Marico Industries (MRCO IN): Buy: Annual Report analysis: more comfort in the details

Research evidence excerpt

Marico Industries (MRCO IN): Buy: Annual Report analysis: more comfort in the details

Equities ● Personal Products

15 July 2026

8 A covering analyst/s has received compensation from this company in the past 12 months.

9 A covering analyst/s or a member of his/her household has a financial interest in the securities of this company, as

detailed below.

10 A covering analyst/s or a member of his/her household is an officer, director or supervisory board member of this

company, as detailed below.

11 At the time of publication of this report, HSBC is a non-US Market Maker in securities issued by this company and/or in

securities in respect of this company.

12 As of 08 July 2026, HSBC beneficially held a net long position of more than 0.5% of this company’s total issued share

capital, calculated according to the SSR methodology.

13 As of 08 July 2026, HSBC beneficially held a net short position of more than 0.5% of this company’s total issued share

14 HSBC Qianhai Securities Limited holds 1% or more of a class of common equity securities of this company.

HSBC and its affiliates will from time to time sell to and buy from customers the securities/instruments, both equity and debt

(including derivatives) of companies covered in HSBC Research on a principal or agency basis or act as a market maker or

liquidity provider in the securities/instruments mentioned in this report.

Analysts, economists, and strategists are paid in part by reference to the profitability of HSBC which includes investment banking,

sales & trading, and principal trading revenues.

Whether, or in what time frame, an update of this analysis will be published is not determined in advance.

Non-U.S. analysts may not be associated persons of HSBC Securities (USA) Inc, and therefore may not be subject to FINRA