Marico Valuation

Is MARICO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of MARICO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Discounted Cash Flow
Simply Wall St
₹226.05
Fair Value
175.7% overvalued intrinsic discount
38
Number of Analysts

Below Fair Value: MARICO (₹623.3) is trading above our estimate of fair value (₹226.05)

Significantly Below Fair Value: MARICO is trading above our estimate of fair value.


Key Valuation Metric

Which metric is best to use when looking at relative valuation for MARICO?

Key metric: As MARICO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for MARICO. This is calculated by dividing MARICO's market cap by their current earnings.
What is MARICO's PE Ratio?
PE Ratio50.4x
Earnings₹16.04b
Market Cap₹808.04b

Price to Earnings Ratio vs Peers

How does MARICO's PE Ratio compare to its peers?

The above table shows the PE ratio for MARICO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average56x
PATANJALI Patanjali Foods
57.1x29.7%₹656.0b
TATACONSUM Tata Consumer Products
86.7x22.8%₹997.4b
BRITANNIA Britannia Industries
53.4x11.0%₹1.2t
AWL Adani Wilmar
26.8x1.2%₹319.4b
MARICO Marico
50.4x10.6%₹808.0b

Price-To-Earnings vs Peers: MARICO is good value based on its Price-To-Earnings Ratio (50.4x) compared to the peer average (56x).


Price to Earnings Ratio vs Industry

How does MARICO's PE Ratio compare vs other companies in the IN Food Industry?

9 CompaniesPrice / EarningsEstimated GrowthMarket Cap
539594 Mishtann Foods
1.7xn/aUS$67.62m
523371 Mawana Sugars
3.5xn/aUS$37.60m
507315 Sakthi Sugars
2.5xn/aUS$29.25m
519287 Modern Dairies
1.6xn/aUS$13.42m
MARICO 50.4xIndustry Avg. 19.9xNo. of Companies24PE01632486480+
9 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: MARICO is expensive based on its Price-To-Earnings Ratio (50.4x) compared to the Indian Food industry average (20.4x).


Price to Earnings Ratio vs Fair Ratio

What is MARICO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

MARICO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio50.4x
Fair PE Ratio33.5x

Price-To-Earnings vs Fair Ratio: MARICO is expensive based on its Price-To-Earnings Ratio (50.4x) compared to the estimated Fair Price-To-Earnings Ratio (33.5x).


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst MARICO forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₹623.30
₹725.76
+16.4%
9.2%₹800.00₹473.00n/a38
Feb ’26₹694.20
₹723.47
+4.2%
9.3%₹800.00₹473.00n/a38
Jan ’26₹644.00
₹706.82
+9.8%
9.7%₹823.00₹482.00n/a38
Dec ’25₹644.95
₹706.55
+9.6%
9.7%₹823.00₹482.00n/a38
Nov ’25₹645.95
₹708.00
+9.6%
9.7%₹823.00₹482.00n/a38
Oct ’25₹693.65
₹702.58
+1.3%
11.5%₹821.00₹470.00n/a38
Sep ’25₹647.15
₹696.66
+7.7%
11.4%₹801.00₹460.00n/a38
Aug ’25₹674.90
₹633.97
-6.1%
9.9%₹755.00₹460.00n/a39
Jul ’25₹620.50
₹625.33
+0.8%
9.6%₹755.00₹460.00n/a39
Jun ’25₹595.55
₹607.23
+2.0%
7.0%₹678.00₹460.00n/a39
May ’25₹518.00
₹576.00
+11.2%
7.0%₹650.00₹451.00n/a39
Apr ’25₹495.80
₹579.46
+16.9%
6.3%₹650.00₹496.00n/a39
Mar ’25₹524.25
₹579.46
+10.5%
6.3%₹650.00₹496.00n/a39
Feb ’25₹536.00
₹578.18
+7.9%
6.1%₹650.00₹496.00₹694.2038
Jan ’25₹542.25
₹593.46
+9.4%
5.9%₹660.00₹535.00₹644.0038
Dec ’24₹536.90
₹594.40
+10.7%
5.7%₹660.00₹538.00₹644.9538
Nov ’24₹535.05
₹596.09
+11.4%
5.9%₹660.00₹538.00₹645.9537
Oct ’24₹561.65
₹611.17
+8.8%
6.5%₹690.00₹527.00₹693.6535
Sep ’24₹569.35
₹608.14
+6.8%
6.3%₹690.00₹527.00₹647.1537
Aug ’24₹557.70
₹607.73
+9.0%
6.2%₹690.00₹527.00₹674.9037
Jul ’24₹530.95
₹575.57
+8.4%
6.2%₹690.00₹525.00₹620.5035
Jun ’24₹556.30
₹574.29
+3.2%
6.6%₹690.00₹490.00₹595.5535
May ’24₹496.40
₹557.03
+12.2%
6.7%₹650.00₹460.00₹518.0033
Apr ’24₹479.80
₹560.50
+16.8%
6.3%₹650.00₹460.00₹495.8032
Mar ’24₹495.95
₹565.54
+14.0%
6.7%₹650.00₹460.00₹524.2535
Feb ’24₹505.35
₹572.00
+13.2%
6.4%₹645.00₹460.00₹536.0035
Analyst Price Target
Consensus Narrative from 38 Analysts
₹725.12
Fair Value
14.0% undervalued intrinsic discount
38
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.


Discover undervalued companies

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/02/27 01:43
End of Day Share Price 2025/02/27 00:00
Earnings2024/12/31
Annual Earnings2024/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Marico Limited is covered by 82 analysts. 39 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nihal JhamAmbit Capital
Nitin BhasinAmbit Capital
null nullAnand Rathi Shares and Stock Brokers Limited