FMCG stocks · Mid cap · NSE
Marico is one of India’s leading consumer products companies operating in global beauty and wellness. In FY26, it recorded a turnover of ₹136.1 billion (USD 1.5 billion) through products sold in India and globally. Its portfolio includes brands like Parachute, Saffola, Hair & Care, and Set Wet, touching 1 in 3 Indians.
SMA20 -3.2% / mo · MACD + · sector -5.7pp vs Nifty 500 (3M)
Latest mapped FPI equity flow was not positive. View sector evidence
Adjusted completed-session prices, rebased to 100
Mixed fundamentals, management trust is supportive, price trend argues for patience, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Revenue +22.9% · PAT +27.1% YoY
Price trend and sector-relative-strength timing.
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
medium confidence · 3/4 claims checked
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Rev +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.
Updated 21/10/2026
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Trend is weak — long-term trend down. RSI 37.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
U-Score 50 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Top U-Score contributors and drags from the latest stored fundamentals.
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
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.
12 stored score snapshots. Latest stored move: +0 points.
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.
Growth engines, risks, management commitments and evidence-backed delivery
Marico to host Q2FY27 earnings call on November 2, 2026, to discuss financial results and operations for the quarter and half year ended September 30, 2026. No financial or operational results are disclosed in this invite.
The provided document is an earnings call invitation and does not contain any financial results or operational updates for the quarter or half year ended September 30, 2026. Therefore, there is no basis to assess the current investment thesis.
Latest issuer-disclosed distribution across 2 reported categories.
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
The document is an earnings call invitation and does not contain any financial results or operational data to compare.
Management will comment on the financial results and operations for the quarter and half year ended September 30, 2026, during the conference call on November 2, 2026.
| Checkpoint | Current evidence | What to verify next |
|---|
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
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).
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 79 · Mid: 67th pctile, median 76
3/4 claims checked. Use as directional, not final.
3/4 claims checked · No contradicted claim yet
Read 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.
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Latest exchange and company disclosures found within the past two years.
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