Financials Marico Limited

Equities

MARICO

INE196A01026

Food Processing

Market Closed - Bombay S.E. Other stock markets 03:30:46 07/07/2025 pm IST			5-day change	1st Jan Change
729.25 ^INR	+0.05%		+0.96%	+14.04%

04/07	INDIA STOCKS-Indian shares flat as investors weigh Jane Street ban, trade developments	RE
03/07	India's Marico estimates low-twenties percentage quarterly revenue growth	RE

Projected Income Statement: Marico Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	73,150	80,480	95,120	97,640	96,530	1,08,310	1,22,408	1,33,671
Change	-	10.02%	18.19%	2.65%	-1.14%	12.2%	13.02%	9.2%
EBITDA ¹	14,690	15,890	16,810	18,100	20,260	21,390	24,188	27,444
Change	-	8.17%	5.79%	7.67%	11.93%	5.58%	13.08%	13.46%
EBIT ¹	13,290	14,500	15,420	16,550	18,680	19,610	22,038	25,248
Change	-	9.1%	6.34%	7.33%	12.87%	4.98%	12.38%	14.57%
Interest Paid ¹	-500	-340	-390	-560	-730	-530	-555.6	-553.8
Earnings before Tax (EBT) ¹	13,740	15,230	16,010	17,430	19,370	21,160	23,794	27,154
Change	-	10.84%	5.12%	8.87%	11.13%	9.24%	12.45%	14.12%
Net income ¹	10,210	11,720	12,250	13,020	14,810	16,290	18,165	20,546
Change	-	14.79%	4.52%	6.29%	13.75%	9.99%	11.51%	13.11%
Announcement Date	04/05/20	30/04/21	05/05/22	05/05/23	06/05/24	02/05/25	-	-

¹INR in Million

Estimates

Fiscal Period: March	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	21,660	18,290	18,240	14,960	19,250	19,890	21,220	20,120	25,250	24,190	24,070	21,610	25,580	24,960	24,700	22,400	24,770	24,760	24,220	22,780	26,430	26,791	27,453	26,627	32,043	31,921	31,345	29,173
Change	-	-15.56%	-0.27%	-17.98%	28.68%	3.32%	6.69%	-5.18%	25.5%	-4.2%	-0.5%	-10.22%	18.37%	-2.42%	-1.04%	-9.31%	10.58%	-0.04%	-2.18%	-5.95%	16.02%	1.37%	2.47%	-3.01%	20.34%	-0.38%	-1.8%	-6.93%
EBITDA ¹	4,610	3,540	3,730	2,810	4,670	3,890	4,130	3,190	4,810	4,230	4,310	3,460	5,280	4,330	4,560	3,930	5,740	4,970	5,130	4,420	6,260	5,269	5,390	4,588	6,501	5,932	6,535	5,558
Change	-	-23.21%	5.37%	-24.66%	66.19%	-16.7%	6.17%	-22.76%	50.78%	-12.06%	1.89%	-19.72%	52.6%	-17.99%	5.31%	-13.82%	46.06%	-13.41%	3.22%	-13.84%	41.63%	-15.83%	2.29%	-14.87%	41.68%	-8.75%	10.17%	-14.95%
EBIT ¹	4,260	3,190	3,410	2,430	4,330	3,560	3,770	2,830	4,480	3,900	3,950	3,090	4,920	3,960	4,170	3,500	5,380	4,580	4,710	4,010	5,850	4,924	5,014	4,249	5,962	5,477	5,477	-
Change	-	-25.12%	6.9%	-28.74%	78.19%	-17.78%	5.9%	-24.93%	58.3%	-12.95%	1.28%	-21.77%	59.22%	-19.51%	5.3%	-16.07%	53.71%	-14.87%	2.84%	-14.86%	45.89%	-15.82%	1.82%	-15.26%	40.33%	-8.13%	0%	-
Charge d'intérêts ¹	-120	-130	-120	-130	-90	-80	-70	-100	-80	-100	-100	-110	-100	-150	-140	-170	-170	-200	-190	-170	-170	-132.5	-135	-129	-120	-120	-120	-112
Earnings before Tax (EBT) ¹	4,230	3,410	3,580	2,520	5,050	3,420	3,940	2,830	4,670	4,050	4,070	3,220	4,990	4,000	4,430	4,010	5,670	4,760	4,950	3,990	6,050	5,084	5,299	4,349	6,414	5,787	6,390	5,428
Change	-	-19.39%	4.99%	-29.61%	100.4%	-32.28%	15.2%	-28.17%	65.02%	-13.28%	0.49%	-20.88%	54.97%	-19.84%	10.75%	-9.48%	41.4%	-16.05%	3.99%	-19.39%	51.63%	-15.96%	4.23%	-17.93%	47.48%	-9.78%	10.42%	-15.05%
Net income ¹	3,080	2,470	2,720	1,940	3,810	2,640	3,070	2,190	3,560	3,090	3,100	2,510	3,710	3,010	3,280	3,020	4,270	3,530	3,830	3,180	4,640	3,834	4,045	3,338	4,891	4,810	4,727	4,059
Change	-	-19.81%	10.12%	-28.68%	96.39%	-30.71%	16.29%	-28.66%	62.56%	-13.2%	0.32%	-19.03%	47.81%	-18.87%	8.97%	-7.93%	41.39%	-17.33%	8.5%	-16.97%	45.91%	-17.36%	5.5%	-17.47%	46.52%	-1.65%	-1.73%	-14.13%
Announcement Date	01/08/19	25/10/19	30/01/20	04/05/20	27/07/20	28/10/20	27/01/21	30/04/21	30/07/21	28/10/21	28/01/22	05/05/22	06/08/22	04/11/22	03/02/23	05/05/23	28/07/23	30/10/23	29/01/24	06/05/24	05/08/24	-	-	-	-	-	-	-

¹INR in Million

Estimates

Forecast Balance Sheet: Marico Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-5,750	-12,290	-9,250	-7,260	-6,740	-15,980	-14,430	-18,550
Change	-	-113.74%	24.74%	21.51%	7.16%	-137.09%	-37.32%	-28.55%
Announcement Date	04/05/20	30/04/21	05/05/22	05/05/23	06/05/24	02/05/25	-	-

¹INR in Million

Estimates

Cash Flow Forecast: Marico Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	1,940	1,420	1,320	1,820	1,530	1,610	1,965	2,060
Change	-	-26.8%	-7.04%	37.88%	-15.93%	5.23%	5.29%	4.81%
Free Cash Flow (FCF) ¹	10,240	19,260	8,840	12,370	12,830	12,020	17,125	19,835
Change	-	88.09%	-54.1%	39.93%	3.72%	-6.31%	13.56%	15.82%
Announcement Date	04/05/20	30/04/21	05/05/22	05/05/23	06/05/24	02/05/25	-	-

¹INR in Million

Estimates

Forecast Financial Ratios: Marico Limited

Fiscal Period: March	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	20.08%	19.74%	17.67%	18.54%	20.99%	19.75%	19.76%	20.53%
EBIT Margin (%)	18.17%	18.02%	16.21%	16.95%	19.35%	18.11%	18%	18.89%
EBT Margin (%)	18.78%	18.92%	16.83%	17.85%	20.07%	19.54%	19.44%	20.31%
Net margin (%)	13.96%	14.56%	12.88%	13.33%	15.34%	15.04%	14.84%	15.37%
FCF margin (%)	14%	23.93%	9.29%	12.67%	13.29%	11.1%	13.99%	14.84%
FCF / Net Income (%)	100.29%	164.33%	72.16%	95.01%	86.63%	73.79%	94.27%	96.54%
Profitability
ROA	21.82%	22.37%	22.22%	20.45%	20.62%	20.67%	20.38%	21.43%
ROE	35.3%	37.43%	38.1%	36.43%	38.82%	41.73%	42.95%	44.15%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.65%	1.76%	1.39%	1.86%	1.58%	1.49%	1.61%	1.54%
CAPEX / EBITDA (%)	13.21%	8.94%	7.85%	10.06%	7.55%	7.53%	8.12%	7.51%
CAPEX / FCF (%)	18.95%	7.37%	14.93%	14.71%	11.93%	13.39%	11.48%	10.39%
Items per share
Cash flow per share ¹	9.436	16.02	7.876	10.95	11.08	10.51	14.14	16.29
Change	-	69.79%	-50.84%	39.07%	1.18%	-5.18%	1.08%	15.19%
Dividend per Share ¹	6.75	7.5	9.25	-	9.5	10.5	10.85	12.06
Change	-	11.11%	23.33%	-	-	10.53%	8.53%	11.18%
Book Value Per Share ¹	23.42	25.1	25.95	29.45	29.57	30.65	33.98	37.57
Change	-	7.18%	3.39%	13.47%	0.42%	3.63%	3.7%	10.58%
EPS ¹	7.91	9.08	9.49	10.05	11.43	12.56	14.08	15.91
Change	-	14.79%	4.52%	5.9%	13.73%	9.89%	12.45%	13.03%
Nbr of stocks (in thousands)	12,91,018	12,91,350	12,92,787	12,93,084	12,94,102	12,95,999	12,95,999	12,95,999
Announcement Date	04/05/20	30/04/21	05/05/22	05/05/23	06/05/24	02/05/25	-	-