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Nirmal Bang Report
Marico Ltd. reported an in line set of numbers on all fronts in its Q1 FY25 results.
The management has guided for higher volume growth in subsequent quarters, targeting double digit sales growth for FY25 and maintaining Ebitda margins in FY25 at FY24 levels.
We expect earnings compound annual growth rate of ~11% over FY24-FY26E, broadly in line with the earnings per share CAGR of 10-12% over the last five and 10 years.
Valuing the company at 45 times June-26E EPS (in line with five year average multiple) we get a marginal downside to the current market price. Maintain Accumulate rating as we await a better entry point.
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