Marico Limited (IN:MARICO)
:MARICO
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Marico Limited
(MARICO)
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Rating:75Outperform
Price Target:
₹936.00
▲(20.12% Upside)
Action:Upgraded
Date:05/09/26
The score is driven primarily by strong fundamentals (growth, profitability, low leverage, and high ROE), supported by an established upward technical trend. These positives are partly offset by 2026 margin compression risk, overbought momentum signals, and a demanding valuation (high P/E with only a modest dividend yield).
Positive Factors
Revenue Growth
Consistent multi-year revenue growth, including a rebound in 2025 and continued double-digit expansion in 2026, indicates durable consumer demand, strong brand equity and effective distribution. Sustained top-line growth supports scale benefits, reinvestment for premiumization, and long-term margin recovery potential.
Negative Factors
2026 Margin Compression
Material margin compression in 2026 versus prior years suggests rising input or marketing cost pressure or mix shifts that can erode profitability if persistent. Lower margins reduce ability to fund brand investment or sustain ROE, forcing either price increases or cost-saving measures with potential competitive consequences.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Consistent multi-year revenue growth, including a rebound in 2025 and continued double-digit expansion in 2026, indicates durable consumer demand, strong brand equity and effective distribution. Sustained top-line growth supports scale benefits, reinvestment for premiumization, and long-term margin recovery potential.
Read all positive factors
Marico Limited (MARICO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹1.07T
Dividend Yield1.42%
Average Volume (3M)43.30K
Price to Earnings (P/E)59.9
Beta (1Y)0.42
Revenue Growth25.67%
EPS Growth8.14%
CountryIN
Employees1,834
SectorConsumer Defensive
Sector Strength42
IndustryHousehold & Personal Products
Share Statistics
EPS (TTM)12.87
Shares Outstanding1,298,375,400
10 Day Avg. Volume38,273
30 Day Avg. Volume43,297
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
₹930.00Price Target Upside19.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)16.53
Revenue Forecast (FY)₹150.06B
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 makes money primarily by manufacturing (directly and through third-party/contract manufacturing) and selling branded FMCG products to trade channels (distributors, wholesalers, and retailers), modern retail chains, and e-commerce platforms,...
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 | 121.67B | 136.11B | 107.33B | 95.73B | 96.89B | 94.52B |
| Gross Profit | 53.25B | 49.34B | 50.45B | 45.63B | 40.80B | 37.47B |
| EBITDA | 23.82B | 25.32B | 23.29B | 21.42B | 19.29B | 17.56B |
| Net Income | 16.66B | 17.62B | 16.29B | 14.81B | 13.02B | 12.25B |
Balance Sheet | ||||||
| Total Assets | 86.79B | 100.75B | 83.38B | 74.21B | 69.46B | 57.86B |
| Cash, Cash Equivalents and Short-Term Investments | 16.91B | 24.41B | 21.52B | 12.01B | 13.38B | 12.18B |
| Total Debt | 6.99B | 5.57B | 5.54B | 5.28B | 6.08B | 4.79B |
| Total Liabilities | 44.73B | 55.81B | 40.72B | 32.52B | 29.90B | 23.81B |
| Stockholders Equity | 40.52B | 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
Positive
779.20
Price Trends
803.13
Positive
781.76
Positive
755.86
Positive
Market Momentum
1.15
Positive
52.18
Neutral
48.59
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:MARICO, the sentiment is Positive. The current price of 779.2 is below the 20-day moving average (MA) of 816.19, below the 50-day MA of 803.13, and above the 200-day MA of 755.86, indicating a bullish trend. The MACD of 1.15 indicates Positive momentum. The RSI at 52.18 is Neutral, neither overbought nor oversold. The STOCH value of 48.59 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:MARICO.
Marico Limited Peers Comparison
UnderperformOutperform
Sector (62)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | ₹81.34B | 43.68 | ― | ― | 20.72% | 57.65% | |
75 Outperform | ₹1.07T | 59.91 | ― | 1.42% | 25.67% | 8.14% | |
75 Outperform | ₹760.67B | 40.09 | ― | 1.62% | 5.01% | 7.14% | |
73 Outperform | ₹5.21T | 34.67 | ― | 1.84% | 3.84% | 41.23% | |
69 Neutral | ₹175.79B | 22.54 | ― | 1.91% | -0.78% | -3.87% | |
62 Neutral | $20.33B | 14.63 | -3.31% | 3.23% | 1.93% | -12.26% | |
59 Neutral | ₹1.03T | 55.41 | ― | 1.67% | 7.81% | 0.51% |
* Consumer Defensive Sector Average
IN:MARICO
Marico Limited
816.80
130.99
19.10%
IN:BAJAJCON
Bajaj Consumer Care Limited
625.30
455.50
268.26%
IN:DABUR
Dabur India Limited
423.65
-35.99
-7.83%
IN:EMAMILTD
Emami Limited
413.10
-129.31
-23.84%
IN:GODREJCP
Godrej Consumer Products Limited
1,000.40
-167.47
-14.34%
IN:HINDUNILVR
Hindustan Unilever Limited
2,195.90
-32.14
-1.44%
Marico Limited Corporate Events
Marico marginally boosts share capital with new ESOP allotment
May 8, 2026
Marico Limited has issued 155,183 new equity shares with a face value of Re 1 each under its 2016 Employee Stock Option Plan, following the exercise of options by eligible employees. The company noted that the shares rank pari passu with existing ...
Marico Publishes Audio of FY26 Earnings Call for Investor Access
May 5, 2026
Marico Limited has announced that the audio recording of its earnings conference call, held on May 5, 2026, covering the audited financial results and operations for the quarter and financial year ended March 31, 2026, is now accessible on its inv...
Marico Updates Webcast Link for Q4 FY26 Earnings Call on May 5
May 3, 2026
Marico Limited has confirmed that its Q4 FY26 earnings conference call for investors and analysts will take place on May 5, 2026, at 5:30 p.m. IST, immediately following board approval and publication of its results for the quarter and year ended ...
Marico files SEBI-compliant demat certificate for March quarter
Apr 13, 2026
Marico Limited has submitted a compliance certificate to the BSE and NSE for the quarter ended 31 March 2026, as required under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing underscores the company̵...
Marico Delivers Strong Q4 FY26 Growth as Core Brands and International Business Gain Momentum
Apr 2, 2026
Marico reported a stable demand environment in the March quarter of FY26, with its India business sustaining high single-digit underlying volume growth and modest sequential improvement. Core brand Parachute showed resilience with low single-digit...
Marico Issues 3,856 Shares Under ESOP, Marginally Ups Paid-Up Capital
Mar 23, 2026
Marico Limited has allotted 3,856 equity shares of face value Re. 1 each under its 2016 Employee Stock Option Plan to an eligible grantee, following the exercise of stock options at an exercise price of Rs. 483.50 per share. As a result, the compa...
Marico Issues 17,077 Equity Shares Under ESOP 2016, Minor Capital Increase
Feb 24, 2026
Marico Limited has allotted 17,077 equity shares of face value Re. 1 each under its 2016 Employee Stock Option Plan to eligible employees following the exercise of stock options. The issuance, which slightly increases the company’s paid-up s...
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.