Marico Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Edible: 51.8% • Hair Oils: 19.3% • Personal care: 14.8%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 50.1%
- Company has a good return on equity (ROE) track record: 3 Years ROE 42.9%
- Company has consistently been profitable over the last 5 years
- Latest quarter profit grew 27.1% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 0.97x)
CONS
- Stock is trading at 23.2x its book value
- Company has delivered a poor profit growth of 8.6% over past five years
- Expensive relative to growth - PEG of 5.0
- Rich enterprise valuation - EV/EBITDA of 37.7x
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| MARICO | 810.25 | 55.80 | 105347.77 | 0.49 | 652.00 | 27.10 | 3957.00 | 21.42 | 52.25 | 20.70 |
| PATANJALI | 341.25 | 18.85 | 37131.71 | 1.47 | 3357.34 | 1761.48 | 113374.51 | 1173.91 | 10.61 | 4.79 |
| AWL | 187.65 | 21.10 | 24388.47 | 0.53 | 351.39 | 47.67 | 20048.14 | 17.52 | 18.52 | 3.56 |
| GOKULAGRO | 230.50 | 16.18 | 6801.75 | 0.00 | 122.63 | 71.26 | 5281.95 | 7.26 | 37.07 | 3.85 |
| SUNDROP | 667.00 | 89.96 | 2514.38 | 0.00 | 12.13 | 181.44 | 428.08 | 15.22 | 2.01 | 5.84 |
| BCLIND | 35.59 | 9.01 | 1050.49 | 0.98 | 35.52 | 6.10 | 623.42 | -24.00 | 13.60 | 9.80 |
| MODINATUR | 350.55 | 8.92 | 466.46 | 0.00 | 12.50 | 19.14 | 155.61 | 0.37 | 23.80 | 14.25 |
| GOKUL | 42.66 | 20.40 | 422.31 | 0.00 | 6.08 | 57.63 | 1016.75 | 9.75 | 8.66 | 1.63 |
| KRITINUT | 83.74 | 12.59 | 419.57 | 3.58 | 8.92 | -6.03 | 247.08 | 7.88 | 20.30 | 4.72 |
| VIJSOLX | 647.80 | 8.70 | 207.38 | 0.00 | 5.58 | 428.60 | 622.50 | 35.20 | 7.35 | 1.40 |
| MKPL | 4.02 | 32.13 | 150.90 | 0.00 | 1.38 | -60.63 | 115.16 | 0.18 | 13.46 | 2.18 |
| ROML | 42.18 | 3.72 | 67.44 | 0.00 | 1.11 | -21.06 | 35.56 | 5.82 | 15.26 | 5.16 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,477 | 2,476 | 2,422 | 2,278 | 2,643 | 2,664 | 2,794 | 2,730 | 3,259 | 3,482 | 3,537 | 3,333 | 3,957 | |
| 1,903 | 1,979 | 1,909 | 1,836 | 2,017 | 2,142 | 2,261 | 2,272 | 2,604 | 2,922 | 2,945 | 2,812 | 3,215 | |
| Operating Profit | 574 | 497 | 513 | 442 | 626 | 522 | 533 | 458 | 655 | 560 | 592 | 521 | 742 |
| OPM % | 23.17% | 20.07% | 21.18% | 19.40% | 23.69% | 19.59% | 19.08% | 16.78% | 20.10% | 16.08% | 16.74% | 15.63% | 18.75% |
| 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 |
| Profit before Tax | 567 | 476 | 495 | 399 | 605 | 552 | 518 | 441 | 656 | 550 | 567 | 504 | 790 |
| Tax % | 23.10% | 24.37% | 22.02% | 19.80% | 21.65% | 21.56% | 21.62% | 21.77% | 21.80% | 21.45% | 18.87% | 19.05% | 17.47% |
| Net Profit | 0 | 0 | 0 | 0 | 474 | 433 | 406 | 345 | 513 | 432 | 460 | 408 | 652 |
| 3.30 | 2.73 | 2.97 | 2.46 | 3.60 | 3.26 | 3.08 | 2.65 | 3.90 | 3.24 | 3.45 | 3.04 | 4.86 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,918 | 6,322 | 7,334 | 7,315 | 8,048 | 9,512 | 9,764 | 9,653 | 10,831 | 13,611 | 14,309 | |
| 4,759 | 5,186 | 6,008 | 5,849 | 6,460 | 7,834 | 7,954 | 7,660 | 8,692 | 11,283 | 11,894 | |
| Operating Profit | 1,159 | 1,136 | 1,326 | 1,466 | 1,588 | 1,678 | 1,810 | 1,993 | 2,139 | 2,328 | 2,415 |
| OPM % | 19.59% | 17.97% | 18.08% | 20.04% | 19.73% | 17.64% | 18.54% | 20.65% | 19.75% | 17.10% | 16.88% |
| 97 | 85 | 103 | 98 | 110 | 101 | 144 | 175 | 208 | 204 | 196 | |
| Interest | 17 | 16 | 40 | 50 | 34 | 39 | 56 | 73 | 53 | 53 | 64 |
| Depreciation | 90 | 88 | 131 | 140 | 139 | 139 | 155 | 158 | 178 | 202 | 213 |
| Profit before Tax | 1,149 | 1,117 | 1,257 | 1,374 | 1,523 | 1,601 | 1,743 | 1,937 | 2,116 | 2,277 | 2,411 |
| Tax % | 29.40% | 25.96% | 10.02% | 24.09% | 21.27% | 21.61% | 24.15% | 22.46% | 21.64% | 20.38% | 19.04% |
| Net Profit | 811 | 827 | 1,131 | 1,043 | 1,199 | 1,255 | 1,322 | 1,502 | 1,658 | 1,813 | 1,952 |
| EPS | 6.20 | 6.32 | 8.63 | 7.91 | 9.08 | 9.49 | 10.05 | 11.48 | 12.63 | 13.55 | — |
| Dividend Payout % | 56.56% | 67.35% | 55.00% | 85.28% | 82.55% | 97.41% | 44.59% | 82.75% | 83.15% | 29.51% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 11%
- 3 Years:
- 12%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 9%
- 5 Years:
- 8%
- 3 Years:
- 11%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- 7%
- 3 Years:
- 11%
- 1 Year:
- 9%
RETURN ON EQUITY
- 10 Years:
- 39%
- 5 Years:
- 41%
- 3 Years:
- 43%
- Last Year:
- 45%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 129 | 129 | 129 | 129 | 129 | 129 | 129 | 129 | 129 | 130 |
| Minority Interest | 13 | 12 | 12 | 13 | 18 | 57 | 157 | 337 | 291 | 284 |
| 2,189 | 2,403 | 2,828 | 2,869 | 3,082 | 3,192 | 3,627 | 3,634 | 3,756 | 3,987 | |
| 248 | 321 | 512 | 504 | 475 | 436 | 832 | 892 | 1,714 | 1,429 | |
| Trade Payables | 697 | 822 | 944 | 950 | 1,134 | 1,344 | 1,452 | 1,581 | 1,306 | 1,634 |
| 348 | 385 | 283 | 346 | 486 | 441 | 603 | 781 | 1,079 | 2,486 | |
| Total Liabilities | 3,623 | 4,072 | 4,708 | 4,811 | 5,324 | 5,599 | 6,800 | 7,354 | 8,275 | 9,950 |
| 1,055 | 1,080 | 1,283 | 1,379 | 1,595 | 1,738 | 2,230 | 2,709 | 2,743 | 3,624 | |
| Capital Work in Progress | 11 | 27 | 45 | 58 | 24 | 39 | 67 | 44 | 40 | 85 |
| 608 | 543 | 451 | 733 | 854 | 828 | 1,096 | 602 | 1,590 | 2,083 | |
| 1,253 | 1,511 | 1,411 | 1,380 | 1,126 | 1,412 | 1,225 | 1,336 | 1,235 | 1,611 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,069 | 1,271 | 1,304 | |
| Cash & Bank | 236 | 201 | 552 | 279 | 944 | 579 | 756 | 943 | 776 | 493 |
| 460 | 710 | 966 | 982 | 781 | 1,003 | 1,426 | 651 | 620 | 750 | |
| Total Assets | 3,623 | 4,072 | 4,708 | 4,811 | 5,324 | 5,599 | 6,800 | 7,354 | 8,275 | 9,950 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 945 | 811 | 1,382 | 1,504 | 2,292 | 1,367 | 1,788 | 1,436 | 1,442 | 2,085 | |
| Cash from Investing | -92 | 55 | -334 | -39 | -938 | 425 | -865 | 176 | -621 | -722 |
| Cash from Financing | -574 | -567 | -698 | -1,147 | -1,058 | -1,290 | -560 | -1,542 | -649 | -1,279 |
| -17 | 4 | 30 | 28 | 11 | 151 | -6 | 21 | 93 | 83 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-10 - Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Management of the Company will be attending investor conferences as per the details attached. Further, the presentation usually used by the Company officials for such meets is also made available on the Company s website.
2026-09-08 - The Securities Committee of the Board of Directors of the Company vide its resolutions passed on September 8, 2026, has allotted 18,00,000 equity shares of face value of Re. 1 each of the Company to the Welfare of Mariconians Trust ( WEOMA Trust ) represented by IDBI Trusteeship Services Limited, Trustee, for the purpose of implementing the facility of cashless exercise by eligible employees under ESOP 2016 and 600 equity shares to an eligible grantee pursuant to exercise of stock options granted under ESOP 2016.
2026-09-03 - Please find enclosed an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - ESG Ratings.
2026-09-02 - Marico Limited has informed the Exchange about Credit Rating
2026-09-01 - Pursuant to the provisions of Regulation 30 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we wish to inform you that the Management of the Company will be holding one-on-one/group meetings with investors in London as part of a Non-Deal Roadshow organized by Goldman Sachs (India) Securities Private Limited from September 7, 2026 to September 8, 2026. Further, the presentation usually used by the Company officials for such meets is also made available on the Company s website.
2026-08-28 - Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the copies of the notice published in the Business Standard (English) and Navshakti (Marathi) editions today i.e. August 28, 2026, in accordance with the IEPF Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, requesting the concerned shareholders to lodge claims in respect of 1st Interim Dividend for FY2019-20 that are unclaimed for the last seven years, failing which the said dividend and the shares underlying such dividend shall be liable to be transferred to IEPF.
2026-08-27 - Please find attached a press release by Marico Limited, titled "Marico Limited Celebrates World Water Week; Creates 547 Crore Litres of Water Conservation Potential in FY26".
2026-08-25 - We enclose herewith copy of transcript of the 38th Annual General Meeting of the Company held on Thursday, August 6, 2026 at 9.00 A.M. IST through Video Conferencing/Other Audio-Visual Means.
2026-08-20 - Please find enclosed an intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 - ESG Ratings.
News
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