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Swing Capital

Marico Ltd

NSE: MARICO BSE: 531642FMCG

Marico Limited is one of India's leading consumer goods companies operating in global beauty and wellness categories. It is present in over 25 countries across emerging markets of Asia and Africa. It nurtures leading brands across categories of hair care, skin care, edible oils, healthy foods, male grooming and fabric care.[1]

₹834
52W: ₹680 — ₹849
PE 55.7 · Book ₹44.7 · +1766% vs book
Market Cap₹1,08,240 Cr
Stock P/E55.7Price to Earnings
ROCE41.5%Return on Capital
ROE36.7%Return on Equity
Div. Yield1.25%Face Value ₹1

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has a good return on equity (ROE) track record: 3 Years ROE 34.6%
  • +Company has been maintaining a healthy dividend payout of 76.1%
  • +Debtor days have improved from 40.4 to 30.7 days.

Weaknesses

  • −Stock is trading at 18.7 times its book value
  • −The company has delivered a poor sales growth of 8.21% over past five years.
  • −Tax rate seems low
  • −Earnings include an other income of Rs.987 Cr.
  • −Working capital days have increased from 66.6 days to 101 days

Shareholding Pattern

Promoters58.93%
FIIs24.08%
DIIs12.17%
Public4.49%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters59.28%59.2%▼0.159.11%▼0.159.05%▼0.159.03%▼0.058.94%▼0.158.93%▼0.058.93%
FIIs24.61%24.87%▲0.323.35%▼1.522.09%▼1.323.62%▲1.524.21%▲0.624.02%▼0.224.08%▲0.1
DIIs11.1%11.12%▲0.012.76%▲1.614.12%▲1.412.61%▼1.511.88%▼0.712.23%▲0.312.17%▼0.1
Public4.8%4.61%▼0.24.61%4.53%▼0.14.51%▼0.04.58%▲0.14.49%▼0.14.49%

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales1,7331,6371,8861,8601,9881,8702,2812,4392,4612,205
Expenses1,3691,3401,4581,5151,6301,5581,8322,0922,0891,923
Operating Profit364297428345358312449347372282
OPM %21%18%23%19%18%17%20%14%15%13%
Net Profit284229311529369325777395441336
EPS ₹2.191.772.44.092.852.5163.043.42.59

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,402Cr, up 24% YoY. OPM at 15%.

Debt Position

Borrowings at ₹180Cr. Debt-to-equity ratio: 0.03x. Healthy balance sheet.

Capex Cycle

CWIP at ₹78Cr (8% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 12.17% (+1.97pp change). FIIs: 24.08% (-0.88pp change). Promoters hold 58.93%.

Margin & Efficiency

ROCE improving from 29% (Mar 2015) to 41% (Mar 2026). Working capital days: 101.

Valuation

PE 55.7x with 41.5% ROCE. Price is 1766% above book value of ₹44.7. Dividend yield: 1.25%.

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