Marico share price: Q4 FY26 sparks 18% upside calls

Why Marico is back in focus

Marico Ltd moved into the spotlight after reporting a strong set of Q4 FY26 numbers, triggering a fresh round of brokerage notes and target-price upgrades. The stock surged in early trade on Wednesday, May 6, and hit a record high on the NSE during the session. Multiple brokerages reiterated positive views, with many calling for further upside from current market levels. The broad range of targets reflects differences in assumptions on volume growth, margins, and commodity inflation. Even so, the overall tone across brokerages remained constructive after the quarterly print.

What the Q4 FY26 numbers showed

Different market reports cited slightly different headline figures for the quarter. One report said Marico’s consolidated net profit rose 18.26% year-on-year to INR 408 crore for the March quarter of FY26. Another report said net profit rose 14% to INR 391 crore, broadly in line with market expectations of around INR 392 crore. On the revenue side, consolidated revenue was reported to have increased 22.1% year-on-year to INR 3,333 crore, beating estimates in that report. Separately, the company also highlighted FY26 performance trends, including what was described as the highest volume growth in seven years during FY26.

Stock action: record high and heavy volumes

Marico shares gained sharply after the result. The stock opened 2.3% higher at INR 826.20 and rose to an intraday and record high of INR 843.15 on the NSE. At around 10:20 AM, the stock was up 2.1% at INR 824.60. Another update said shares were last trading 2.66% higher at INR 828.65. Trading activity was strong, with about 2.5 million shares changing hands in the session mentioned. Marico was also cited as the top gainer in the Nifty FMCG pack even as that index was down 0.4% at the time.

Brokerage targets: upside estimates after results

Brokerages issued or reiterated ratings with target prices largely clustering between INR 860 and INR 955 in one compilation, implying upside of about 6.6% to 18.3%. Some global brokerages cited elsewhere were even higher, with Jefferies raising its target to INR 960 from INR 900, and Citi hiking its target to INR 940 from INR 900.

What Nirmal Bang, Goldman Sachs, Elara highlighted

Nirmal Bang maintained a ‘Hold’ rating with a target of INR 860, and said the company’s growth story remains strong but near-term upside could be limited due to margin pressure and commodity inflation. Goldman Sachs maintained a ‘Buy’ with a target of INR 900 and pointed to 9% volume growth in India, while also noting expectations of improvement in gross margins. Elara Capital kept an ‘Accumulate’ stance with a target of INR 922 and said new growth drivers in the food and premium personal care portfolio could support double-digit revenue growth in FY27.

Morgan Stanley, Axis Capital, Nomura: growth and guidance cues

Morgan Stanley reiterated an ‘Overweight’ call with a target of INR 934, citing strong growth in segments such as Parachute and value-added hair oils, along with a continuing margin expansion trend. Axis Capital upgraded its view from ‘Reduce’ to ‘Add’ and set a target of INR 880, linking its stance to better guidance and improved clarity on growth. Nomura maintained a ‘Buy’ rating with a target of INR 950 and flagged improved guidance as a key positive, alongside expectations of strong growth in Parachute and related segments.

Motilal Oswal and Nuvama: valuation comfort and portfolio breadth

Motilal Oswal Financial Services (MOFSL) maintained a ‘Buy’ rating with a target price of INR 950, noting this was based on 50x March 28E EPS, and said the target implied about 15% upside from the prevailing market price in that note. In another reference point within the provided material, MOFSL was also quoted setting a target of INR 900, implying 22% upside, based on a 50x P/E multiple estimated for FY28. Nuvama reiterated a ‘Buy’ and set a target of INR 955, highlighting the benefits of a diversified portfolio and international growth, while also pointing to risks in rural demand and the edible oils segment.

Company outlook: FY27 growth and longer-term targets

Marico indicated a positive business outlook and said it expects to sustain high single-digit volume growth in FY27. It also guided to mid-teen constant currency growth in international markets. The company said it aims to deliver double-digit revenue growth to cross INR 15,000 crore in topline next year, subject to macro conditions. It also outlined an aspiration to achieve high-teen EBITDA growth, again linked to stable macroeconomic conditions. Over a longer horizon, Marico reiterated an ambition to scale towards an INR 20,000 crore topline by 2030, anchored on volume expansion, premiumisation, and international growth.

Market context: FMCG moves and the index picture

On the day highlighted, the Nifty FMCG pack was reported to be down 0.4% even as Marico outperformed. Meanwhile, the Nifty 50 was up 152 points or 0.63% at 24,184 at the time referenced. The mix of index weakness and stock-specific strength suggested the move was driven mainly by company earnings and guidance rather than broad sector risk-on sentiment. The company’s market capitalisation was also cited at about INR 1,07,590.58 crore in one report, underscoring its position among larger listed FMCG names.

Key numbers at a glance

What investors will watch next

After a sharp move to a record high, the next set of updates that matter are execution against FY27 volume-growth commentary and how margins track amid commodity moves. Brokerages have also repeatedly linked their calls to guidance clarity, which means any change in demand trends or pricing power can shift forecasts quickly. The range of targets from INR 860 to INR 960 shows that the market is still debating the balance between growth visibility and valuation comfort. For now, the key facts are clear: the stock reacted strongly to Q4 FY26, and most brokerages tracked in the provided material stayed positive.

Conclusion

Marico’s Q4 FY26 results, combined with an upbeat FY27 outlook, pushed the stock to fresh highs and prompted brokerages to reiterate buy calls with targets implying up to about 18% upside in one widely shared list. Investors will likely focus on follow-through in volumes, margin trajectory, and delivery against the company’s stated topline aspirations for the next year and toward 2030.