Marico targets 2x revenue to Rs 200 billion by FY30 on foods and digital-brand push
Marico aims to double FY25 topline of Rs 108 billion to Rs 200 billion by FY30, driven by VAHO recovery via Project SETU, 25% foods CAGR (oats, honey, millets) and digital-first brands like Beardo, Plix and Just Herbs. GT expansion reaches 1 million direct outlets; Nuvama maintains BUY with Rs 815 target.
What happened
Marico targets doubling revenue to Rs 200 billion by FY30, driven by VAHO recovery via Project SETU, foods growth (oats, honey, millets), and digital-first
Key facts
- Rs 200 billion FY30 revenue target
- Rs 108 billion FY25 topline
- 25% foods CAGR
- 1 million direct retail outlets
- A&P spend 10.4% of revenue
- target price Rs 815
Why this matters
The digital-first stack (Beardo, Plix, Just Herbs) plus foods adjacencies signals continued bolt-on M&A appetite in premium and niche FMCG to accelerate the Rs 200 billion trajectory.
What to watch
- Quarterly foods segment revenue CAGR run-rate vs 25% guidance
- VAHO volume recovery data post Project SETU rollout
- Copra and edible-oil input cost trajectory affecting core margins
- Digital-brand EBITDA breakeven timeline and integration costs
- Direct-reach outlet count progress toward 1 million
- Nuvama and peer analyst target revisions around Rs 815
- Accelerate M&A/stake buys in digital-first brands (Beardo, Plix, Just Herbs) to buy growth
- Ramp foods portfolio SKUs (oats, honey, millets) and premium quick-commerce placement
- Push Project SETU GT expansion metrics in quarterly investor communications
- Rebalance ad/promo spend toward high-growth D2C channels while defending core share