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Marico has unveiled its Vision 2030, targeting consolidated revenues of Rs.20000cr by FY30

ICICIdirect Research 10 Jul 2026 DISCLAIMER

News: As per annual report FY26, Marico has unveiled its Vision 2030, targeting consolidated revenues of Rs.20000cr by FY30 from Rs.13611cr in FY26, while aspiring to deliver a mid-teen EBITDA CAGR. The company expects revenues to cross Rs.15000cr in FY27, supported by recovery in Parachute volumes, sustained double-digit growth in VAHO, 20-25% growth in premium and digital-first businesses, and healthy momentum in international operations. To achieve this, Marico will focus on strengthening core franchises, scaling high-growth adjacencies, building future-ready digital brands and deepening technology capabilities. The contribution of Foods, Premium Personal Care and Digital-first businesses is expected to increase from 23% to ~33% of India revenues by FY30, while the digital-first portfolio has already crossed an annualised revenue run-rate of Rs.1100cr and is expected to deliver teens EBITDA margins by FY30. Additionally, the international business, contributing ~24% of consolidated revenues, is expected to sustain teens constant currency growth through premiumisation and portfolio diversification.

View: We expect Marico’s revenues to cross Rs.15000cr in FY27, driven by volume recovery in Parachute, sustained double-digit growth in VAHO, consistent 20-25% growth in the Food & PPC business, and healthy growth across the international portfolio. We expect 300-400bps improvement in gross margins and high-teens EBITDA growth in FY27, supported by correction in copra prices, price hikes in VAHO, and digital-first brands achieving double-digit EBITDA margins. While gross margins are expected to improve by 300-400bps, this will be partly offset by ~200bps increase in ad spends, resulting in 100-150bps expansion in EBITDA margins in FY27. We also expect the share of commodity-linked businesses to decline by ~300-400bps by FY28E, which should further support margin expansion. Overall, we expect Revenue/EBITDA/PAT to grow at a CAGR of 13%/21%/22% over FY26-28E.

Impact: Positive

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