03-Nov-2026 08:08:48
JPMorgan on Marico ; OW, TP Rs 940
Delivered another strong operational quarter, with Q2 Revenue/EBITDA/PAT up 13%/27%/29% y/y. India volumes grew 10%, led by Parachute (+13%, highest in 22 quarters) and mid/premium VAHO (mid-teens), while Foods/PPC and digital brands continued to scale up with improving profitability. International growth was healthy at 13% cc despite soft trends in Bangladesh (though MRCO expects gradual recovery to support H2) See combination of sustained volumes, a better portfolio mix and lower copra costs as the key positives, allowing robust EBITDA expansion despite higher brand investments. Better visibility on consumption costs and growth led MRCO to raise FY27 EBITDA growth guidance again to mid-twenties (24-25% minimum vs 20% earlier).
MARICO LIMITED