Marico Limited, a prominent Indian consumer goods company, holds a strong presence in the global beauty and wellness sectors. It operates in more than 25 countries, focusing on emerging markets in Asia and Africa. The company takes pride in developing and promoting top brands in various segments, including hair care, skin care, edible oils, healthy foods, male grooming, and fabric care.
As investors, we are constantly searching for a good deal as the stock market is constantly buzzing with fresh prospects. Marico is one such business that has attracted the interest of investors. The business has long been a favorite with investors thanks to its steady development in sales and profits.
Everyone is wondering, as we look to the future, what Marico’s share price target is between 2024 and 2030. Is it wise to acquire this stock?
To forecast where the stock will go in the coming ten years, we will examine the company’s financial statements and examine its historical performance in this article.
Marico Q4 FY23-24: Net Profit Rises 4.9% to Rs 320 Crore, Revenue Up 1.69%
- Marico Ltd reported a consolidated net profit of Rs 320 crore for Q4 FY23-24, up 4.9% from the previous year.
- Revenue increased by 1.69% year-on-year to Rs 2,278 crore.
- EBIDTA rose by 12.5% to Rs 442 crore, with an EBIDTA margin of 19.4%, up by 190 basis points.
- The company declared a second interim dividend of Rs 6.50 per equity share, totaling Rs 9.50 per share for the fiscal year.
- Marico’s domestic business showed resilience, with 75% gaining or sustaining market share on a Moving Annual Total (MAT) basis.
- Mid and premium segments, including value-added hair oils, performed well, with the foods portfolio expected to double in scale by FY27.
- Despite sectoral challenges, Marico remains optimistic, focusing on urban-centric and premium portfolios through organized retail and e-commerce channels.
- The company prioritizes General Trade channel enhancement through initiatives like Project SETU, aiming to expand reach to 1.5 million outlets by FY27.
- Marico aims for double-digit revenue growth, driven by outperformance in core portfolios and accelerated growth in foods and premium personal care.
- Operating margins are expected to improve in the medium term, supported by leverage benefits and premiumization efforts across both India and international businesses.
Below are the trading platforms that you can use to purchase Marico shares:
➤ Zerodha
➤ Upstox
➤ Groww
➤ AngelOne
➤ ICICIDirect
| When | Maximum Price | Minimum Price |
| May 2024 | 598.00 | 520.00 |
| June 2024 | 619.53 | 538.72 |
| July 2024 | 613.34 | 533.34 |
| August 2024 | 637.87 | 554.67 |
| September 2024 | 663.39 | 576.86 |
| October 2024 | 650.38 | 565.55 |
| November 2024 | 676.39 | 588.17 |
| December 2024 | 683.16 | 594.05 |
In May 2024, Marico’s stock is expected to reach a maximum price of 598.00 and a minimum price of 520.00 per share, reflecting potential fluctuations in value. As the months progress, the stock’s price is projected to fluctuate, with December 2024 anticipating a maximum price of 683.16 and a minimum price of 594.05 per share.
| When | Maximum Price | Minimum Price |
| January 2025 | 689.99 | 530.76 |
| February 2025 | 696.96 | 536.12 |
| March 2025 | 711.59 | 547.38 |
| April 2025 | 704.55 | 541.96 |
| May 2025 | 684.03 | 526.18 |
| June 2025 | 714.81 | 549.85 |
| July 2025 | 700.79 | 539.07 |
| August 2025 | 722.47 | 555.74 |
| September 2025 | 731.14 | 562.41 |
| October 2025 | 750.15 | 577.04 |
| November 2025 | 768.90 | 591.46 |
| December 2025 | 803.50 | 618.08 |
In January 2025, Marico is projected to witness a maximum price of 689.99 and a minimum price of 530.76. As the year progresses, prices are expected to fluctuate. By December, Marico’s maximum price is anticipated to soar to 803.50, with a minimum of 618.08, indicating significant volatility in the market.
| When | Maximum Price | Minimum Price |
| January 2026 | 827.61 | 636.62 |
| February 2026 | 806.92 | 620.70 |
| March 2026 | 823.05 | 633.12 |
| April 2026 | 839.85 | 646.04 |
| May 2026 | 831.54 | 639.64 |
| June 2026 | 852.32 | 655.63 |
| July 2026 | 835.61 | 642.78 |
| August 2026 | 861.45 | 662.66 |
| September 2026 | 878.68 | 675.91 |
| October 2026 | 901.53 | 693.48 |
| November 2026 | 924.07 | 710.82 |
| December 2026 | 947.17 | 728.59 |
| When | Maximum Price | Minimum Price |
| January 2027 | 956.64 | 735.88 |
| February 2027 | 981.17 | 754.75 |
| March 2027 | 1,019.44 | 784.18 |
| April 2027 | 999.45 | 768.81 |
| May 2027 | 970.34 | 746.41 |
| June 2027 | 1,014.00 | 780.00 |
| July 2027 | 994.12 | 764.71 |
| August 2027 | 1,024.87 | 788.36 |
| September 2027 | 1,060.74 | 815.95 |
| October 2027 | 1,088.32 | 837.17 |
| November 2027 | 1,115.52 | 858.09 |
| December 2027 | 1,143.41 | 879.55 |
| When | Maximum Price | Minimum Price |
| January 2028 | 1,166.28 | 897.14 |
| February 2028 | 1,196.18 | 920.14 |
| March 2028 | 1,242.84 | 956.03 |
| April 2028 | 1,218.47 | 937.28 |
| May 2028 | 1,182.98 | 909.98 |
| June 2028 | 1,236.21 | 950.93 |
| July 2028 | 1,211.97 | 932.29 |
| August 2028 | 1,249.45 | 961.12 |
| September 2028 | 1,293.19 | 994.76 |
| October 2028 | 1,326.81 | 1,020.62 |
| November 2028 | 1,359.98 | 1,046.14 |
| December 2028 | 1,393.98 | 1,072.29 |
| When | Maximum Price | Minimum Price |
| January 2029 | 1,421.86 | 1,093.74 |
| February 2029 | 1,458.32 | 1,121.78 |
| March 2029 | 1,515.19 | 1,165.53 |
| April 2029 | 1,485.48 | 1,142.68 |
| May 2029 | 1,442.21 | 1,109.40 |
| June 2029 | 1,507.11 | 1,159.32 |
| July 2029 | 1,477.56 | 1,136.59 |
| August 2029 | 1,523.26 | 1,171.74 |
| September 2029 | 1,576.57 | 1,212.75 |
| October 2029 | 1,617.57 | 1,244.28 |
| November 2029 | 1,658.00 | 1,275.39 |
| December 2029 | 1,699.45 | 1,307.27 |
| When | Maximum Price | Minimum Price |
| January 2030 | 1,733.44 | 1,333.42 |
| February 2030 | 1,777.89 | 1,367.61 |
| March 2030 | 1,847.23 | 1,420.95 |
| April 2030 | 1,811.01 | 1,393.08 |
| May 2030 | 1,758.26 | 1,352.51 |
| June 2030 | 1,837.38 | 1,413.37 |
| July 2030 | 1,801.36 | 1,385.66 |
| August 2030 | 1,857.07 | 1,428.51 |
| September 2030 | 1,922.06 | 1,478.51 |
| October 2030 | 1,972.04 | 1,516.95 |
| November 2030 | 2,021.34 | 1,554.88 |
| December 2030 | 2,071.87 | 1,593.75 |
As we step into January 2030, Marico is expected to witness a maximum price of 1,733.44 and a minimum price of 1,333.42. Throughout the year, Marico’s prices are projected to experience steady growth, with December seeing a significant increase to a maximum of 2,071.87 and a minimum of 1,593.75, highlighting a Strong performance in the market.
Financial Condition of Marico: Last 5 years
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | |
| Sales + | 7,315 | 8,048 | 9,512 | 9,764 | 9,653 |
| Expenses + | 5,846 | 6,459 | 7,831 | 7,954 | 7,627 |
| Operating Profit | 1,469 | 1,589 | 1,681 | 1,810 | 2,026 |
| OPM % | 20% | 20% | 18% | 19% | 21% |
| Other Income + | 95 | 107 | 98 | 144 | 142 |
| Interest | 50 | 34 | 39 | 56 | 73 |
| Depreciation | 140 | 139 | 139 | 155 | 158 |
| Profit before tax | 1,374 | 1,523 | 1,601 | 1,743 | 1,937 |
| Tax % | 24% | 21% | 22% | 24% | 22% |
| Net Profit + | 1,043 | 1,199 | 1,255 | 1,322 | 1,502 |
| EPS in Rs | 7.91 | 9.08 | 9.48 | 10.07 | 11.44 |
| Dividend Payout % | 85% | 83% | 97% | 45% | 83% |
Marico has showcased consistent growth in sales over the past five years, with figures rising from 7,315 in March 2020 to 9,653 in March 2024. Concurrently, expenses have also seen an upward trajectory, albeit with fluctuations, reaching 7,627 in March 2024. This growth in sales coupled with controlled expenses has resulted in a steady increase in operating profit, which rose from 1,469 in March 2020 to 2,026 in March 2024, with an operating profit margin (OPM) peaking at 21% in March 2024.
Furthermore, Marico has demonstrated resilience in generating additional income, with other income figures consistently contributing to the overall profitability. However, the company has experienced a slight increase in interest expenses and depreciation over the years.
Profit before tax has steadily increased from 1,374 in March 2020 to 1,937 in March 2024, highlighting Marico’s ability to maintain profitability amidst evolving market conditions. Despite fluctuations in tax percentages, net profit has shown a positive trend, reaching 1,502 in March 2024.
Earnings per share (EPS) have steadily risen from 7.91 in March 2020 to 11.44 in March 2024, reflecting enhanced value generation for shareholders. Additionally, dividend payout percentages have varied over the years, with a significant decrease in March 2024 compared to the previous year, indicating potential reinvestment or retention of profits for future growth initiatives. Overall, Marico’s financials depict a trajectory of growth and strategic financial management, positioning the company for sustained success in the future.
Sharekhan recommends purchasing Marico with a target price of Rs 620.
FAQS
As of 8th of May 2024, the current share price of Marico is ₹591.
Based on various financial projections and market analysis, the target share price of Marico for 2024-2030 is expected to range between ₹683.16 to ₹2,071.87.
Can Marico reach a target of ₹5,000 by 2025?
As per our price prediction, with annual sales growth of just 10% over the last 3 years, it is difficult for Marico to reach Rs. 5000 by 2025.
How has Marico’s profit and loss statement looked in recent years?
Marico has shown steady growth in its profit and loss statement in recent years, with its net profit increasing from ₹1,043 crores in 2019 to ₹1,502 crores in 2024.
Based on current market trends and financial analysis, Marico shares are considered to be a good investment opportunity for long-term growth potential. However, it is always important to conduct your research and consult with a financial advisor before making any investment decisions.
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Conclusion: Is Marico Industries a good stock to buy in 2024?
In conclusion, Marico Limited emerges as a promising investment opportunity, showcasing robust growth prospects and a resilient financial performance. With a strong presence in the global beauty and wellness sectors and a focus on emerging markets in Asia and Africa, Marico is well-positioned to capitalize on evolving consumer trends and drive sustained revenue growth. The company’s steady development in sales and profits, coupled with its strategic initiatives to expand market reach and enhance operational efficiency, instills confidence among investors. Moreover, the recently reported Q4 FY23-24 results underscore Marico’s solid performance, with a consolidated net profit of Rs 320 crore, representing a 4.9% increase from the previous year, and a revenue growth of 1.69% year-on-year to Rs 2,278 crore. The company’s resilience in domestic business and its strategic focus on key segments bode well for its future growth trajectory. Overall, Marico presents an attractive proposition for investors seeking exposure to a dynamic and innovative player in the consumer goods industry.
What did we learn?
- 1 Marico Q4 FY23-24: Net Profit Rises 4.9% to Rs 320 Crore, Revenue Up 1.69%
- 2 How to purchase Marico shares?
- 3 Marico Share Price Target: 2024 to 2030
- 4 Financial Condition of Marico: Last 5 years
- 5 Sharekhan on Marico share price target
- 6 FAQS
- 7 Conclusion: Is Marico Industries a good stock to buy in 2024?
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