WatchTalking point
Profit lagging revenue
Revenue grew 25.7% but profit grew 9.3%, so the company kept less of each rupee of revenue as profit.
Importance 67 / 95 · growth
Marico Limited · Research view
Marico Limited
NSE: MARICOBSE: 531642ISIN INE196A01026Face value ₹1consolidated
₹780
−0.88% · 2026-10-01 · 52-wk ₹702–₹885
Financials to FY2026 · 8 years of history · prices to 2026-10-01consolidatedstandalone
Section 02 · Synthesis
What stands out?
The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.
StrengthConcernWatchContext
WatchTalking point
Sharp margin drop
EBITDA margin dropped 3.1 percentage points in a single year, from 21.7% to 18.6% — worth investigating.
Importance 64 / 95 · anomaly
ContextTalking point
High returns, and the market pays up for them
ROE of 41.4% is well above the edible oil median (28.1%), and the P/E of 51.95× is above it too (35.81×).
Importance 60 / 95 · valuation
StrengthTalking point
Returns at a multi-year high
ROE of 41.4% is the highest in 7 years (prior range 34.5% to 39.3%).
Importance 55 / 95 · profitability
Section 03 · The company
Who is this company?
Classified by the exchange under Fast Moving Consumer Goods › Fast Moving Consumer Goods › Agricultural Food & other Products › Edible Oil.
- Market cap
- ₹1.01 L cr
- FY2026 revenue
- ₹13,611 cr
- FY2026 net profit
- ₹1,813 cr
- Net worth
- ₹4,494 cr
- Total debt
- ₹355 cr
- EPS (basic)
- ₹13.62
- Listed
- NSE · BSE
- Reporting
- Ind-ASApr–Mar
Peer set used on this page: 2 edible oil.
Section 04 · Business performance
Is the business growing?
RevenueNet profit
Watch
Revenue grew 25.7% but profit grew 9.3%, so the company kept less of each rupee of revenue as profit.
Rule PROFIT_SLOWER_THAN_REVENUE
- Revenue growth per year
- +9.2%over 7 years
- Revenue growth
- +25.7%vs last year
- Net profit growth
- +9.3%vs last year
- Change in net profit since FY19
- +60%
Revenue grew 25.7% but EBITDA margin fell 3.1 percentage points to 18.6%, so the company kept less of each rupee of revenue as operating profit.
Revenue grew 25.7% year on year (FY2025 → FY2026).
Revenue has compounded at 9.2% a year over 7 years (₹7,334 → ₹13,611) — steady rather than rapid.
Section 05 · Recent activity
What changed recently?
Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.
Strength
Q1 FY27 net profit was ₹652 cr, up 27.1% from ₹513 cr a year earlier.
Rule QTR_PROFIT_GROWTH_YOY
Strength
Q1 FY27 revenue was ₹3,957 cr, up 21.4% from ₹3,259 cr in Q1 FY26 a year earlier.
Rule QTR_REVENUE_GROWTH_YOY
Strength
Q1 FY27 EBIT was ₹811 cr, up 21.8% from ₹666 cr a year earlier.
Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY
A. Quarterly results
RevenueNet profit
| Quarter | Revenue | YoY | Net profit | YoY | Net margin |
|---|---|---|---|---|---|
| Q2 FY25 | 2,664 | — | 433 | — | 16.3% |
| Q3 FY25 | 2,794 | +15.4% | 406 | +5.2% | 14.5% |
| Q4 FY25 | 2,730 | +19.8% | 345 | +7.8% | 12.6% |
| Q1 FY26 | 3,259 | +23.3% | 513 | +8.2% | 15.7% |
| Q2 FY26 | 3,482 | +30.7% | 432 | −0.2% | 12.4% |
| Q3 FY26 | 3,537 | +26.6% | 460 | +13.3% | 13.0% |
| Q4 FY26 | 3,333 | +22.1% | 408 | +18.3% | 12.2% |
| Q1 FY27 | 3,957 | +21.4% | 652 | +27.1% | 16.5% |
B. TTM snapshot
Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters
- Revenue
- ₹14,309 crTTM
- EBITDA
- ₹2,688 crTTM
- EBIT
- ₹2,475 crTTM
- PBT
- ₹2,411 crTTM
- Net profit
- ₹1,952 crTTM
C. Corporate actions
30 Jul 2026DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share
1 Aug 2025DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share
7 Feb 2025DividendInterim Dividend - Rs. - 3.5000 — ₹3.50/share
6 Mar 2024DividendInterim Dividend - Rs. - 6.5000 — ₹6.50/share
7 Nov 2023DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
8 Mar 2023DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
4 Feb 2022DividendInterim Dividend - Rs. - 6.2500 — ₹6.25/share
8 Nov 2021DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
10 Mar 2021DividendInterim Dividend - Rs. - 4.5000 — ₹4.50/share
5 Nov 2020DividendInterim Dividend - Rs. - 3.0000 — ₹3.00/share
16 Mar 2020DividendInterim Dividend - Rs. - 0.7500 — ₹0.75/share
6 Feb 2020DividendInterim Dividend - Rs. - 3.2500 — ₹3.25/share
4 Nov 2019DividendInterim Dividend - Rs. - 2.7500 — ₹2.75/share
12 Feb 2019DividendInterim Dividend - Rs. - 2.7500 — ₹2.75/share
12 Nov 2018DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
16 Feb 2018DividendInterim Dividend - Rs. - 2.5000 — ₹2.50/share
6 Nov 2017DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share
9 Feb 2017DividendInterim Dividend - Rs. - 2.0000 — ₹2.00/share
16 Nov 2016DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
17 Mar 2016DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
5 Feb 2016DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
22 Dec 2015Bonus issueBonus issue 1:1 — 1:2
9 Nov 2015DividendInterim Dividend - Rs. - 1.7500 — ₹1.75/share
6 Feb 2015DividendInterim Dividend - Rs. - 1.5000 — ₹1.50/share
13 Nov 2014DividendInterim Dividend - Rs. - 1.0000 — ₹1.00/share
Section 06 · Business performance
Is it becoming more profitable?
EBITDA marginNet margin
Strength
ROE of 41.4% is the highest in 7 years (prior range 34.5% to 39.3%).
Rule ROE_AT_MULTI_YEAR_HIGH
- EBITDA margin now
- 18.6%
- 8-year range
- 18.6–22.5%
- ROE FY2026
- 41.4%
- ROCE FY2026
- 49.1%
ROE of 41.4% is well above the edible oil median of 28.1%.
ROE improved from 39.3% to 41.4% year on year.
Section 07 · Financial health
Is financial health improving?
Net worth (shareholders' funds)
Strength
Free cash flow has been positive in 6 of the last 6 years.
Rule FCF_CONSISTENTLY_POSITIVE
Operating cash flowNet profit
- Total debt
- ₹355 cr
- Operating cash flow ÷ net profit
- 1.15×FY2026
- Free cash flow
- ₹1,772 cr
- Current ratio
- 1.43×
Section 08 · Relative position
How does it compare with peers?
Ranked against 2 edible oil (FY2026, consolidated).
Not enough peers in this set report the underlying metrics yet for a ranking.
Context
ROE of 41.4% is well above the edible oil median (28.1%), and the P/E of 51.95× is above it too (35.81×).
Rule STRONG_RETURNS_AT_PREMIUM
- P / E
- 52.0×TTM to Jun 26
- P / B
- 22.6×latest book
- P / S
- 7.1×TTM sales
- Earnings yield
- 1.9%TTM to Jun 26
On the trailing twelve months. Last full year: P/E 55.9× · P/S 7.3× · ROE 41.4%.
Section 09 · The stock
How has the stock performed?
Long-term price performance is shown above.
- 1-year return
- +11.2%
- 3-year return
- +38.9%
- 5-year return
- +42.0%
- From 52-wk high
- −11.9%
Section 10 · Technical data
What does the technical data say?
Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.
- vs 50-day avg
- Below₹837
- vs 200-day avg
- Below₹798
- RSI (14)
- 34.7neutral
- MACD histogram
- -2.3
- From 52-wk high
- −11.9%
- From 52-wk low
- +11.2%
- 30-day volatility
- 20.7%ann.
- 6-month return
- +6.0%
Section 11 · Open questions
What should I investigate further?
Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.
- WatchProfit lagging revenueRevenue grew 25.7% but profit grew 9.3%, so the company kept less of each rupee of revenue as profit.PROFIT_SLOWER_THAN_REVENUE · conviction 67
- WatchSharp margin dropEBITDA margin dropped 3.1 percentage points in a single year, from 21.7% to 18.6% — worth investigating.MARGIN_SHARP_DROP · conviction 64
- WatchGrowing, but less profitablyRevenue grew 25.7% but EBITDA margin fell 3.1 percentage points to 18.6%, so the company kept less of each rupee of revenue as operating profit.REVENUE_UP_MARGIN_DOWN · conviction 64
- Cash-flow-statement facts are unavailable for FY2019, FY2020 — those filings predate SEBI's Cash Flow Statement disclosure requirement. All other loaded years carry full P&L, balance sheet and cash-flow data.
Section 12 · Reference
The numbers
The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.
| Metric | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7,334 | 7,315 | 8,048 | 9,512 | 9,764 | 9,653 | 10,831 | 13,611 |
| Total income | 7,437 | 7,439 | 8,142 | 9,610 | 9,908 | 9,795 | 11,039 | 13,815 |
| EBITDA | 1,384 | 1,593 | 1,685 | 1,779 | 1,954 | 2,168 | 2,347 | 2,532 |
| Profit before tax | 1,264 | 1,374 | 1,525 | 1,601 | 1,743 | 1,937 | 2,116 | 2,277 |
| Net profit | 1,135 | 1,043 | 1,199 | 1,255 | 1,322 | 1,502 | 1,658 | 1,813 |
| EPS (₹) | 8.7 | 7.9 | 9.1 | 9.5 | 10.1 | 11.5 | 12.6 | 13.6 |
| Net worth | 3,010 | 3,036 | 3,258 | 3,405 | 3,956 | 4,169 | 4,266 | 4,494 |
| Total debt | 349 | 335 | 348 | 345 | 475 | 383 | 379 | 355 |
| Operating cash flow | — | — | 2,353 | 1,016 | 1,419 | 1,436 | 1,363 | 2,084 |
| Free cash flow | — | — | 2,211 | 887 | 1,262 | 1,301 | 1,241 | 1,772 |
| Ratio | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|
| Growth | ||||||||
| Revenue growth YoY | — | -0.3 | 10.0 | 18.2 | 2.6 | -1.1 | 12.2 | 25.7 |
| Profit growth YoY | — | -8.1 | 15.0 | 4.7 | 5.3 | 13.6 | 10.4 | 9.3 |
| Profitability | ||||||||
| EBITDA margin % | 18.9 | 21.8 | 20.9 | 18.7 | 20.0 | 22.5 | 21.7 | 18.6 |
| Net margin % | 15.3 | 14.0 | 14.7 | 13.1 | 13.3 | 15.3 | 15.0 | 13.1 |
| Return on equity % | 37.7 | 34.5 | 38.1 | 37.7 | 35.9 | 37.0 | 39.3 | 41.4 |
| Return on capital % | 38.3 | 43.2 | 44.3 | 44.6 | 44.0 | 44.8 | 47.2 | 49.1 |
| Leverage & cash | ||||||||
| Debt to equity | 0.12 | 0.11 | 0.11 | 0.10 | 0.12 | 0.09 | 0.09 | 0.08 |
| Cash flow ÷ profit | — | — | 1.96 | 0.81 | 1.07 | 0.96 | 0.82 | 1.15 |
| Current ratio | 1.91 | 1.80 | 1.65 | 1.63 | 1.57 | 1.64 | 2.07 | 1.43 |