Mr. Girish Paranjpe as an Independent Director for a term of five years, effective June 1, 2026. The resolution was passed via a postal ballot conducted through remote e-voting, concluding on June 13, 2026. This appointment strengthens the company's governance structure following the retirement of Mr. Milind Barve, who stepped down from the Board on August 1, 2026, due to health issues.

The special resolution received overwhelming support, with 98.86% of votes polled in favour. Mr. Paranjpe, who holds DIN 02172725, was initially appointed as an Additional Director by the Board on June 1, 2026. His tenure as Independent Director will run until May 31, 2031, and he is not liable to retire by rotation. The appointment was made pursuant to the provisions of the Companies Act, 2013, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Postal Ballot Process

The remote e-voting process commenced on May 15, 2026, and concluded on June 13, 2026. M/s. Makarand M. Joshi & Co., Practising Company Secretaries, served as the scrutinizer to ensure the process was conducted fairly. The company utilized the services of Central Depositories Services (India) Limited (CDSL) to facilitate the e-voting. Only members holding shares as of the cut-off date of May 8, 2026, were eligible to participate.

Voting Results

The outcome of the postal ballot was declared on June 15, 2026, based on the scrutinizer's report. The detailed voting figures are as follows:

Following the approval, the Board has restructured its committee leadership. Mr. Paranjpe has been appointed Chairman of the Audit Committee and Risk Management Committee, effective August 2, 2026. Ms. Apurva Purohit has been designated Chairperson of the Stakeholders Relationship Committee. These changes ensure continuity in governance oversight after Mr. Barve's departure.

Marico has released its Q1 FY27 business update, indicating a robust start to the financial year with double-digit underlying volume growth in India. The consumer goods company expects consolidated revenue to grow in early twenties for the quarter, driven by broad-based performance across its core, digital, and international businesses. Operating profit is anticipated to witness strong growth, supported by softening copra prices and robust business momentum. The strong operational performance has drawn positive coverage from major global brokerages, with HSBC, Nomura, and Goldman Sachs all initiating Buy ratings on the stock.

Analyst Ratings and Target Prices

Three leading global brokerages have issued Buy recommendations on Marico following the Q1 FY27 business update, reflecting broad confidence in the company's growth trajectory. The key details of each brokerage's rating are summarised below:

India Business: Volume Growth and Brand Performance

The India business accelerated its growth trajectory during Q1 FY27, delivering double-digit underlying volume growth and reaching a multi-quarter high. Parachute Coconut Oil delivered a robust performance with double-digit volume growth, marking its highest in several quarters. Saffola Oils recorded mid-single digit price-led revenue growth, though volumes declined due to the rationalisation of select variants to maintain threshold profitability. Value Added Hair Oils posted revenue growth in the twenties, bolstered by strategic focus on mid and premium segments and enhanced direct reach via Project SETU. Foods and Premium Personal Care, including digital-first brands, continued to scale up in line with the company's diversification aspirations.

International Business Trends

The international business maintained strong growth momentum with mid-teens constant currency growth. This performance was led by outperformance in Vietnam and MENA markets, alongside positive contributions from all other regions. Bangladesh experienced a transient moderation in growth due to pricing anniversarization and marginal demand softness amidst elevated inflation.

Input Costs and Profitability

Key input costs saw volatility during the quarter, with the cost of crude-linked derivatives and vegetable oils rising sharply. However, copra prices corrected meaningfully, down approximately 45% from peak levels, although they remain above historical averages. Consequently, gross margin is expected to improve sequentially. The company accelerated its investments in advertising and sales promotion (ASP) to strengthen brand equity and drive portfolio diversification. Overall, Marico expects strong operating profit growth driven by robust business expansion and the softening of copra prices.

The company remains optimistic about consumption trends while monitoring inflationary conditions and the impact of El Niño on the monsoon. Marico continues to aspire for sustainable and profitable volume-led growth over the medium term.