Marico logo

Marico

MARICO NSE

Key Fundamentals

MidcapFMCG ProductsFMCG
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
55.17
EBITDA
₹2,532 Cr
Return on Equity
40.34%
Debt to Equity
0.13
Book Value
₹32.38
EPS
₹11.73
52W High
₹889.1
52W Low
₹690.3

Tapetide Score

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

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 24.7 times its book value
  • The company has delivered a poor sales growth of 11.1% over past five years.

Growth Rate

Revenue Growth
25.15% higher than 3Y
Net Income Growth
9.35% lower than 3Y
Cash Flow Change
52.9% higher than 3Y
ROE
3.78% lower than 3Y
ROCE
5.66% higher than 3Y
EBITDA Margin (Avg.)
-13.78% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Marico Ltd is a ₹1,03,675 Cr market cap FMCG company trading at a PE of 53.4x and 24.8x book value. The company delivers a consistently high ROE of 43% (last year) with TTM sales growth accelerating to 25%, though its 5-year compounded sales growth stands at a modest 11% and profit growth at 9% over the same period.

Bull Case 7
  • Exceptional return on equity consistency — ROE has remained between 38-43% over the last 10 years, with the most recent year at 43%, indicating highly efficient capital deployment
  • TTM sales growth has accelerated sharply to 25%, well above the 10-year compounded sales growth of 9%, suggesting a meaningful inflection in top-line momentum
  • Healthy dividend payout ratio of 65.1%, reflecting strong free cash flow generation and shareholder-friendly capital allocation
  • 3-year compounded sales growth of 12% and profit growth of 11% both show improving trends compared to the 10-year averages of 9% and 10% respectively
  • 10-year stock CAGR of 11% demonstrates long-term wealth creation track record with relatively low volatility for an FMCG name
  • TTM profit growth of 13% outpaces the 5-year compounded profit growth of 9%, indicating improving profitability alongside revenue acceleration
  • 5-year ROE average of 39% is significantly above the FMCG sector median, pointing to a durable competitive moat and strong brand franchise
Bear Case 8
  • PE ratio of 53.4x is elevated even by FMCG standards, leaving limited margin of safety if growth disappoints
  • Price-to-book ratio of 24.8x is extremely high, meaning the stock prices in decades of compounding and any earnings miss could trigger a sharp de-rating
  • 5-year compounded sales growth of just 11% is modest for a stock commanding a 53x earnings multiple, raising questions about growth-valuation alignment
  • Dividend yield of only 0.5% provides negligible income cushion despite the 65.1% payout ratio, a function of the stretched valuation
  • 5-year compounded profit growth of 9% lags the ROE figure significantly, suggesting limited reinvestment runway or volume growth constraints
  • 1-year stock CAGR of 9% underperforms broader Nifty returns over the same period, indicating the market may already be questioning the premium valuation
  • 10-year compounded sales growth of just 9% suggests the core business operates in mature, low-growth categories with structural volume growth limitations
  • Gap between TTM sales growth of 25% and TTM profit growth of 13% implies margin compression or rising input costs partially offsetting top-line gains

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • Stock down 8% from 52-week high Sep 10

    Marico shares fell 3% in September and 5% in August, declining from a 52-week high of ₹889.95 on July 31 to ₹803. The stock trades at an elevated P/E of 55.78x.

  • Operating margin contracts 265 bps Aug 25

    FY26 operating margin fell 265 bps to 17.1% due to input cost inflation, even as revenue grew 26% YoY to ₹13,611 crore.

Positives 6
  • Nuvama raises target to ₹2,032 Sep 10

    Nuvama raised Marico's target price from ₹1,015 to ₹2,032, implying 145% upside. Forecasts 21.4% revenue growth and 21.9% profit growth for FY27 with 140-150 bps EBITDA margin expansion.

  • Q1 FY27 volume at 20-quarter high Sep 10

    Q1 FY27 volume growth hit 11%, a 20-quarter high. Revenue was ₹3,957 crore and net profit ₹652 crore, with management guiding revenue past ₹15,000 crore in FY27 and ₹20,000 crore by FY30.

  • FY26 revenue surges 26% YoY Aug 25

    Marico reported FY26 consolidated revenue of ₹13,611 crore, up 26% YoY. Recurring PAT rose 11% to ₹1,762 crore.

  • Premiumisation mix shift accelerating Sep 10

    Premium segment salience targeted to rise from 37% in FY26 to 50% by FY30. India foods and premium personal care portfolio share expected to reach 27% in FY27 vs 23% in FY26.

  • Strong ESG rating from ERAI Aug 20

    Marico received a 'Strong' ESG rating with a score of 68 from ESG Risk Assessments & Insights Limited on August 20, 2026.

  • 547 crore litres water potential Aug 27

    Marico created 547 crore litres of cumulative water conservation potential across four states through its Jalashay Programme, with 24% reduction in water consumption intensity.

Neutral 2
  • Analyst meets scheduled in September Sep 10

    Marico management will attend the Jefferies India Forum on September 17 and J.P. Morgan India Conference on September 22, 2026.

  • Double-digit growth guidance reiterated Sep 4

    Management reiterated expectations of double-digit growth in upcoming quarters following volume increases in the latest period.

TL;DR: Marico is delivering strong topline momentum with FY26 revenue up 26% to ₹13,611 crore and Q1 FY27 volumes at a 20-quarter high of 11% growth. The key risk is margin compression from input cost inflation (operating margin down 265 bps) and rich valuations at 55.78x P/E. Management's premiumisation push and ₹20,000 crore FY30 revenue target provide a clear growth runway, and if EBITDA margins expand 140-150 bps as guided in FY27, the earnings trajectory should improve meaningfully.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
Operating Profit
574
497
513
442
626
522
533
458
655
560
592
521
819
OPM %
23%
20%
21%
19%
24%
20%
19%
17%
20%
16%
17%
16%
21%
Other Income
46
38
43
15
37
82
42
47
56
49
39
60
48
Interest
17
20
19
17
17
11
13
12
10
12
14
17
21
Depreciation
36
39
42
41
41
41
44
52
45
47
50
60
56
PBT
567
476
495
399
605
552
518
441
656
550
567
504
790
Tax %
23%
24%
22%
20%
22%
22%
22%
22%
22%
21%
19%
19%
17%
Net Profit
436
360
386
320
474
433
406
345
513
432
460
408
652
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others1.01%Govt.0.15%Promot.58.91%Public3.66%DIIs12.87%FIIs23.40%As ofJun 2026
2.02% of promoter holding pledged as of Jun 2026

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. Portfolio includes Parachute, Saffola, Hair & Care, Nihar, Livon, Set Wet, Beardo, Just Herbs, True Elements, Plix, Cosmix and 4...
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 market capitalisation of Marico Ltd?
Marico Ltd has a market capitalisation of ₹1,03,675 Cr, which places it in the Large Cap band.
What is the PE ratio of Marico Ltd?
Marico Ltd trades at a PE ratio of 55.17, on earnings per share of ₹11.73, against a book value of ₹32.38 per share.
What is the 52-week high and low of Marico Ltd?
Over the last 52 weeks Marico Ltd has traded between ₹690.3 and ₹889.1.
Does Marico Ltd pay dividends?
Marico Ltd has a dividend yield of 0.50%.
What is the Return on Equity (ROE) of Marico Ltd?
Marico Ltd reported a return on equity of 40.34%. 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.[1]

Website marico.com
CEO Mr. Saugata Gupta
Employees 1,908
Listed 1996-05-01
Face Value ₹ 1
Issued Size 1,29,80,87,659

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