Marico targets ₹20,000 cr by FY30 as digital bets deepen

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Marico is on track to achieve its full-year aspirations as it advances towards Vision 2030, guided by its “Fewer, Bigger, Bolder and Faster” strategy

By Amit Vijay Mohile

Updated - November 03, 2026 at 06:36 PM.

Marico is pursuing its full-year growth ambitions and advancing towards Vision 2030, guided by its ‘Fewer, Bigger, Bolder and Faster’ philosophy. The FMCG major is banking on acquisitions, profitable digital-first businesses, and artificial intelligence-led distribution to achieve ₹20,000 crore in consolidated annual revenue by FY30, up from ₹13,478 crore in FY26.

As per the analyst call, the ambition requires ₹6,522 crore in additional annual revenue over four years, implying compounded growth of approximately 10.4 per cent. Marico is also targeting mid-teens annual EBITDA growth as it seeks to reduce its reliance on commodity-linked coconut and edible oils.

“The strength of our first-half performance underscores Marico’s evolution into a more resilient and diversified business, with several growth engines and a proven ability to deliver strong growth across commodity cycles,” said Saugata Gupta, Managing Director and CEO.

Marico deepens investment in Plix

In a recent exchange filing, Marico announced that it had increased its stake in Satiya Nutraceuticals Private Ltd, which owns the plant-based nutrition and personal care brand Plix, from 60 per cent to 84.09 per cent following the acquisition of an additional 24.09 per cent stake for ₹1,012.03 crore. The company will acquire the remaining 14.09 per cent stake held by the founders and certain other shareholders in July 2027, subject to the terms and conditions of the definitive agreements.

From commodity exposure to higher-margin categories

Marico’s investor update outlines a shift toward categories offering stronger unit economics, lower cyclicality and better operating leverage.

Foods and premium personal care, including digital-first businesses, are expected to contribute approximately 27 per cent of India's revenue by the end of FY27, rising to 33 per cent by FY30.

Digital-first businesses are targeted to achieve double-digit EBITDA margins by FY27-end, expanding into the teens over the medium term.

“Robust momentum across the portfolio and several businesses reaching new highs, alongside multi-quarter high operating profit growth reflect the strength of our franchise and execution,” Gupta said.

AI-led distribution to take newer brands deeper into retail

Project SETU 2.0 will deploy AI-led capabilities for assortment selling, sales-force enablement and store execution, alongside dedicated distribution for foods and premium personal care.

The original programme expanded Marico’s direct distribution reach to more than 1.5 times FY24 levels. Its next phase aims to improve product availability and accelerate the scale-up of newer categories.

Marico has also extended the SETU model to Vietnam, where initial results are encouraging, and recently introduced it in Bangladesh.

Vietnam, the Middle East, North Africa, and South Africa to reduce reliance on Bangladesh

Marico expects non-Bangladesh markets to contribute approximately 65 per cent of international revenue by FY30, against 55 per cent in FY26 and 50 per cent in FY20.

Vietnam, the Middle East and North Africa, and South Africa are expected to drive diversification. Premium categories, including skincare, shampoos and baby care, are targeted to contribute 40 per cent of overseas revenue by FY30, up from 30 per cent in FY26.

Growth ambition now faces a profitability test

The strategy hinges on scaling newer businesses profitably, expanding distribution and sustaining international growth while reducing commodity exposure.

“With multiple growth engines firing and sustained investments behind our brands, people and capabilities, we are well positioned to sustain this momentum and build an even stronger Marico for the future,” Gupta said.

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