Marico (MRCO IN) – Q2FY27 Result Update – Strong growth outlook despite macro headwinds – Upgrade to ‘BUY’
Published on 02 Nov 2026
We upgrade MRCO from Accumulate to BUY given 1) healthy demand outlook, 2) EBITDA growth guidance raised to mid-20s vs. 20%+ earlier, 3) advancement of Rs200bn revenue target to 2029 vs. 2030 earlier, 4) subdued competitive intensity in Parachute, supporting near-term growth, 5) sustained traction in Foods/FMCG and digital-first brands, and 6) Sustained traction in IBD with all non-Bangladesh markets growing CC sales in double digits. We value MRCO at 45x Sep28 EPS and assign a target price of Rs 958 (Rs940 earlier). Upgrade to Buy
