The consumer goods major delivered double-digit volume growth in domestic markets alongside solid international sales gains. Lower raw material expenses and product mix optimizations drove substantial profitability expansions, accelerating the company's timeline to reach major long-term revenue targets. Consequently, multiple Wall Street and domestic brokerages upgraded their valuation benchmarks to reflect an improving multi-year operational trajectory. Operating performance received a major boost as EBITDA jumped 27% to reach Rs 709 crore.
Key points
Jefferies raised its target price to Rs 1,035 after management indicated the firm could h…: Jefferies raised its target price to Rs 1,035 after management indicated the firm could hit its Rs 200 billion revenue goal a year early.
The company's recent equity gains have outpaced the Nifty Midcap 50 index, which declined…: The company's recent equity gains have outpaced the Nifty Midcap 50 index, which declined 4% over the same 2026 timeframe.
Brokerages including Dolat Capital and Systematix Institutional Equities maintain buy rat…: Brokerages including Dolat Capital and Systematix Institutional Equities maintain buy ratings based on expanding EBITDA margins of 18.2%.
Sources checked by our analysis pipeline: 1
Marico said that its revenue from operations increased 12% YoY to Rs 3,897 crore during the July-September quarter of the financial year 2027, from Rs 3,450 crore reported in the corresponding quarter of the previous financial year, according to a filing on the exchange released on Monday. Its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 27% YoY to Rs 709 crore, against Rs 560 crore in the year-ago quarter. EBITDA margin expanded 200 basis points to 18.2% from 16.2% in Q2 FY26.
Marico's gross margin expanded approximately 600 basis points year-on-year, supported by moderation in copra prices and a favourable portfolio mix. The company's India business recorded 10% underlying volume growth, while its international business reported 13% constant currency growth (CCG).
Also Read | Marico Q2 Results: Net profit jumps 31% YoY to Rs 550 crore, revenue rises 12%
Jefferies on Marico share price
Jefferies maintained its ‘Buy’ rating on the shares of Marico but raised its target price to Rs 1,035 apiece from Rs 1,000 apiece. The latest target price implies 29% upside potential for what the…
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