MARICOMarico LimitedNSE:MARICOTechnicalAnalystSucritMarico Ltd. (CMP ₹851.00, NSE: MARICO) Prepared by Sucrit Patil | The SmartWay Research Desk | 2 July 2026 A Mumbai‑based FMCG company, incorporated in 1988. Marico operates across beauty, wellness, hair care, edible oils, and healthy foods, with flagship brands like Parachute, Saffola, Hair & Care, Livon, Set Wet, and Kaya. Promoter Holding (Mar 2026): Harsh Mariwala Family — 59.18% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹10,842 Cr vs ₹9,812 Cr in FY25 (+10.5% YoY). → Good Net Profit: FY26 PAT ₹1,215 Cr vs ₹1,082 Cr in FY25 (+12.3% YoY). → Good Operating Margin: FY26 EBITDA ₹1,812 Cr, margin 16.7% vs 16.1% last year (+60 bps). → Good Equity Capital: Stable, face value ₹1. → Good Dividend Policy: Dividend ₹7.00/share declared for FY26. → Good Asset Building: Investments in healthy foods, digital D2C brands, and international expansion. → Good Sales: Strong demand from Parachute oils and Saffola health foods. → Good Expense: Input cost pressures (copra, crude derivatives) remain. → Neutral/Good EPS: FY26 EPS ₹18.25 vs ₹16.40 last year (+11.3%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 59.18% (no pledges) FII Holding: 21.12% DII Holding: 12.34% Retail & Others: 7.36% Strategic Moves & Innovations Expansion in healthy foods (Saffola oats, honey, protein shakes). Focus on digital‑first D2C brands in beauty & wellness. Partnerships with global FMCG players for co‑branding. Diversification into international markets (Bangladesh, MENA, Vietnam). Cash Flow & Balance Sheet Strength Market cap ~₹55,200 Cr. Debt‑to‑equity ratio ~0.22 (low leverage). Book value per share ₹152.40; P/B ~5.6. EPS (TTM) ₹18.25; P/E ~46.6. Risk Factors High P/E ratio ~46.6, indicating premium valuations. Dependence on copra and crude‑linked raw material cycles. Exposure to consumer discretionary demand. Competition from HUL, Dabur, and Emami. Investor Takeaway Marico has delivered steady FY26 performance, supported by strong demand in hair oils and health foods. With promoter backing, dividend payouts, and focus on innovation, Marico remains a premium FMCG play. At CMP ₹851.00, valuations are expensive (P/E ~46.6, P/B ~5.6), reflecting growth expectations in health & wellness but also sectoral risks.