FMCG Stock to BUY: Marico rallies after Q4; Street sees up to 17% upside—do you own?

Marico Share Price Today: Shares of Marico Limited remained in the green on Wednesday after hitting a record high earlier in the session, supported by its Q4 FY26 performance and a series of positive brokerage calls.

The stock was trading at Rs 822.50 at 1:26 PM, up Rs 15.30 or 1.90 per cent on the National Stock Exchange. Earlier in the day, it had rallied as much as 4.5 per cent to touch an all-time high of Rs 843.15.

Marico Q4 earnings

Add Zee Business as a Preferred Source

Marico reported an 18.26 per cent year-on-year rise in consolidated net profit to Rs 408 crore for the March quarter, compared with Rs 345 crore in the year-ago period.

Revenue from operations stood at Rs 3,333 crore, up from Rs 2,730 crore a year earlier, driven by growth across key segments.

For FY26, consolidated net profit came in at Rs 1,813 crore versus Rs 1,658 crore in FY25, while revenue rose to Rs 13,611 crore from Rs 10,831 crore.

Operational highlights

Brokerages noted broad-based growth during the quarter. Parachute Coconut Oil recorded 29 per cent year-on-year value growth, largely driven by pricing, even as volumes declined marginally.

The value-added hair oils segment posted 26 per cent growth, continuing its recovery trend. Saffola oils saw 8 per cent revenue growth supported by mid-single-digit volume expansion, while the foods portfolio grew 16 per cent year-on-year and crossed Rs 1,000 crore in annual revenue.
Management indicated that copra prices have declined by up to 35 per cent from peak levels and are expected to remain rangebound, offering margin support.

Marico Share Price Target: Brokerages raise targets, maintain positive stance

Following the results, multiple global and domestic brokerages reiterated positive ratings on Marico and raised their target prices:

Motilal Oswal Financial Services: Maintained Buy with a target price of Rs 950, implying around 15 per cent upside from current levels.

Jefferies: Maintained Buy; target raised to Rs 960 from Rs 900.

JP Morgan: Maintained Overweight; target raised to Rs 900 from Rs 830.

Goldman Sachs: Maintained Buy; target raised to Rs 900 from Rs 860.

Macquarie: Maintained Outperform; target raised to Rs 880 from Rs 870.

HSBC: Maintained Buy; target raised to Rs 950 from Rs 940.

Citi: Maintained Buy; target raised to Rs 940 from Rs 900. The brokerage highlighted strong Q4 performance, improving growth visibility and benefits from lower copra prices. It expects around 11 per cent revenue CAGR and 16 per cent EPS CAGR over FY26–29.

Morgan Stanley: Maintained Overweight with a target price of Rs 934. It cited strong trends in Q4 and a positive FY27 outlook, with expectations of high-teens EBITDA growth.

CLSA: Maintained Reduce rating; target raised to Rs 519 from Rs 507, remaining the only major cautious view among brokerages.

Analysts broadly pointed to sustained growth momentum, easing input cost pressures and diversification across categories as key positives for the company.

Growth outlook remains strong

Marico has guided for revenue to cross Rs 150 billion by FY27 and Rs 200 billion by FY30, with a target of delivering double-digit revenue growth over the medium term.

Brokerages expect revenue and EBITDA to grow at a CAGR of around 12 per cent and 19 per cent, respectively, over FY26–28, supported by volume expansion and international business growth.

Dividend announced

The company has recommended a final dividend of Rs 4 per equity share of face value Rs 1 for FY26, subject to shareholder approval at the upcoming Annual General Meeting.

The record date has been fixed as July 30, 2026, and the dividend is expected to be paid on or before September 5, 2026.