Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,820.70 last close on 12 Oct 2026 −1.94%
Research updated
Marico Ltd.
NSE: MARICOConsumer DefensiveHousehold & Personal Products
- Last close
- ₹782.40
- Day change
- −₹3.75 (−0.48%)vs
- Market cap
- ₹1.02 lakh crIndian rupees
- Research updated
- 1 report
About Marico
Marico Ltd. is a prominent consumer goods company based in India, engaging primarily in the beauty and wellness sectors. This company specializes in the production and distribution of a wide array of consumer products that cater to hair care, skincare, health foods, male grooming, and fabric care. A notable brand under Marico's portfolio is Parachute, a leading name in hair nourishment products, along with Saffola, which is focused on health foods. Marico's operations span across 25 countries in emerging markets of Asia and Africa, strengthening its footprint with brands like Set Wet, Livon, and Nihar. The company's market significance lies in its ability to innovate and adapt to changing consumer preferences, tapping into the growing demand for personal and health care products. Marico's commitment to sustainable business practices and brand development continues to support its role as a crucial player in India's fast-moving consumer goods industry.
- Sector
- Consumer Defensive
- Industry
- Household & Personal Products
- Listing
- NSE: MARICO
- Chief executive
- Mr. Saugata Gupta
- Employees
- 1,908
- Headquarters
- Mumbai, India
- ISIN
- INE196A01026
- Website
- marico.com
Public research · Report of
Business model & financial foundation
Marico (NSE: MARICO), Personal care, hair oils, edible oils and packaged foods: revenue of ₹13,478 crore in FY26 (+24.4% on FY25), an EBITDA margin of 17.3%, net profit of ₹1,762 crore and net cash of ₹2,086 crore.
- Revenue, FY26 (₹ crore)
- 13,478
- consolidated
- Revenue growth, FY26
- +24.4%
- on FY25
- EBITDA margin, FY26
- 17.3%
- EBITDA (company definition, excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,762
- to owners
- Return on equity, FY26
- 40.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -2,086
- Net debt (negative = net cash)
- Market capitalisation (₹ crore)
- 1,07,005
- at the close of 12 Oct 2026
Company profile
Marico is an Indian consumer products company in beauty, wellness and foods. Its core franchises are Parachute coconut oil, value-added hair oils (Parachute Advansed, Nihar, Hair & Care) and Saffola edible oils and foods, alongside a growing digital-first premium personal care portfolio (Beardo, Plix, Just Herbs, True Elements). About three quarters of revenue is earned in India and the rest in Bangladesh, Vietnam, MENA and South Africa. Copra (dried coconut) is its single largest input, so gross margin cycles with copra prices.
| Item | Value |
|---|---|
| Legal name | Marico Limited |
| Exchange and ticker | NSE: MARICO; BSE: 531642 |
| ISIN | INE196A01026 |
| CIN | L15140MH1988PLC049208 |
| Sector | Fast Moving Consumer Goods |
| Industry | Personal care, hair oils, edible oils and packaged foods |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | B S R & Co. LLP |
| Market capitalisation | ₹1,07,005 crore (12 Oct 2026) |
| Shares outstanding | 129.36 crore shares (FY26) |
| Price | ₹786.2 (close, 12 Oct 2026) |
| 52-week range | ₹705.2 - ₹889.1 (to 12 Oct 2026) |
| Website | https://marico.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Marico Bangladesh Limited | 90% | Parachute coconut oil and hair care in Bangladesh; listed on Dhaka Stock Exchange; the only material subsidiary under SEBI LODR 16(1)(c) |
| Satiya Nutraceuticals Private Limited (Plix) | 60% | Digital-first nutraceuticals and skin care brand Plix |
| HW Wellness Solutions Private Limited (True Elements) | 100% | Digital-first healthy breakfast and snacking foods |
| Zea Maize Private Limited (4700BC) | 94.02% | Gourmet popcorn and snacks |
| Cosmix Wellness Private Limited | 60% | Digital-first plant-based nutrition brand Cosmix |
| Zed Lifestyle Private Limited (Beardo) | 100% | Digital-first male grooming; being integrated into Marico under an intra-group restructuring |
| Apcos Naturals Private Limited (Just Herbs) | 100% | Digital-first ayurvedic skin care; being integrated into Marico |
International operating subsidiaries in Vietnam (Marico South East Asia), MENA (Egypt, UAE) and South Africa are also wholly owned per the subsidiary schedule of the FY26 annual report.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 58.94% | 58.93% | 58.93% | 58.91% |
| Promoter holding pledged | 2.03% | 2.03% | 2.03% | 2.03% |
| Foreign institutions | 24.21% | 24.01% | 24.08% | 23.40% |
| Domestic institutions | 11.99% | 12.34% | 12.30% | 13.02% |
| of which mutual funds | 8.39% | 9.21% | 8.63% | 8.43% |
| Retail | 3.77% | 3.70% | 3.67% | 3.66% |
| Other | 1.10% | 1.02% | 1.03% | 1.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Marico sells branded hair oils, edible oils and foods. The core franchises are Parachute coconut oil (about 59% volume share in rigid packs, MAT Jun-26), value-added hair oils (about 29% value share) and Saffola edible oils and oats (Saffola Oats about 42% share). Around these sit a digital-first premium personal care and foods portfolio (Beardo, Plix, Just Herbs, True Elements, Cosmix, 4700BC), at an annualised revenue run-rate of 1,100+ cr in Q1 FY27. India was 10,348 cr of FY26 revenue on the old basis and International 3,263 cr (Bangladesh, Vietnam, MENA, South Africa). Copra is the largest input, so gross margin is a function of copra less pricing. Marico controls its brands and its distribution; it does not control copra, crude-linked packaging (liquid paraffin, HDPE) or the Bangladesh macro. From Q1 FY27 customer-related A&P is netted against revenue, and FY26 is restated to 13,478 cr (from 13,611) with no effect on EBITDA.
| Segment | revenue, FY26 (₹ crore) | Share | segment result, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| India | 10,348 | 76.0% | 1,661 | 67.1% |
| International | 3,263 | 24.0% | 813.0 | 32.9% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Unilever (HINDUNILVR) | |
| Dabur India (DABUR) | Hair oils (Amla, Vatika) and foods; similar India plus international mix |
| Emami (EMAMILTD) | Value-added hair oils (Navratna, Kesh King) and male grooming |
| Godrej Consumer Products (GODREJCP) | Home and personal care with large international business (Indonesia, Africa) |
| Colgate-Palmolive (India) (COLPAL) | |
| Tata Consumer Products (TATACONSUM) | Packaged foods and staples peer for Saffola foods portfolio |
| Bajaj Consumer Care (BAJAJCON) | Direct competitor in light hair oils (Almond Drops) |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 9,452 | 9,689 | 9,653 | 10,831 | 13,478 |
| Cost of revenue (vendor classification) * | 5,705 | 5,609 | 5,010 | 5,688 | 7,944 |
| Other operating costs (vendor classification) * | 1,521 | 1,671 | 1,841 | 2,128 | 2,382 |
| EBITDA (vendor classification) * | 1,729 | 1,852 | 2,055 | 2,232 | 2,368 |
| EBIT * | 1,620 | 1,775 | 1,985 | 2,151 | 2,315 |
| Finance cost | 19.0 | 32.0 | 73.0 | 53.0 | 53.0 |
| Profit before tax | 1,601 | 1,743 | 1,937 | 2,116 | 2,277 |
| Tax expense | 346.0 | 421.0 | 435.0 | 458.0 | 464.0 |
| Net profit (incl. non-controlling interests) | 1,255 | 1,322 | 1,502 | 1,658 | 1,813 |
| Diluted EPS (₹) | 9.49 | 10.05 | 11.43 | 12.56 | 13.59 |
| Material cost (materials consumed + purchases + inventory change) | 4,748 | 5,388 | 7,559 | ||
| Employee benefits expense | 743.0 | 831.0 | 916.0 | ||
| Advertisement and sales promotion | 952.0 | 1,128 | 1,167 | ||
| Other expenses (excl. A&P) | 1,184 | 1,345 | 1,508 | ||
| EBITDA (company definition, excl. other income) | 2,026 | 2,139 | 2,328 | ||
| Other income | 142.0 | 208.0 | 204.0 | ||
| Depreciation and amortisation | 158.0 | 178.0 | 202.0 | ||
| Exceptional items | 0.00 | 0.00 | 0.00 | ||
| Non-controlling interests | 21.0 | 29.0 | 51.0 | ||
| Net profit attributable to owners | 1,481 | 1,629 | 1,762 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity | 3,405 | 3,956 | 4,169 | 4,266 | 4,494 |
| Borrowings (excl. lease liabilities) | 479.0 | 608.0 | 383.0 | 379.0 | 355.0 |
| Cash and cash equivalents | 276.0 | 207.0 | 228.0 | 321.0 | 404.0 |
| Trade receivables | 652.0 | 1,015 | 1,069 | 1,271 | 1,304 |
| Inventories | 1,412 | 1,225 | 1,336 | 1,235 | 1,611 |
| Trade payables (MSME + others) | 1,344 | 1,452 | 1,581 | 1,363 | 1,634 |
| Net property, plant and equipment * | 7.00 | 23.0 | 20.0 | 20.0 | 20.0 |
| Capital work in progress * | 54.0 | 94.0 | 59.0 | 66.0 | 150.0 |
| Total assets | 5,786 | 6,946 | 7,421 | 8,338 | 10,075 |
| Bank balances other than cash | 715.0 | 456.0 | 89.0 | ||
| Investments (current + non-current) | 602.0 | 1,590 | 2,083 | ||
| Lease liabilities (current + non-current) | 145.0 | 175.0 | 202.0 | ||
| Net debt (negative = net cash) | -819.0 | -1,773 | -2,086 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,045 | 1,580 | 1,387 | 1,363 | 2,084 |
| Free cash flow (vendor definition) * | 884.0 | 1,237 | 1,283 | 1,202 | 1,765 |
| Dividends paid (the provider's sign: an outflow is negative) * | -1,195 | -582.0 | -1,229 | -453.0 | -908.0 |
| Payment for PPE and intangible assets | -129.0 | -157.0 | -153.0 | -161.0 | -319.0 |
| Acquisition of subsidiaries (net of cash) | 0.00 | -452.0 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shares outstanding * | 129.13 | 129.15 | 129.22 | 129.35 | 129.36 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 2,664 | 2,794 | 2,730 | 3,221 | 3,450 | 3,506 | 3,301 | 3,957 |
| Cost of revenue (vendor classification) * | 1,311 | 1,411 | 1,704 | 1,730 | 1,997 | 1,997 | 1,835 | 2,112 |
| Other operating costs (vendor classification) * | 618.0 | 643.0 | 315.0 | 654.0 | 707.0 | 707.0 | 740.0 | 757.0 |
| EBITDA (vendor classification) * | 604.0 | 575.0 | 486.0 | 711.0 | 609.0 | 631.0 | 581.0 | 867.0 |
| EBIT * | 563.0 | 531.0 | 435.0 | 666.0 | 562.0 | 581.0 | 521.0 | 811.0 |
| Finance cost | 11.0 | 13.0 | 12.0 | 10.0 | 12.0 | 14.0 | 17.0 | 21.0 |
| Profit before tax | 552.0 | 518.0 | 441.0 | 656.0 | 550.0 | 567.0 | 504.0 | 790.0 |
| Tax expense | 119.0 | 112.0 | 96.0 | 143.0 | 118.0 | 107.0 | 96.0 | 138.0 |
| Net profit (incl. non-controlling interests) | 433.0 | 406.0 | 345.0 | 513.0 | 432.0 | 460.0 | 408.0 | 652.0 |
| Diluted EPS (₹) | 3.26 | 3.07 | 2.65 | 3.89 | 3.24 | 3.44 | 3.03 | 4.85 |
| Material cost (materials consumed + purchases + inventory change) | 1,311 | 1,411 | 1,404 | 1,730 | 1,997 | 1,997 | 1,835 | 2,112 |
| Employee benefits expense | 213.0 | 207.0 | 208.0 | 220.0 | 218.0 | 241.0 | 237.0 | 269.0 |
| Advertisement and sales promotion | 290.0 | 293.0 | 305.0 | 261.0 | 313.0 | 305.0 | 288.0 | 327.0 |
| Other expenses (excl. A&P) | 328.0 | 350.0 | 355.0 | 355.0 | 362.0 | 371.0 | 420.0 | 430.0 |
| EBITDA (company definition, excl. other income) | 522.0 | 533.0 | 458.0 | 655.0 | 560.0 | 592.0 | 521.0 | 819.0 |
| Other income | 82.0 | 42.0 | 47.0 | 56.0 | 49.0 | 39.0 | 60.0 | 48.0 |
| Depreciation and amortisation | 41.0 | 44.0 | 52.0 | 45.0 | 47.0 | 50.0 | 60.0 | 56.0 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Non-controlling interests | 10.0 | 7.00 | 2.00 | 9.00 | 12.0 | 13.0 | 17.0 | 22.0 |
| Net profit attributable to owners | 423.0 | 399.0 | 343.0 | 504.0 | 420.0 | 447.0 | 391.0 | 630.0 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 18.3% | 2.5% | -0.4% | 12.2% | 24.4% |
| EBITDA margin | 21.0% | 19.7% | 17.3% | ||
| Net margin | 15.3% | 15.0% | 13.1% | ||
| Return on equity | 36.5% | 38.6% | 40.2% | ||
| Return on capital employed | 42.3% | 42.0% | 43.5% | 46.8% | 48.8% |
| Return on assets | 20.6% | 20.7% | 19.1% | ||
| Net debt (₹ crore) | -819.0 | -1,773 | -2,086 | ||
| Net debt / EBITDA | -0.40x | -0.83x | -0.90x | ||
| Interest cover | 85.3x | 55.5x | 27.2x | 40.6x | 43.7x |
| Asset turnover | 1.67x | 1.52x | 1.34x | 1.37x | 1.46x |
| Receivable days | 25 | 38 | 40 | 43 | 35 |
| Inventory days (on revenue) | 55 | 46 | 51 | 42 | 44 |
| Payable days (on revenue) | 52 | 55 | 60 | 46 | 44 |
| Cash conversion | 0.94x | 0.84x | 1.18x | ||
| Capex intensity | 1.4% | 1.6% | 1.6% | 1.5% | 2.4% |
| Free cash flow (₹ crore) | 916.0 | 1,423 | 1,234 | 1,202 | 1,765 |
| Dividend payout | 83.0% | 27.8% | 51.5% | ||
| EPS, diluted (₹) | 9.49 | 10.05 | 11.43 | 12.56 | 13.59 |
| Book value per share (₹) | 26.37 | 30.63 | 32.26 | 32.98 | 34.74 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (company definition, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt (negative = net cash).
- Net debt / EBITDA: net debt / EBITDA (company definition, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 12 Oct 2026); market data at the close of 12 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Reports on Marico
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