Target: ₹1,000CMP: ₹838.95Marico delivered a strong performance in FY26, with 26 per cent revenue growth and 11 per cent APAT growth, outperforming FMCG peers. The management commentary remains positive for FY27, with guidance of high-single-digit volume growth in India, double-digit consolidated revenue growth and high-teen EBITDA growth.In India, Parachute is entering the volume recovery mode as copra prices have corrected about 45 per cent from the peak and the company has already reduced prices by 15-20 per cent, which supported double-digit volume growth in Q1FY27. Value-added hair oils remained the standout performer, delivering about 20 per cent growth in FY26, and is expected to sustain over 20 per cent growth in Q1FY27. In Saffola oils, the company focuses on profitability. Marico expects its India business to deliver double-digit volume growth and more than 20 per cent revenue growth in Q1FY27.Marico’s digital-first portfolio is expected to achieve double-digit EBITDA margins by FY27 end, which should expand further to the teens by FY30. In international business, Bangladesh’s share has declined from about 50 per cent in FY20 to about 45 per cent in FY26 and is expected to fall further to 35 per cent by FY30, indicating diversification across other markets.We model a CAGR of 13 per cent/21 per cent/18 per cent in revenue/EBITDA/APAT over FY26-28. We maintain our Buy rating with a TP of ₹1,000 (50x P/E on FY28).Published on July 8, 2026