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Systematix Report
Marico Ltd. remains in a sweet spot of sturdy volume growth supplemented by double-digit topline growth, with superior pricing power and brand equity helping it sustain unprecedented price hikes in key portfolios, and new high-growth businesses propping up volumes.
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With pricing due to ease in FY27 as copra moderates, we expect volume growth to pick up meaningfully.
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Value added hair oil's volume-led turnaround is gathering steam with Project SETU benefiting range-selling and direct reach share; this should also contribute to better margins going forward.
The new businesses should collectively add 5 points to India topline growth, increasing their sales salience medium-term (to 25%) and contributing significantly to headline volume growth.
Systematix expects a margin revival over FY27E-FY28E after a weak 9M26 (operating profit margin -315bps YoY) as seen in past cycles (FY15-FY17, FY18-FY20, FY22-FY24), driven by-
- lower input costs,
- better product mix (new growth businesses, VAHO) and
- higher direct reach efficiencies.
This remains one of the few names growing revenues in double digits yet still available at FY28E P/E of 41x.
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