Marico has invested ₹1,012.03 crore to acquire an additional 24.09 per cent stake in Satiya Nutraceuticals, owner of plant-based wellness and personal care brand Plix, raising its holding from 60 per cent to 84.09 per cent in October 2026, according to a regulatory filing, as the FMCG major bets on acquisitions, profitable digital-first businesses, artificial intelligence-led distribution and reduced dependence on Bangladesh to achieve ₹20,000 crore in consolidated annual revenue by FY30, from ₹13,478 crore in FY26.
The ambition requires ₹6,522 crore in additional annual revenue over four years, implying compounded growth of approximately 10.4 per cent. Marico is also targeting mid-teens annual EBITDA growth as it seeks to reduce its reliance on commodity-linked coconut and edible oils.
“The strength of our first-half performance underscores Marico’s evolution into a more resilient and diversified business, with several growth engines and a proven ability to deliver strong growth across commodity cycles,” said Saugata Gupta, Managing Director and CEO.
The October transaction takes Marico’s aggregate consideration for its 84.09 per cent holding to ₹1,392.07 crore. Another 14.09 per cent is scheduled for acquisition in July 2027, subject to conditions, for a base consideration of up to ₹592 crore plus milestone-linked payments.
Plix’s consolidated turnover doubled to ₹864.31 crore in FY26 (2025–26) from ₹432.84 crore in FY25 (2024–25), compared with ₹155.32 crore in FY24 (2023–24), underscoring the growth of its nutrition and wellness portfolio.
Marico’s investor update outlines a shift towards categories offering stronger unit economics, lower cyclicality and better operating leverage.
Foods and premium personal care, including digital-first businesses, are expected to contribute approximately 27 per cent of India revenue by FY27-end (March 2027), rising to 33 per cent by FY30.
Digital-first businesses are targeted to achieve double-digit EBITDA margins by FY27-end, expanding into the teens over the medium term.
“Robust momentum across the portfolio and several businesses reaching new highs, alongside multi-quarter high operating profit growth reflect the strength of our franchise and execution,” Gupta said.
Project SETU 2.0 will deploy AI-led capabilities for assortment selling, sales-force enablement and store execution, alongside dedicated distribution for foods and premium personal care.
The original programme expanded Marico’s direct distribution reach to more than 1.5 times FY24 levels. Its next phase aims to improve product availability and accelerate the scale-up of newer categories.
Marico has also extended the SETU model to Vietnam, where initial results are encouraging, and recently introduced it in Bangladesh.
Marico expects non-Bangladesh markets to contribute approximately 65 per cent of international revenue by FY30, against 55 per cent in FY26 and 50 per cent in FY20 (2019–20).
Vietnam, the Middle East and North Africa, and South Africa are expected to drive diversification. Premium categories, including skincare, shampoos and baby care, are targeted to contribute 40 per cent of overseas revenue by FY30, up from 30 per cent in FY26.
The strategy hinges on scaling newer businesses profitably, expanding distribution and sustaining international growth while reducing commodity exposure.
“With multiple growth engines firing and sustained investments behind our brands, people and capabilities, we are well positioned to sustain this momentum and build an even stronger Marico for the future,” Gupta said.
Published on November 3, 2026
