Synopsis: Marico is targeting Rs. 20,000 crore in revenue by FY30 through premiumisation, digital-first brands, food expansion, and a stronger e-commerce presence. The company aims to accelerate long-term growth by expanding its market opportunity and focusing on higher-margin businesses.
The shares of this company, one of India’s leading consumer goods companies operating in the global beauty and wellness categories are in the spotlight after the company is targeting Rs. 20,000 crore in revenue by FY30 and Rs. 15,000 crore in FY27 through premiumisation, digital-first brands, and etc.
With a market capitalisation of Rs. 1,10,804 cr, the shares of Marico Ltd were trading at Rs. 853.40 per share, down from its previous close of Rs. 859.40 per share. The stock has delivered returns of 17% over the past year, 12% year-to-date, 13% over the last six months, and 4% in the past month.
Revenue Targets & Vision 2030
Home-grown FMCG major Marico has set ambitious growth targets for the coming years. The company is actively aiming to hit a revenue milestone of Rs. 15,000 crore in FY27. Looking further ahead under its “Vision 2030” strategy, Marico plans to scale its revenues to Rs. 20,000 crore over the next four years. This trajectory follows a significant growth jump from Rs. 10,831 crore in FY25 to Rs. 13,611 crore in FY26.
To fuel this expansion, Marico is shifting its focus toward a premiumisation strategy, portfolio expansion, and technology-led investments. Management expects its Total Addressable Market (TAM) to triple by FY30 compared to previous baselines, having already nearly doubled its TAM since FY22. At a consolidated level, Marico is targeting double-digit revenue growth alongside a mid-teens compound annual growth rate (CAGR) in EBITDA.
Digital-First Portfolio Success
Marico’s digital-first brands have shown rapid acceleration, exiting FY26 with an annualized revenue run rate of over Rs. 1,100 crore, outperforming initial internal expectations. Brands like Beardo and Plix have already achieved profitability. The company aims for the entire digital-first portfolio to secure a mid-teens EBITDA margin by FY30, leveraging an agile innovation approach and improved unit economics.
Scaling the Foods Business
The company’s foods segment crossed the Rs. 1,000-crore revenue milestone in FY26. Moving forward, Marico aims to scale this portfolio to 15 times its FY20 revenues by the year 2030. This expansion will be driven by deliberate innovation and a focused strategy centered on building fewer, larger, and more profitable brands.
Combined, the Foods and Premium Personal Care segments (including digital-first brands) currently account for roughly 23% of Marico’s domestic revenue. The company expects this share to grow to one-third of domestic revenues by FY30. In terms of modern distribution, quick commerce has expanded to comprise 5% of its India business, while overall digital channels including e-commerce and direct-to-consumer (D2C) platforms, contribute about 20%.
India Business Delivers Broad-Based Growth Across Key Categories
Marico’s India business witnessed healthy momentum during the quarter, led by strong performance across its core and premium portfolios. Parachute Rigids reported 29% revenue growth, while underlying volumes grew in the low single digits after adjusting for pack-size changes. Value-Added Hair Oils continued to outperform with 26% value growth, supported by around 100 basis points gain in value market share.
The company’s Saffola Edible Oils business recorded 8% revenue growth, driven by mid-single-digit volume expansion and an increasing focus on premium products. Meanwhile, the Foods portfolio grew 16% year-on-year, crossing the ₹1,000 crore revenue milestone, aided by strong growth in the core Saffola foods business and acquisitions of Cosmix and 4700BC.
Marico also continued to strengthen its premium personal care business. The Premium Personal Care portfolio, including premium hair nourishment, male grooming, skincare, and digital-first brands, ended the year with around ₹350 crore in revenue.
International Business Sees Strong Growth Led by Bangladesh and Vietnam
Marico’s international business delivered a mixed performance during the quarter, with Bangladesh reporting 35% constant currency growth (CCG), driven by its strong core portfolio and rapid expansion of new product franchises. Vietnam also maintained its growth momentum, posting 18% CCG, while South Africa recorded 8% CCG, supported by robust demand in the hair care segment.
The Middle East and North Africa (MENA) business declined 7% due to temporary supply chain disruptions caused by ongoing geopolitical tensions in the Gulf region. However, Egypt continued to perform well, registering high-teens growth, while the New Country Development (NCD) and Exports business posted a strong 46% growth during the quarter.
In conclusion, Marico’s ambition to reach Rs. 20,000 crore in revenue by FY30 is being driven by a combination of premiumisation, rapid growth in its digital-first brands, expansion of its foods portfolio, and increasing contribution from e-commerce and quick commerce.
With a sharper focus on high-margin categories and technology-led innovation, the company is positioning itself for long-term, sustainable growth. The success of its Vision 2030 strategy will depend on its ability to consistently execute these growth initiatives and maintain momentum across its key business segments.
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