01 — At a Glance
Parachute Oil, But Make It a Venture Fund
- 52-Week High / Low₹814 / ₹593
- Q3 FY26 Revenue₹3,537 Cr
- Q3 FY26 PAT₹460 Cr
- Q3 FY26 EPS₹3.44
- Annualised EPS (Q1–Q3 avg × 4)₹14.09
- Book Value₹31.2
- Price to Book25.2x
- Dividend Yield1.34%
- Debt / Equity0.14x
- Return (1 Year)+28.8%
Opening Snapshot: Marico Q3 FY26: Revenue ₹3,537 Cr (+26.6% YoY), PAT ₹460 Cr (+12% YoY), annualised EPS ₹14.09, and a P/E of 55.7x — which means investors are paying ₹55 for every ₹1 of earnings because they believe Parachute coconut oil will somehow fund the next wave of D2C brands in Vietnam, India, and the Middle East. The Mariwala family is 58.9% along for this ride. CRISIL says AAA/Stable. The stock is up 28.8% in one year. Boring this is not.
02 — Introduction
The Coconut Oil Company That Developed an Identity Crisis (In a Good Way)
Let us set the scene. It is February 2026. A company that has sold coconut oil in round green bottles since before your parents were born has just announced it acquired a popcorn startup, a plant-based protein powder brand, and a Vietnamese skin care business — all within the span of about two weeks. Meanwhile, its Q3 FY26 numbers came out showing ₹3,537 Cr in revenue, up 26.6% year-on-year. Revenue growth numbers that most FMCG companies would tattoo on their boardroom walls.
Welcome to Marico Limited. Born in 1988. Parachute is the crown jewel — a coconut oil brand with 63% volume market share in India. Saffola is the health-anxious uncle who switched to low-cholesterol cooking oil before it was fashionable. And then there’s everything else: Beardo, Plix, True Elements, Kaya, Just Herbs, Cosmix, 4700BC, and now a company called Skinetiq in Vietnam that nobody had heard of until Marico paid ₹262 crore for 75% of it.
The core business still generates the cash. The new businesses are still finding their footing. Management calls this becoming a “digital-first consumer powerhouse.” Shareholders call it exciting. Auditors call it manageable. And we at EduInvesting call it exactly what it is — a 35-year-old oil company that just decided to go to business school, do an MBA, and immediately start angel investing.
The numbers are real. The ambition is audacious. And the stock at 55.7x annualised earnings says the market is along for the ride. Let’s look at whether that ticket is priced right.
Concall Highlight (Feb 2026): Management described their transformation as moving from “a legacy FMCG incumbent into a scaled, profitable, digital-first consumer powerhouse.” Which is either visionary strategy or the most expensive LinkedIn bio rewrite in Indian FMCG history. The concall ran two hours. There were charts. There were frameworks. There was a five-pillar acquisition playbook. Harsh Mariwala was not, apparently, joking.
03 — Business Model: WTF Do They Even Do?
They Sell Oil. And Also, Everything Else Now.
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