Marico Ltd (MARICO) Stock Price, Fundamentals, Valuation & Analysis

🧬 TickerPulse Stock DNA

8-pillar deterministic fundamental framework with transparent methodology

Composite: Not available

⚡ What Changed? (Recent Signal Radar)

Real-time delta analysis across price discovery, institutional flows, and disclosures

Evidence-Backed Signals • Q3 FY25

Price Move ↑

+2.55%

Short-term demand accumulation with positive intraday momentum.

Inspect Evidence →

Institutional Flow (FII/DII) 🏛️

Holding at 23.4%

Foreign & domestic institutions retain solid allocation across top-tier funds.

Inspect Evidence →

Capital Productivity ⚙️

ROE: 42.8%

Double-digit return on equity ensures sustainable organic balance sheet expansion.

Inspect Evidence →

Exchange Filings & Disclosures 📑

3 Verified Filings

Audited annual reports and earnings presentations submitted to BSE & NSE on schedule.

Inspect Evidence →

Forensic Solvency Radar 🛡️

0 Red Flags Detected

Piotroski health score and debt service coverage pass all standard regulatory thresholds.

Inspect Evidence →

📈 Price & Technical Intelligence

Interactive price action with toggleable 50/200 DMA, VWAP, Bollinger Bands, Volume, and RSI overlays

Overlays: 50 DMA 200 DMA Volume VWAP Bollinger (20,2) RSI (14)

Daily OHLC history · Upstox · Latest session: 09 Nov 2026

50-Day DMA ● Overlay

₹892.63

200-Day DMA ● Overlay

₹827.88

14-Day RSI ● Overlay

60.9 (Neutral)

Trend Signal

Strong Bullish

📐 Key Fundamentals & Valuation Multiples

Core financial metrics computed from live market prices and audited regulatory filings

Source: Exchange Disclosures • Q3 FY25

Market Cap Live Size

₹1.02 Lakh Cr

Large cap

Stock P/E (TTM) Valuation

54.2x

Price / EPS

Book Value (₹) Assets

₹32.4

P/B: 24.3x

ROE (%) Quality

42.8%

Net Profit / Equity

ROCE (%) Efficiency

47.0%

EBIT / Capital

Dividend Yield Yield

0.51%

Face Value: ₹10

Debt / Equity Solvency

0.13x

Manageable

EPS (TTM) Per Share

₹14.52

Trailing 12M

OPM (%) Spread

17.0%

EBITDA Margin

Free Cash Flow Cash

₹1,772 Cr

CFO - Capex

About Marico Ltd

Marico Ltd (MARICO) is an Indian publicly listed company operating in the Fast Moving Consumer Goods sector.

🧬 DuPont 3-Stage ROE Decomposition:

Margin: 12.2% × Turnover: 0.85x × Leverage: 1.13x = ROE: 42.8%

✓ Company Strengths (Pros)

• Company has maintained a healthy low debt-to-equity ratio of 0.13.
• Company has a stellar track record of return on equity (ROE of 42.8%).

⚠ Key Considerations & Risks (Cons)

• Stock is trading at a premium of 24.3x its book value.

📑 10-Year Comprehensive Financial Statements

✓ 100% Coverage (15/15 Metrics)

Audited financial statements • Latest: Q3 FY25 (Dec 2024) / Audited FY24 • Source: Company Disclosures & BSE

Latest Sales

₹14,277 Cr

Latest PAT

₹1,952 Cr

EPS (TTM)

₹14.52

OPM %

17.0%

5Y Sales CAGR

14%

5Y Profit CAGR

18%

Swipe → to view historical periods

Quarter (₹ Cr)	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales / Revenue	₹2,477 Cr	₹2,476 Cr	₹2,422 Cr	₹2,278 Cr	₹2,643 Cr	₹2,664 Cr	₹2,794 Cr	₹2,730 Cr	₹3,221 Cr	₹3,482 Cr	₹3,537 Cr	₹3,301 Cr	₹3,957 Cr
Operating Profit (EBITDA)	₹574.00 Cr	₹497.00 Cr	₹513.00 Cr	₹442.00 Cr	₹626.00 Cr	₹522.00 Cr	₹533.00 Cr	₹458.00 Cr	₹655.00 Cr	₹560.00 Cr	₹592.00 Cr	₹521.00 Cr	₹819.00 Cr
OPM %	23.0%	20.0%	21.0%	19.0%	24.0%	20.0%	19.0%	17.0%	20.0%	16.0%	17.0%	16.0%	21.0%
Interest Expense	₹17.00 Cr	₹20.00 Cr	₹19.00 Cr	₹17.00 Cr	₹17.00 Cr	₹11.00 Cr	₹13.00 Cr	₹12.00 Cr	₹10.00 Cr	₹12.00 Cr	₹14.00 Cr	₹17.00 Cr	₹21.00 Cr
Depreciation	₹36.00 Cr	₹39.00 Cr	₹42.00 Cr	₹41.00 Cr	₹41.00 Cr	₹41.00 Cr	₹44.00 Cr	₹52.00 Cr	₹45.00 Cr	₹47.00 Cr	₹50.00 Cr	₹60.00 Cr	₹56.00 Cr
Profit before Tax (PBT)	₹567.00 Cr	₹476.00 Cr	₹495.00 Cr	₹399.00 Cr	₹605.00 Cr	₹552.00 Cr	₹518.00 Cr	₹441.00 Cr	₹656.00 Cr	₹550.00 Cr	₹567.00 Cr	₹504.00 Cr	₹790.00 Cr
Net Profit (PAT)	₹436.00 Cr	₹360.00 Cr	₹386.00 Cr	₹320.00 Cr	₹474.00 Cr	₹433.00 Cr	₹406.00 Cr	₹345.00 Cr	₹513.00 Cr	₹432.00 Cr	₹460.00 Cr	₹408.00 Cr	₹652.00 Cr
EPS in ₹	₹3.30	₹2.73	₹2.96	₹2.46	₹3.58	₹3.27	₹3.08	₹2.65	₹3.89	₹3.24	₹3.44	₹3.01	₹4.85

Annual P&L (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Sales	₹5,733 Cr	₹6,017 Cr	₹5,918 Cr	₹6,322 Cr	₹7,334 Cr	₹7,315 Cr	₹8,048 Cr	₹9,512 Cr	₹9,764 Cr	₹9,653 Cr	₹10,831 Cr	₹13,611 Cr	₹14,277 Cr
Expenses	₹4,863 Cr	₹4,966 Cr	₹4,759 Cr	₹5,185 Cr	₹6,009 Cr	₹5,846 Cr	₹6,459 Cr	₹7,831 Cr	₹7,954 Cr	₹7,627 Cr	₹8,692 Cr	₹11,283 Cr	₹11,785 Cr
Operating Profit	₹870.00 Cr	₹1,051 Cr	₹1,159 Cr	₹1,137 Cr	₹1,325 Cr	₹1,469 Cr	₹1,589 Cr	₹1,681 Cr	₹1,810 Cr	₹2,026 Cr	₹2,139 Cr	₹2,328 Cr	₹2,492 Cr
OPM %	15%	17%	20%	18%	18%	20%	20%	18%	19%	21%	20%	17%	17%
Interest	₹23.00 Cr	₹21.00 Cr	₹17.00 Cr	₹16.00 Cr	₹40.00 Cr	₹50.00 Cr	₹34.00 Cr	₹39.00 Cr	₹56.00 Cr	₹73.00 Cr	₹53.00 Cr	₹53.00 Cr	₹64.00 Cr
Depreciation	₹84.00 Cr	₹95.00 Cr	₹90.00 Cr	₹89.00 Cr	₹131.00 Cr	₹140.00 Cr	₹139.00 Cr	₹139.00 Cr	₹155.00 Cr	₹158.00 Cr	₹178.00 Cr	₹202.00 Cr	₹213.00 Cr
Profit before Tax	₹822.00 Cr	₹1,029 Cr	₹1,149 Cr	₹1,117 Cr	₹1,257 Cr	₹1,374 Cr	₹1,523 Cr	₹1,601 Cr	₹1,743 Cr	₹1,937 Cr	₹2,116 Cr	₹2,277 Cr	₹2,411 Cr
Net Profit	₹585.00 Cr	₹723.00 Cr	₹811.00 Cr	₹827.00 Cr	₹1,131 Cr	₹1,043 Cr	₹1,199 Cr	₹1,255 Cr	₹1,322 Cr	₹1,502 Cr	₹1,658 Cr	₹1,813 Cr	₹1,952 Cr
EPS in Rs	4.45	5.51	6.19	6.31	8.63	7.91	9.08	9.48	10.07	11.44	12.57	13.57	14.54

Balance Sheet (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	₹64.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹129.00 Cr	₹130.00 Cr
Reserves & Surplus	₹1,760 Cr	₹1,888 Cr	₹2,197 Cr	₹2,414 Cr	₹2,846 Cr	₹2,894 Cr	₹3,111 Cr	₹3,219 Cr	₹3,670 Cr	₹3,703 Cr	₹3,846 Cr	₹4,080 Cr
Borrowings (Debt)	₹428.00 Cr	₹331.00 Cr	₹239.00 Cr	₹312.00 Cr	₹352.00 Cr	₹338.00 Cr	₹511.00 Cr	₹479.00 Cr	₹608.00 Cr	₹528.00 Cr	₹554.00 Cr	₹557.00 Cr
Total Liabilities	₹3,125 Cr	₹3,358 Cr	₹3,623 Cr	₹4,072 Cr	₹4,896 Cr	₹4,964 Cr	₹5,426 Cr	₹5,677 Cr	₹6,800 Cr	₹7,353 Cr	₹8,275 Cr	₹9,950 Cr
Fixed Assets	₹1,076 Cr	₹1,050 Cr	₹1,085 Cr	₹1,110 Cr	₹1,300 Cr	₹1,396 Cr	₹1,612 Cr	₹1,760 Cr	₹2,246 Cr	₹2,724 Cr	₹2,758 Cr	₹3,633 Cr
Total Assets	₹3,125 Cr	₹3,358 Cr	₹3,623 Cr	₹4,072 Cr	₹4,896 Cr	₹4,964 Cr	₹5,426 Cr	₹5,677 Cr	₹6,800 Cr	₹7,353 Cr	₹8,275 Cr	₹9,950 Cr

Cash Flows (₹ Cr)	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Cash from Operations (CFO)	₹665.00 Cr	₹818.00 Cr	₹649.00 Cr	₹516.00 Cr	₹1,062 Cr	₹1,214 Cr	₹2,007 Cr	₹1,016 Cr	₹1,419 Cr	₹1,387 Cr	₹1,363 Cr	₹2,084 Cr
Cash from Investing (CFI)	-₹186.00 Cr	-₹203.00 Cr	-₹125.00 Cr	₹59.00 Cr	-₹367.00 Cr	-₹22.00 Cr	-₹933.00 Cr	₹441.00 Cr	-₹928.00 Cr	₹176.00 Cr	-₹621.00 Cr	-₹722.00 Cr
Cash from Financing (CFF)	-₹625.00 Cr	-₹601.00 Cr	-₹574.00 Cr	-₹567.00 Cr	-₹698.00 Cr	-₹1,147 Cr	-₹1,058 Cr	-₹1,290 Cr	-₹560.00 Cr	-₹1,542 Cr	-₹649.00 Cr	-₹1,279 Cr
Free Cash Flow (FCF)	₹607.00 Cr	₹731.00 Cr	₹567.00 Cr	₹388.00 Cr	₹919.00 Cr	₹1,034 Cr	₹1,870 Cr	₹884.00 Cr	₹1,237 Cr	₹1,234 Cr	₹1,241 Cr	₹1,772 Cr

Efficiency Ratios	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days (DSO)	11	15	15	20	26	27	18	25	38	40	43	35
Inventory Days	139	110	193	190	147	157	108	106	94	116	93	85
Cash Conversion Cycle (Days)	71	46	101	106	74	76	17	30	20	19	33	12
ROCE %	38%	44%	45%	42%	42%	43%	43%	43%	42%	43%	45%	47%

🎯 Valuation Lab & Sensitivity Matrix

Intrinsic DCF: ₹221.76 • Premium / Overvalued

Multi-model valuation framework (DCF, Graham Number, Historical P/E, EV/EBITDA) with sensitivity testing

Current Price

₹925.00

DCF Fair Value

₹221.76

Graham Number

₹102.88

Margin of Safety

-81.8%

Interactive Valuation Assumption Sliders:

Growth Rate (g): 12.0%

Discount Rate / WACC (d): 10.0%

Exit Multiple (P/E): 15.0x

Recalculated DCF Fair Value

₹221.76

Premium / Overvalued (Margin: -81.8%)

📊 DCF Sensitivity Matrix (Growth vs WACC)

Growth \ WACC	9%	10%	11%	12%
8%	₹216	₹214	₹212	₹210
10%	₹220	₹218	₹216	₹214
12%	₹224	₹222	₹220	₹218
14%	₹228	₹226	₹224	₹222

⚖️ Multi-Model Valuation Benchmark

Model	Estimated Value	Status
Discounted Cash Flow (DCF)	₹222	Fairly Valued
Benjamin Graham Number	₹103	Market Priced
Historical Sector P/E	₹319	Premium
EV / EBITDA Multiplier	₹971	In-Line
Free Cash Flow Yield Model	₹907	Fairly Valued

🛡️ Forensic Audit Radar & Red Flag Monitor

Piotroski: 8/9 (Strong Financial Health)

Deterministic accounting risk audit, Altman Z-Score bankruptcy predictor, and solvency checks

Piotroski Score

8 / 9 Pass

Altman Z-Score

5.83 (Safe Zone (Low Distress))

Promoter Pledge

0.0% Clean

Accounting Red Flags

0 Detected (Passed)

Balance Sheet Debt

Debt/Equity: 0.13x (Safe)

Promoter Pledge

Zero shares encumbered

Cash Flow Conversion

Positive Operating & Free Cash Flow

Auditor Opinion

Clean unqualified opinion from statutory auditors

Operating Margin Stability

Operating margin sustained at 17.0%

Contingent Liabilities

Disclosed off-balance items remain below 8% net worth

Receivables Cycle (DSO)

Debtor collection cycle within 30-45 day standard

Accounting Integrity (Beneish)

M-Score: -2.85 confirms healthy accounting standards

👥 Shareholding Pattern & Institutional Footprint

Dec 2024 Filing (BSE/NSE)

Institutional ownership distribution across Promoters, FIIs, DIIs, Government, and Public

Promoters

58.92%

FIIs (Foreign)

23.40%

DIIs (Domestic)

12.87%

Government

0.15%

Public / Retail

4.49%

Swipe → to view historical quarters

Category	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
+ Promoters	59.40%	59.38%	59.34%	59.28%	59.20%	59.11%	59.05%	59.03%	58.94%	58.93%	58.93%	58.92%
+ FIIs (Foreign Portfolio)	25.91%	25.69%	25.55%	24.61%	24.87%	23.35%	22.09%	23.62%	24.21%	24.02%	24.08%	23.40%
+ DIIs (Mutual Funds / Insurance)	9.50%	9.63%	9.78%	11.10%	11.12%	12.76%	14.12%	12.61%	11.88%	12.23%	12.17%	12.87%
+ Public (Retail & HNIs)	4.99%	5.12%	5.13%	4.80%	4.61%	4.61%	4.53%	4.51%	4.58%	4.49%	4.49%	4.49%
Total Equity	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%

🤖 Filings & AI Document Intelligence

7 Verified Disclosures

Audited exchange annual reports, concall transcripts, investor presentations, and 1-click AI syntheses

Latest Earnings Call Highlights (Q3 FY25 Earnings Concall)

• Management guided for 14-16% organic revenue expansion supported by robust order pipeline in Fast Moving Consumer Goods.

Audited Annual Report FY24

• Clean unqualified audit opinion with zero accounting red flags or material weaknesses.

📑

Integrated Annual Report FY 2023-24 (Audited)

July 2024 • 16.4 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2022-23 (Audited)

July 2023 • 14.8 MB • Audited

📥 PDF →

📑

Integrated Annual Report FY 2021-22 (Audited)

July 2022 • 13.2 MB • Audited

📥 PDF →

📑

Annual Report FY 2020-21 (Audited)

August 2021 • 11.9 MB • Audited

📥 PDF →

🎙️

MARICO Q3 FY25 Earnings Conference Call Transcript

January 2025 • 58 Mins

📄 Transcript

🎙️

MARICO Q2 FY25 Earnings Conference Call Transcript

October 2024 • 52 Mins

📄 Transcript

🎙️

MARICO Q1 FY25 Earnings Conference Call Transcript

July 2024 • 46 Mins

📄 Transcript

Prompts:

🧭 Scenario Lab (12-Month Derived Valuation Targets)

Probability-weighted fundamental models derived from explicit growth and margin assumptions

🐂 Bull Case (35%) +28.0%

₹1,184.00

Accelerated market share capture in Fast Moving Consumer Goods, margin expansion via operating leverage, and sustained 18%+ ROE compounding.

⚖️ Base Case (50%) +12.0%

₹1,036.00

Steady organic earnings expansion aligned with GDP growth (~12-14% YoY) with stable multiples around 54x P/E.

🐻 Bear Case (15%) -12.0%

₹814.00

Sectoral margin compression from raw material inflation or cyclical demand softening.

🏢 Sector Peer Comparison (Fast Moving Consumer Goods)

Independently queried operational and valuation benchmarks with zero shared fallbacks

Source: Independent Exchange Quotes • 18:48 IST

Swipe → to view all peer metrics

Company	Peer Taxonomy	Price (₹)	Change %	P/E	ROE %	ROCE %	D/E	Market Cap
★ Marico Ltd (MARICO)	Target Stock	₹925.00	+2.55%	54.2x	42.8%	47.0%	0.13	₹1.02 Lakh Cr
Hindustan Unilever Ltd (HINDUNILVR)	Household & Personal Care	₹2,022.40	+1.61%	38.2x	31.0%	28.4%	0.03	₹4.31 Lakh Cr
ITC Ltd (ITC)	Cigarettes, FMCG Foods, Hotels & Paper	₹285.00	+2.22%	16.2x	29.3%	38.9%	0.03	₹3.21 Lakh Cr
Nestle India Ltd (NESTLEIND)	Packaged Foods & Nutrition	₹1,288.00	-0.76%	68.3x	74.2%	85.3%	0.09	₹2.53 Lakh Cr
Varun Beverages Ltd (VBL)	Sector Peer	₹433.65	-0.31%	44.0x	16.2%	19.7%	0.13	₹1.49 Lakh Cr
Britannia Industries Ltd (BRITANNIA)	Bakery & Dairy Products	₹4,820.00	+0.63%	44.2x	53.5%	56.0%	0.27	₹1.15 Lakh Cr
United Spirits Ltd (UNITEDSPR)	Sector Peer	₹1,335.10	-1.40%	52.6x	21.4%	26.4%	0.05	₹97,396 Cr

🛡️ Data Trust: ✓ Live Market Feed (NSE) • ✓ Audited Statements (BSE) • ✓ Shareholding LODR (Dec 2024) • 100% Coverage

Domain / Module	Primary Source	Reported Period	Last Sync Time	Audit Status
Live Market Quotes	National Stock Exchange (NSE) / BSE Market Feed	Real-Time	18:48:05 IST	✓ Live Sync
Financial Statements (10Y)	Marico Ltd Investor Relations & BSE Filings	Q3 FY25 / Audited FY24	11 Nov 2026	✓ Audited
Shareholding Pattern	Exchange Disclosures (Clause 35 / SEBI LODR)	Dec 2024	11 Nov 2026	✓ Verified
Stock DNA & Valuations	TickerPulse 8-Pillar Scoring & DCF Engine	Current Computed	11 Nov 2026	✓ Deterministic

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TickerPulse Academy

Marico Ltd

🧬 TickerPulse Stock DNA

⚡ What Changed? (Recent Signal Radar)

📈 Price & Technical Intelligence

📐 Key Fundamentals & Valuation Multiples

About Marico Ltd

📑 10-Year Comprehensive Financial Statements

🎯 Valuation Lab & Sensitivity Matrix

🛡️ Forensic Audit Radar & Red Flag Monitor

👥 Shareholding Pattern & Institutional Footprint

🤖 Filings & AI Document Intelligence

🧭 Scenario Lab (12-Month Derived Valuation Targets)

🏢 Sector Peer Comparison (Fast Moving Consumer Goods)

Metric Explainer

Stock DNA Methodology

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