Marico shares can rise another 16%, courtesy of Oats, Plix and D2C: HSBC

Global brokerage firm HSBC has maintained a ‘Buy’ recommendation on FMCG major Marico Ltd. and raised its price target to ₹850 per share. This target implies a potential upside of 16% from Wednesday’s closing price.

While the company has multiple elements in its foods business, HSBC expects Oats and Plix to be the key growth drivers.

The company’s D2C (Direct-to-Consumer) portfolio is also expected to deliver stable growth and margin.
Marico’s last quarter results were mixed in comparison to estimates. The company reported a volume growth of 7% for the January-March quarter, which is higher than expectations of a 5% to 6% growth from last year.

For the March quarter, Marico reported revenue growth of 19.8% to ₹2,730 crore. Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) increased by 3.6% on a year-on-year basis to ₹458 crore. EBITDA margin for the quarter narrowed over 250 basis points to 16.8%.

Shares of Marico Ltd. are trading 0.18% lower at ₹729. The stock has risen 13% so far in 2025.