Marico Limited (MARICO)
🎯 Key Takeaways
- Marico is in a phase of sustained, volume-driven growth with improving profitability, transitioning from a mature consumer staples profile to one with mid-tier growth dynamics. Management continues to emphasize broad-based performance across core and international markets, supported by favorable input cost trends and disciplined execution.
- Revenue grew 4.9% QoQ to ₹2,794 in Q3FY25.
- ⚠️ Moderation in Bangladesh growth could pressure international performance if not offset by other markets.
📖 The Story
Marico is in a phase of sustained, volume-driven growth with improving profitability, transitioning from a mature consumer staples profile to one with mid-tier growth dynamics. Management continues to emphasize broad-based performance across core and international markets, supported by favorable input cost trends and disciplined execution. The company maintains its medium-term aspiration for profitable volume growth, indicating confidence in long-term scalability without compromising margins.
📰 What's Happening
In Q1 FY27, Marico delivered steady demand growth with double-digit volume expansion in India and robust performance in core brands like Parachute Coconut Oil and Saffola Oils. International markets recorded mid-teens constant currency growth, though Bangladesh moderated. Management highlighted softening copra prices as a tailwind for gross margins, enabling revenue growth in the early twenties percent range. The company also made non-material allotments under its ESOP 2016 in June 2026, reflecting ongoing employee incentive practices without strategic significance.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Q4FY23 | Q1FY24 | Q2FY24 | Q3FY24 | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,240 | 2,477 | 2,476 | 2,422 | 2,278 | 2,643 | 2,664 | 2,794 |
| Operating Profit | 461 | 620 | 535 | 556 | 457 | 663 | 604 | 575 |
| OPM % | 17.5% | 23.2% | 20.1% | 21.2% | 19.4% | 23.7% | 19.6% | 19.1% |
| Net Profit | 305 | 436 | 360 | 386 | 320 | 474 | 433 | 406 |
| EPS | ₹2.34 | ₹3.30 | ₹2.73 | ₹2.97 | ₹2.46 | ₹3.60 | ₹3.26 | ₹3.08 |
Revenue has shown a clear upward trend from ₹2,240 Cr in Q4FY23 to ₹2,794 Cr in Q3FY25, with sequential improvement in operating performance and margins stabilizing after a dip in Q4FY24. While OPM moderated slightly in Q3FY25 to 19.1% from 23.7% in Q1FY25, it remains above pre-pandemic levels, supported by favorable input costs. Net profit and EPS have tracked this trend, peaking in Q1FY25 before a minor pullback, indicating consistent underlying strength despite macro volatility.
🔮 Management Outlook & What's Next
Management reaffirmed its medium-term aspiration for sustainable, profitable volume-led growth, citing broad-based performance and favorable input trends as drivers. There was no explicit forward guidance on revenue or margin targets in the latest filing, but the emphasis on early twenties revenue growth and margin resilience suggests confidence in continued execution. No new strategic initiatives were disclosed, with focus remaining on operational discipline and market expansion.
Extracted from official company announcements. Not StockFin.ai's opinion.
⚖️ Peer Comparison — Agricultural Food & other Products
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| TATA CONSUMER PRODUCTS LIMITED | 1.22 L Cr | 83.2 | 9.4% | 7.3% | 0.09 |
| Marico Limited | 1.09 L Cr | 67.8 | — | — | — |
| Patanjali Foods Limited | 50,036 | 30.3 | — | — | — |
| AWL Agri Business Limited | 25,958 | 21.8 | — | — | — |
| CCL Products (India) Limited | 14,906 | 54.3 | — | — | — |
| LT Foods Limited | 14,215 | 23.9 | — | — | — |
| Balrampur Chini Mills Limited | 10,897 | 26.5 | — | — | — |
| Triveni Engineering & Industries Limited | 8,190 | 38.6 | — | — | — |
| KRBL Limited | 7,756 | 17.8 | — | — | — |
| Gujarat Ambuja Exports Limited | 7,467 | 24.2 | — | — | — |
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Moderation in Bangladesh growth could pressure international performance if not offset by other markets. 2. Margin improvement is partly input-cost driven; sustained pressure on pricing power or demand could reverse this trend. 3. High P/E (67.8) implies elevated expectations, making the stock vulnerable to any slowdown in volume or margin expansion. 4. Dependence on a few core brands (e.g., Parachute, Saffola) increases concentration risk if competitive dynamics shift.
📋 Recent Filings
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Announcement 27 July 2026Marico announced an investor conference call scheduled for August 4, 2026 at 6:00 p.m. IST to discuss Q1FY27 results, with live webcast and dial-in op...
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🔴 Financial Results 2 July 2026Marico reported steady demand growth in Q1 FY27, with double-digit volume growth in India and robust performance across core brands like Parachute Coc...
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🟡 Board Meeting 1 July 2026Marico announced the retirement of Independent Director Milind Barve effective August 1, 2026, due to health reasons, and appointed Girish Paranjpe as...
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Announcement 29 June 2026Marico announced that its wholly owned subsidiary Zed Lifestyle Private Limited has been integrated into the company effective June 29, 2026, followin...
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🟡 Board Meeting 22 June 2026Marico announced the allotment of 11,000 equity shares under its Employee Stock Option Plan 2016, increasing paid-up capital from 1,29,83,75,399 to 1,...
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🟡 voting results 15 June 2026No summary available
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Announcement 11 June 2026Marico announced it received an ESG rating of 68, classified as 'Strong', from ESG Risk Assessments & Insights Limited, an independent SEBI-registered...
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🟡 Board Meeting 9 June 2026Marico announced the allotment of 54,734 equity shares under its Employee Stock Option Plan 2016, increasing paid-up capital from 1,29,83,20,665 to 1,...
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Announcement 19 May 2026Marico announced its schedule for upcoming investor conferences, including one-on-one meetings with analysts at events hosted by Trinity India, J.P. M...
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🟡 voting results 13 May 2026Marico Limited announced a special resolution to appoint Girish Paranjpe as an Independent Director, effective June 1, 2026, requiring shareholder app...
🧠 Analyst's Read
Marico is executing a stable, margin-resilient growth trajectory with strong brand fundamentals and favorable input conditions, but the current valuation reflects high growth expectations. The next key watchpoints are sustained volume momentum in India and the ability to maintain margin discipline amid any input cost volatility or competitive intensity.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-08-01.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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