Marico Q2 Results | Stock market Today: Marico share price surged over 8% on Tuesday, November 3, after the FMCG company reported a strong performance for the September quarter, with a sharp rise in profit, expanding margins and healthy volume growth across its businesses.
The stock jumped as much as 8.4% to an intraday high of ₹865, bringing it jusr 3% away from its 52-week high of ₹889.95, touched in July 2026. It had hit a 52-week low of ₹706.35 in November 2025.
The stock had gained around 10% over the past month, 11% in six months and 19% over the past year. The latest rally followed Marico’s Q2FY27 results, which showed a 31% year-on-year (YoY) increase in consolidated net profit, supported by strong operating performance and a significant improvement in gross margins.
Marico Q2 results: Profit jumps 31%, EBITDA margin expands
Marico reported consolidated net profit of ₹550 crore for Q2FY27, up 31% from the year-ago period. Revenue from operations increased 12% YoY to ₹3,897 crore, compared with ₹3,450 crore in Q2FY26. EBITDA rose 27% to ₹709 crore from ₹560 crore, while the EBITDA margin expanded 200 basis points to 18.2% from 16.2%.
The company’s India business delivered 10% underlying volume growth, while its international business recorded 13% constant currency growth. Gross margin expanded approximately 600 basis points year-on-year, aided by moderation in copra prices and a favourable portfolio mix.
The company expects to deliver revenue growth in the teens in FY27 and comfortably cross the ₹15,000 crore revenue mark. It has also raised its EBITDA growth expectation to the mid-twenties, while targeting double-digit volume growth in India and accelerating international growth in the second half.
Under its Vision 2030 strategy, Marico aims to achieve consolidated revenue of ₹20,000 crore, supported by a mid-teens EBITDA CAGR. It is also looking to increase the contribution of Foods and Premium Personal Care, including digital-first businesses, to around 27% of India revenue by FY27-end and 33% by FY30.
Should you buy Marico shares? What brokerages say
Marico’s strong September-quarter performance has led to a positive outlook on the stock. Analysts have highlighted the company’s healthy volume growth, margin expansion and improved earnings guidance as key positives.
Motilal Oswal Financial Services (MOSL) reiterated its Buy rating on Marico and maintained a target price of ₹975, saying the company remained one of its top picks. The brokerage expects revenue and EBITDA compound annual growth rates (CAGR) of 12% and 18%, respectively, over FY26-29.
MOSL highlighted the company’s improved earnings outlook despite a challenging environment and said the upgraded guidance made the performance noteworthy. It also pointed to Marico’s ambition to cross ₹15,000 crore in FY27 revenue, with mid-twenties EBITDA growth and double-digit domestic volume growth.
“We model a CAGR of 12% in revenue and 18% in EBITDA over FY26-29E. Earnings upgrade is a rare case in such a challenging environment,” MOSL said.
The brokerage also highlighted the company’s international portfolio diversification and Project SETU, an initiative aimed at expanding direct distribution reach in general trade.
Meanwhile, Nirmal Bang upgraded Marico to Buy from Hold and raised its target price to ₹970 from ₹895. It valued the stock at 47 times September 2028 estimated earnings per share, in line with its five-year average price-to-earnings multiple of 47.7 times.
Nirmal Bang said Marico’s Q2 performance was broadly in line with expectations, with revenue marginally below estimates, EBITDA in line and profit after tax ahead of expectations. It cited domestic volume growth, international business performance and gross margin expansion as key positives.
The brokerage also flagged potential risks from crude-linked and vegetable oil inflation amid West Asia tensions, deficient rainfall and the pace of recovery in Bangladesh.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
