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Marico Limited
(MARICO)
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Rating:74Outperform
Price Target:
₹868.00
▲(1.43% Upside)
Action:Reiterated
Date:08/09/26
The score is driven primarily by strong financial performance (growth, profitability, and low leverage with high returns) and supportive technicals (price above key moving averages with positive MACD). The main constraint is valuation, with a high P/E and low dividend yield.
Positive Factors
Sustained Revenue Growth
Strong multi-year revenue compounding indicates durable consumer demand and expanding sales across Marico’s branded FMCG portfolio. Continued double-digit growth in 2026 supports investment in distribution, brand building, and product extensions while reinforcing market position.
Negative Factors
Margin Compression
Broad margin pressure across gross, operating, and net profit levels could reduce earnings growth even while revenue expands. If the compression persists, Marico may have less capacity for brand investment and could need pricing or mix improvements to protect profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained Revenue Growth
Strong multi-year revenue compounding indicates durable consumer demand and expanding sales across Marico’s branded FMCG portfolio. Continued double-digit growth in 2026 supports investment in distribution, brand building, and product extensions while reinforcing market position.
Read all positive factors
Marico Limited (MARICO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.00T
Dividend Yield0.52%
Average Volume (3M)70.86K
Price to Earnings (P/E)52.8
Beta (1Y)0.45
Revenue Growth25.00%
EPS Growth12.83%
CountryIN
Employees1,995
SectorGeneral
Sector StrengthN/A
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)14.58
Shares Outstanding1,300,204,100
10 Day Avg. Volume141,053
30 Day Avg. Volume70,857
Financial Highlights & Ratios
PEG Ratio6.60
Price to Book (P/B)22.61
Price to Sales (P/S)6.99
P/FCF Ratio54.34
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹957.50Price Target Upside11.88% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)17.02
Revenue Forecast (FY)₹153.55B
Marico Limited Business Overview & Revenue Model
Company Description
Marico Limited, an Indian enterprise founded in Mumbai in 1988, operates as a leading manufacturer and marketer of fast-moving consumer goods. The company offers an extensive portfolio spanning various categories, including hair care (such as oils...
How the Company Makes Money
Marico primarily makes money by selling branded FMCG products to distributors, wholesalers, modern retail chains, and e-commerce platforms, which in turn sell to end consumers. Revenue is largely driven by (1) domestic branded portfolios in core c...
Marico Limited Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 143.09B | 136.11B | 107.33B | 95.73B | 96.89B | 94.52B |
| Gross Profit | 52.50B | 49.34B | 50.45B | 45.63B | 40.80B | 37.47B |
| EBITDA | 26.88B | 25.32B | 23.29B | 21.43B | 19.30B | 17.59B |
| Net Income | 18.88B | 17.62B | 16.29B | 14.81B | 13.02B | 12.25B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 100.75B | 83.38B | 74.21B | 69.46B | 57.86B |
| Cash, Cash Equivalents and Short-Term Investments | 24.40B | 24.41B | 21.52B | 12.01B | 13.38B | 12.18B |
| Total Debt | 0.00 | 5.57B | 5.54B | 5.28B | 6.08B | 4.79B |
| Total Liabilities | -44.94B | 55.81B | 40.72B | 32.52B | 29.90B | 23.81B |
| Stockholders Equity | 44.94B | 42.10B | 39.75B | 38.32B | 37.99B | 33.48B |
Cash Flow | ||||||
| Free Cash Flow | 5.59B | 17.52B | 12.02B | 12.83B | 12.37B | 8.84B |
| Operating Cash Flow | 7.01B | 20.71B | 13.63B | 14.36B | 14.19B | 10.16B |
| Investing Cash Flow | 6.00B | -10.49B | -6.21B | 1.76B | -8.65B | 4.25B |
| Financing Cash Flow | -12.03B | -9.39B | -6.49B | -15.42B | -5.60B | -12.90B |
Marico Limited Technical Analysis
Negative
855.80
Price Trends
809.27
Negative
824.67
Negative
798.28
Negative
Market Momentum
-11.47
Positive
40.27
Neutral
32.29
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MARICO, the sentiment is Negative. The current price of 855.8 is above the 20-day moving average (MA) of 782.21, above the 50-day MA of 809.27, and above the 200-day MA of 798.28, indicating a bearish trend. The MACD of -11.47 indicates Positive momentum. The RSI at 40.27 is Neutral, neither overbought nor oversold. The STOCH value of 32.29 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:MARICO.
Marico Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | ₹1.00T | 52.79 | ― | 0.45% | 25.00% | 12.83% | |
74 Outperform | ₹163.69B | 21.74 | ― | 3.75% | 2.82% | -8.52% | |
73 Outperform | ₹50.00B | 20.09 | ― | 3.77% | 28.55% | 92.82% | |
69 Neutral | ₹4.26T | 28.52 | ― | 2.22% | 6.41% | 38.32% | |
65 Neutral | ₹640.40B | 32.37 | ― | 2.29% | 7.40% | 10.63% | |
59 Neutral | ₹838.60B | 43.93 | ― | 2.43% | 9.22% | 3.19% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:MARICO
Marico Limited
772.45
53.94
7.51%
IN:BAJAJCON
Bajaj Consumer Care Limited
381.30
111.00
41.07%
IN:DABUR
Dabur India Limited
361.00
-137.86
-27.64%
IN:EMAMILTD
Emami Limited
372.80
-160.59
-30.11%
IN:GODREJCP
Godrej Consumer Products Limited
819.50
-265.89
-24.50%
IN:HINDUNILVR
Hindustan Unilever Limited
1,813.00
-594.47
-24.69%
Marico Limited Corporate Events
Marico Raises Stake in PLIX Parent Satiya Nutraceuticals to 84.09%
Oct 5, 2026
Marico Limited has increased its stake in its subsidiary Satiya Nutraceuticals, owner of the PLIX brand, from 60% to 84.09% on a fully diluted basis by acquiring an additional 24.09% stake from the founders and certain other shareholders for ͅ...
Marico Expects Double-Digit Growth and Margin Expansion in Robust Q2 FY27 Update
Oct 5, 2026
Marico reported a resilient second quarter, with its India business delivering double-digit underlying volume growth despite a volatile operating environment and evolving inflationary conditions. Core brands performed strongly, as Parachute Coconu...
Marico Publishes Unaudited Q1 FY27 Consolidated Results in Line With SEBI Norms
Aug 5, 2026
Marico Limited has released the newspaper extract of its unaudited consolidated financial results for the quarter ended June 30, 2026, following approval by its board on August 4, 2026. The results have been published in leading English and Marath...
Marico Sets August 4 Investor Call on Q1 FY27 Results
Jul 27, 2026
Marico Limited has scheduled an investor and analyst conference call on August 4, 2026 at 6:00 p.m. IST, to discuss its financial results and operational performance for the quarter ended June 30, 2026. The earnings call will follow board approval...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.