Nuvama Wealth Management has significantly raised its target price on Marico shares to ₹2,032 from the previous ₹1,015, implying an upside potential of 145% from the stock's latest closing of ₹803 on the BSE. The brokerage firm has maintained its bullish view on the stock after meeting with the company's MD and CEO Saugata Gupta. The latest target price reflects enhanced confidence in the company's growth prospects, with the stock showing strong momentum despite recent pressure.
According to latest analyst forecasts, Marico is expected to deliver robust financial performance with revenue growth of 21.4% and profit growth of 21.9% for FY27. The company reported revenue of ₹3,957 crore and net profit of ₹652 crore for Q1 FY27 as of June 2026. The MD reiterated a double-digit revenue growth with revenue crossing ₹15,000 crore in FY27 and ₹20,000 crore by FY30. EBITDA margin may expand by 140–150 basis points in FY27, while the international business may grow in mid-teens in constant currency terms.
Marico shares are down 3% so far in September after an almost 5% decline in August when it snapped its four-month winning streak. As reported by Mint, the stock has been under pressure lately after hitting a 52-week high of ₹889.95 on 31 July. The stock touched a day high of ₹813.9 and low of ₹799.55 in recent trading, with the latest closing at ₹803. Year-to-date, the FMCG stock is still up more than 5% compared to a 12% fall in the equity benchmark Sensex. The stock touched a 52-week low of ₹690.40 on 29 September last year.
According to Nuvama's analysis, the company expects high single-digit India volume growth in FY27, with an 11% rise in Q1FY27 volume representing a 20-quarter high. The company has outperformed top 5 stocks with highest market-cap in Personal Products with revenue increasing from ₹3,360 crore to ₹4,000 crore over the last 2 quarters, showing an average increase of 16.1% per quarter. Net profit has also grown from ₹391 crore to ₹630 crore over the same period, with an average increase of 37.9% per quarter. The stock has a market capitalisation of ₹1,05,822.34 crore and trades at a Price to Earnings ratio of 55.78x.
On the premiumisation trend, Nuvama said Marico targets the salience of the mass segment to reduce to 56% in FY27 and 50% by FY30 versus 63% in FY26, while that of the premium segment is likely to increase from 37% in FY26 to 50% in FY30. According to Mint, India revenue share of the foods and premium personal care portfolios will expand to nearly 27% in FY27 compared to the earlier guidance of 25% and nearly 33% by FY30 versus 23% in FY26. The company's top products include edible oils, hair oils, skin care, health supplements, and food products, with popular brands including Parachute, Saffola, Hair & Care, Nihar, Livon, Set Wet, and Mediker.
