Stock MARICO MARICO LIMITED
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Financials Marico Limited NSE India S.E.

Equities

MARICO

INE196A01026

Food Processing

Market Closed - NSE India S.E.
Other stock markets
 07:43:49 2024-05-10 EDT 		5-day change 1st Jan Change
587.2 INR +1.00% Intraday chart for Marico Limited +13.59% +7.05%
05-08 Nomura Upgrades Marico to Buy From Neutral, Adjusts Price Target to INR625 From INR585 MT
05-07 Rural India's consumer products demand outpaces urban areas, NielsenIQ says RE

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 445,671 354,836 531,391 651,112 620,293 760,013 - -
Enterprise Value (EV) 1 439,691 349,086 519,101 641,862 613,033 643,039 744,904 739,816
P/E ratio 39.8 x 34.7 x 45.3 x 53.1 x 47.7 x 43.5 x 46.4 x 41.1 x
Yield 1.38% 2.46% 1.82% 1.84% - 1.48% 1.63% 1.8%
Capitalization / Revenue 6.08 x 4.85 x 6.6 x 6.85 x 6.35 x 6.66 x 7.12 x 6.44 x
EV / Revenue 6 x 4.77 x 6.45 x 6.75 x 6.28 x 6.66 x 6.98 x 6.27 x
EV / EBITDA 34.3 x 23.8 x 32.7 x 38.2 x 33.9 x 31.7 x 33.1 x 29.4 x
EV / FCF 51.4 x 34.1 x 27 x 72.6 x 49.6 x 49.7 x 49.4 x 42.4 x
FCF Yield 1.95% 2.93% 3.71% 1.38% 2.02% 2.01% 2.03% 2.36%
Price to Book 14.9 x 11.7 x 16.4 x 19.4 x 16.3 x 17.8 x 17.1 x 15.5 x
Nbr of stocks (in thousands) 1,290,864 1,291,018 1,291,350 1,292,787 1,293,084 1,294,299 - -
Reference price 2 345.2 274.8 411.5 503.6 479.7 587.2 587.2 587.2
Announcement Date 19-05-06 20-05-04 21-04-30 22-05-05 23-05-05 24-05-06 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 73,340 73,150 80,480 95,120 97,640 96,530 106,691 118,056
EBITDA 1 12,810 14,690 15,890 16,810 18,100 20,260 22,539 25,203
EBIT 1 11,850 13,290 14,500 15,420 16,550 18,680 20,790 23,419
Operating Margin 16.16% 18.17% 18.02% 16.21% 16.95% 19.35% 19.49% 19.84%
Earnings before Tax (EBT) 1 12,640 13,740 15,230 16,010 17,430 19,370 21,619 24,468
Net income 1 11,180 10,210 11,720 12,250 13,020 14,810 16,365 18,458
Net margin 15.24% 13.96% 14.56% 12.88% 13.33% 15.34% 15.34% 15.64%
EPS 2 8.670 7.910 9.080 9.490 10.05 11.43 12.66 14.27
Free Cash Flow 1 8,560 10,240 19,260 8,840 12,370 15,004 15,094 17,454
FCF margin 11.67% 14% 23.93% 9.29% 12.67% 15.46% 14.15% 14.78%
FCF Conversion (EBITDA) 66.82% 69.71% 121.21% 52.59% 68.34% 73.3% 66.97% 69.25%
FCF Conversion (Net income) 76.57% 100.29% 164.33% 72.16% 95.01% 101.32% 92.23% 94.56%
Dividend per Share 2 4.750 6.750 7.500 9.250 - 8.699 9.567 10.59
Announcement Date 19-05-06 20-05-04 21-04-30 22-05-05 23-05-05 24-05-06 - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 21,220 20,120 25,250 24,190 24,070 21,610 25,580 24,960 24,700 22,400 24,770 24,779 24,497 22,844 25,971
EBITDA 1 4,130 3,190 4,810 4,230 4,310 3,460 5,280 4,330 4,560 3,930 5,740 4,903 5,093 4,440 6,226
EBIT 1 3,770 2,830 4,480 3,900 3,950 3,090 4,920 3,960 4,170 3,500 5,380 4,542 4,682 4,122 5,786
Operating Margin 17.77% 14.07% 17.74% 16.12% 16.41% 14.3% 19.23% 15.87% 16.88% 15.62% 21.72% 18.33% 19.11% 18.04% 22.28%
Earnings before Tax (EBT) 1 3,940 2,830 4,670 4,050 4,070 3,220 4,990 4,000 4,430 4,010 5,670 4,755 4,939 4,287 6,061
Net income 1 3,070 2,190 3,560 3,090 3,100 2,510 3,710 3,010 3,280 3,020 4,270 3,564 3,667 3,270 4,557
Net margin 14.47% 10.88% 14.1% 12.77% 12.88% 11.61% 14.5% 12.06% 13.28% 13.48% 17.24% 14.38% 14.97% 14.32% 17.55%
EPS 2 2.380 1.700 2.760 2.390 2.400 1.950 2.870 2.320 2.530 2.340 3.300 2.806 2.840 2.563 3.500
Dividend per Share 2 - 4.500 - 3.000 - 6.250 - - - - - - - 9.289 -
Announcement Date 21-01-27 21-04-30 21-07-30 21-10-28 22-01-28 22-05-05 22-08-06 22-11-04 23-02-03 23-05-05 23-07-28 - - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 5,980 5,750 12,290 9,250 7,260 14,640 15,109 20,197
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 8,560 10,240 19,260 8,840 12,370 15,004 15,094 17,454
ROE (net income / shareholders' equity) 40.3% 35.3% 37.4% 38.1% 36.4% 36.6% 39.1% 40%
ROA (Net income/ Total Assets) 25.3% 21.8% 22.4% 22.2% 20.5% 20.6% 21.5% 22.9%
Assets 1 44,115 46,795 52,400 55,130 63,660 71,914 76,236 80,505
Book Value Per Share 2 23.20 23.40 25.10 26.00 29.40 32.90 34.30 37.80
Cash Flow per Share 2 7.890 9.440 16.00 7.880 11.00 13.10 13.50 14.90
Capex 1 1,620 1,940 1,420 1,320 1,820 1,948 1,952 1,903
Capex / Sales 2.21% 2.65% 1.76% 1.39% 1.86% 2.01% 1.83% 1.61%
Announcement Date 19-05-06 20-05-04 21-04-30 22-05-05 23-05-05 24-05-06 - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Marico Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
39
Last Close Price
587.2 INR
Average target price
603.9 INR
Spread / Average Target
+2.85%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Food Processing
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