Marico Limited

MARICO.NS

Household & Personal Products · Consumer Defensive

Price

₹862.00

+2.00 (+0.23%)

Market Cap

₹1.12T

Exchange

National Stock Exchange of India

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Jun 30, 2026

Marico Limited is an Indian consumer goods company that makes everyday products people use at home. Its most famous product is Parachute coconut oil, one of the most recognized hair care brands in India. Marico also sells cooking oils under the Saffola brand, as well as hair serums, skin care products, and foods like oats and honey.

Marico earns money by selling these packaged consumer goods through millions of retail stores, supermarkets, and online platforms. The company operates mainly in India but also has a meaningful presence in Bangladesh, Vietnam, South Africa, and other emerging markets. Its strong brand recognition and wide distribution network — reaching both cities and rural villages — give it a durable competitive edge. The key growth driver is expanding its premium and digital-first product lines, while the main risk is rising raw material costs, particularly copra (dried coconut), which can squeeze profit margins when prices spike.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+21.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+24.6% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (2%)

Research and development spending

Insider Activity

57.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$26.2B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Marico Limited is a rare growth stock that's already generating positive cash flow while growing at 21%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

+0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.29B (2022) → 1.29B (2026)

Score breakdown

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Quality

Gross Margin

46.6%

Healthy — 46.6% gross margin

Operating Margin

19.3%

Healthy — 19.3% operating margin

ROCE

16.4%

Strong — 16.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY

+26.1%

Fast-growing sales (+26.1% YoY)

EPS YoY

+13.1%

Earnings growing (+13.1% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

37%

Weak — only 37% of profit becomes cash

FCF Margin

3.9%

Thin free cash flow (3.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.10

Conservative — low debt load (0.10)

Interest Cover

35.61x

Comfortably covers interest (35.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

59.1x

Expensive — P/E 59.1

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+18.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (59.1 → 40.4)

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Dividends

Dividend Yield

0.46%

Small dividend — 0.46% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+15.1%

Dividend growing fast (15.1% YoY)

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