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Marico

MARICO NSE

Key Fundamentals

MidcapFMCG ProductsFMCG
Market Cap
1.0L Cr
Volatility
Moderate
P/E Ratio
53.74
EBITDA
₹2,532 Cr
Return on Equity
40.34%
Debt to Equity
0.13
Book Value
₹32.38
EPS
₹11.73
52W High
₹889.1
52W Low
₹691.3

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 40.9%
  • Company has been maintaining a healthy dividend payout of 65.1%

Weaknesses

2
  • Stock is trading at 24.1 times its book value
  • The company has delivered a poor sales growth of 11.1% over past five years.

Growth Rate

Revenue Growth
25.15% higher than 3Y
Net Income Growth
9.35% lower than 3Y
Cash Flow Change
52.9% higher than 3Y
ROE
3.78% lower than 3Y
ROCE
5.66% higher than 3Y
EBITDA Margin (Avg.)
-13.78% higher than 3Y

AI Analysis — Bull vs Bear

5d ago
AI opinion · based on fundamentals
Risk medium

Marico Ltd is a large-cap FMCG company with a market capitalisation of about ₹105,973 crore. It has sustained high returns on equity (43% last year, 41% over 3 years, 38% over 10 years) and pays out 65.1% of profits as dividends. The stock trades at 54.7x earnings and 25.37x book value. TTM sales growth of 25% is well ahead of TTM profit growth of 13%, and 5-year sales growth has been 11%.

Bull Case 7
  • ROE has stayed high and consistent across periods: 43% last year, 41% over 3 years, 39% over 5 years and 38% over 10 years. That points to durable brand-led capital efficiency.
  • TTM sales growth of 25% is more than double the 5-year compounded rate of 11% and the 10-year rate of 9%, which suggests revenue momentum has picked up recently.
  • The company pays out 65.1% of profits as dividends while keeping ROE above 40%. Growth appears to need little reinvestment, and most earnings go back to shareholders.
  • TTM profit growth of 13% is above the 3-year (11%), 5-year (9%) and 10-year (10%) compounded rates, so earnings growth is running ahead of its long-term trend.
  • Profits have compounded at about 9-11% across the 3-, 5- and 10-year windows. Earnings have been steady through several consumption and input-cost cycles.
  • The stock's 1-year return of 17% beats its 3-year (12%), 5-year (8%) and 10-year (11%) CAGRs, which shows stronger market recognition recently.
  • The 5-year stock CAGR of 8% has trailed 5-year profit CAGR of 9%. Over that period, returns came from earnings rather than a rising valuation multiple.
Bear Case 7
  • A P/E of 54.7 means an earnings yield of about 1.8%, even though long-term profit growth is only around 9-10%. The price already assumes strong future growth.
  • A price-to-book of 25.37 is very high. Even with 40%+ ROE, there is little room for error if returns on equity slip.
  • TTM sales grew 25% but profit grew only 13%, which points to margin compression, likely from input costs. Revenue gains are not fully reaching the bottom line.
  • 5-year compounded sales growth of 11% and 10-year growth of 9% are modest for a stock at 54.7x earnings.
  • The dividend yield is only 0.49% despite a 65.1% payout ratio, so the high valuation limits the income investors get from the payout.
  • Shareholder returns have been moderate: 8% CAGR over 5 years and 12% over 3 years. These trail many broader market benchmarks over similar periods.
  • Paying out 65.1% of profits leaves less capital for large acquisitions or new categories. Future growth may depend on organic expansion, which ran at a 9% 10-year sales CAGR.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

22h ago
Headwinds 5
  • Liquid paraffin costs still elevated Sep 29

    Nomura says liquid paraffin prices fell 5% MoM and 4% QoQ but are still 38% higher YoY. That keeps pressure on hair oil and personal care makers, including Marico.

  • Crude, HDPE inflate packaging costs Sep 29

    Nomura reports Brent crude is up 40% YoY and HDPE up 45% YoY in September, which raises packaging costs. It warns that crude staying above $100 could lead to earnings cuts as companies lose room to absorb costs.

  • Sector price hikes trail input costs Sep 29

    Nomura says price hikes taken in 1QFY27 are smaller than input cost inflation, so margins may be squeezed in 2QFY27. Cheaper inventory that cushioned Q1 may also run out.

  • Stock slides from 52-week high Sep 10

    Marico is down 3% so far in September after falling almost 5% in August, which ended a four-month winning streak. It closed at ₹803, below its 52-week high of ₹889.95 on Jul 31.

  • Rich valuation at 55.8x P/E Sep 10

    The stock trades at a P/E of 55.78x with a market cap of ₹1,05,822 crore. Nomura expects lower valuations to persist across Indian equities amid geopolitical and tech-disruption risks.

Positives 8
  • Management guides ₹15,000 cr FY27 Sep 10

    MD & CEO Saugata Gupta reiterated double-digit revenue growth, with revenue crossing ₹15,000 crore in FY27 and ₹20,000 crore by FY30. He also guided for 140-150 bps of EBITDA margin expansion in FY27 and mid-teens constant-currency growth in the international business.

  • Q1 volumes at 20-quarter high Sep 10

    India volume growth reached 11% in Q1 FY27, a 20-quarter high, on revenue of ₹3,957 crore and net profit of ₹652 crore. The company expects high single-digit volume growth for FY27. A Sep 4 management interview also pointed to double-digit growth ahead.

  • Morgan Stanley expects 20%+ EBITDA growth Sep 22

    Morgan Stanley names Marico a top staples pick alongside Tata Consumer. It expects Q2 EBITDA growth of 20% or more, helped by YoY margin improvement.

  • Nomura Buy, copra deflation tailwind Sep 29

    Nomura rates Marico 'Buy' and notes copra prices fell 3% MoM and are 32% below last year, which should support Marico's margins.

  • Nuvama raises target to ₹2,032 Sep 10

    Nuvama raised its target to ₹2,032 from ₹1,015 and stays bullish, forecasting 21.4% revenue growth and 21.9% profit growth for FY27. The reported 145% upside from ₹803 doesn't match the numbers (₹2,032 is about 153% above ₹803), so the target should be checked against the original source.

  • Premiumisation mix shift on track Sep 10

    Marico expects the mass segment's share of sales to fall from 63% in FY26 to 56% in FY27 and 50% by FY30. Foods and premium personal care are expected to reach about 27% of India revenue in FY27, up from earlier guidance of 25%, and about 33% by FY30.

  • Outperforms Sensex YTD Sep 10

    The stock is up more than 5% year to date while the Sensex is down 12%. That shows its defensive strength despite the recent pullback.

  • ESG 'Leader' rating, score 76 Sep 18

    SEBI-registered provider Niche Ninety Nine Capability and Certifications gave Marico an ESG score of 76, which counts as a 'Leader' rating. The rating was disclosed on Sep 18, 2026.

Neutral 3
  • Investor conference schedule announced Sep 10

    Management attended the Jefferies India Forum on Sep 17 and the J.P. Morgan India Conference on Sep 22, 2026.

  • Nomura macro view and Nifty target Sep 29

    Nomura expects earnings growth excluding oil and gas of 11-12% for the rest of FY27, rising to about 16% in FY28. Its March 2027 Nifty target is 25,900, implying about 13% upside.

  • Palm oil duty cut, limited relevance Sep 29

    Customs duty on crude palm oil was cut to 5% from 10% from Sep 24. Palm oil is still up 21% YoY, and Nomura sees the cut mainly helping GCPL and HUL.

TL;DR: Marico's fundamentals look strong: Q1 volume growth of 11% was a 20-quarter high, copra costs are 32% lower YoY, management guides for revenue above ₹15,000 crore and 140-150 bps of margin expansion in FY27, and Nomura, Morgan Stanley and Nuvama all back the stock. The main risks are crude-linked costs, with liquid paraffin up 38% YoY and HDPE up 45% YoY, plus a rich 55.8x P/E. The stock has also pulled back about 8% over August and September from its Jul 31 high. The business trend is improving even though the share price has softened, and Q2 FY27 results should show whether Marico can deliver the 20%+ EBITDA growth Morgan Stanley expects while crude stays high.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
2,477
2,476
2,422
2,278
2,643
2,664
2,794
2,730
3,221
3,482
3,537
3,301
3,957
Expenses
1,903
1,979
1,909
1,836
2,017
2,142
2,261
2,272
2,566
2,922
2,945
2,780
3,138
Operating Profit
574
497
513
442
626
522
533
458
655
560
592
521
819
OPM %
23%
20%
21%
19%
24%
20%
19%
17%
20%
16%
17%
16%
21%
Other Income
46
38
43
15
37
82
42
47
56
49
39
60
48
Interest
17
20
19
17
17
11
13
12
10
12
14
17
21
Depreciation
36
39
42
41
41
41
44
52
45
47
50
60
56
PBT
567
476
495
399
605
552
518
441
656
550
567
504
790
Tax %
23%
24%
22%
20%
22%
22%
22%
22%
22%
21%
19%
19%
17%
Net Profit
436
360
386
320
474
433
406
345
513
432
460
408
652
EPS in Rs
3.3
2.73
2.96
2.46
3.58
3.27
3.08
2.65
3.89
3.24
3.44
3.01
4.85
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
5,733
6,017
5,918
6,322
7,334
7,315
8,048
9,512
9,764
9,653
10,831
13,611
14,277
Expenses
4,863
4,966
4,759
5,185
6,009
5,846
6,459
7,831
7,954
7,627
8,692
11,283
11,785
Operating Profit
870
1,051
1,159
1,137
1,325
1,469
1,589
1,681
1,810
2,026
2,139
2,328
2,492
OPM %
15%
17%
20%
18%
18%
20%
20%
18%
19%
21%
20%
17%
17%
Other Income
59
93
96
85
103
95
107
98
144
142
208
204
196
Interest
23
21
17
16
40
50
34
39
56
73
53
53
64
Depreciation
84
95
90
89
131
140
139
139
155
158
178
202
213
PBT
822
1,029
1,149
1,117
1,257
1,374
1,523
1,601
1,743
1,937
2,116
2,277
2,411
Tax %
29%
30%
29%
26%
10%
24%
21%
22%
24%
22%
22%
20%
—
Net Profit
585
723
811
827
1,131
1,043
1,199
1,255
1,322
1,502
1,658
1,813
1,952
EPS in Rs
4.45
5.51
6.19
6.31
8.63
7.91
9.08
9.48
10.07
11.44
12.57
13.57
14.54
Div. Payout %
28%
77%
57%
67%
55%
85%
83%
97%
45%
83%
83%
30%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
64
129
129
129
129
129
129
129
129
129
129
130
Reserves
1,760
1,888
2,197
2,414
2,846
2,894
3,111
3,219
3,670
3,703
3,846
4,080
Borrowings
428
331
239
312
352
338
511
479
608
528
554
557
Other Liabilities
873
1,010
1,059
1,217
1,569
1,603
1,675
1,850
2,393
2,993
3,746
5,183
Total Liabilities
3,125
3,358
3,623
4,072
4,896
4,964
5,426
5,677
6,800
7,353
8,275
9,950
Fixed Assets
1,076
1,050
1,085
1,110
1,300
1,396
1,612
1,760
2,246
2,724
2,758
3,633
CWIP
3
37
11
27
45
58
24
39
67
44
40
85
Investments
284
544
608
543
450
733
854
828
1,096
602
1,590
2,083
Other Assets
1,763
1,727
1,919
2,392
3,101
2,777
2,936
3,050
3,391
3,983
3,887
4,149
Total Assets
3,125
3,358
3,623
4,072
4,896
4,964
5,426
5,677
6,800
7,353
8,275
9,950
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
665
818
649
516
1,062
1,214
2,007
1,016
1,419
1,387
1,363
2,084
Investing
-186
-203
-125
59
-367
-22
-933
441
-928
176
-621
-722
Financing
-625
-601
-574
-567
-698
-1,147
-1,058
-1,290
-560
-1,542
-649
-1,279
Net Cash Flow
-147
14
-51
8
-3
45
16
167
-69
21
93
83
Free Cash Flow
607
731
567
388
919
1,034
1,870
884
1,237
1,234
1,241
1,772
CFO/OP
101
101
82
71
104
102
144
81
99
87
86
114
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
11
15
15
20
26
27
18
25
38
40
43
35
Inventory Days
139
110
193
190
147
157
108
106
94
116
93
85
Days Payable
79
80
107
103
98
108
109
101
112
137
103
108
Cash Conversion Cycle
71
46
101
106
74
76
17
30
20
19
33
12
Working Capital Days
18
0
23
37
27
24
-11
5
2
14
16
-18
ROCE %
38%
44%
45%
42%
42%
43%
43%
43%
42%
43%
45%
47%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.01%Govt.0.15%Promot.58.91%Public3.66%DIIs12.87%FIIs23.40%As ofJun 2026
2.02% of promoter holding pledged as of Jun 2026

Documents

Frequently Asked Questions about Marico

What does Marico Ltd do?
Marico Limited is one of India's leading consumer goods companies, operating across beauty, personal care, wellness and foods in India and select international markets. Portfolio includes Parachute, Saffola, Hair & Care, Nihar, Livon, Set Wet, Beardo, Just Herbs, True Elements, Plix, Cosmix and 4...
Where is Marico Ltd (MARICO) listed?
Marico Ltd trades as MARICO on the NSE and under code 531642 on the BSE.
Which sector does Marico Ltd belong to?
Marico Ltd is classified under the FMCG sector, in the FMCG Products industry.
What is the market capitalisation of Marico Ltd?
Marico Ltd has a market capitalisation of ₹1,02,013 Cr, which places it in the Large Cap band.
What is the PE ratio of Marico Ltd?
Marico Ltd trades at a PE ratio of 53.74, on earnings per share of ₹11.73, against a book value of ₹32.38 per share.
What is the 52-week high and low of Marico Ltd?
Over the last 52 weeks Marico Ltd has traded between ₹691.3 and ₹889.1.
Does Marico Ltd pay dividends?
Marico Ltd has a dividend yield of 0.51%.
What is the Return on Equity (ROE) of Marico Ltd?
Marico Ltd reported a return on equity of 40.34%. Its debt-to-equity ratio is 0.13.

Company Information

Marico Limited is one of India's leading consumer goods companies, operating across beauty, personal care, wellness and foods in India and select international markets. Portfolio includes Parachute, Saffola, Hair & Care, Nihar, Livon, Set Wet, Beardo, Just Herbs, True Elements, Plix, Cosmix and 4700BC; products reach 1 out of 3 Indians.[1]

Website marico.com
CEO Mr. Saugata Gupta
Employees 1,908
Listed 1996-05-01
Face Value ₹ 1
Issued Size 1,29,80,87,659

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