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Investing.com - CLSA has raised its price target on Marico Ltd (NSE:MRCO) to INR511.00 from INR490.00 while maintaining an Underperform rating on the stock.
The adjustment follows Marico ’s second-quarter fiscal year 2026 results, which showed Ebitda growth of 7%, in line with consensus but 15% below CLSA’s estimate. The company’s India business volume growth came in at 7%, while its Parachute portfolio experienced a 3% volume decline.
Marico management noted that copra prices have decreased 15% from their peak and expects further easing toward the end of FY26. This price reduction, combined with the 60% price hikes already implemented in the Parachute portfolio, is anticipated to positively impact margins.
The company has projected double-digit consolidated Ebitda growth for the second half of fiscal 2026 and expects at least 200 basis points of operating margin expansion in FY27.
CLSA has raised its FY26-28 earnings estimates for Marico by 1%-7% following the company’s performance and outlook, resulting in the higher price target despite maintaining its Underperform recommendation.
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