New Research Reports

Sales +3% above Bloomberg 4QFY25 consensus/our est. EBITDA was in line with cons. and 1% above our est

We upgrade Marico to BUY from Add, and raise Mar-26E TP by ~16% to Rs810 (from Rs700), given FY25 management aspirations have been already realized and execution is continually improving.

MRCO managed to deliver double-digit growth in FY25 led by Foods and Premium Personal Care revenue share increasing to ~22% in FY25 (11% in FY11) and double-digit INR sales growth in international business. Innovation funnel remains strong with portfolio diversification and scale up in Foods, D2C portfolio & B2C acquisitions. Beardo has ended FY25 with double-digit EBITDA margins whereas Plix has delivered low single digit EBITDA margin. MRCO plans to adopt the same strategy for scaling Digital-first franchises and targets double-digit margins by FY27. IBD is also focusing on improving mix by reducing...

Marico (MRCO) reported consol. revenue growth of 20% YoY (in line) in 4QFY25. Domestic revenue growth was 23% YoY, while volume growth was 7%. International growth was 11% YoY (16% CC growth).

With a 25% upside potential from the CMP, we maintain our BUY rating on the stock.

VBL reported a strong and largely in-line quarter. India revenue growth was better at ~18% (vs expectation of ~15%), helped by ~16%/2% growth in volume/realization.

Quarterly Update Q1CY25

With an 8% upside from the CMP, we maintain HOLD