Marico Ltd has completed the acquisition of the remaining 46.02% stake in HW Wellness Solutions Pvt Ltd, the parent company of the True Elements brand, for up to ₹138 crore. With this deal, concluded on October 17, 2025, HW Wellness Solutions has become a wholly owned subsidiary of Marico, increasing its shareholding from 53.98% to full ownership. The move marks a major step in Marico’s efforts to expand its footprint in India’s fast-growing health and wellness food segment.
Deepening Investment in a High-Growth Brand
Marico initially invested in True Elements in May 2022 as part of its diversification strategy to strengthen its presence in the healthy breakfast and snacking category. Founded in 2013 and headquartered in Pune, HW Wellness has demonstrated remarkable growth momentum, with FY25 revenue reaching ₹164.4 crore, more than doubling from ₹76.4 crore in FY24. The brand’s success highlights the increasing consumer shift toward digital-first, clean-label, and nutritious food options.
Positive Outlook for Q2 FY26
Marico also expressed optimism for its Q2 FY26 performance, forecasting year-on-year revenue growth in the thirties, supported by strong international markets and recent GST reductions across parts of its Indian portfolio. The company expects a modest improvement in operating profit, backed by sustained consumer demand and improved festive season sentiment.
Summary:
Marico’s ₹138 crore acquisition of True Elements underscores its strategic focus on scaling in the health-oriented food space. With True Elements’ rapid revenue growth and Marico’s robust distribution network, the deal strengthens Marico’s position in the fast-evolving digital-first wellness market, while the company remains upbeat about its Q2 FY26 growth trajectory.
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