Company Valuation: Marico Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2022 2023 2024 2025 2026 2027 2028 2029
Market Cap 1 651,112 620,293 643,039 843,952 955,762 1,041,305 - -
Change - -4.73% 3.67% 31.24% 13.25% 8.95% - -
Enterprise Value (EV) 1 641,862 613,033 636,299 827,972 936,922 1,016,674 1,009,798 1,003,552
Change - -4.49% 3.8% 30.12% 13.16% 8.51% -0.68% -0.62%
P/E 53.1x 47.7x 43.5x 51.9x 54.2x 47.6x 41.5x 36.8x
PBR 19.4x 16.3x 16.8x 21.3x 22.6x 20.9x 18.2x 16.2x
PEG - 8.08x 3.2x 5.25x 6.61x 2x 2.8x 2.9x
Capitalization / Revenue 6.85x 6.35x 6.66x 7.79x 7.02x 6.78x 6.1x 5.52x
EV / Revenue 6.75x 6.28x 6.59x 7.64x 6.88x 6.62x 5.92x 5.32x
EV / EBITDA 38.2x 33.9x 31.4x 38.7x 40.2x 35.9x 30.6x 27x
EV / EBIT 41.6x 37x 34.1x 42.2x 44.1x 39x 33.5x 29.1x
EV / FCF 72.6x 49.6x 49.6x 68.9x 53.1x 49.5x 41.4x 36.4x
FCF Yield 1.38% 2.02% 2.02% 1.45% 1.88% 2.02% 2.41% 2.75%
Dividend per Share 2 9.25 - 9.5 10.5 4 12.14 13.78 15.31
Rate of return 1.84% - 1.91% 1.61% 0.54% 1.51% 1.72% 1.91%
EPS 2 9.49 10.05 11.43 12.56 13.59 16.84 19.33 21.82
Distribution rate 97.5% - 83.1% 83.6% 29.4% 72.1% 71.3% 70.1%
Net sales 1 95,120 97,640 96,530 108,310 136,110 153,664 170,661 188,764
EBITDA 1 16,810 18,100 20,260 21,390 23,280 28,295 32,964 37,214
EBIT 1 15,420 16,550 18,680 19,610 21,260 26,090 30,135 34,531
Net income 1 12,250 13,020 14,810 16,290 17,620 21,931 25,171 28,304
Net Debt 1 -9,250 -7,260 -6,740 -15,980 -18,840 -24,631 -31,507 -37,753
Reference price 2 503.65 479.70 496.90 651.45 736.25 802.00 802.00 802.00
Nbr of stocks (in thousands) 1,292,787 1,293,084 1,294,102 1,295,498 1,298,149 1,298,385 - -
Announcement Date 5/5/22 5/5/23 5/6/24 5/2/25 5/5/26 - - -
1INR in Million2INR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
20.47x2.79x13.94x4.04% 247B
19.87x2.5x14.88x3.3% 79.67B
16.74x1.75x9.87x3.74% 47.07B
16.03x0.57x10.3x2.41% 41.71B
20.85x3.17x12.87x3.35% 34.6B
34.85x3.03x17.55x1.06% 31.6B
-8.67x1.88x9.32x6.52% 29.18B
64.54x9.9x41.07x1.18% 28.23B
Average 23.08x 3.20x 16.23x 3.2% 67.35B
Weighted average by Cap. 21.31x 2.85x 14.76x 3.54%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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