| Management target | Revenue 13.0% FY29 |
|---|
| Revenue growth | Consolidated revenue +13% YoY; India volume +10%, international +13% cc. |
|---|---|
| Margins | EBITA margin +200bps to 18.2%; gross margin up ~600bps YoY. |
| Demand visibility | India demand resilient; management flags crude, inflation and rural rainfall risks. |
| Management confidence | Over-optimistic: 'stellar', 'unprecedented', 'strong all round' language, though guidance is raised. |
Growth
Revenue +13% (India volume +10%, international +13% constant currency). EBITA +27%, largely margin-led from copra deflation and mix.
Outlook
FY27 EBITDA growth guided at mid-20s (from ~20%) and revenue at teens, above ₹15,000 Cr. Mid-teens EBITDA growth from FY28, with FY29 revenue aspiration of ₹20,000 Cr.
Risks
Crude-linked derivatives and wedge oils are rising, and rural rainfall is deficient in some states. Bangladesh is soft, edible oil volumes are falling, and copra gains may fade.
Last quarter's promises, checked
Delivered
- Guided one double-digit India volume quarter in next 3 qtrs → Q2 India volume +10% (= BEAT)
- Guided ~20% EBITDA growth (aspire) → Q2 EBITA +27%, metric differs (= BEAT)
- Guided Parachute mid-single-digit volume → Q2 +13% (= BEAT)
Partly delivered
- Guided FY27 revenue >₹15,000 Cr (double-digit) → Q2 revenue +13%, full year unverified (= PARTIAL)
Missed
- Guided international mid-teens cc growth → Q2 +13% cc (= MISS)
Earnings Call Transcript filed with NSE, NSE: MARICO. Summary written with AI assistance from the document.
Marico Ltd: key numbers
- Share price
- ₹893.25
- Market cap
- ₹1,16,141 Cr
- Revenue (annual)
- ₹13,611 Cr
- Net profit (annual)
- ₹1,762 Cr
- P/E (TTM)
- 57.5×Sector 40.9×
- Promoter holding
- 58.83%-0.08% QoQ
- FII holding
- 22.25%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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- Key figure
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