'Buy' Marico Shares Maintains Motilal Oswal On Sustained Growth Trajectory— Check Target Price

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Motilal Oswal Report

Motilal Oswal reiterates Buy rating on the stock with a target price of Rs 850 (based on 50x Sep’27E EPS).

We slightly cut our FY26E earnings per share due to the recent copra inflation, but we maintain our FY27 and FY28 EPS estimates.

The improvement in market share gain, accelerated growth in foods and premium personal care, healthy growth in the international business, and normalization of prices are likely to help Marico deliver a better revenue print in FY26.

To improve its distribution reach, Marico has also started Project SETU, which helps drive growth in GT through a transformative expansion of its direct reach.

We model a 15%/14% revenue and Ebitda CAGR during FY25-28E and reiterate our Buy rating on the stock with a target price of Rs 850 (based on 50x Sep’27E EPS).

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