Marico Ltd logo

Marico Ltd

MARICO NSE

Marico Limited is one of India's leading consumer goods companies operating in global beauty and wellness categories. It is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, male grooming and fabric care.[1]

AI Verdict: HOLD Confidence: 6%

Marico is a high-quality compounder with 43% ROE and strong analyst support (84% buy ratings), but at 58.8x PE and 25.3x PB, the stock prices in significant future growth that its 11% 5-year sales CAGR may not justify. Current valuations leave limited margin of safety for new entrants.

Key Fundamentals

MidcapFMCG ProductsFMCG
Market Cap
1.1L Cr
Volatility
Moderate
P/E Ratio
60.81
EBITDA
₹2,328 Cr
Return on Equity
36.03%
Debt to Equity
0.14
Book Value
₹32.42
EPS
₹11.73
52W High
₹848.8
52W Low
₹690.2

Technical Indicators

Key Insights

Strengths

2
  • Company has a good return on equity (ROE) track record: 3 Years ROE 41.0%
  • Company has been maintaining a healthy dividend payout of 65.1%

Weaknesses

2
  • Stock is trading at 25.3 times its book value
  • The company has delivered a poor sales growth of 11.1% over past five years.

Growth Rate

Revenue Growth
23.30% ↗
Net Income Growth
4.58% ↗
Cash Flow Change
-1.73% ↘
ROE
7.88% ↗
ROCE
-8.62% ↗
EBITDA Margin (Avg.)
-20.74% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 3d ago
HOLD
Risk medium

Marico is a high-quality compounder with 43% ROE and strong analyst support (84% buy ratings), but at 58.8x PE and 25.3x PB, the stock prices in significant future growth that its 11% 5-year sales CAGR may not justify. Current valuations leave limited margin of safety for new entrants.

Bull Case 8
  • Exceptional return on equity at 43% last year, with a consistent 3-year average of 41%, indicating superior capital efficiency
  • Overwhelming analyst consensus with 84.21% buy ratings (32 out of 38 analysts recommend buy)
  • TTM sales growth accelerated to 26%, significantly above the 5-year CAGR of 11%, suggesting strong demand momentum
  • Healthy dividend payout ratio of 65.1% demonstrates shareholder-friendly capital allocation and earnings quality
  • Consistent long-term profit compounding at 10% CAGR over 10 years with recent TTM profit growth of 9%
  • Stock CAGR of 18% over 1 year outperforming broader market, reflecting positive sentiment
  • Market cap of Rs 1,06,357 crore provides institutional liquidity and index inclusion benefits
  • 10-year ROE consistency at 38% average demonstrates a durable competitive moat in the FMCG space
Bear Case 8
  • PE ratio of 58.8x is significantly elevated versus FMCG sector median of ~40-45x, pricing in near-perfection
  • Price-to-book of 25.3x is extremely rich and leaves no room for valuation re-rating upside
  • 5-year compounded sales growth of only 11% is modest for a stock commanding a 58.8x earnings multiple
  • Dividend yield of just 0.49% offers negligible income cushion against potential capital depreciation
  • Profit growth of 9% TTM lags sales growth of 26% TTM, indicating margin compression or cost headwinds
  • 5-year stock CAGR of only 10% suggests the market has historically struggled to sustain premium multiples
  • 5.26% of analysts rate the stock a sell and 10.53% hold, indicating not all are convinced at current levels
  • 5-year profit CAGR of 9% barely exceeds risk-free rates, questioning the risk-reward at current valuations

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

AI News Digest

Anthropic anthropic claude-opus-4.6 1d ago
Headwinds 3
  • FSSAI food safety compliance alerts Jun 19

    FSSAI issued alerts to Marico for possible breaches of food safety and labeling rules; specific products and extent of violations not yet disclosed.

  • Paraffin inflation hits hair oils Jun 17

    Rising paraffin costs forced an 11.1% price hike on Jasmine hair oil (90ml up ₹5 to ₹50 in June), pressuring the value-added hair oil segment which contributes ~13% of revenue.

  • Parachute price cut 17% on copra Jun 17

    Marico cut Parachute 1L coconut oil price 16.7% to ₹450 from ₹540 as copra prices fell ~20% QoQ; while volume-positive, this compresses near-term revenue from the brand contributing ~32% of overall revenue.

Positives 4
  • Shampoo launch targets ₹10,000cr market May 26

    Marico launched Parachute Advansed Protein Shampoo with 8 variants across 6 pack sizes (starting at ₹1 sachet), entering the ₹10,000+ crore shampoo market growing 9-10% annually as part of its ₹20,000 crore FY30 revenue ambition.

  • Strong ESG score of 68 Jun 11

    Marico received an independently assessed ESG score of 68 (Strong rating) from ESG Risk Assessments & Insights Limited.

  • New independent director appointed Jun 15

    Girish Paranjpe appointed as Independent Director with 98.86% shareholder votes in favour via remote e-voting.

  • Copra cost relief for margins Jun 17

    Copra prices declined ~20% QoQ after nearly doubling YoY in Q2 FY26, providing margin relief for the coconut oil business operating at 19-20% EBITDA margins.

Neutral 2
  • ₹82.5cr in block trades on NSE Jun 15

    Two institutional block trades recorded: ~7.05 lakh shares at ₹809.10 (₹57.04 crore) on Jun 5 and ~3.14 lakh shares at ₹810.75 (₹25.44 crore) on Jun 15, suggesting institutional portfolio rebalancing.

  • Saksham Niveshak shareholder campaign May 25

    Marico launched second 100 Days campaign to help shareholders claim unpaid dividends and update KYC details before IEPF transfer.

TL;DR: Marico is executing well on category expansion with its shampoo launch targeting a ₹10,000+ crore market, and copra cost deflation (~20% QoQ) provides near-term margin tailwinds for its core Parachute franchise. Key risks include FSSAI regulatory scrutiny, paraffin-driven inflation in value-added hair oils, and potential revenue compression from the 17% Parachute price cut. The trend is modestly improving as input costs normalize and growth levers expand, though the FSSAI alert warrants monitoring for escalation.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
2,240
2,477
2,476
2,422
2,278
2,643
2,664
2,794
2,730
3,259
3,482
3,537
3,333
Expenses
1,847
1,903
1,979
1,909
1,836
2,017
2,142
2,261
2,272
2,604
2,922
2,945
2,812
Operating Profit
393
574
497
513
442
626
522
533
458
655
560
592
521
OPM %
18%
23%
20%
21%
19%
24%
20%
19%
17%
20%
16%
17%
16%
Other Income
68
46
38
43
15
37
82
42
47
56
49
39
60
Interest
17
17
20
19
17
17
11
13
12
10
12
14
17
Depreciation
43
36
39
42
41
41
41
44
52
45
47
50
60
PBT
401
567
476
495
399
605
552
518
441
656
550
567
504
Tax %
24%
23%
24%
22%
20%
22%
22%
22%
22%
22%
21%
19%
19%
Net Profit
305
436
360
386
320
474
433
406
345
513
432
460
408
EPS in Rs
2.34
3.3
2.73
2.96
2.46
3.58
3.27
3.08
2.65
3.89
3.24
3.44
3.01
Figures in ₹ Crores

Profit & Loss

  Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
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
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
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
OPM %
15%
17%
20%
18%
18%
20%
20%
18%
19%
21%
20%
17%
Other Income
59
93
96
85
103
95
107
98
144
142
208
204
Interest
23
21
17
16
40
50
34
39
56
73
53
53
Depreciation
84
95
90
89
131
140
139
139
155
158
178
202
PBT
822
1,029
1,149
1,117
1,257
1,374
1,523
1,601
1,743
1,937
2,116
2,277
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
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
Div. Payout %
28%
77%
57%
67%
55%
85%
83%
97%
45%
83%
83%
30%
Figures in ₹ Crores

Balance Sheet

  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
3,752
5,308
Total Liabilities
3,125
3,358
3,623
4,072
4,896
4,964
5,426
5,677
6,800
7,353
8,281
10,075
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
3,893
4,274
Total Assets
3,125
3,358
3,623
4,072
4,896
4,964
5,426
5,677
6,800
7,353
8,281
10,075
Figures in ₹ Crores

Cash Flow

  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
1,202
1,772
CFO/OP
101
101
82
71
104
102
144
81
99
87
86
114
Figures in ₹ Crores

Ratios

  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
78
Days Payable
79
80
107
103
98
108
109
101
112
137
103
79
Cash Conversion Cycle
71
46
101
106
74
76
17
30
20
19
33
34
Working Capital Days
18
0
23
37
27
24
-11
5
2
14
16
34
ROCE %
38%
44%
45%
42%
42%
43%
43%
43%
42%
43%
45%
47%

Shareholding Pattern

As of Mar 2026
Promoters 58.93%
FIIs 24.08%
DIIs 12.30%
Public 3.67%
Others 1.03%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
59.61%
59.61%
59.52%
59.51%
59.49%
59.48%
59.48%
59.48%
59.42%
59.42%
59.40%
59.39%
59.35%
59.28%
59.20%
59.11%
59.05%
59.03%
58.94%
58.93%
58.93%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
25.91%
0.00%
25.54%
24.61%
24.87%
23.36%
22.08%
23.62%
24.21%
24.01%
24.08%
DIIs
10.02%
9.52%
8.44%
8.52%
8.66%
8.57%
8.84%
10.26%
10.42%
10.55%
9.82%
8.81%
10.09%
11.30%
11.21%
12.85%
14.21%
12.71%
11.99%
12.34%
12.30%
Government
0.18%
0.09%
0.09%
0.09%
0.09%
0.09%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
4.15%
3.86%
4.01%
4.12%
4.35%
4.28%
4.23%
4.23%
4.24%
4.14%
3.96%
4.07%
4.12%
3.84%
3.72%
3.79%
3.74%
3.73%
3.77%
3.70%
3.67%
Others
26.04%
26.92%
27.95%
27.77%
27.41%
27.58%
27.46%
26.03%
25.92%
25.89%
0.91%
27.72%
0.90%
0.96%
1.00%
0.89%
0.91%
0.91%
1.10%
1.02%
1.03%
No. of Shareholders
0
2,07,710
2,06,599
2,72,808
2,94,460
3,32,229
3,39,017
3,43,641
3,47,569
3,30,907
3,08,025
3,16,579
3,18,556
2,99,154
3,02,183
3,00,805
2,86,770
2,88,218
2,89,152
2,82,209
2,87,764

Documents

Frequently Asked Questions about Marico Ltd

What does Marico Ltd do?
Marico Limited is one of India's leading consumer goods companies operating in global beauty and wellness categories. It is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, ma...
Where is Marico Ltd (MARICO) listed?
Marico Ltd is listed on the Indian stock exchanges. It is listed on NSE: MARICO and BSE: 531642. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Marico Ltd belong to?
Marico Ltd operates in the Fast Moving Consumer Goods sector within the Agricultural Food & other Products industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Marico Ltd?
Marico Ltd has a market capitalisation of approximately ₹107330.64 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Marico Ltd?
The Price-to-Earnings (PE) ratio of Marico Ltd is 60.81. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Marico Ltd?
Over the past 52 weeks, Marico Ltd has traded between a low of ₹690.2 and a high of ₹848.8. This range helps investors understand the stock's price volatility and recent trading levels.
Does Marico Ltd pay dividends?
Yes, Marico Ltd has a dividend yield of 0.49%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Marico Ltd?
Marico Ltd has a Return on Equity (ROE) of 36.03%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Marico Ltd on Tapetide?
On Tapetide, you can view Marico Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Marico Limited is one of India's leading consumer goods companies operating in global beauty and wellness categories. It is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, male grooming and fabric care.[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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