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Motilal Oswal Report
Marico Ltd. will remain on investors' radar after brokerage firm Motilal Oswal reiterated its 'Buy' rating on the FMCG major and maintained a target price of Rs 1,000, implying an upside potential of about 18% from current levels.
The brokerage believes Marico is well-positioned to deliver healthy earnings growth in FY27, supported by a recovery in its flagship Parachute coconut oil franchise, sustained momentum in value-added hair oils (VAHO), and continued scale-up of its Foods and digital-first businesses.
The brokerage also highlighted that Marico aspires to surpass Rs 15,000 crore in revenue in FY27 and Rs 20,000 crore by FY30.
The company aims to deliver a double-digit revenue CAGR over FY26-30, backed by strong volume growth and international business growth in the teens (CC) with mid-teens Ebitda CAGR.
Diversification is steadily improving the resilience of the international portfolio, with Bangladesh's revenue share declining from ~50% in FY20 to ~45% in FY26, which is expected to reduce further to ~35% by FY30.
To improve its domestic distribution reach, Marico has also started Project SETU, which helps drive growth in GT through a transformative expansion of its direct reach.
Motilal Oswal models 13%/21%/18% revenue, Ebitda and APAT CAGR over FY26-FY28.
Given its sustained growth trajectory, diversifying revenue streams, and strong focus on TAM expansion, Motilal Oswal believes the stock's premium valuation is likely to be sustained.
The brokerage has reiterated its Buy rating on the stock with a target price of Rs 1,000 (based on 50x Mar'28E EPS).
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