Marico Limited (MARICO)
Mid CapFMCG stocks · Mid cap · NSE
Marico Limited is an Indian consumer goods company operating in India and international markets. It focuses on core categories like coconut oil, value-added hair oils, and edible oils, while diversifying into foods, premium personal care, and digital-first brands. The company aims for profitable and sustainable growth.
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.
medium confidence · 3/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 85/100Rev +23% YoY · PAT +27% YoY · margin expansion · +20% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹3,957 Cr | +22.9% | +19.9% |
| EBITDA | ₹819 Cr | +25.0% | +57.2% |
| Operating margin | 21.0% | +100 bps | +500 bps |
| PAT | ₹652 Cr | +27.1% | +59.8% |
| PAT margin | 16.5% | +55 bps | +412 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
FY26 revenue grew 26% YoY, highest in 14 years, with India volume up 8% (7-year high) and International CCG up 20% (14-year high). Q4FY26 saw 22% revenue growth, India volume up 9%, and International CCG up 19%. EBITDA and PAT grew 14% in Q4.
Marico delivered robust FY26 performance with record revenue and volume growth, driven by core categories and diversification into Foods and Premium Personal Care. International business also showed strong momentum. Management's FY27 and FY30 targets appear ambitious but supported by strategic initiatives and easing input costs.
Revenue Mix by Category Type (India)
Latest issuer-disclosed distribution across 2 reported categories.
Foods Portfolio Scale-up
Foods portfolio exited FY26 at ₹1,000+ crores in revenues, with core Saffola foods delivering double-digit growth.
Premium Personal Care & Digital-first Brands
Premium Personal Care closed FY26 at ~₹350 Crores; Digital-first portfolio clocked an exit ARR of ₹1100+ crore.
International Business Premiumization
Revenue share from premium categories in International business expanded from ~20% in FY20 to ~30% in FY26, targeting ~40% by FY30.
Project SETU - Direct Reach Expansion
3-year phased plan to increase direct reach 1.5x by FY27, driving growth in GT through transformative expansion.
GST Rationalization
Enhanced affordability due to GST rate rationalization implemented in late September 2025 is expected to aid overall demand.
Rangebound Inflation & Policy Stimulus
Rangebound inflation is enhancing real purchasing power, and policy stimulus is supporting consumer confidence.
Copra Price Correction
Copra prices have corrected ~35% from peak levels and are expected to remain range-bound, alleviating input cost pressures.
Geopolitical Risks
Impact of recent developments in the Middle East on crude-linked input costs and global supply chain, affecting Gulf region business.
Monsoon Trajectory
Influence of the onset and progress of monsoon on rural sentiment in India is a key monitorable.
Crude-linked Input Cost Inflation
Vegetable oils and other crude-linked inputs continue to exhibit an inflationary bias due to geopolitical developments.
Input Cost Volatility
Crude-linked input costs remain a monitorable risk; sustained increases will be addressed through calibrated pricing actions.
Geopolitical Disruptions
Gulf region impacted by temporary disruptions in the supply chain due to ongoing geopolitical developments in March.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 assessing annual growth and long-term trends in a consumer business. QoQ is relevant for tracking sequential momentum, especially in volume growth and margin recovery from input cost fluctuations.
India Volume Growth
India business reported underlying volume growth of 8% in FY26 (7-year high) and 9% in Q4FY26.
International Business CCG
International business achieved constant currency growth of 20% in FY26 (14-year high) and 19% in Q4FY26.
Consolidated EBITDA Margin
Consolidated EBITDA Margin was 17.1% in FY26 (down 265 bps YoY) and 15.6% in Q4FY26 (down 114 bps YoY).
Gross Margin Trend
Gross margin improved by ~140 bps QoQ in Q4FY26 due to easing copra prices, but was down ~360 bps YoY.
FY27 Consolidated Outlook
Aim to deliver double-digit revenue growth to cross ₹15,000 Cr. in FY27 and aspire for high-teen EBITDA growth.
FY30 Consolidated Vision
Poised to deliver double-digit revenue CAGR by FY30 to cross ₹20,000+ Crores, with mid-teen EBITDA CAGR.
India Business Diversification
India revenue share of Foods & PPC (incl. Digital-first) to expand to ~27% in FY27 (from ~23% in FY26) and ~33% by FY30.
International Business Premiumization
Revenue share from premium categories in International business to expand to ~40% by FY30 (from ~30% in FY26).
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| India Volume Growth (FY27) | 9% in Q4FY26, 8% in FY26 | Sustaining high single-digit volume growth in India business. |
| International Business CCG (FY27) | 19% in Q4FY26, 20% in FY26 | Maintaining mid-teen constant currency growth across markets. |
| Consolidated Revenue (FY27) | ₹13,611 Cr. in FY26 | Achieving double-digit revenue growth to cross ₹15,000 Cr. |
| Digital-first Brands EBITDA Margin | Improving profitability | Reaching double-digit EBITDA margins by end of FY27 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"
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"
Outcome check: Revenue YoY averaged 25.0% across 4 later quarter(s).
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"
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"
Outcome check: Revenue YoY averaged 25.0% across 4 later quarter(s).
Overall consumption in India is expected to see gradual improvement in FY26.
"Expect gradual improvement in overall consumption in FY26"
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"
The company is aspiring for double-digit operating profit growth in FY26.
"Aspiring for double-digit operating profit growth in FY26"
Outcome check: OPM moved from 17.0% to average 17.3% (+0.3 pp).
Trend score and candlestick chart
45NeutralSMA20 -1.9% / mo · MACD −
Technical chart
MARICOdaily · 1Y · AUTO+4.7%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 37.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~2.0% over last month) — short-term momentum negative.
- RSI(14) at 37 — falling, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 8% off 52W high · 18% 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.
Relative Strength & Trend Stage
- Price is within 0.8% of the 30-week proxy.
- The 30-week proxy changed +1.7% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 50 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 -132.6%.
- 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
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 100% delivered/partly-delivered outcomes on 3 checked claims. It ranks around the 88th percentile of the scored universe and 70th percentile within FMCG. No major sub-score weakness stands out.
High Trust: 3/4 extracted management claims have outcome checks; 67% were fully delivered and 1 were partially delivered.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · FMCG: 70th pctile, median 78 · Mid: 68th pctile, median 76
3/4 claims checked. Use as directional, not final.
3/4 claims checked · No contradicted claim yet
How to read this Trust Score
Healthy Trust · medium 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.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 56.10
- P/B
- 25.15
- EV/EBITDA
- 39.33
- Market Cap
- 105838.00Cr
Profitability
- ROE
- 42.80%
- ROCE
- 47.00%
- ROA
- 18.22%
- 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
- 38.94×
- Altman Z
- 8.99
- Book Value
- 32.40
Cash Flow
- FCF Yield
- 1.45%
- FCF Positive Y
- 10/5
- OCF
- 1363.00 Cr
- EPS TTM
- 14.54
Shareholding
- Promoter Hold
- 58.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 63%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable names in FMCG, ranked by similarity
Peers
Business-comparable peers in FMCG — 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.