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MARICO - Marico

📊 NSE: MARICO 🏢 Solvent Extraction 📅 Last Updated: 12/14/2025 9:37

📢 Recent Corporate Announcements

Marico Allots 9,348 Equity Shares Under ESOP 2016 Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Mar 2026, 05:06 PM

Marico Limited has allotted 9,348 equity shares of face value Re. 1 each to eligible employees following the exercise of stock options under the ESOP 2016 plan. The allotment was executed in two tranches with exercise prices of Rs. 498.25 and Rs. 545.34 per share. This move has marginally increased the company's total paid-up share capital to 1,29,81,45,079 shares. The company has officially stated that this allotment is not material in nature.

Allotment of 9,348 equity shares of Re. 1 face value on March 11, 2026.
Tranche of 3,279 shares issued at an exercise price of Rs. 498.25 per share.
Tranche of 6,069 shares issued at an exercise price of Rs. 545.34 per share.
Total paid-up share capital increased to Rs. 1,29,81,45,079 from Rs. 1,29,81,35,731.
New shares rank pari-passu with existing equity shares in all respects.

💡 This is a routine administrative allotment with negligible dilution. No action is required from investors.

Marico to Conduct Non-Deal Roadshow in Singapore on March 24-25, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 09 Mar 2026, 04:30 PM

Marico Limited has announced a Non-Deal Roadshow scheduled for March 24 and March 25, 2026, in Singapore. The management will engage in one-on-one and group meetings with institutional investors to discuss the company's performance and outlook. The event is being organized by J.P. Morgan India Private Limited. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during these sessions.

Management meetings scheduled in Singapore for March 24 and March 25, 2026
Non-Deal Roadshow organized by J.P. Morgan India Private Limited
Includes both one-on-one and group interactions with institutional investors
Standard investor presentation is available on the company's website for public access
Compliance confirmed with SEBI Regulation 30 regarding disclosure of information

💡 No immediate action is required as this is a routine investor engagement activity. Investors can review the company's latest investor presentation on their website for strategic updates.

Marico Expands NSPF CSR Program to 100 Anganwadi Centres in Bahraich

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 25 Feb 2026, 02:22 PM

Marico Limited has announced the expansion of its flagship CSR program, Nihar Shanti Pathshala Funwala (NSPF), to 100 Anganwadi centres in Bahraich, Uttar Pradesh. In partnership with Sesame Workshop India, the initiative has impacted over 1,700 children by focusing on Foundational Literacy and Numeracy (FLN). The program trains 100 Anganwadi workers and 1,500 parents using play-based pedagogy and digital tools like the Chalo! Sesame Street App. This move strengthens Marico's ESG profile and builds on its historical reach of over 12 lakh students across India.

Strengthened early childhood education across 100 Anganwadi centres in the NITI Aayog aspirational district of Bahraich.
Impacted over 1,700 children and enrolled 1,500 parents/caregivers to improve learning outcomes.
Deployed innovative teaching materials including the Chalo! Sesame Street App and Pico projectors for low-connectivity areas.
NSPF has historically impacted over 12 lakh students and 62,500 teachers across Madhya Pradesh, Jharkhand, and Rajasthan.

💡 This is a routine CSR update and does not have a direct impact on the company's financial performance or stock price. Investors should focus on Marico's upcoming quarterly earnings and volume growth trends in the FMCG sector.

Marico Allots 17,077 Equity Shares Under ESOP 2016

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 24 Feb 2026, 10:09 AM

Marico Limited has allotted 17,077 equity shares of face value Re. 1 each to eligible employees following the exercise of stock options under the ESOP 2016 scheme. This allotment was approved by the Securities Committee of the Board on February 24, 2026. Consequently, the company's paid-up share capital has increased from 1,29,81,18,654 to 1,29,81,35,731 equity shares. The exercise prices for these shares varied across four tranches, ranging from Re. 1 to Rs. 506.17 per share.

Total allotment of 17,077 equity shares of face value Re. 1 each.
Paid-up share capital increased to Rs. 1,29,81,35,731 representing over 1.29 billion shares.
Exercise prices for the tranches were Re. 1, Rs. 372.10, Rs. 498.25, and Rs. 506.17.
The company clarified that the allotment is not material in nature.

💡 No action is required from investors as this is a routine ESOP allotment resulting in negligible equity dilution of approximately 0.0013%.

Marico Targets ₹4,000 Cr Digital Brand Revenue by FY30 via Strategic Acquisitions

🟢 POSITIVE ⭐ 9/10

M&A 📅 18 Feb 2026, 12:08 PM

Marico is undergoing a structural transformation into a digital-first powerhouse, targeting a total digital brand top line of ₹4,000 crore by FY30. The company expects its food business to reach 15x of FY20 levels and its digital-first personal care portfolio to grow 5x from FY24 levels by the end of the decade. Recent acquisitions like 4700BC (₹140 Cr ARR) and Cosmix (₹100 Cr ARR) are being integrated using a repeatable playbook that has already seen Beardo scale 5x and Plix scale 6x. Management aims for the new business segment to contribute 33% of India revenues by FY30 with EBITDA margins in the teens.

Targeting ₹4,000 crore revenue from global digital brands by FY30.
Foods revenue projected to reach 15x of FY20 levels by FY30, up from 9x expected next year.
4700BC holds a ₹140 crore ARR in the ₹24,000 crore Western snacking market.
Cosmix and Plix are scaling rapidly in functional nutrition, with Plix growing 6x in just two years.
New businesses expected to constitute 33% of India revenue by FY30 with double-digit EBITDA margins.

💡 Investors should monitor the execution of these long-term targets as Marico successfully diversifies away from its core legacy brands. The proven ability to scale Beardo and Plix profitably provides high confidence in the management's 'repeatable playbook' for future acquisitions.

Marico Releases Conference Call Transcript Regarding Recent Strategic Investments

🟡 NEUTRAL ⭐ 4/10

M&A 📅 17 Feb 2026, 07:18 PM

Marico Limited has officially released the transcript of its conference call held on February 13, 2026, which focused on the company's recent strategic investments. This disclosure, filed under SEBI Regulation 30, provides investors with the detailed management commentary and rationale behind their latest capital allocation decisions. The transcript is a key resource for understanding how these investments align with Marico's long-term growth strategy in the FMCG sector. While the filing itself is a routine regulatory update, the content of the transcript is vital for fundamental analysis.

Official transcript of the February 13, 2026, conference call is now available for public review.
The call specifically addressed the announcement of recent strategic investments made by the company.
Filing is in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
The document provides qualitative insights into management's vision for inorganic growth and portfolio expansion.

💡 Investors should review the transcript on the company's website to understand the expected ROI and synergies from the new investments. No immediate trading action is required as this is a documentation of a previously held event.

Marico Discloses Audio Recording of Conference Call on Strategic Investments

🔵 WATCH ⭐ 6/10

M&A 📅 13 Feb 2026, 06:46 PM

Marico Limited has released the audio recording of its conference call conducted on February 13, 2026, regarding its latest strategic investments. This disclosure follows SEBI's Regulation 30 requirements for transparency in investor communications. The call provides qualitative and quantitative context for the company's recent capital deployment. Investors can access the recording on the company's website, with a written transcript expected to follow shortly.

Audio recording of the Feb 13, 2026 investor call is now available on the company website.
The call specifically addressed the announcement of recent strategic investments by the company.
Compliance with SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
A detailed written transcript will be filed with stock exchanges in the coming days.

💡 Investors should review the recording or upcoming transcript to evaluate the valuation and strategic fit of the new investments. Monitor how these acquisitions or stakes contribute to Marico's non-coconut oil portfolio growth.

Marico Allots 10,356 Equity Shares Under ESOP 2016 Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Feb 2026, 04:50 PM

Marico Limited's Securities Committee has approved the allotment of 10,356 equity shares of Re. 1 each to eligible employees under the ESOP 2016 plan. The allotment consists of three tranches with exercise prices of Rs. 372.10, Rs. 498.25, and Rs. 545.34. This move increases the company's total paid-up share capital to 1,29,81,18,654 shares. The company has explicitly stated that this allotment is not material to its operations.

Total allotment of 10,356 equity shares of face value Re. 1 each.
Exercise prices for the shares were Rs. 372.10, Rs. 498.25, and Rs. 545.34.
Paid-up capital increased slightly to 1,29,81,18,654 equity shares.
The new shares will rank pari-passu with existing equity shares.

💡 This is a routine corporate action with negligible dilution; no specific action is recommended for long-term investors.

Marico Targets 33% Revenue Share from Foods & Digital-First PPC by FY30

🟢 POSITIVE ⭐ 8/10

EXPANSION 📅 13 Feb 2026, 02:50 PM

Marico is aggressively pivoting towards a digital-first model, targeting a 33% revenue share from its Foods and Personal Care (PPC) segments by FY30, up from 11% in FY20. The company aims for Foods revenue to reach 15x of FY20 levels and Digital-first PPC ARR to scale 5x from FY24 levels. Key brands like 4700BC (₹140 Cr ARR) and Cosmix (₹100 Cr ARR) are positioned for 3-3.5x growth by FY30. Proven success in scaling Beardo and Plix, with EBITDA margin improvements of 1900 bps and 1100 bps respectively, provides high confidence in this diversification strategy.

Targeting a 33% revenue share for Foods and Digital-first PPC by FY30, a significant jump from 11% in FY20.
4700BC gourmet snacking brand has reached a ₹140 Cr Annual Run Rate (ARR) with a 40% CAGR.
Cosmix functional wellness brand achieved ₹100 Cr ARR with 100%+ CAGR and high-teen sustainable EBITDA margins.
Beardo and Plix acquisitions have scaled 5x-6x since acquisition with massive EBITDA margin expansions of 1100-1900 bps.
Vietnam-based Candid brand reached ~₹100 Cr revenue in CY2025, growing at a 200%+ CAGR.

💡 Investors should favor Marico's strategic shift toward high-margin, high-growth digital brands which reduces reliance on legacy commodity-linked segments. Monitor the quarterly progress of the Foods and Digital-first PPC segments as they are the primary drivers for valuation re-rating.

Marico EVP Akash Banerji Resigns to Pursue Entrepreneurial Opportunities

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 12 Feb 2026, 01:00 PM

Marico Limited has announced the resignation of Mr. Akash Banerji, Executive Vice President and Head of Digital Transformation and Beauty & Styling. Mr. Banerji tendered his resignation on February 6, 2026, to pursue entrepreneurial ventures outside the organization. He is expected to continue in his current role until May 31, 2026, ensuring a transition period of nearly four months. This change affects the leadership of Marico's digital business and beauty segment, which are key growth areas for the FMCG major.

Mr. Akash Banerji, EVP & Head of Digital Transformation, resigned effective February 6, 2026.
The executive will serve a notice period until May 31, 2026, subject to company service rules.
The resignation is specifically to pursue entrepreneurial opportunities outside the company.
The role oversaw critical growth areas including Digital Transformation and the Beauty & Styling digital business.

💡 Investors should treat this as a routine management transition and monitor for the appointment of a successor to lead the digital business. No immediate impact on the stock price is expected from this leadership change.

Marico to Host Investor Call on Strategic Investments in Zea Maize, Cosmix, and Skinetiq

🟢 POSITIVE ⭐ 8/10

M&A 📅 10 Feb 2026, 10:01 PM

Marico Limited has scheduled an investor conference call for February 13, 2026, to discuss its recent strategic investments in Zea Maize Pvt. Ltd., Cosmix Wellness Pvt. Ltd., and Vietnam-based Skinetiq Joint Stock Company. The management, including the MD & CEO and Group CFO, will provide strategic perspectives on these acquisitions which align with Marico's focus on the beauty and wellness categories. These developments follow a fiscal year (FY24-25) where Marico recorded a turnover of ₹108.3 billion ($1.3 billion). Investors will be looking for clarity on the integration of these brands and their expected contribution to the international business, which currently accounts for 25% of revenue.

Conference call scheduled for Feb 13, 2026, to discuss three recent strategic investments in India and Vietnam.
Target companies include Zea Maize (4700BC), Cosmix Wellness, and Skinetiq Joint Stock Company.
Marico reported a total turnover of ₹108.3 billion (USD 1.3 billion) during the FY24-25 period.
International consumer products portfolio currently contributes approximately 25% to the Group's total revenue.
Management to provide specific outlook on how these brands fit into the existing portfolio of 16+ major brands.

💡 Investors should attend or review the call transcripts to understand the acquisition valuations and the projected break-even timelines for these new wellness and international assets. Focus on management's commentary regarding the scalability of the Cosmix and Skinetiq brands within Marico's distribution network.

Marico to Acquire 75% Stake in Vietnam's Skinetiq for INR 261.6 Crore

🟢 POSITIVE ⭐ 9/10

M&A 📅 09 Feb 2026, 06:35 PM

Marico's subsidiary, MSEA, has entered into an agreement to acquire a 75% stake in Skinetiq, a Vietnamese digital-first skincare company, for approximately INR 261.6 crore. Skinetiq owns the 'Candid' brand and holds exclusive distribution rights for the luxury brand 'Murad' in Vietnam. The target company has shown explosive growth, with CY2025 revenues reaching INR 152 crore compared to INR 61 crore in CY2024, while maintaining a healthy mid-twenties EBITDA margin. This acquisition is a strategic move to premiumize Marico's international portfolio and expand its D2C footprint in Southeast Asia.

Acquisition of 75% stake for an aggregate consideration of VND 750 Billion (approx. INR 261.6 Cr).
Skinetiq's revenue grew by 149% year-on-year to INR 152 Cr in CY2025 with a mid-twenties EBITDA margin profile.
The deal includes the digital-first skincare brand 'Candid' and exclusive Vietnam distribution for luxury clinical brand 'Murad'.
Marico retains a call option to acquire the remaining 25% stake after the completion of FY28 based on performance milestones.
The transaction is expected to close within 90 days, subject to regulatory approvals from the Vietnam Department of Finance.

💡 Investors should view this as a high-quality, margin-accretive acquisition that strengthens Marico's presence in the fast-growing Vietnamese beauty market. Monitor the integration process and the potential for Marico to scale these premium brands across other international markets.

Marico Completes Acquisition of 60% Stake in Cosmix Wellness

🟢 POSITIVE ⭐ 8/10

M&A 📅 05 Feb 2026, 07:17 PM

Marico Limited has successfully completed the acquisition of a 60% stake in Cosmix Wellness Private Limited, the owner of the 'Cosmix' brand. The transaction was finalized on February 5, 2026, following definitive agreements signed just a day prior. As a result of this transaction, Cosmix Wellness has officially become a subsidiary of Marico. This strategic move allows Marico to further penetrate the high-growth digital-first wellness and beauty market.

Acquisition of 60% of the paid-up share capital of Cosmix Wellness Private Limited
Transaction completed on February 5, 2026, making Cosmix a subsidiary of Marico
Strategic entry into the 'Cosmix' brand ecosystem to bolster wellness portfolio
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should view this as a positive step towards portfolio diversification into premium wellness segments. Monitor the integration and scaling of the Cosmix brand within Marico's broader distribution network.

Marico to Acquire 60% Stake in Wellness Brand Cosmix for Rs 225.67 Crore

🟢 POSITIVE ⭐ 9/10

M&A 📅 04 Feb 2026, 05:53 PM

Marico Limited has entered into definitive agreements to acquire a 60% majority stake in Cosmix Wellness, a leading digital-first functional wellness brand, for a cash consideration of Rs 225.67 crores. The acquisition values Cosmix at an equity valuation of approximately Rs 375 crores and includes a provision for Marico to acquire the remaining stake after FY29 based on performance milestones. Cosmix is a high-growth, profitable brand with a current Annual Recurring Revenue (ARR) of ~Rs 100 crores and sustainable high-teen EBITDA margins. This strategic move strengthens Marico's presence in the premium health and nutrition segment.

Acquisition of 60% stake in Cosmix Wellness for an aggregate consideration of Rs 225.67 crores
Cosmix has shown explosive growth, scaling from a turnover of Rs 5.39 cr in FY23 to an ARR of ~Rs 100 cr in early 2026
The target company is profitable since inception with high-teen EBITDA margins
Marico holds the right to acquire the remaining 40% stake after the completion of FY29
Transaction is expected to close within 30 days, making Cosmix a subsidiary of Marico

💡 Investors should view this as a positive strategic expansion into the high-margin, high-growth functional wellness category. The acquisition of a profitable, fast-growing digital brand aligns well with Marico's portfolio diversification strategy and long-term premiumization goals.

Marico Allots 20,639 Equity Shares Under ESOP 2016 Scheme

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Feb 2026, 06:06 PM

Marico Limited has allotted 20,639 equity shares of Re. 1 each to eligible employees following the exercise of stock options under the ESOP 2016 scheme. The allotment consists of two tranches with exercise prices of Rs. 372.10 and Rs. 498.25 per share. This action has marginally increased the company's total paid-up share capital to 1,29,81,08,298 shares. The company has explicitly stated that this allotment is not material in nature.

Allotment of 20,639 equity shares of face value Re. 1 each on February 3, 2026.
Tranche of 4,800 shares issued at an exercise price of Rs. 372.10 per share.
Tranche of 15,839 shares issued at an exercise price of Rs. 498.25 per share.
Total paid-up share capital increased from 1,29,80,87,659 to 1,29,81,08,298 equity shares.
The new shares will rank pari-passu with existing equity shares of the company.

💡 This is a routine administrative allotment with negligible equity dilution (less than 0.002%). No action is required from investors.

View All MARICO Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Consolidated revenue grew 31% YoY in Q2 FY26, the highest in 17 quarters. India business delivered 7% volume growth in Q2 FY26. International business delivered 20% constant currency growth (CCG) in Q2 FY26, with Bangladesh showing high single-digit CCG in Q2 FY25 and double-digit CCG in Q3/Q4 FY25.

Geographic Revenue Split

International business contributes 23-25% of total revenue. India business accounts for the remaining 75-77%. Key international markets include Bangladesh, Middle East, North Africa, Southeast Asia, and South Africa.

Profitability Margins

Gross margins are expected to improve from a bottomed-out position. PAT margin was 13.19% in FY22. PBDIT margins stood at 16.1% in Q2 FY26, down from 19.6% in Q2 FY25 due to a sharp rise in material costs which reached 57.4% of revenues in Q2 FY26 compared to 49.2% in Q2 FY25.

EBITDA Margin

EBITDA margin was 19.7% in fiscal 2025. In Q2 FY26, EBITDA grew 7% on a like-for-like basis. Operating margins are expected to improve by at least 200 basis points in the next fiscal year as inflationary pressures on raw materials like Copra abate.

Capital Expenditure

Marico maintains a cash surplus of over INR 2,150 crore as of March 2025. Surplus cash is utilized for enhancing in-house capacities and supporting new product launches. Specific INR values for annual capex are not disclosed, but net cash generation is healthy at INR 300-400 crore annually.

Credit Rating & Borrowing

The company maintains a healthy financial risk profile with a gearing of 0.15 times as of March 31, 2025. It has nil long-term debt and largely unutilized working capital lines. Credit ratings are supported by a cash surplus of INR 2,150 crore.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Copra (major cost driver), Vegetable Oil (Sunflower oil, Rice bran oil), Liquid Paraffin (LLP), and HDPE for packaging. Material costs (Raw + Packaging) accounted for 57.4% of revenues in Q2 FY26.

Import Sources

Over 94% of procurement is done from local/indigenous sources within India and its international operating regions like Bangladesh and Vietnam.

Key Suppliers

Not disclosed in available documents; however, the company engages with over 7,700 stockists and has a framework (Samyut) to assess critical material partners.

Capacity Expansion

Marico expanded its manufacturing footprint to four facilities in FY24. While specific MTPA is not disclosed, surplus cash is earmarked for enhancing in-house capacities to support volume growth.

Raw Material Costs

Copra prices saw a YTD increase of 113% YoY as of Q2 FY26. Material costs rose to 57.4% of revenue in Q2 FY26 from 49.2% in Q2 FY25. The company uses pricing actions in core portfolios to offset these sharp inflationary trends.

Manufacturing Efficiency

Maintains healthy working capital ratios with an Inventory Turnover of 35 days and Debtors Turnover of 41 days as of Q2 FY26.

Logistics & Distribution

Marico has a retail reach of 57 lakh outlets in India and a direct reach of over 10 lakh outlets, supported by 7,700+ stockists and distributors.

📈 Strategic Growth

Expected Growth Rate

10%+

Growth Strategy

Growth will be driven by a 7% volume growth target in India, expansion of the Digital-first Premium Personal Care portfolio (which crossed INR 1,000 Cr ARR), and scaling the Foods business. The company also plans mid-sized acquisitions and increased rural reach to sustain momentum.

Products & Services

Coconut oil, hair oils, premium refined edible oils, premium hair care, health foods, male grooming products, and digital-first personal care brands.

Brand Portfolio

Parachute, Saffola, Nihar, Hair & Care, Livon, Set Wet, Beardo, Plix, and Just Herbs.

New Products/Services

Expansion into the Foods and Digital-first portfolios. The Digital-first portfolio already contributes an ARR of over INR 1,000 crore.

Market Expansion

Focus on increasing rural reach in India and sustaining 20% CCG in international markets like the Middle East and Southeast Asia.

Market Share & Ranking

More than 95% of the business is gaining or sustaining market share as of Q2 FY26.

🌍 External Factors

Industry Trends

The FMCG industry is seeing a shift toward Digital-first D2C brands and premiumization. Marico is positioning itself by scaling its digital-first ARR to INR 1,000 Cr+ and focusing on health-centric food innovation.

Competitive Landscape

Intense competition from established FMCG giants and emerging D2C players like HUL's Oziva in the wellness segment.

Competitive Moat

Marico's moat is built on brand leadership (Parachute, Saffola), a massive distribution network of 57 lakh outlets, and cost leadership in Copra procurement. These are sustainable due to high penetration (75% of business gaining/sustaining penetration).

Macro Economic Sensitivity

Favorable monsoons and GST reforms are expected to boost disposable incomes and aid consumption across urban and rural markets.

Consumer Behavior

Shift toward premium personal care and healthy foods is driving growth in the Saffola Foods and Digital-first segments.

Geopolitical Risks

The Bangladesh crisis in 2024 had minimal impact due to robust distribution and high product shelf life, with the region returning to double-digit CCG by Q3 FY25.

⚖️ Regulatory & Governance

Industry Regulations

Complies with SEBI's Business Responsibility and Sustainability Report (BRSR) and National Guidelines on Responsible Business Conduct (NGBRC).

Environmental Compliance

Marico aims for Net Zero in operations by 2040. 96% of packaging is currently recyclable, with a target of 100% by FY25. It has created 2.83 billion liters of water conservation capacity.

⚠️ Risk Analysis

Key Uncertainties

Volatility in raw material prices (Copra/Vegetable oils) can impact margins by over 300-400 bps. Competitive intensity in the premium segment from D2C players is a key monitorable.