Marico Ltd. share price target

Marico appears well placed to deliver healthy earnings growth in FY27, supported by Parachute recovery amid a favorable copra cycle, stable momentum in value-added hair oils (VAHO), and continued scale-up in Foods and digital-first brands.

Revenues to grow in double digit; to cross Rs15000cr in FY27: Marico's revenues grew by 26% in FY26 driven by 22% growth in India business (volume growth of 8%) and 20% constant currency growth in the international business. Management expects consolidated revenues to grow in double digits (to cross Rs15,000cr) in FY27 with Value-added hair oil (VAHO) expected to maintain double digit volume led growth, expected recovery in the volume growth of Parachute, steady growth momentum in the international busoiness (barring MENA region) and strong scale up in...

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Marico (MRCO) reported consolidated revenue growth of 22% YoY (in line) in 4QFY26. Domestic revenue grew 21% YoY, with volume growth of 9% YoY (in line).

The ongoing geopolitical challenges, if sustained, are expected to have huge bearings on cost inflation (more specifically on crude derivatives) across most of the FMCG companies.

*over or under performance to benchmark index Consolidated revenue grew 26.6% YoY to Rs. 3,537cr, driven by robust domestic markets, with Bangladesh leading the way with 29% growth, followed by Vietnam at...

Marico Limited is one of India's leading fast-moving consumer goods (FMCG) companies with a strong presence in the beauty and wellness, edible oils, and healthy foods segments. Founded in 1990 and headquartered in Mumbai, the company has built a strong portfolio of well recognized consumer brands across hair care, cooking oils, and nutrition products. Its flagship brands include Parachute coconut oil, Saffola edible oils and healthy foods, and Hair & Care hair oils, which collectively command strong market leadership in their respective categories. Over the years, Marico has also diversified into new-age consumer segments through digital-first brands such as Beardo in male grooming and Plix in plant-based nutrition. The company operates in more than 25 countries across Asia and Africa, with key international markets including Bangladesh, Vietnam, South Africa, and the Middle East region. Marico's business model is focused on building strong consumer brands, expanding distribution across rural and urban markets and leveraging premiumization and innovation...

Transforming into a digital first play; To double revenues by FY28: Marico is transforming itself into a digital first consumer business from conventional FMCG through inorganic route focusing on expanding in foods and premium personal care categories. It endeavours to double its revenues by FY30 (growing at CAGR of 15%) with core growing at CAGR of 10-12% and new businesses growing at CAGR of 20% over FY25-30. In foods the company is focusing on sub-categories such as premium snacking, health & wellness and modern breakfast. It has recently acquired...

Decent Q3; Input cost inflation phasing out Q3FY26 performance: India business grew by 24% YoY driven by mix of volume and price led growth. Volume growth stood at 8% YoY continuing its high single digit volume growth for 3rd consecutive quarter. International business grew by 21% YoY on constant currency basis. Inflated copra prices (+84% YoY) led to 596bps YoY decline in gross margins to 43.5%. EBIDTA margins declined by 217bps...

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Strong Q2; Margin to expand by 200bps in FY27 Q2FY26 performance: India business grew by 35% YoY driven by mix of volume and price led growth. Volume growth stood at 7% YoY continuing its positive growth trajectory for 10th consecutive quarter. International business grew by 20% YoY on constant currency basis. Inflated copra prices (+113% YoY) and high base led to 814bps YoY decline in gross margins to 42.6%. EBIDTA margins declined by...

Marico (MRCO) reported a consolidated revenue growth of 31% YoY (in line) in 2QFY26. Domestic revenue growth was 35% YoY with volume growth of 7%.

Sales +1% above consensus and our est., EBITDA +2% vs cons. and 1% above our est

With a 9% rise in domestic volumes (vs. the Street’s 8%) and a 20.1% EBITDA margin (vs. 20.3% est.), Marico posted good revenue but a weaker operating performance.

MRCO delivered 22% revenue growth along with ~9% volume growth led by prices hikes taken in Parachute, robust growth in Foods and Premium Personal Care along with sustained recovery in VAHO. IBD continues to grow strong...

We maintain our long-term positive view on Marico with Jun-26E TP of Rs810 (on 50x P/E), given improved execution. However, the company’s near-term performance is likely to be impacted by the inflationary copra prices in both, India and Indonesia.

We retain a Buy rating on Marico with an unchanged PT of Rs. 825. The stock trades at 51x/44x its FY26E/FY27E EPS, respectively.

Marico’s Q4FY25 numbers were a mixed bag, led by sequential improvement in volume growth in the domestic business and revenue beating estimates, while OPM fell y-o-y and missed estimates.