Marico Limited (MARICO.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+33.7%

₹1,154.74

vs ₹863.95 price

Levered DCF

₹1,038.91

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	54.03×	51.43×	43.26×	47.6×	53.08×	45.3×	34.7×	40.14×
P/B	22.61×	21.13×	16.72×	16.31×	19.42×	16.38×	11.73×	14.96×
P/S	6.99×	7.82×	6.69×	6.4×	6.88×	6.64×	4.89×	6.17×
EV / EBITDA	37.63×	36.16×	30.04×	32.32×	37.07×	31.71×	23.19×	31.79×
Gross margin	36.3%	47.0%	47.7%	42.1%	39.6%	43.3%	62.9%	57.4%
Operating margin	15.6%	18.3%	19.5%	17.1%	16.3%	18.2%	18.3%	16.4%
Net margin	12.9%	15.2%	15.5%	13.4%	13.0%	14.7%	14.1%	15.3%
Current ratio	1.43×	2.07×	1.64×	1.57×	1.63×	1.66×	1.78×	1.9×
Debt / equity	0.13×	0.14×	0.14×	0.16×	0.14×	0.16×	0.17×	0.12×
Interest coverage	40.11×	37.06×	25.59×	29.57×	39.51×	42.71×	26.62×	29.88×
Dividend yield	1.0%	0.5%	1.9%	0.9%	1.8%	1.9%	2.9%	1.5%
Payout ratio	51.5%	27.8%	83.0%	44.7%	97.6%	87.8%	100.5%	61.2%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	41.9%	41.0%	38.6%	34.3%	36.6%	36.2%	33.8%	37.1%
Return on invested capital	26.4%	24.4%	26.8%	25.0%	30.0%	29.5%	28.2%	31.3%
Return on assets	17.5%	19.5%	20.0%	18.7%	21.2%	21.3%	20.4%	23.5%
Free cash flow yield	1.8%	1.4%	2.0%	2.0%	1.4%	3.6%	2.9%	1.9%
Earnings yield	1.9%	1.9%	2.3%	2.1%	1.9%	2.2%	2.9%	2.5%
Enterprise value	₹952.7B	₹842.2B	₹643.7B	₹623.7B	₹652.1B	₹534.6B	₹358.8B	₹451.7B
Net debt / EBITDA	0.03×	0.1×	0.14×	0.21×	0.12×	0.24×	0.28×	0.21×
Cash conversion cycle (days)	34	35	27	26	30	17	88	88