Marico eyes 2x revenue to Rs 200 bn by FY30 on foods and digital-first brands
Marico aims to double revenue from Rs 108 bn (FY25) to Rs 200 bn by FY30, powered by a 25% foods CAGR (oats, honey, millets), premium personal care, and digital brands Beardo and Plix. Project SETU targets 1 million direct outlets to revive VAHO. Digital-first ARR target Rs 10 bn by FY26.
What happened
Marico targets doubling revenue to Rs 200 billion by FY30, driven by foods portfolio (oats, honey, millets), premium personal care, and digital-first brands
Key facts
- Rs 200 billion FY30 revenue target
- Rs 108 billion FY25 revenue
- 25% foods CAGR
- 1 million direct retail outlets
- Rs 10 billion ARR target FY26
- A&P 10.4% of revenue
- target price Rs 815
Why this matters
Marico's aggressive foods and digital-brand expansion (Beardo, Plix) signals appetite for further acqui-hire or bolt-on deals in oats, honey, millets, and D2C personal care to hit the 25% foods CAGR.
What to watch
- Quarterly foods segment CAGR vs 25% run-rate
- Beardo + Plix ARR progress toward Rs 10 bn by FY26
- VAHO volume recovery and SETU direct-outlet count milestones
- Gross margin trend vs copra/edible oil input costs
- Rural vs urban demand recovery signals
- Accelerate M&A / bolt-on acquisitions in foods and D2C to buy growth toward the 25% CAGR
- Scale Project SETU outlet coverage and invest in general trade to defend VAHO share
- Push premiumization and price/mix in core to protect gross margins against input costs
- Ring-fence digital brand P&Ls with ARR and profitability milestones to reassure investors