Marico Limited has announced a strategic intra-group restructuring involving the voluntary liquidation of its wholly owned subsidiary Zed Lifestyle Private Limited, which operates the "Beardo" brand. The disclosure was made on January 27, 2026, under Regulation 30 of the SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Strategic Rationale and Implementation

The restructuring forms part of Marico's digital-first strategy and aims to augment its digital transformation journey. The company intends to integrate Zed's entire business undertaking on a going concern basis through voluntary liquidation. This approach is expected to deliver operational synergies, enable efficient resource allocation, and create a simplified corporate group structure.

The proposed voluntary liquidation received approval from Marico's Board of Directors following in-principle approval by Zed's board of directors at their respective meetings held on January 27, 2026. The implementation remains subject to further approvals from Zed's board of directors, shareholders, creditors, and receipt of requisite statutory and regulatory approvals.

Financial Impact and Contribution

Zed Lifestyle's financial contribution to Marico's consolidated operations during the last financial year demonstrates its relatively modest scale within the group structure:

Marico has clarified that Zed is not classified as a material subsidiary, and the voluntary liquidation will not have any material impact on the company's consolidated financials.

Regulatory Process and Timeline

The voluntary liquidation process will commence upon receipt of consent from Zed's shareholders and requisite majority of its creditors. The distribution of Zed's business undertaking on a going concern basis will be completed in accordance with applicable laws. Following the completion of distribution, Zed will be dissolved pursuant to an order from the National Company Law Tribunal (NCLT).

Shareholding Structure Changes

The restructuring will result in specific changes to the shareholding structure:

• Upon dissolution of Zed pursuant to the NCLT order, the shares held by Marico in Zed will be cancelled
• No change will occur in Marico's shareholding pattern as a result of this intra-group restructuring

The company has confirmed that no consideration will be received from this internal restructuring, and the transaction does not fall within related party transaction requirements. The restructuring provides no specific benefits to the promoter/promoter group/group companies beyond the stated operational synergies.

Marico Limited announced strong financial results for Q3FY26, showcasing robust growth across both domestic and international markets. The consumer products company reported consolidated revenue from operations of ₹3,537 crores for the quarter ended December 31, 2025, representing a significant 27% year-on-year increase from ₹2,794 crores in Q3FY25.

Financial Performance Overview

The company's financial metrics demonstrated consistent growth momentum across multiple parameters:

Net profit for Q3FY26 reached ₹460 crores, up 13% from ₹406 crores in the corresponding quarter of the previous year. Profit before tax increased 9% to ₹567 crores compared to ₹518 crores in Q3FY25.

Nine-Month Performance

For the nine-month period ended December 31, 2025, Marico maintained strong performance trajectory:

The nine-month revenue from operations grew 27% to ₹10,278 crores from ₹8,101 crores in the previous year, while net profit increased 7% to ₹1,405 crores.

Segment-wise Performance

Marico's business segments showed varied performance during Q3FY26:

India Operations:

• Revenue: ₹2,681 crores (Q3FY26) vs ₹2,101 crores (Q3FY25)
• Segment Results: ₹428 crores vs ₹392 crores
• Nine-month revenue: ₹7,843 crores vs ₹6,042 crores

International Operations:

• Revenue: ₹856 crores (Q3FY26) vs ₹693 crores (Q3FY25)
• Segment Results: ₹206 crores vs ₹180 crores
• Nine-month revenue: ₹2,435 crores vs ₹2,059 crores

Standalone Results

The standalone financial results also reflected strong performance with revenue from operations reaching ₹2,461 crores in Q3FY26 compared to ₹1,988 crores in Q3FY25. Standalone net profit increased to ₹441 crores from ₹369 crores, while nine-month standalone revenue grew to ₹7,197 crores from ₹5,791 crores.

Corporate Developments

During the reporting period, Marico completed several strategic initiatives including the acquisition of additional stake in Satiya Nutraceuticals Private Limited (Plix) and the complete acquisition of HW Wellness Solutions Private Limited (True Elements). The company also integrated the business of Apcos Naturals Private Limited (Just Herbs) through voluntary liquidation.

Operational Metrics

The company's total expenses for Q3FY26 stood at ₹3,009 crores compared to ₹2,318 crores in Q3FY25. Advertisement and sales promotion expenses were ₹336 crores, while employee benefits expense reached ₹241 crores. The paid-up equity share capital remained at ₹130 crores with a face value of ₹1 per share.