Marico Q4 Results Review: Inline; Near Term Ebitda Pressure Likely; Nirmal Bang Maintains 'Hold'

Nirmal Bang maintains 'Hold; rating on Marico as it awaits a better entry point.

Nirmal Bang Institutional Research

05 May 2025, 09:52 AM IST i

<div class="paragraphs"><p>Marico's consolidated revenue grew 12.2% in FY25 with 13% revenue growth in the Parachute portfolio and 13% revenue growth in Saffola Edible Oils. (Photo Source: Vijay Sartape/NDTV Profit)</p></div>

Marico's consolidated revenue grew 12.2% in FY25 with 13% revenue growth in the Parachute portfolio and 13% revenue growth in Saffola Edible Oils. (Photo Source: Vijay Sartape/NDTV Profit)

Marico’s domestic revenue increased 23% YoY, along with growth in volumes by 7% YoY (marginally lower vs our estimate of 8%). International sales grew 10.7% YoY (16% YoY in constant currency terms). Consolidated revenue increased 19.8% YoY to Rs 27.3 billion, in line with our estimate of Rs 26.9 billion. Consolidated gross margin came in at 48.6% (lower than our est. of 49.8%; down by 300 bps YoY and 90 bps QoQ), mainly impacted by t...