Marico Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for MARICO, BSE:531642 Marico Ltd.

Marico Ltd.

31 Jan 2020

735.95

-0.53%

Q3FY20 Result Update

Accumulate: Marico Ltd.

Recommendation Target

Prabhudas Lilladhar

We are upgrading MRCO from Reduce to Accumulate following 4.6-7.1% upgrade in earnings from a lower (10-12%) than consensus average. We have not been die-hard fans of MRCO's strategy and have been critical of lack of success beyond Parachute, VAHO and Saffola as also failed acquisitions over years. We believe that MRCO is cognizant of these problems and is taking steps on pricing, distribution, urban GT, new channels, rural expansion and cost optimization the benefits of which will be visible from 2HFY21. Copra prices have bottomed out while benign input costs for VAHO should come in...

ICICI Direct increased Buy price target of Marico Ltd. to 870.0 on 17 Nov, 2025.

Marico Ltd.

04 Nov 2019

735.95

-0.53%

MARICO INDUSTRIES LTD

Hold: Marico Ltd.

Target

Geojit BNP Paribas

The company's Q2FY20 revenue was flattish at Rs. 1,829cr (Q2FY19: Rs. 1,837cr), with improved international operations (+8.3% YoY to Rs. 431cr) on the back of strong performance in Bangladesh (contributing 46%; constant currency growth 15.0% YoY). Whereas revenues were negatively impacted by de-growth of 2.8% YoY in domestic sales to Rs. 1,398cr, owing to the subdued volume growth (+1.0% YoY) and slowdown in overall demand. EBITDA grew by 15.8% YoY to Rs 353cr, as EBITDA margin expanded 270bps YoY to 19.3% in Q2FY20, aided by better product mix and lower input costs, despite increase in advertising & promotion expenses (+12.1% YoY). PAT...

Marico Ltd. is trading above all available SMAs

Marico Ltd.

29 Oct 2019

735.95

-0.53%

Marico

Hold: Marico Ltd.

Recommendation Target

ICICI Securities Limited

Muted volume growth in key segments mars domestic sales Domestic business de-grew 3% in Q2FY20 on account of rural slowdown and channel de-stocking, which resulted in flat to negative volume growth for Parachute and VAHO categories. Saffola category also underperformed with tepid volume growth of 1% as the company is in the process of sorting out the assortment strategy across channels and also planning to ramp up of distribution expansion in 1 litre pack to get incremental growth in H2FY20. India business has grown a mere 4% in H1FY20 as key categories have been...

Marico Ltd. is trading above all available SMAs

Marico Ltd.

27 Oct 2019

735.95

-0.53%

Marico (2QFY20): Copra deflation saves the day. Maintain NEUTRAL

Neutral: Marico Ltd.

Recommendation Target

HDFC Securities

The stock re-rated in the last 3-4 quarters owing to superior EBITDA growth. Marico was our top-pick 12 months back when copra cycle was expected to reverse. We recently downgraded Marico to NEUTRAL as we believe peak copra deflationary cycle is now behind. We expect tailwinds from deflation in input costs to moderate over the next 2 quarters. As a result, most of the positives are priced-in (30% run up in the last 12-months). The stock does not deserve a further re-rating as new launches are not moving the needle and core biz volume growth remains tepid. Marico disappointed on volume growth owing to rural slowdown. Hair oil category growth was sluggish in 2Q. Copra deflation and international performance drove healthy EBITDA growth. We recently downgraded Marico to NEUTRAL as RM tailwinds are expected to moderate and near-term positives were priced-in. We value Marico at 35x on Sep-21 EPS arriving at a TP of Rs 391.

Marico Ltd. is trading above all available SMAs

Marico Ltd.

25 Oct 2019, 12:00AM

735.95

-0.53%

Q2FY20 Result Update

Sell: Marico Ltd.

Recommendation Target

Prabhudas Lilladhar

We are downgrading MRCO to Reduce given that 1) growth headwinds in Change in Estimates | Target | Reco VAHO and Saffola are becoming structural in nature 2) reduction in trade promotions in tight liquidity conditions can back fire and 3) copra price...

Marico Ltd. has an average target of 824.33 from 9 brokers.

Marico Ltd.

02 Aug 2019

735.95

-0.53%

Marico (1QFY20): An all-round show. Maintain BUY

Buy: Marico Ltd.

Target

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. Marico reported an all round show with (1) Market share gains, (2) Sharp GM expansion (522bps), (3) Aggressive A&P; spends (+32% YoY) to support NPD and (4) Robust EBITDA growth (adj. 26%). We remain constructive on Marico and believe its performance will be superior vs. its peers in FY20. We value the co. at 35x on Jun-21 EPS arriving at a TP of Rs 395. Maintain BUY.

Marico Ltd. has an average target of 824.33 from 9 brokers.

Marico Ltd.

02 Aug 2019

735.95

-0.53%

Marico

Accumulate: Marico Ltd.

Recommendation

Dolat Capital

Easing of copra prices aided margin improvement. Maintain Accumulate. Marico's Q1FY20 revenue was in line with our estimate, but EBITDA and APAT was a beat. Volume growth was 6%, on a base of 12.5% growth. Although volume growth in Parachute was impressive at 9%, Saffola posted mere 3% volume growth. VAHO reported improvement in performance, volume growth improved to 7% in Q1FY20 vs 1% in Q4FY19. The company continues to gain traction in modern trade and e-commerce. However,...

Marico Ltd. has an average target of 824.33 from 9 brokers.

Marico Ltd.

02 Aug 2019

735.95

-0.53%

Marico

Buy: Marico Ltd.

ICICI Securities Limited

Marico witnessed strong 9% volume growth in Parachute Rigid, which led to 246 bps market share gain in Q1FY20. The company witnessed de-growth in non-focussed mass brands as declining copra prices gives an edge to unorganised players in low price brands. Despite 25% decline in copra prices, the company has not taken any price cut except for few promotional offers, which led to 1% decline in prices. We believe 30-35% loose coconut oil market provides enough scope for the company to grow in the segment in the medium term. The company commands 60% market share in coconut...

Marico Ltd. is trading at high day volume of 4.0M.

Marico Ltd.

01 Aug 2019

735.95

-0.53%

Strong earnings performance, favorable outlook reinforces positive view

Buy: Marico Ltd.

Target

Motilal Oswal

Consol. gross margin expanded 520bp YoY to 47.5%. Higher A&P; expenses as % of sales (+190bp YoY to 10.1%; absolute A&P; spends up 31.9% YoY), increase in employee expenses as % of sales (+20bp YoY to 5.9%) and lower other expenses as % of sales (down 10bp YoY) meant that EBITDA margin expanded 320bp YoY to 21.3% (est. 20.5%). Standalone Sales/EBITDA/adj. PAT grew 5.5%/23.8%/26.2%. EBITDA margin expanded 290bp YoY to 19.6%. Volume growth was 9%/ 7%/3% and value growth 8%/6%/11% respectively for Parachute (rigid), Saffola and VAHO...

ICICI Direct increased Buy price target of Marico Ltd. to 870.0 on 17 Nov, 2025.

Marico Ltd.

01 Aug 2019

735.95

-0.53%

Marico

Buy: Marico Ltd.

Sharekhan

Marico posted strong PAT growth of ~27% in Q1FY2020 largely driven by expansion of 321 BPS in OPM (led by reduction in copra prices). Revenue growth stood at ~7% driven by 6% volume growth. Parachute rigid packs continued to perform well with 9% volume growth, while value-added hair oil volume growth stood at 7% in Q1FY2020. The management is confident of achieving 6-8% volume growth in the near term and OPM to...