Marico Ltd
Marico Limited is one of India's leading consumer goods companies, operating across beauty, personal care, wellness and foods in India and select international markets. Portfolio includes Parachute, Saffola, Hair & Care, Nihar, Livon, Set Wet, Beardo, Just Herbs, True Elements, Plix, Cosmix and 4700BC; products reach 1 out of 3 Indians.[1]
- Market Cap ₹ 1,02,801 Cr.
- Current Price ₹ 788
- High / Low ₹ 890 / 706
- Stock P/E 54.4
- Book Value ₹ 32.4
- Dividend Yield 0.51 %
- ROCE 47.0 %
- ROE 42.8 %
- Face Value ₹ 1.00
Pros
- Company has a good return on equity (ROE) track record: 3 Years ROE 40.9%
- Company has been maintaining a healthy dividend payout of 65.1%
Cons
- Stock is trading at 24.3 times its book value
- The company has delivered a poor sales growth of 11.1% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 5,733 | 6,017 | 5,918 | 6,322 | 7,334 | 7,315 | 8,048 | 9,512 | 9,764 | 9,653 | 10,831 | 13,611 | 14,277 | |
| 4,863 | 4,966 | 4,759 | 5,185 | 6,009 | 5,846 | 6,459 | 7,831 | 7,954 | 7,627 | 8,692 | 11,283 | 11,785 | |
| Operating Profit | 870 | 1,051 | 1,159 | 1,137 | 1,325 | 1,469 | 1,589 | 1,681 | 1,810 | 2,026 | 2,139 | 2,328 | 2,492 |
| OPM % | 15% | 17% | 20% | 18% | 18% | 20% | 20% | 18% | 19% | 21% | 20% | 17% | 17% |
| 59 | 93 | 96 | 85 | 103 | 95 | 107 | 98 | 144 | 142 | 208 | 204 | 196 | |
| Interest | 23 | 21 | 17 | 16 | 40 | 50 | 34 | 39 | 56 | 73 | 53 | 53 | 64 |
| Depreciation | 84 | 95 | 90 | 89 | 131 | 140 | 139 | 139 | 155 | 158 | 178 | 202 | 213 |
| Profit before tax | 822 | 1,029 | 1,149 | 1,117 | 1,257 | 1,374 | 1,523 | 1,601 | 1,743 | 1,937 | 2,116 | 2,277 | 2,411 |
| Tax % | 29% | 30% | 29% | 26% | 10% | 24% | 21% | 22% | 24% | 22% | 22% | 20% | |
| 585 | 723 | 811 | 827 | 1,131 | 1,043 | 1,199 | 1,255 | 1,322 | 1,502 | 1,658 | 1,813 | 1,952 | |
| EPS in Rs | 4.45 | 5.51 | 6.19 | 6.31 | 8.63 | 7.91 | 9.08 | 9.48 | 10.07 | 11.44 | 12.57 | 13.57 | 14.54 |
| Dividend Payout % | 28% | 77% | 57% | 67% | 55% | 85% | 83% | 97% | 45% | 83% | 83% | 30% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 9% |
| 5 Years: | 11% |
| 3 Years: | 12% |
| TTM: | 25% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 9% |
| 3 Years: | 11% |
| TTM: | 13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 11% |
| 5 Years: | 6% |
| 3 Years: | 13% |
| 1 Year: | 11% |
| Return on Equity | |
|---|---|
| 10 Years: | 38% |
| 5 Years: | 39% |
| 3 Years: | 41% |
| Last Year: | 43% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 64 | 129 | 129 | 129 | 129 | 129 | 129 | 129 | 129 | 129 | 129 | 130 |
| Reserves | 1,760 | 1,888 | 2,197 | 2,414 | 2,846 | 2,894 | 3,111 | 3,219 | 3,670 | 3,703 | 3,846 | 4,080 |
| 428 | 331 | 239 | 312 | 352 | 338 | 511 | 479 | 608 | 528 | 554 | 557 | |
| 873 | 1,010 | 1,059 | 1,217 | 1,569 | 1,603 | 1,675 | 1,850 | 2,393 | 2,993 | 3,746 | 5,183 | |
| Total Liabilities | 3,125 | 3,358 | 3,623 | 4,072 | 4,896 | 4,964 | 5,426 | 5,677 | 6,800 | 7,353 | 8,275 | 9,950 |
| 1,076 | 1,050 | 1,085 | 1,110 | 1,300 | 1,396 | 1,612 | 1,760 | 2,246 | 2,724 | 2,758 | 3,633 | |
| CWIP | 3 | 37 | 11 | 27 | 45 | 58 | 24 | 39 | 67 | 44 | 40 | 85 |
| Investments | 284 | 544 | 608 | 543 | 450 | 733 | 854 | 828 | 1,096 | 602 | 1,590 | 2,083 |
| 1,763 | 1,727 | 1,919 | 2,392 | 3,101 | 2,777 | 2,936 | 3,050 | 3,391 | 3,983 | 3,887 | 4,149 | |
| Total Assets | 3,125 | 3,358 | 3,623 | 4,072 | 4,896 | 4,964 | 5,426 | 5,677 | 6,800 | 7,353 | 8,275 | 9,950 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 665 | 818 | 649 | 516 | 1,062 | 1,214 | 2,007 | 1,016 | 1,419 | 1,387 | 1,363 | 2,084 | |
| -186 | -203 | -125 | 59 | -367 | -22 | -933 | 441 | -928 | 176 | -621 | -722 | |
| -625 | -601 | -574 | -567 | -698 | -1,147 | -1,058 | -1,290 | -560 | -1,542 | -649 | -1,279 | |
| Net Cash Flow | -147 | 14 | -51 | 8 | -3 | 45 | 16 | 167 | -69 | 21 | 93 | 83 |
| Free Cash Flow | 607 | 731 | 567 | 388 | 919 | 1,034 | 1,870 | 884 | 1,237 | 1,234 | 1,241 | 1,772 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 101% | 101% | 82% | 71% | 104% | 102% | 144% | 81% | 99% | 87% | 86% | 114% |
Ratios
Consolidated / View Standalone
| Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 11 | 15 | 15 | 20 | 26 | 27 | 18 | 25 | 38 | 40 | 43 | 35 |
| Inventory Days | 139 | 110 | 193 | 190 | 147 | 157 | 108 | 106 | 94 | 116 | 93 | 85 |
| Days Payable | 79 | 80 | 107 | 103 | 98 | 108 | 109 | 101 | 112 | 137 | 103 | 108 |
| Cash Conversion Cycle | 71 | 46 | 101 | 106 | 74 | 76 | 17 | 30 | 20 | 19 | 33 | 12 |
| Working Capital Days | 18 | 0 | 23 | 37 | 27 | 24 | -11 | 5 | 2 | 14 | 16 | -18 |
| ROCE % | 38% | 44% | 45% | 42% | 42% | 43% | 43% | 43% | 42% | 43% | 45% | 47% |
Insights
In beta| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| India Volume Growth % |
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| International Business Share of Consolidated Revenue % |
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| Foods Revenue/ARR INR crore |
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| Retail Outlet Reach million outlets |
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| Value-Added Hair Oils (VAHO) Value Market Share % |
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| Digital-first Premium Personal Care Exit ARR INR crore |
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| Foods and PPC Share of India Revenue % |
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| Parachute Coconut Oil Volume Market Share % |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
- Marico to hold Q2FY27 earnings call on November 2, 2026, after results approval.
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Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
- Marico filed Regulation 74(5) compliance certificate for quarter ended September 30, 2026.
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Board Meeting Intimation for Notice Of The Board Meeting Scheduled To Be Held On Monday, November 2, 2026
- Board to meet on November 2, 2026 to approve Q2 and half-year results for September 30, 2026.
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Announcement under Regulation 30 (LODR)-Acquisition
- Marico acquires 24.09% more in Satiya Nutraceuticals for ₹1,012.03 crore, raising stake to 84.09%; balance in July 2027.
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Quarterly Update - Q2 FY 2026-27
- Q2 FY27 update: India volume growth in double digits; consolidated revenue seen growing double digits.
Annual reports
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Annual Report 2026
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Annual Report 2025
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Annual Report 2024
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Annual Report 2023
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Annual Report 2022
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Annual Report 2021
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Annual Report 2020
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Annual Report 2019
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Annual Report 2018
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Annual Report 2017
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Annual Report 2016
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Annual Report 2015
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Annual Report 2014
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Annual Report 2013
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Annual Report 2012
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Concalls
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Aug 2026Transcript PPT REC
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May 2026Transcript PPT
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Feb 2026Transcript PPT
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Jan 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Oct 2025PPT
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Nov 2024Transcript PPT
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Dec 2023PPT
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Nov 2023Transcript PPT
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Nov 2022Transcript PPT
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Jul 2021Transcript PPT
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May 2021PPT
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Apr 2021Transcript
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Oct 2020Transcript
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Oct 2019Transcript
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Sep 2019Transcript
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Nov 2016Transcript
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Aug 2016Transcript
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May 2016Transcript
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Feb 2016Transcript PPT
Product Portfolio:[1]
The product categories that the company caters to in the domestic market and the brands of the company :
a) Coconut Oil - Parachute
b) Super Premium Refined Edible Oils - Saffola
c) Cold Pressed Edible Oils - Saffola Cold Pressed Oils
d) Value-Added Hair Oils- Parachute Advansed Jasmine, Coconut Enriched Hair Oils, Amla variants and Hair & Care Almond
e) Foods & Nutrition - Saffola Foods, True Elements, Coco Soul, Plix, Cosmix and 4700BC
f) Premium Personal Care - premium hair nourishment, male grooming, hair cleansing and skin care
g) Digital-First Premium Personal Care - Beardo, Just Herbs and Plix Personal Care
Market Share MAT - Jun-26:[2]
Parachute Rigids 59%
-Saffola Oats 42%,
-Value Added Hair Oils 29%,
-Post-wash Leave-on Serums 44%,
-Hair Gels/Waxes/Creams 51%
Each ranked #1 in respective category