Marico’s digital-first brands have crossed an annualized revenue run rate (ARR) of ₹1,100 crore, marking a major milestone in the company’s strategy of building and acquiring consumer brands that began primarily through digital channels. The portfolio, which includes brands such as Beardo, Plix and Just Herbs, has scaled significantly from the roughly ₹450 crore exit ARR recorded in FY24, showing how quickly digital-first consumer businesses can grow when backed by the distribution, capital and operating capabilities of a large FMCG company.
The milestone also raises a broader question for India’s consumer industry: is the direct-to-consumer, or D2C, model moving from an experimental startup strategy into a mainstream FMCG growth engine? Marico’s FY26 results suggest that the answer could increasingly be yes. The company said its digital-first portfolio exited FY26 at more than ₹1,100 crore ARR, while Foods and Premium Personal Care, including digital-first businesses, accounted for about 23% of India’s revenue and are expected to reach around 27% in FY27 and 33% by FY30.
Marico’s Digital-First Portfolio Crosses ₹1,100 Crore ARR
Marico’s digital-first portfolio has expanded rapidly over the past few years as the company acquired and scaled newer consumer brands.
The portfolio currently includes Beardo, Plix and Just Herbs, with each brand targeting different segments of the personal-care and wellness market. Marico has used its existing capabilities in distribution, supply chain, brand building and product development to scale businesses that initially developed through online-first channels.
Digital-First Portfolio Growth
| Period | Digital-First Exit ARR |
|---|---|
| FY24 | ~₹450 Cr |
| FY26 | ₹1,100+ Cr |
| FY26 vs FY24 | More than 2.4x |
| FY27 target | ~2.5x FY24 ARR |
The increase from approximately ₹450 crore in FY24 to more than ₹1,100 crore in FY26 represents growth of over 144% in two years.
Marico had initially targeted doubling the scale of its digital-first portfolio by FY27. It has now increased its ambition to approximately 2.5 times FY24 ARR by FY27.
Beardo And Plix Lead The Scale-Up
Beardo and Plix have become two of the most important brands within Marico’s digital-first strategy.
Beardo started primarily as a men’s beard-care brand but has expanded into a broader male-grooming portfolio. Marico said the brand has grown to five times its FY21 revenue and achieved a double-digit EBITDA margin in FY26.
Plix operates across plant-based nutraceuticals and personal care, with products aimed particularly at Gen Z and millennial consumers. Marico said the brand continued to gain traction in skin and hair wellness during FY26.
Marico’s Key Digital-First Brands
| Brand | Core Category | FY26 Update |
|---|---|---|
| Beardo | Male grooming | 5x FY21 revenue; double-digit EBITDA margin |
| Plix | Nutraceuticals & personal care | Strong growth in wellness and personal care |
| Just Herbs | Ayurvedic beauty | Expanded skincare, makeup, haircare and fragrances |
| Cosmix* | Functional wellness | ~₹100 Cr ARR before Marico investment |
*Cosmix was added to Marico’s broader digital-first portfolio through a 60% strategic investment announced in February 2026.
The portfolio is therefore expanding both organically and through acquisitions.
Marico Is Turning D2C Brands Into Mainstream FMCG Businesses
The original D2C model was built around bypassing traditional retail and selling directly to consumers through websites and digital marketplaces.
That model offered startups several advantages.
They could launch products quickly, collect consumer data directly, test marketing messages and build communities without immediately investing in a nationwide physical distribution network.
But scale eventually creates a different set of challenges.
Customer-acquisition costs can rise, digital advertising can become expensive and brands may struggle to expand beyond their initial online audiences.
This is where an established FMCG company such as Marico can provide an advantage.
Startup D2C Model Vs. Marico’s Hybrid Approach
| Factor | Traditional D2C Startup | Marico’s Approach |
|---|---|---|
| Initial distribution | Primarily online | Online + offline |
| Consumer data | Direct | Direct + retail insights |
| Product innovation | Fast | Fast with larger resources |
| Distribution scale | Limited initially | Established network |
| Marketing | Digital-heavy | Digital + mass media |
| Supply chain | Smaller scale | Large FMCG infrastructure |
| Capital | Venture/private funding | Corporate balance sheet |
| Growth strategy | Organic | Organic + acquisitions |
The evolution suggests that the strongest D2C brands may ultimately become omnichannel consumer businesses rather than remain purely online companies.
Digital Is No Longer Just A Sales Channel
Marico has increasingly described digital as more than a way of selling products.
The company has said it views digital as a core capability spanning demand generation, go-to-market and innovation. Digital channels, including e-commerce and D2C platforms, accounted for approximately 20% of Marico’s India business, according to its FY26 commentary.
This is a significant change in how traditional FMCG companies approach digital brands.
Instead of treating e-commerce as another distribution channel, companies are using digital platforms to identify consumer trends, launch products, test concepts and build communities.
How The Digital Flywheel Works
Consumer Data
↓
Product Insights
↓
Faster Innovation
↓
Digital Launch
↓
Consumer Feedback
↓
Product Refinement
↓
Offline + Online Scale
↓
Higher RevenueThe ability to combine this digital feedback loop with established FMCG infrastructure can potentially create a more durable business model.
Marico’s New-Age Portfolio Is Changing Its Revenue Mix
The rapid growth of digital-first businesses is part of a larger diversification strategy at Marico.
Foods and Premium Personal Care, including digital-first brands, contributed approximately 23% of India’s revenue in FY26. Marico expects that proportion to rise to around 27% in FY27 and approximately 33% by FY30.
This represents a significant shift from Marico’s traditional dependence on categories such as hair oils and edible oils.
Marico’s Diversification Road Map
| Metric | FY26 | FY27 Target | FY30 Target |
|---|---|---|---|
| Foods + Premium Personal Care share of India revenue | ~23% | ~27% | ~33% |
| Digital-first ARR | ₹1,100+ Cr | ~2.5x FY24 ARR | Continued scale-up |
| Digital-first EBITDA margin | Improving | Double-digit | Teens |
| Foods revenue | ₹1,000+ Cr | Strong growth target | Major growth pillar |
Marico has said the share of these businesses in India’s profits has already increased to roughly five times FY20 levels and could reach around 10 times FY20 levels by FY30.
Profitability Is Becoming The Next Test
Revenue growth alone is no longer enough for D2C brands.
The early D2C ecosystem often prioritized customer acquisition and market share, sometimes at the expense of profitability. As the category matures, investors and parent companies are increasingly focused on unit economics and sustainable margins.
Marico has explicitly shifted its digital-first strategy toward profitable growth.
The company expects the overall digital-first portfolio to achieve double-digit EBITDA margins by the end of FY27 and expand into the teens by FY30.
Digital-First Profitability Road Map
Rapid Consumer Acquisition
↓
₹1,100+ Cr ARR
↓
Operating Scale
↓
Lower Unit Costs
↓
Double-Digit EBITDA
↓
Teens EBITDA Margin By FY30This is arguably the most important phase of Marico’s D2C experiment.
The ability to generate attractive margins at scale would demonstrate that digital-first brands can become meaningful contributors to a traditional FMCG company’s earnings rather than simply providing top-line growth.
Marico Is Also Using Acquisitions To Build The Portfolio
Marico’s strategy is not limited to brands it has already developed.
In February 2026, the company announced a strategic investment to acquire 60% of Cosmix Wellness, a digital-first functional wellness brand, at an equity valuation of approximately ₹375 crore. Cosmix had reached around ₹100 crore in ARR with a high-teen EBITDA margin.
Cosmix sells plant-based protein products, functional superfood blends and other wellness products.
The investment illustrates Marico’s willingness to use acquisitions to enter fast-growing consumer categories rather than building every new business internally.
Recent Portfolio Expansion
| Brand | Category | Marico Strategy |
|---|---|---|
| Beardo | Men’s grooming | Acquired and scaled |
| Just Herbs | Beauty & Ayurveda | Acquired and expanded |
| Plix | Wellness & personal care | Acquired and scaled |
| Cosmix | Functional wellness | 60% strategic investment |
| 4700BC | Gourmet snacking | Strategic investment |
Marico also announced investments in 4700BC, a premium gourmet snacking brand, further expanding its new-age consumer portfolio.
Quick Commerce Is Adding Another Growth Layer
The growth of quick commerce is making the transition from D2C to omnichannel even more interesting.
Marico said quick commerce accounted for around 5% of its business, while digital channels overall—including e-commerce and D2C—accounted for around 20% of India revenue.
For digital-first brands, quick commerce can provide a bridge between online discovery and physical availability.
A consumer may discover a product through social media, search or an influencer and then order it through a quick-commerce platform within minutes.
This potentially reduces the traditional gap between brand building and distribution.
Why Legacy FMCG Companies Want D2C Brands
For companies such as Marico, acquiring digital-first brands provides access to consumer segments and categories that may be difficult to develop organically.
Younger consumers can have different preferences around ingredients, packaging, sustainability, personalization and product formats.
Digital-first brands are often designed around those preferences from the beginning.
Marico’s management has previously said its decision to invest in such businesses was partly driven by the recognition that ignoring the D2C shift could mean missing an incremental growth opportunity.
Strategic Benefits Of D2C Acquisitions
- Access to younger consumers
- Faster product innovation
- New consumer categories
- Digital marketing capabilities
- Direct consumer insights
- Premiumization opportunities
- New revenue streams
- Potentially higher growth rates
The challenge is integrating these entrepreneurial businesses without destroying the speed and consumer connection that made them successful.
Is The D2C Experiment Becoming Mainstream?
Marico’s performance provides evidence that the D2C model is moving into a new phase.
The question is no longer whether an online-first brand can acquire customers digitally.
The bigger question is whether such brands can become profitable, expand into offline channels and generate meaningful scale.
Marico’s portfolio crossing ₹1,100 crore ARR, combined with its ambition to reach double-digit EBITDA margins, suggests that the company is trying to prove exactly that.
The model could increasingly look like:
D2C startup → digital brand → omnichannel brand → mainstream FMCG franchise.
That trajectory could become an important template for other established consumer companies.
The Bigger Picture
Marico’s digital-first portfolio crossing ₹1,100 crore in ARR is significant because it demonstrates how quickly digital-native consumer brands can scale when combined with the resources of an established FMCG company. The portfolio has grown from roughly ₹450 crore of exit ARR in FY24 to more than ₹1,100 crore in FY26, while Beardo and Plix have moved toward profitability.
The larger implication is that D2C may be evolving from a standalone startup model into a mainstream FMCG growth strategy. Established companies can acquire digital-native brands, provide distribution and supply-chain scale, and gradually transform them into omnichannel businesses. If Marico achieves its target of double-digit EBITDA margins for the digital-first portfolio by FY27 and teens margins by FY30, it would provide an even stronger case that the D2C experiment can produce durable and profitable consumer franchises.
Looking Ahead
Marico’s immediate focus will be on converting the ₹1,100 crore-plus ARR milestone into sustainable profitability. The company expects Beardo and Plix to maintain their momentum while expanding the broader portfolio through innovation, distribution and acquisitions. The integration of newer businesses such as Cosmix and 4700BC could further increase Marico’s exposure to wellness, premium food and other fast-growing consumer categories.
For India’s broader FMCG sector, Marico’s strategy could become a blueprint for how legacy companies participate in the D2C economy without abandoning their traditional strengths. The next stage will be about balancing digital agility with offline scale, keeping customer-acquisition costs under control and building brands that can generate attractive margins. If that balance is achieved, digital-first brands may no longer be viewed as experimental side bets but as a mainstream source of growth for India’s largest consumer companies
Get the day’s top stories in your inbox
One concise email. No spam, unsubscribe anytime.
