MARICO
Mid CapMarico Limited
Consumer
Marico Limited is an Indian consumer goods company operating in India and international markets. Its portfolio includes hair oils, edible oils, foods, and premium personal care, with a strategic focus on diversifying into high-growth, premium, and digital-first categories.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Average · 42/100margin compression · Rev +22% YoY · PAT +18% YoY
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,333 Cr | +22.1% | -5.8% |
| EBITDA | ₹521 Cr | +13.8% | -12.0% |
| Operating margin | 16.0% | -100 bps | -100 bps |
| PAT | ₹408 Cr | +18.3% | -11.3% |
| PAT margin | 12.2% | -40 bps | -77 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Marico reports record FY26 consolidated revenue growth of 26% YoY, highest in 14 years, driven by 8% India volume growth (7-year high) and 20% International CCG (14-year high). Q4FY26 saw 22% revenue growth, 9% India volume growth, and 19% International CCG, with EBITDA and PAT up 14% YoY.
Marico delivered robust FY26 performance, exceeding growth targets with strong India volume and International constant currency growth. Strategic diversification into Foods and Premium Personal Care is on track, showing visible scale-up and improving profitability. While input cost pressures were managed, geopolitical risks remain a monitorable for crude-linked commodities.
India Revenue Share by Portfolio (FY26)
Latest issuer-disclosed distribution across 2 reported categories.
Foods Portfolio Scale-up
Foods portfolio exited FY26 at ₹1,000+ crores in revenues, targeting ~15x FY20 levels by FY30.
Premium Personal Care & Digital-first Brands
Digital-first portfolio clocked an exit ARR of ₹1100+ crore in FY26, targeting ~5x FY24 levels by FY30.
International Business Premiumization
Revenue share from premium categories in International business grew from ~20% (FY20) to ~30% (FY26), targeting ~40% by FY30.
Project SETU
Driving transformative expansion in Direct Reach in General Trade, with visible positive outcomes across urban GT and mid & premium VAHO segments.
GST Rationalization
Enhanced affordability from GST rate rationalization implemented in late September 2025 is expected to aid overall demand.
Rangebound Inflation
Benign inflation levels are enhancing real purchasing power for consumers.
Policy Stimulus
Government policy stimulus is supporting consumer confidence and discretionary spending.
Copra Price Correction
Copra prices corrected ~35% from peak levels, expected to remain range-bound, which will help alleviate potential crude-related pressures.
Geopolitical Risks
Ongoing geopolitical developments in the Middle East impact crude-linked input costs and global supply chain.
Monsoon Trajectory
The onset and progress of the monsoon season influence rural sentiment in India.
Input Cost Inflation
Vegetable oils and other crude-linked inputs continue to exhibit an inflationary bias, requiring calibrated pricing actions.
Geopolitical Disruptions
The Gulf region was impacted by temporary disruptions in the supply chain due to ongoing geopolitical developments in March.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for understanding overall growth and annual performance in the FMCG sector due to seasonality. QoQ comparison is relevant for tracking sequential momentum in India volume growth and gross margin recovery, indicating short-term operational trends.
India Volume Growth
Q4FY26: 9% YoY; FY26: 8% YoY (7-year high).
Consolidated Revenue Growth
Q4FY26: 22% YoY; FY26: 26% YoY (14-year high).
Consolidated EBITDA Margin
Q4FY26: 15.6% (down 114 bps YoY); FY26: 17.1% (down 265 bps YoY).
Gross Margin
Q4FY26: improved ~140 bps QoQ, but down ~360 bps YoY.
FY27 Outlook
Aim to deliver double-digit revenue growth to cross ₹15,000 Cr, sustain high single-digit India volume growth, and achieve mid-teen International CCG. Aspire for high-teen EBITDA growth, subject to macros.
Medium-Term Vision (FY30)
Poised to deliver double-digit revenue CAGR to cross ₹20,000+ Crores, driven by top-quartile volume growth and teens CCG in international business, aspiring for mid-teen EBITDA CAGR.
India Diversification Targets
India revenue share of Foods & Premium Personal Care (incl. Digital-first) to expand to ~27% in FY27 and ~33% by FY30 (from ~23% in FY26).
International Business Diversification
Revenue share of Bangladesh in international business to moderate to ~35% by FY30 (from ~45% in FY26), instilling long-term resilience.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Volume Growth | 9% (Q4FY26) | Sustaining high single-digit growth in FY27. |
| Consolidated EBITDA Margin | 15.6% (Q4FY26) | Improvement from sequential gains and alleviation of input cost pressures. |
| Foods & PPC Revenue Share (India) | ~23% (FY26) | Expansion towards ~27% in FY27 and ~33% by FY30. |
| Digital-first Brands EBITDA Margins | Continued improvement | Reaching double-digit by FY27 end and teens by FY30. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
Exit Annual Recurring Revenue (ARR) for Digital-First Brands is expected to be approximately 2.5 times of FY24 ARR by FY27.
"Exit ARR expected to be ~2.5x of FY24 ARR in FY27"
The Foods portfolio is on course to become approximately 8 times its FY20 scale by FY27.
"On course to become ~8x of FY20 scale in FY27"
Overall consumption in India is expected to see gradual improvement in FY26.
"Expect gradual improvement in overall consumption in FY26"
The company is aspiring for double-digit operating profit growth in FY26.
"Aspiring for double-digit operating profit growth in FY26"
Trend score and candlestick chart
53NeutralSMA20 +8.1% / mo
Technical chart
MARICOdaily · 3Y+14.1%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 50.
- SMA20 rising (~4.5% over last month) — short-term momentum positive.
- RSI(14) at 50 — sideways, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 4% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Quality contributes 20/20 to the score.
- Cash flow contributes 7/10 to the score.
Main drags
- Fair-value margin of safety is negative at -98.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Growth is weaker at 9/25; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
High Trust: Claim history is still being built. It ranks around the 99th percentile of the scored universe and 99th percentile within Consumer. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 58.9%.
Management behaviour ranks as unusually reliable. Still verify valuation and cycle risk.
overall median 67 · Consumer: 99th pctile, median 67 · Mid: 94th pctile, median 76
110 documents indexed, but claim history is not strong enough yet.
4 claims extracted · No contradicted claim yet
How to read this Trust Score
High Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 58.9%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 1.5%.
- ▸10 years of positive FCF.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 59.60
- P/B
- 24.97
- EV/EBITDA
- 41.73
- Market Cap
- 105015.00Cr
Profitability
- ROE
- 43.00%
- ROCE
- 47.20%
- ROA
- 18.00%
- Dividend Y
- 0.49%
Growth (CAGR)
- Revenue 5Y
- 11.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 12.00%
- EPS 3Y
- 11.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- 43.92×
- Altman Z
- 8.83
- Book Value
- 32.40
Cash Flow
- FCF Yield
- 1.47%
- FCF Positive Y
- 10/5
- OCF
- 1363.00 Cr
- EPS TTM
- 13.57
Shareholding
- Promoter Hold
- 58.93%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 76%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.