Marico Ltd Q1 Revenue (vol led) beat; High teens EBITDA growth likely

Research evidence excerpt

Marico Ltd Q1 Revenue (vol led) beat; High teens EBITDA growth likely

J P M O R G A N Asia Pacific Equity Research

02 July 2026

Marico Ltd Overweight

MRCO.NS, MRCO IN

Q1 Revenue (vol led) beat; High teens EBITDA growth Price (02 Jul 26):Rs856.00

likely Price Target (Jun-27):Rs900.00

DD domestic volume growth and early-20s revenue growth in 1Q. MRCO Consumer, Retail, Media

ACclocked consolidated revenue growth in the early-20s range (vs JPMe: 16% y/y) Latika Chopra, CFA

on the back of continued acceleration in India volume growth (+DD, a multi- (91-22) 6157-3584

quarter high, vs 9% in 4Q and JPMe: 7%) led by Parachute returning to volume latika.chopra@jpmorgan.com

growth (+DD, highest in several quarters). Saffola oils grew +MSD (price-led), Himanshu Singh

though volumes declined, as MRCO rationalized select variants prioritizing (91-22) 6157-3610

profitability. VAHO grew in the 20s (vs 26% in 4Q), driven by mid/premium himanshu.x6.singh@jpmorgan.com

segments, Project SETU and innovations. Foods and Premium Personal Care / Saransh S Gokhale

Digital-First brands were in line with MRCO’s aspirations. MRCO noted steady (91-22) 6157 3578

saransh.gokhale@jpmchase.com

demand trends in 1Q, though it is monitoring inflation and monsoon conditions. J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

The international business clocked broad-based mid-teens CC growth (vs 19% in Registration: INH000001873, (91-22) 6157-3000.

4Q) – led by Vietnam and MENA – while Bangladesh growth moderated due to

pricing anniversarization and marginal demand softness. Style Exposure

High teens EBITDA growth likely. Copra prices have declined ~45% from their

highs (-6% in 1m), although they remain above historical averages. Gross margin