In , Marico Ltd (FMCG - Personal Care) is outperforming Nifty 500 with +11.8% relative strength. Fundamentals: Weak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 18, 2026
What: VAHO Value Share: 30%
Impact: 150-200 bps margin expansion
“You are absolutely right about the mix, because the moment the mix of VAHO increases, that will be a margin kind of a tailwind.”
What: Digital-First ARR: INR 1,000 Cr+
Impact: 33% of India revenue by FY30
“This would take the share of new businesses in India revenues to about 33% in FY30, illustrating the structural and strategic metamorphosis.”
What: 4700BC ARR: INR 140 Cr
Impact: 3x scale in 3 years
“4700BC fills a critical white space in our foods portfolio... We see tremendous potential for the brand to scale its ARR to 3x in the next three years.”
What: International Growth: Double-digit constant currency
“Vietnam and South Africa bounced back to deliver double-digit constant currency growth, driven by targeted initiatives.”
What: Market Share Gain %: 95%
“Our franchises have continued to record strong offtakes, with more than 95% of the business gaining or sustaining market share.”
What: VAHO Market Share at 30%
“Our value share on MAT basis stands at an all-time high of nearly 30%, showing considerable progress towards premiumization of the mix.”
Earnings deceleration risks from management commentary
Trigger: Correction in copra prices from peak levels.
Management view: Brand will pass on benefits to consumers in coming months; focus on volume recovery to offset pricing moderation.
Monitor: commodity
Trigger: GST rate rationalization in certain categories.
Management view: Management believes this provides a constructive backdrop for demand improvement.
Monitor: regulatory
Key quotes from recent conference calls
“We remain confident of sustaining a double-digit growth trajectory in the near-to-medium term, supported by sharp strategic focus on the mid and premium segments. [Previous VAHO Growth guidance]”
“And SETU, we are today, if you ask me, we have done ~30%. There is still 70% to go, and it is a 3-5-year project. [Initiative: Project SETU]”
“With correction having set in and copra prices down by around 25% to 30% from peak levels, the brand will be passing on the benefit. [Risk (commodity): MEDIUM]”
“improved affordability following the recent GST rate rationalization, which has been transformative, higher MSPs, and a healthy crop sowing season. [Risk (regulatory): LOW]”
Headline numbers from the latest earnings call
Other Highlights
• VAHO value share at all-time high of nearly 30% on MAT basis.
• Digital-First portfolio expected to exit FY26 at INR 1,000 crore ARR.
• Copra prices corrected by 25% to 30% from peak levels.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
VAHO Value Share (MAT)
30%
Why: Progress towards premiumization and bridging the gap between volume and value share.
Digital-First Portfolio ARR
₹1,000 Cr
Why: Rapid scaling of brands like Plix (6x in 2 years) and Beardo (5x post-acquisition).
Copra Price Correction
25-30%
Why: Correction from peak levels.
Business Gaining Market Share
95%
Why: Strong offtakes across franchises.
Foods Portfolio ARR
₹1,000 Cr
Why: Rapid scaling of Saffola Oats and other food variants.
Project SETU Reach Expansion
30%
Why: Deeper presence in upgraded towns and rural scale-up.
Premium Personal Care ARR
₹350 Cr
Why: Double-digit growth in Serums, Male Grooming, and Skincare.
VAHO 2-Year CAGR (ex-Shanti)
14%
Why: Turnaround in the VAHO portfolio.
Forward-looking targets from management for FY30
OPM Guidance
1.5–2%
3x to 3.5x
Striving for 150-200 basis points operating margin improvement next year.
Confident of delivering mid-teens growth in VAHO.
Guidance Changes
Digital-First EBITDA: Not Given → double-digit EBITDA margin
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +22% | +12% | Stable |
| PAT (Net Profit) | +18% | +11% | Stable |
| OPM | 16.0% | -100 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 18, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Marico Ltd's latest quarterly results (Mar 2026) show
Marico Ltd's profit is growing with an stable trend.
Marico Ltd's revenue growth trend is stable.
Marico Ltd's operating margin is volatile.
Marico Ltd's long-term compounding rates
Marico Ltd's earnings growth is stable with mixed signals on a sequential basis.
Marico Ltd's trailing twelve month (TTM) performance
Marico Ltd appears significantly overvalued based on our fair value analysis.
Marico Ltd's current PE ratio is 61.2x.
Marico Ltd's current PE is 61.2x.
Marico Ltd's price-to-book ratio is 25.6x.
Marico Ltd is rated Weak with a fundamental score of 37.7/100. This score is calculated from objective financial metrics
Marico Ltd has a debt-to-equity ratio of N/A.
Marico Ltd's return ratios over recent years
Marico Ltd's operating cash flow is positive (FY2026).
Marico Ltd's current dividend yield is 1.26%.
Marico Ltd's shareholding pattern (Mar 2026)
Marico Ltd's promoter holding has remained stable recently.
Marico Ltd has been outperforming Nifty 500 for 3 consecutive weeks, indicating early-stage outperformance.
Marico Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
Marico Ltd has 6 key growth catalysts identified from recent earnings analysis
Marico Ltd has 2 key risks worth monitoring
In Q3 FY26, Marico Ltd's management highlighted
Marico Ltd's management has provided the following forward guidance for FY30
Marico Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Marico Ltd may be worth studying
Marico Ltd investment thesis summary:
Marico Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
