Marico's best volume growth in quarters isn't luck; Abneesh Roy on what's really driving it

Analyst Abneesh Roy attributes Marico's best volume growth in quarters to a genuine sector-wide recovery rather than a weak base, with momentum expected to continue for about two more quarters. Nuvama projects around 18 percent consolidated EBITDA growth and 21 percent revenue growth for Marico in Q1, supported by copra prices falling roughly 45 percent from peak levels, which positions the company near a margin inflection point. Roy also flagged weakness ahead for Avenue Supermart after its recent business update missed expectations, while broadly remaining bullish on the FMCG sector.