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Marico

MARICO NSE
₹890.00 +11.60 (+1.32%)
P/E
61.21
View as Markdown
MCP
Close 4 Nov 2026 ₹890.00 +176.85 +24.8% 1Y
Start ₹713.15

Key Fundamentals

LargecapConsumer GoodsFMCG

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
47.00%
Debt to Equity
0.13
EPS (TTM)
₹14.54
Book Value
₹36.42
Market Cap
—
P/E (TTM)
61.21
P/B
24.44
ROE
42.80%
Dividend Yield
0.46%
EBITDA
₹2,532 Cr
52W High
₹895.60
52W Low
₹705.80
Day Range
₹868.20 – ₹895.60
Volume
60,20,712

Peer Comparison

Fast Moving Consumer Goods › FMCG › FMCG Products › Edible Oil

Marico peer comparison
Marico (this company)
₹890.0061.21₹1,15,652 Cr24.440.46%42.80%47.00%₹14,277 Cr₹1,952 Cr
Patanjali Foods
₹383.9021.19₹41,267 Cr3.190.21%16.00%12.10%₹42,754 Cr₹1,971 Cr
AWL Agri Business
₹163.8518.41₹21,447 Cr1.960.61%10.70%18.30%₹77,720 Cr₹1,158 Cr
Gokul Agro Resources
₹223.0615.65₹6,549 Cr3.880.00%30.00%36.70%₹24,435 Cr₹421 Cr
CIAN Agro Industries & Infrastructure
₹1,163.2510.11₹3,256 Cr1.550.00%10.80%12.30%₹2,310 Cr₹323 Cr
Shri Venkatesh Refineries
₹728.90108.79₹1,584 Cr13.680.14%33.70%19.80%₹597 Cr₹15 Cr
KN Agri Resources
₹187.9413.18₹485 Cr1.220.00%8.86%13.60%₹1,945 Cr₹36 Cr
Median 7 companies₹383.9018.41₹6,549 Cr3.190.14%16.00%18.30%₹14,277 Cr₹421 Cr

Comparable companies in the same industry. Market cap, P/E and P/B use the latest price; other metrics are as reported in filings. A dash means the figure is not published for that company.

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

59 Good

Data confidence 100/100

Category scores

Quality
79
Strong
Returns, margins, earnings quality 22% weight
Valuation
26
Poor
Cheap vs sector & own history 24% weight
Growth
77
Strong
Sales & profit trajectory 9% weight
Financial Health
88
Strong
Solvency, leverage, coverage 9% weight
Momentum
73
Strong
Trend strength, vol-adjusted 12% weight
Ownership
52
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 40.9%
  • Company has been maintaining a healthy dividend payout of 65.1%

Weaknesses

2
  • Stock is trading at 24.1 times its book value
  • The company has delivered a poor sales growth of 11.1% over past five years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish5113
OscillatorsStrong Bearish513
Moving AveragesStrong Bullish0010

Key readings

RSI (14)
76.49
Bearish
MACD (12,26,9)
10.12
Bullish
SMA (50)
806.76
Bullish
SMA (200)
802.60
Bullish

As of

Analyst Rating

Based on 38 analysts
BUY87%

33 of 38 analysts rate Buy, 5 Hold, 0 Sell.

As of

BUY
33
87%
HOLD
5
13%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+8.51%
5Y+11.08%
3Y+11.71%
1Y+25.67%
TTM+25.14%

Net profit

Net profit growth by window
10Y+9.63%
5Y+8.62%
3Y+11.10%
1Y+9.35%
TTM+15.03%

Operating cash flow

Operating cash flow growth by window
10Y+9.80%
5Y+0.76%
3Y+13.67%
1Y+52.90%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−0.37 pp
5Y−2.64 pp
3Y−1.44 pp
1Y−2.65 pp
TTM−1.55 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹5,918 Cr
Mar 2018₹6,322 Cr
Mar 2019₹7,334 Cr
Mar 2020₹7,315 Cr
Mar 2021₹8,048 Cr
Mar 2022₹9,512 Cr
Mar 2023₹9,764 Cr
Mar 2024₹9,653 Cr
Mar 2025₹10,831 Cr
Mar 2026₹13,611 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹811 Cr
Mar 2018₹827 Cr
Mar 2019₹1,131 Cr
Mar 2020₹1,043 Cr
Mar 2021₹1,199 Cr
Mar 2022₹1,255 Cr
Mar 2023₹1,322 Cr
Mar 2024₹1,502 Cr
Mar 2025₹1,658 Cr
Mar 2026₹1,813 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹733 Cr −3.8% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 4 Nov 2026
AI opinion · based on fundamentals
Risk medium

Marico Ltd trades at ₹890 as of 2026-11-04 with a market cap of ₹1,15,652 crore, a trailing PE of 61.21, and an ROE of 40.34%. The company has delivered TTM sales growth of 25% and profit growth of 13%, while maintaining a near-debt-free balance sheet with a debt-to-equity ratio of 0.13. The stock is trading close to its 52-week high of ₹895.6, reflecting strong recent momentum but also a premium valuation.

Bull Case 7
  • Exceptional return on equity consistency — ROE has averaged 38% over 10 years, 39% over 5 years, and 41% over 3 years, with the last year reaching 43%, indicating highly efficient capital deployment
  • TTM revenue growth has accelerated sharply to 25%, a significant step-up from the 5-year compounded sales growth of 11% and 10-year CAGR of 9%
  • Near-debt-free balance sheet with a debt-to-equity ratio of just 0.13, providing financial flexibility and resilience through economic cycles
  • Healthy dividend payout ratio of 65.1% demonstrates a shareholder-friendly capital allocation policy, even though the current yield stands at 0.46%
  • ROCE of 39% as of 2026-11-04 confirms strong operating efficiency and suggests the business earns well above its cost of capital
  • Compounded profit growth of 13% on a TTM basis shows improving profitability alongside the revenue acceleration to 25%
  • 3-year stock CAGR of 13% and 10-year CAGR of 11% indicate the stock has delivered steady long-term compounding for shareholders
Bear Case 7
  • Price-to-book ratio of 24.44 means investors are paying a steep premium over the company's net asset value, which the known cons flag at 24.1x book value
  • 5-year compounded sales growth of 11% has been relatively modest for a consumer staples company commanding such a high earnings multiple
  • Dividend yield of just 0.46% offers minimal income return, meaning nearly all investor return depends on capital appreciation at an already elevated valuation
  • The stock at ₹890 is within 0.6% of its 52-week high of ₹895.6, suggesting much of the near-term optimism may already be priced in
  • 5-year stock CAGR of only 6% indicates that despite strong fundamentals, share price appreciation has been muted over a meaningful medium-term horizon
  • Compounded profit growth of 9% over 5 years and 10% over 10 years has lagged the revenue growth rate, suggesting periodic margin compression
  • A TTM EPS of ₹14.54 supporting a ₹890 share price implies the market is pricing in a sustained acceleration in earnings that is yet to be demonstrated over multiple years

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Marico delivered a standout Q2FY27 with 31% profit growth, volume-led domestic expansion, and broad-based market share gains across 95%+ of its portfolio. The favorable copra cycle funded aggressive brand investments and margin expansion simultaneously, while the foods and digital-first portfolios are emerging as meaningful growth engines. The key risk is a copra price reversal, which would force a difficult trade-off between sustaining elevated ad spend and protecting margins. For now, momentum is firmly positive, but the durability of these gains will be tested when the commodity cycle turns.

Headwinds 2
  • Copra price reversal risk Nov 2

    Copra prices are ~35% below peak, funding a 44% surge in A&P spend to 11.6% of revenue. If copra normalizes, sustaining the 18.2% EBITDA margin while maintaining elevated ad spend will be difficult.

  • A&P sustainability uncertain Nov 2

    A&P jumped to 11.6% of revenue in Q2 vs 8.3% in Q1 FY27. Management has not guided on where A&P intensity will settle, creating margin visibility risk if commodity tailwinds fade.

Positives 7
  • Q2 profit surges 31% YoY Nov 3

    Consolidated net profit rose 31% YoY to ₹550 crore in Q2FY27. Revenue grew 13% YoY to ₹3,897 crore with EBITDA margins expanding 200 bps to 18.2%.

  • Parachute volume best in 22 quarters Nov 2

    Parachute Rigids volume growth accelerated to 13%, the fastest in 22 quarters, gaining over 570 bps in market share to reach 60% volume share in coconut oil.

  • Gross margin hits 50-quarter high Nov 2

    Gross margin expanded 600 bps YoY to its highest level in 50 quarters, with material costs falling to 51.9% of revenue from 57.9% a year ago.

Neutral 2
  • Rohit Jawa joins as director Nov 2

    Former HUL CEO Rohit Jawa appointed as Additional Independent Director for a five-year term starting January 1, 2027, subject to shareholder approval via postal ballot.

  • Emissions intensity down 89.3% Oct 22

    Operational emissions intensity dropped 89.3% from FY13 baseline, with renewable energy at 77.3% of total consumption in FY26 and a target of 93% Scope 1&2 reduction by 2030.

Quarterly Results

₹ Cr
MARICO quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
2,477
2,476
2,422
2,278
2,643
2,664
2,794
2,730
3,221
3,482
3,537
3,301
3,957
3,897
Expenses
1,903
1,979
1,909
1,836
2,017
2,142
2,261
2,272
2,566
2,922
2,945
2,780
3,138
3,188
Operating Profit
574
497
513
442
626
522
533
458
655
560
592
521
819
709
OPM %
23%
20%
21%
19%
24%
20%
19%
17%
20%
16%
17%
16%
21%
18%
Other Income
46
38
43
15
37
82
42
47
56
49
39
60
48
53
Interest
17
20
19
17
17
11
13
12
10
12
14
17
21
24
Depreciation
36
39
42
41
41
41
44
52
45
47
50
60
56
64
PBT
567
476
495
399
605
552
518
441
656
550
567
504
790
674
Tax %
23%
24%
22%
20%
22%
22%
22%
22%
22%
21%
19%
19%
17%
17%
Net Profit
436
360
386
320
474
433
406
345
513
432
460
408
652
558
EPS (₹)
3.3
2.73
2.96
2.46
3.58
3.27
3.08
2.65
3.89
3.24
3.44
3.01
4.85
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
MARICO profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,733
6,017
5,918
6,322
7,334
7,315
8,048
9,512
9,764
9,653
10,831
13,611
14,277
Expenses
4,863
4,966
4,759
5,185
6,009
5,846
6,459
7,831
7,954
7,627
8,692
11,283
11,785
Operating Profit
870
1,051
1,159
1,137
1,325
1,469
1,589
1,681
1,810
2,026
2,139
2,328
2,492
OPM %
15%
17%
20%
18%
18%
20%
20%
18%
19%
21%
20%
17%
17%
Other Income
59
93
96
85
103
95
107
98
144
142
208
204
196
Interest
23
21
17
16
40
50
34
39
56
73
53
53
64
Depreciation
84
95
90
89
131
140
139
139
155
158
178
202
213
PBT
822
1,029
1,149
1,117
1,257
1,374
1,523
1,601
1,743
1,937
2,116
2,277
2,411
Tax %
29%
30%
29%
26%
10%
24%
21%
22%
24%
22%
22%
20%
—
Net Profit
585
723
811
827
1,131
1,043
1,199
1,255
1,322
1,502
1,658
1,813
1,952
EPS (₹)
4.45
5.51
6.19
6.31
8.63
7.91
9.08
9.48
10.07
11.44
12.57
13.57
14.54
Div. Payout %
28%
77%
57%
67%
55%
85%
83%
97%
45%
83%
83%
30%
—

Balance Sheet

₹ Cr
MARICO balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
64
129
129
129
129
129
129
129
129
129
129
130
Reserves
1,760
1,888
2,197
2,414
2,846
2,894
3,111
3,219
3,670
3,703
3,846
4,080
Borrowings
428
331
239
312
352
338
511
479
608
528
554
557
Other Liabilities
873
1,010
1,059
1,217
1,569
1,603
1,675
1,850
2,393
2,993
3,746
5,183
Total Liabilities
3,125
3,358
3,623
4,072
4,896
4,964
5,426
5,677
6,800
7,353
8,275
9,950
Fixed Assets
1,076
1,050
1,085
1,110
1,300
1,396
1,612
1,760
2,246
2,724
2,758
3,633
CWIP
3
37
11
27
45
58
24
39
67
44
40
85
Investments
284
544
608
543
450
733
854
828
1,096
602
1,590
2,083
Other Assets
1,763
1,727
1,919
2,392
3,101
2,777
2,936
3,050
3,391
3,983
3,887
4,149
Total Assets
3,125
3,358
3,623
4,072
4,896
4,964
5,426
5,677
6,800
7,353
8,275
9,950

Cash Flow

₹ Cr
MARICO cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
665
818
649
516
1,062
1,214
2,007
1,016
1,419
1,387
1,363
2,084
Investing
−186
−203
−125
59
−367
−22
−933
441
−928
176
−621
−722
Financing
−625
−601
−574
−567
−698
−1,147
−1,058
−1,290
−560
−1,542
−649
−1,279
Net Cash Flow
−147
14
−51
8
−3
45
16
167
−69
21
93
83
Free Cash Flow
607
731
567
388
919
1,034
1,870
884
1,237
1,234
1,241
1,772
CFO/OP
101
101
82
71
104
102
144
81
99
87
86
114

Ratios

MARICO financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
11
15
15
20
26
27
18
25
38
40
43
35
Inventory Days
139
110
193
190
147
157
108
106
94
116
93
85
Days Payable
79
80
107
103
98
108
109
101
112
137
103
108
Cash Conversion Cycle
71
46
101
106
74
76
17
30
20
19
33
12
Working Capital Days
18
0
23
37
27
24
−11
5
2
14
16
−18
ROCE %
38%
44%
45%
42%
42%
43%
43%
43%
42%
43%
45%
47%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Marico insights

64 extracted metrics across FY07–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.83%
  • FIIs 22.26%
  • DIIs 14.10%
  • Public 3.68%
  • Others 1.12%

2.02% of promoter holding pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Marico

What does Marico Ltd do?
Marico Limited is one of India's leading consumer goods companies, operating across beauty, personal care, wellness and foods in India and select international markets.
Where is Marico Ltd (MARICO) listed?
Marico Ltd trades as MARICO on the NSE and under code 531642 on the BSE.
Which sector does Marico Ltd belong to?
Marico Ltd is classified under the FMCG sector, in the FMCG Products industry.
What is the PE ratio of Marico Ltd?
Marico Ltd trades at a PE ratio of 61.21 as of 4 Nov 2026, on earnings per share of ₹14.54, against a book value of ₹36.42 per share.
What is the 52-week high and low of Marico Ltd?
Over the last 52 weeks Marico Ltd has traded between ₹705.8 and ₹895.6 as of 4 Nov 2026.
Does Marico Ltd pay dividends?
Marico Ltd has a dividend yield of 0.46%.
What is the Return on Equity (ROE) of Marico Ltd?
Marico Ltd reported a return on equity of 42.80%. Its debt-to-equity ratio is 0.13.

Company Information

Marico Limited is one of India's leading consumer goods companies, operating across beauty, personal care, wellness and foods in India and select international markets. Portfolio includes Parachute, Saffola, Hair & Care, Nihar, Livon, Set Wet, Beardo, Just Herbs, True Elements, Plix, Cosmix and 4700BC; products reach 1 out of 3 Indians.

Website marico.com
CEO Mr. Saugata Gupta
Employees 1,908
Listed 1 May 1996
Face Value ₹1

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