Marico targets 2x revenue to Rs 200 bn by FY30 on VAHO recovery and foods surge
Marico plans to double topline from Rs 108 bn (FY25) to Rs 200 bn by FY30, driven by Project SETU distribution reaching 1 million outlets and foods growing at 25%+ CAGR. Premium personal-care and digital-first brands (Beardo, Plix, Just Herbs, True Elements) scale ARR. Nuvama maintains BUY at Rs 815 target.
What happened
Marico targets doubling revenue to Rs 200 billion by FY30, driven by VAHO recovery via Project SETU distribution push and rapid foods/premium personal-care
Key facts
- Rs 200 billion FY30 revenue target
- Rs 108 billion FY25 topline
- food CAGR above 25%
- 1 million outlets
- A&P spend 10.4% of revenue
- target price Rs 815
Why this matters
The acquired digital-first portfolio (Beardo, Plix, Just Herbs, True Elements) is now core to premium scaling, signaling continued appetite for bolt-on D2C brands to accelerate the foods and personal-care flywheel.
What to watch
- Quarterly foods segment growth vs 25% CAGR benchmark
- VAHO (Value Added Hair Oils) volume recovery print
- SETU outlet count progression toward 1mn
- Copra/crude prices affecting core margins and value growth
- Digital-first brand ARR and path-to-profitability disclosures
- Marico raises A&P spend on foods and premium PC to defend ARR scaling
- Further bolt-on D2C acquisitions to fill portfolio gaps
- Distribution rerouting via SETU to boost direct reach and outlet velocity
- Street models mid-teens EPS CAGR; sell-side reiterates BUY on execution proof-points