Marico Ltd.

NSE: MARICO | BSE: 531642 | ISIN: INE196A01026 |Industry: Personal Products
|Expensive Performer
Durability score
55 /100
Valuation score
10.8 /100
Momentum score
55.9 /100
Market Capitalizati...
46,943.6 Cr.
AVG Broker Target
402.6
PE TTM Price to Ear...
41.4
Marico Ltd.    
22 May 2019
363.65
-0.38%
buy
Geojit BNP Paribas
We value the stock at a P/E of 39x on FY21E EPS and maintain Hold rating with a revised target price of Rs 390. Healthy volume growth in domestic & international business Sales grew by 9% YoY in Q4FY19 to Rs1,609cr backed by underlying domestic volume growth of 8% and value growth of 7%. Domestic volume growth was driven by Saffola segment which reported robust volume growth of 18% led by sustained marketing initiatives. Parachute rigid grew by 6% in volume terms with continued market share gain while Value added hair oils (VAHO)...
Marico Ltd. has an average target of 402.55 from 11 brokers.
Marico Ltd.    
07 May 2019
363.65
-0.38%
HDFC Securities
Marico is amidst a copra deflationary cycle and plans to capitalize by building its futuristic portfolio. The co. is reinvesting its GM expansion into higher A&P spends to support new launches. In the recent past, the co. has launched several products in categories like premium hair oil, food and male grooming. Although the products are niche and may not have a high success rate, we admire the management's aggression which will aid in driving product diversification and long-term growth. Maricos 4Q performance was mixed albeit healthier vs. Dabur & GCPL. Revenues missed our estimates despite in-line volume growth while GM expansion beat estimates (tactical purchase of RM). We cut EPS estimates by 4-5% over FY20-21E to factor moderation in demand and GM expansion. However, we remain constructive on Marico and believe its performance will be superior to its peers in FY20. We value the co. at 35x on FY21 EPS arriving at a TP of Rs 386. Maintain BUY.
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Number of FIIs/FPIs holding stock rose by 8 to 628 in Mar 2019 qtr.
Marico Ltd.    
07 May 2019
363.65
-0.38%
buy
ICICI Securities Limited
Led by marketing initiatives and certain pricing changes, the Saffola witnessed a significant 19% volume growth against 2% in Q3FY19. The management expects this recovery to continue in coming quarters and has guided for mid-teens volume growth, going forward. We expect the company to witness superior volume trajectory on the back of improved Saffola numbers. Modern trade and e-commerce channels also helped growth in Saffola portfolio. As of today, e-commerce contribution to turnover has already crossed 3% compared to <1% on a YoY basis. We...
Marico Ltd. is trading above it's 200 day SMA of 353.01
Marico Ltd.    
07 May 2019
363.65
-0.38%
buy
Dolat Capital
Easing of copra prices aided margin improvement. Maintain Accumulate. Marico's Q4FY19 revenue was below our estimate, but APAT was in line. Volume growth was 8%, on a base of 1% growth. Although volume growth in Saffola was impressive at 18%, VAHO's was a mere 1% in the quarter. The Saffola portfolio gained traction in modern trade and e-commerce. Going ahead, the company plans to introduce new improved offerings in...
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Marico Ltd. is trading below it's 30 day SMA of 365.43
Marico Ltd.    
06 May 2019
363.65
-0.38%
Motilal Oswal
6 May 2019 Domestic revenue increased ~6% YoY, led by volume growth of 8% YoY. (+160bp YoY to 9.5% of sales) and employee expenses (+30bp YoY to 7.3%) restricted EBITDA margin expansion to 50bp YoY (17.6% v/s our est. PAT grew 16%, 13% and 14%, respectively. EBITDA margin contracted 50bp YoY to 17.5%. (1) MRCO is targeting 8-10% volume growth in India and double-digit CC growth in international biz. (2) New products as a proportion of sales are likely to double over the next few years. (3) Domestic EBITDA margins are targeted to be over 20% and international margins over 18%. There is no material change to our FY20/21 EPS forecasts, as the outlook remains strong with a likely EPS CAGR of ~21% over the next two years.
Number of FIIs/FPIs holding stock rose by 8 to 628 in Mar 2019 qtr.
Marico Ltd.    
06 May 2019
363.65
-0.38%
buy
Sharekhan
Volume growth stood at 8%; margin expansion due to lowering copra prices: Marico's consolidated revenue grew by ~9% to Rs. 1,609 crore with domestic volume growth standing at 8% (better than Q3FY19 volume growth of 5%). Rural general trade grew by 12%, as it continued to outpace urban market general trade growth, which stood at 1% in Q3FY2019. The correction...
Marico Ltd. is trading above it's 200 day SMA of 353.01
Marico Ltd.    
06 May 2019
363.65
-0.38%
buy
Arihant Capital
Marico came out with good set of numbers in Q4FY19. Consolidated results were mostly in line with our estimate. Consolidated revenue for the quarter grew 8.7% YoY to Rs 16090 mn against our estimate of Rs 16490 mn. EBITDA for Q4FY19 came at Rs 2830 mn (estimate Rs 2940 mn) a growth of 12.3% YoY. EBITDA margin increased 56 bps YoY to 17.6% for the quarter against 17% in Q4FY18. Adjusted PAT (adjusted for one time tax write back of Rs 1880 mn) for the quarter stood at Rs 2130 mn ahead of our estimate of Rs 2010 mn, a growth of 18% YoY. We like Marico over other FMCG...
Marico Ltd. is trading below it's 30 day SMA of 365.43
Marico Ltd.    
22 Apr 2019
363.65
-0.38%
Motilal Oswal
As mentioned in our 4QFY19 update for MRCO (2nd April'19), input cost pressure is easing, especially for copra, which accounts for 40-50% of the company's RM cost. Based on the latest data, copra Calicut price was down7.7% MoM in Mar'19. Costs of other key commodities -except LLP (+4.5%MoM) -also remain benign (Cochin coconut oil price down 6.6% MoM and HDPE price down 0.6% MoM)
Marico Ltd. has an average target of 402.55 from 11 brokers.
Marico Ltd.    
02 Apr 2019
363.65
-0.38%
Motilal Oswal
The demand environment remained stable in 4QFY19 with good offtake growth. Rural traction remained intact, exceeding urban growth in the traditional channel. Newer channels (modern trade and e-commerce) are growing robustly. Even CSD has now stabilized, but some slowdown was observed in the wholesale channel, specifically in the month of Mar'18, the reason for which was not mentioned.
Marico Ltd. is trading below it's 30 day SMA of 365.43
Marico Ltd.    
18 Mar 2019
363.65
-0.38%
buy
Rudra Shares and Stock Brokers Ltd
Marico, being one of India's leading consumer Products Group, in the global beauty and wellness space touches the lives of 1 out of every 3 Indians. Parachute is the leading brand in the Indian cosmetics & toiletries industry and has continued to show volume growth, though Safola growth was disappointing. Marico wants to reduce dependence on Parachute and Saffola by driving new things in the premium segment, like male grooming, serums, hair nourishment and foods are expected to have a significantly higher share in the next five years. Nevertheless,...
Marico Ltd. has an average target of 402.55 from 11 brokers.