Jefferies on Marico ; Buy, TP Rs 1035

Compounding flywheel continues, with volume & EBITDA growth at multi-year highs Core portfolio of Parachute & VAHO grew strongly, further supported by robust performance in Foods & PPC. Mgmt. raised FY27 guidance &, interestingly, now expects to hit its Rs200bn FY30 revenue target a year early. Clearly, at a time when peers are seeing patchy trends, Marico stands out as a compounding machine, as reflected in its premium valuation relative to peers

MARICO LIMITED

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