HDFC Securities expect continued margin improvement, driven by disciplined execution and a favorable product mix, to power the next leg of earnings growth. Marico's consistent delivery makes it one of the few companies to stay near its historical valuation band. With execution remaining the story's cornerstone, the brokerage upgrades the stock offering 19% upside.
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HDFC Securities Institutional Equities
Following Marico Ltd.'s September-quarter results, HDFC Securities has upgraded the stock to Buy from Add, with a revised Sep‑25 target price of Rs 950 vs Rs 925 earlier, based on 45 times price/earnings, in line with five year averagee forward P/E.
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The brokerage highlhigted that management continued to demonstrate strong execution across core and new engines, effectively navigating raw material cycles. It now aspires to scale the business to Rs 20,000 crore by FY29, advancing its earlier FY30 target.
A refined strategy anchored in “fewer, bigger, bolder, and faster bets” is driving stronger growth momentum believes the brokearge.
Management raised its FY27 Ebitda growth guidance from 20% to the mid‑20s, followed by mid‑teen growth thereafter.
HDFC Securities retains FY27/28 estimates, while raising FY29E earnings by 4% and builds 11% revenue CAGR and 18% earnings CAGR for FY26-29E.
Q2 delivered an in‑line show, with 13% consolidated revenue growth (India +10% volume‑driven), 27% EBITDA growth (operating profit margin 18.2%, +200bps YoY) and 31% earnings growth.
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