2026-01-10 04:27:25 pm | Source: Motilal Oswal Financial Services Ltd
Buy Marico Ltd for the Target Rs. 875 by Motilal Oswal Financial Services Ltd
* In the pre-quarter update, MRCO estimated high-single digit volume growth (est. +8%) in the India business. Consolidated revenue grew in the high 20s (est +28%).
* GM is expected to improve sequentially (est. 43.2% in 3Q, up 60bp QoQ) and EBITDA will grow in double digits (est. +12% YoY).
* Parachute volume declined marginally. Saffola Oils has muted quarter. VAHO grew in the 20s. Foods had a benign quarter, while premium personal care showed resilient growth.
* The International business is expected to deliver revenue growth (CC terms) in the early 20s.
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