CLSA on Marico ; Upgrade to hold, TP Rs 737

Reported 2QFY27 consolidated Ebitda growth of 27%, 3% below estimate Domestic volume growth came in at 10%, with 13% volume growth in parachute, though value growth for Parachute was 1%. Marico lifted its guidance for Ebitda growth to mid-twenties for FY27, from near 20% previously, driven by visibility on costs due to procurement benefits, strong execution in GT transformation via project SETU and improving profitability of growth businesses. Marico expects to comfortably cross Rs150bn sales in FY27.

MARICO LIMITED

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