FMCG · MRCO
FMCG - Personal Care
from 875 today
Marico witnessed a strong start to FY27 with consolidated revenue growth of 23% YoY in 1QFY27. Given the stable growth trajectory, diversifying revenue streams and strong focus on TAM expansion, we reiterate our BUY rating with a TP of INR1,050.
Marico reported a strong start to FY27 with 1QFY27 profitability ahead of expectations, supported by resilient domestic consumption, volume growth in core portfolios, and margin expansion driven by lower copra costs. We maintain our BUY rating with a revised target price of INR1,038.
We are increasing FY27/28 EPS estimates by 4.9/3.2% led by sustained high single digit volume growth, lower tax rate guidance, healthy near-term demand outlook and sustained traction in foods/FMCG and digital first brands. We value MRCO at 46x Jun28 EPS and assign a target price of Rs 940, retaining our Accumulate rating.
Ratings and target prices as published by each firm. Each summary condenses that firm's stated view in its own note and is attributed to it; no report text is reproduced.
