MARICO

Marico share price & financials

Price
₹844
Market cap
₹1.1L Cr
Sector
Fast Moving Consumer Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 04 Aug 2026

Marico Limited Q1 FY27

Consolidated EBITDA Margin 20.7%

What went well

  • Consolidated revenue grew 23% and EBITDA/PAT grew 25%, marking the highest profit growth in 28 quarters.
  • India business achieved 11% volume growth and 21% revenue growth, driven by core business momentum and new growth engines.
  • Parachute Rigids delivered 10% volume growth, its strongest performance in 20 quarters, gaining over 400 bps in volume share.

What to watch

  • International economies (Bangladesh, Gulf) experienced transient headwinds due to geopolitical developments, persistent high inflation, and rising energy costs.
  • Saffola Edible Oil reported a high single-digit volume decline due to calibrated pricing actions and rationalization of supply in certain channels to maintain profitability.
Read the full call →

What Marico Limited does

Marico is a leading Indian FMCG company operating in the beauty and wellness space, selling coconut oil, edible oils, hair care, male grooming, skin care and packaged foods under owned brands. It earns primarily by manufacturing and marketing branded consumer products across an India business and an International business spanning Asia, the Middle East and Africa. Its flagship brands are used by roughly one in every three Indians, and it is expanding into premium personal care and digital-first brands.

Segments

  • India Business
  • International Business
Consumer reach
Flagship brands used by ~one in every three Indians
Market position
Leading consumer-goods company in India's beauty & wellness / FMCG space; Parachute is the market-leading coconut-oil brand
India product franchises
Parachute coconut oil, Saffola edible oils, Value Added Hair Oils, Saffola Foods and Premium Personal Care
Product categories
Coconut & edible oils, hair care, skin care & male grooming, and packaged foods
Manufacturing plants
Facilities including Pondicherry and Perundurai (Zero Waste to Landfill certified)
International markets
Bangladesh, Vietnam, Egypt, MENA/Gulf and South Africa
Founded 1988Headquarters Mumbai, Maharashtra, India Company website

Guidance record · Q1 FY27

what the last two calls moved 23 tracked 1 delivered 2 missed 20 open
  • Plix EBITDA Margin delivered said Q2 FY26 Promised: In the next 2 quarters, we are hoping that Plix will move to mid to high single digits. Q1 FY27: Promise was achieved in Q4 FY26. Plix continues to show improved profitability.
  • Foods Portfolio Revenue Growth missed said Q4 FY25 Promised: We expect 25%+ growth over the medium term... happy if we can deliver 20% to 25% plus growth in Foods over the next 2, 3 years. Q1 FY27: The FY26 target was missed. However, the Foods portfolio grew by a very strong 43% in Q1 FY27, indicating a significant rebound.
  • Just Herbs & True Elements Breakeven delayed said Q4 FY25 Promised: Achieve breakeven at the earliest over the next 18 to 24 months. Q1 FY27: Management now sees a 'path to profitability for the other brands over the next 12 to 18 months', implying a delay from the original Q2-Q4 FY27 timeline.

All 23 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 22.9%, net profit up 27.1% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue2,664 2,794 2,730 3,221 3,482 +31%3,537 +27%3,301 +21%3,957 +23%
EBITDA522 533 458 655 560 +7%592 +11%521 +14%819 +25%
Net profit433 406 345 513 432 −0%460 +13%408 +18%652 +27%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +9.2% 1Y

₹700₹750₹800₹850₹900Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 14 Nov 2025Q3 FY26 — 27 Jan 2026Q4 FY26 — 5 May 2026Q1 FY27 — 4 Aug 2026

1Y: ₹734.55 on 10 Sept 2025 → ₹802.1. High ₹885.35 (30 Jul 2026), low ₹697.4 (30 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
−0.7%
4 Aug
Q4 FY26
+2.9%
5 May
Q3 FY26
+0.7%
27 Jan
Q2 FY26
+2.3%
14 Nov

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 11.5% a year over 3 years, FY23 to FY26. Operating margin narrowed to 17.2%.

Year endingFY23FY24FY25FY26
Revenue₹9.8k Cr₹9.7k Cr₹10.8k Cr₹13.5k Cr
Operating profit₹1.8k Cr₹2.0k Cr₹2.1k Cr₹2.3k Cr
Operating margin18.5%21.0%19.7%17.2%
Interest₹56 Cr₹73 Cr₹53 Cr₹53 Cr
Depreciation₹155 Cr₹158 Cr₹178 Cr₹202 Cr
Net profit₹1.3k Cr₹1.5k Cr₹1.7k Cr₹1.8k Cr
Net margin13.5%15.6%15.3%13.4%
ROCE42.0%43.0%45.0%47.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹129 Cr₹129 Cr₹129 Cr₹129 Cr₹130 Cr₹130 Cr
Reserves₹3.1k Cr₹3.2k Cr₹3.7k Cr₹3.7k Cr₹3.9k Cr₹4.1k Cr
Borrowings₹511 Cr₹479 Cr₹608 Cr₹528 Cr₹575 Cr₹557 Cr
Other liabilities₹1.7k Cr₹1.9k Cr₹2.4k Cr₹3.0k Cr₹4.1k Cr₹5.2k Cr
Total liabilities₹5.4k Cr₹5.7k Cr₹6.8k Cr₹7.4k Cr₹8.7k Cr₹9.9k Cr
Fixed assets₹1.6k Cr₹1.8k Cr₹2.2k Cr₹2.7k Cr₹2.8k Cr₹3.6k Cr
Capital work in progress₹24 Cr₹39 Cr₹67 Cr₹44 Cr₹52 Cr₹85 Cr
Investments₹854 Cr₹828 Cr₹1.1k Cr₹602 Cr₹1.4k Cr₹2.1k Cr
Other assets₹2.9k Cr₹3.0k Cr₹3.4k Cr₹4.0k Cr₹4.4k Cr₹4.1k Cr
Total assets₹5.4k Cr₹5.7k Cr₹6.8k Cr₹7.4k Cr₹8.7k Cr₹9.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs added +0.26 pp while FIIs trimmed −0.22 pp. The shareholder count grew 2% to 2,93,560.

Promoters
58.9%
FIIs
23.4%
DIIs
12.9%
Government
0.1%
Public
4.5%
Others
0.2%

Since Jun 2025

  • DIIs +0.26 pp
  • FIIs −0.22 pp
  • Promoters −0.11 pp

How it drifted, 12 quarters

Over this window DIIs went from 9.5% to 12.9% — +3.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 59.4%, FIIs 25.9%, DIIs 9.5%, Government 0.1%, Public 5.0%, Others 0.1%.Dec '23: Promoters 59.4%, FIIs 25.7%, DIIs 9.6%, Government 0.1%, Public 5.1%, Others 0.1%.Mar '24: Promoters 59.3%, FIIs 25.6%, DIIs 9.8%, Government 0.1%, Public 5.1%, Others 0.1%.Jun '24: Promoters 59.3%, FIIs 24.6%, DIIs 11.1%, Government 0.1%, Public 4.8%, Others 0.1%.Sep '24: Promoters 59.2%, FIIs 24.9%, DIIs 11.1%, Government 0.1%, Public 4.6%, Others 0.1%.Dec '24: Promoters 59.1%, FIIs 23.4%, DIIs 12.8%, Government 0.1%, Public 4.6%, Others 0.1%.Mar '25: Promoters 59.0%, FIIs 22.1%, DIIs 14.1%, Government 0.1%, Public 4.5%, Others 0.1%.Jun '25: Promoters 59.0%, FIIs 23.6%, DIIs 12.6%, Government 0.1%, Public 4.5%, Others 0.1%.Sep '25: Promoters 58.9%, FIIs 24.2%, DIIs 11.9%, Government 0.1%, Public 4.6%, Others 0.3%.Dec '25: Promoters 58.9%, FIIs 24.0%, DIIs 12.2%, Government 0.1%, Public 4.5%, Others 0.2%.Mar '26: Promoters 58.9%, FIIs 24.1%, DIIs 12.2%, Government 0.1%, Public 4.5%, Others 0.2%.Jun '26: Promoters 58.9%, FIIs 23.4%, DIIs 12.9%, Government 0.1%, Public 4.5%, Others 0.2%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 1 holder trimming and 2 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Marico Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Harsh C Mariwala with Rajen K Mariwala for Valentine Family Trust 11.08%unchanged
Harsh C Mariwala with Rajen K Mariwala for Aquarius Family Trust 11.08%unchanged
Harsh C Mariwala with Ravindra K Mariwala for Taurus Family Trust 11.08%newly disclosed
Harsh C Mariwala with Ravindra K Mariwala for Gemini Family Trust 11.08%newly disclosed
HDFC Mutual Fund Mutual fund2.48%unchanged
Rajvi H Mariwala 2.19%unchanged
Harsh C Mariwala 2.16%unchanged
Rishabh H Mariwala 1.92%unchanged
Ravindra K Mariwala 1.73%unchanged
Life Insurance Corporation Of India Insurer1.67%+0.49 pp
Sharrp Ventures Capital Private Limited (Formerly The Bombay Oil Private Limited) 1.41%unchanged
Government Pension Fund Global Sovereign1.33%−0.35 pp

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in MARICO

Filings to Aug 2026

0 new, 11 added, 8 trimmed, 0 sold out — net −2.10 L shares (−2.8%).

Held by funds
₹599 Cr
21 schemes
Biggest holder
HDFC Arbitrage Fund
₹111 Cr · 0.5% of that fund
SchemeHoldingLast month
HDFC Arbitrage Fund HDFC Mutual Fund₹111 Cr−3.43 L
SBI Quant Fund SBI Mutual Fund₹110 Cr+1.95 L
SBI Quality Fund SBI Mutual Fund₹106 Crheld
Nippon India Arbitrage Fund Nippon India Mutual Fund₹74 Cr−0.40 L
Nippon India Nifty Alpha Low Volatility 30 Index Fund Nippon India Mutual Fund₹50 Cr−0.06 L
Nippon India ETF Nifty Midcap 150 Nippon India Mutual Fund₹41 Cr+0.30 L
SBI Arbitrage Fund SBI Mutual Fund₹40 Cr−0.88 L
Nippon India Nifty Midcap 150 Index Fund Nippon India Mutual Fund₹29 Cr+0.06 L

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

11 added, 8 trimmed — net −2.10 L shares (−2.8%)

Funds are sitting on
+13%
vs est. average cost
Held by funds
₹599 Cr
21 schemes · ≈ 0.55% of the company
Biggest holder
HDFC Arbitrage Fund
₹111 Cr · 0.5% of that fund
Longest holder
Nippon India ETF BSE Sensex Next 50
7y 2m · since Jul '19

Shares held by these funds +54%

Aug '23 70.90 L shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹802, this stock must grow earnings at 30% every year for 5 years. Our analysis caps realistic growth at ~10%. At that growth it is worth ₹319 — downside of 60%.

Growth the price implies
30.0% a year
for 5 years, fading to 5%
It has actually compounded at
11.1% a year
net profit, FY23–FY26 · EPS 10.4%
The gap
0.2 pp
-60% downside if it only repeats history
Price today ₹802.1 Value at the reference growth ₹319.21
Why this baseline, and what it is built on

Marico's recent TTM sales growth is 4.64%, but management provides specific and positive guidance for FY27, targeting 'double-digit revenue growth' (10%+) and 'high-teen EBITDA growth' (15%+), along with 150 bps operating margin expansion. The promise track record is mixed, with some misses and ghosted promises, but also several new and on-track initiatives. Given the explicit forward guidance, a g1 of 10.0% is chosen, aligning with the lower end of 'double-digit' growth, while acknowledging the mixed track record and recent lower TTM growth. Low leverage, but a mixed track record, leads to a discount rate of 11%. A 5-year stage-1 growth period with a 3-year fade to a 5% terminal growth rate is applied.

Through 2026-03-31

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Marico Limited

Guides on how to read this kind of business and the numbers that matter.