NSE: MARICO · BSE: 531642
MARICO LIMITED
Sells branded fast-moving consumer goods, with Parachute coconut hair oil as its flagship, alongside value-added hair oils, edible oils, foods, and premium personal care. Operates through two segments — India and International — selling to retail consumers across general trade, modern trade, and e-commerce. The India business spans the copra-linked Parachute coconut oil franchise, Value Added Hair Oils, Foods, and Premium Personal Care (serums, male grooming, skin care); the company launched Parachute Advansed Protein Shampoo in FY27 to enter the Indian shampoo market. International is anchored by Bangladesh and includes presence in Vietnam and MENA. Materials at 45.5% of revenue dominate costs, with copra and crude-linked inputs as the key commodities. Rural distribution is being deepened through Project SETU. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. India (76%), International (24%). Branded FMCG with significant commodity input exposure, primarily copra-linked coconut oil
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 9,512 | 9,764 | 9,653 | 10,831 | 13,611 |
| EBITDA (ex other income) | 1,681 | 1,810 | 2,026 | 2,139 | 2,328 |
| margin % | 17.7 | 18.5 | 21.0 | 19.7 | 17.1 |
| Owners' profit | 1,225 | 1,302 | 1,481 | 1,629 | 1,762 |
| EPS, as reported (₹) | 9.50 | 10.08 | 11.46 | 12.59 | 13.62 |
| ROE % · ROCE % | 36.9 · 45.1 | 33.4 · 39.8 | 36.0 · 40.4 | 38.9 · 36.9 | 40.3 · 39.0 |
| Debt / equity (x) | 0.10 | 0.12 | 0.09 | 0.09 | 0.08 |
| Cash from operations | 1,016 | 1,419 | 1,436 | 1,363 | 2,084 |
| Capex | (132) | (182) | (153) | (161) | (319) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,664 | 2,794 | 2,730 | 3,259 | 3,482 | 3,537 | 3,333 | 3,957 |
| Profit before tax | 552 | 518 | 441 | 656 | 550 | 567 | 504 | 790 |
| Net profit | 433 | 406 | 345 | 513 | 432 | 460 | 408 | 652 |
| EPS (₹) | 3.26 | 3.08 | 2.65 | 3.90 | 3.24 | 3.45 | 3.04 | 4.86 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| India | 10,348 | 76.0 |
| International | 3,263 | 24.0 |
| Total, before eliminations | 13,611 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| MARICO LIMITED ◆ | 1,00,055 | 52.8 | 22.26 | 39.5 | 40.3 | 38.1 | 11.1 | 21.9 |
| PATANJALI FOODS LIMITED | 40,393 | 20.5 | 3.08 | 24.6 | 13.9 | 10.3 | — | 4.8 |
| AWL AGRI BUSINESS LIMITED | 21,415 | 18.5 | 2.05 | 8.2 | 10.0 | 11.1 | — | 3.8 |
| GOKUL AGRO RESOURCES LTD | 6,128 | 11.8 | 4.31 | 9.1 | 26.0 | 26.9 | 23.5 | 4.1 |
| CIAN Agro Ind & Infra Ltd | 2,551 | 7.9 | 1.15 | 7.2 | 10.0 | 7.7 | 53.1 | 32.3 |
| SUNDROP BRANDS LIMITED | 2,394 | 85.8 | 1.62 | 38.2 | 1.4 | 1.7 | — | 6.1 |
| Shri Venkatesh Refineries Limi | 1,659 | 33.5 | — | — | — | 22.2 | — | — |
| KN AGRI RESOURCES LIMITED | 472 | 10.5 | 1.23 | 8.6 | 8.2 | 11.4 | — | 4.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 52.8 | 17.6 | 26 of 28 | 7% |
| P/B | 22.3 | 1.2 | 24 of 25 | 4% |
| ROCE | 38.1 | 7.4 | 2 of 30 | 97% |
| ROE | 40.3 | 8.2 | 2 of 25 | 96% |
| Debt / Equity | 0.1 | 0.2 | 9 of 25 | 67% |
| EBITDA margin | 21.9 | 4.4 | 3 of 26 | 92% |
| Revenue growth | 21.4 | 5.0 | 6 of 25 | 79% |
| Profit growth | 27.1 | 27.1 | 12 of 23 | 50% |
| Market cap | 100055 | 104 | 1 of 31 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 22 Oct 2026 · Marico reports 89.3% cut in operational emissions intensity | compliance | low | — | — |
| 15 Oct 2026 · Marico Q2FY27 earnings call on November 2, 2026 at 6 PM IST | board shareholder meetings | low | — | — |
| 9 Oct 2026 · Quarterly compliance certificate under SEBI Regulation 74(5) for Q2 FY27 | compliance | minimal | — | — |
| 9 Oct 2026 · Marico board to meet Nov 2 to approve Q2 and H1 FY27 results | results | low | — | — |
| 5 Oct 2026 · Marico hikes stake in PLIX owner Satiya to 84.09%, pays Rs 1,012 Cr | strategic transactions | high | — | — |
| 5 Oct 2026 · Marico Q2 FY27 update: double-digit volume growth, set to beat guidance | business updates | medium | — | — |
| 1 Oct 2026 · Independent Director Rajeev Vasudeva to retire; Bhaskar Bhat to chair NRC | management changes | medium | — | — |
| 24 Sept 2026 · Marico gets ESG rating of 76.3 from SES ESG | business updates | medium | — | — |
| 24 Sept 2026 · Marico allots 15,600 shares under ESOP 2016 | capital market events | low | — | — |
| 18 Sept 2026 · Marico gets 'Leader' ESG rating of 76 from Niche | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.