Marico Q1 Review: Motilal Oswal Maintains 'Buy' On Positive Outlook — Check Target Price

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 expected to help Marico Ltd. deliver a better revenue print in FY26.

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Motilal Oswal Report

We 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 expected to help Marico Ltd. deliver a better revenue print in FY26.

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

We model a 13%/12% revenue and Ebitda CAGR during FY25-28E and reiterate our Buy rating on the stock with a target price of Rs 825 (based on 50 times Jun’27E EPS).

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