Marico targets 2x revenue to Rs 200 bn by FY30 on foods, digital push
Marico aims to double topline from ~Rs 108 bn (FY25) to Rs 200 bn by FY30, driven by VAHO recovery via Project SETU and 25%+ foods CAGR. Premium and foods to hit 25% of India business by FY27; digital-first brands (Beardo, Plix) to scale ARR to Rs 10 bn in FY26. Direct retail reach targeted at 1 million outlets.
What happened
Marico targets doubling revenue to Rs 200 billion by FY30, driven by VAHO recovery via Project SETU, foods growth (25%+ CAGR), premium personal care and
Key facts
- Rs 200 billion FY30 revenue target
- FY25 topline ~Rs 108 billion
- food inflation 0.99% YoY May
- VAHO mid-to-high single-digit growth FY26
- Parachute ~30% price hike absorbed
- foods CAGR >25%
- premium/foods 25% of India business by FY27
- digital ARR 2.5x FY24
- FY26 target ARR Rs 10 billion
- direct retail reach 1 million outlets
- A&P up 18% to 10.4% of revenue
- target price Rs 815
Why this matters
The aggressive scaling of digital-first brands Beardo and Plix signals appetite for bolt-on D2C acquisitions to accelerate the foods and premium mix toward FY27 targets.
What to watch
- Quarterly foods segment growth vs 25% CAGR guidance
- Plix/Beardo ARR trajectory toward Rs 10 bn in FY26
- VAHO volume recovery data post Project SETU
- Gross margin trend against copra/edible oil input costs
- Direct retail outlet count progression
- Ramp A&P spend behind foods and digital-first brands to defend the 25% mix target
- Bolt-on acquisitions in foods/health & wellness to accelerate inorganic CAGR
- Deepen direct distribution toward 1M-outlet goal via Project SETU rollout
- Selective price hikes in coconut oil to pass through copra inflation