DABUR vs MARICO
Side-by-side comparison of Dabur India Ltd. and Marico Ltd.. Descriptive only — not investment advice.
Dabur India Ltd.
FMCG
Quality Score: 56/100
Marico Ltd.
FMCG
Quality Score: 65/100
At a glance
| Metric | DABUR | MARICO |
|---|---|---|
| Quality Score | 56/100 | 65/100 |
| P/E (trailing) | 43.6 | 59.4 |
| Forward P/E | 35.2 | 42.7 |
| ROE | +16.2% | +41.4% |
| Profit margin | +14.4% | +12.9% |
| Debt-to-equity | 10.91 | 12.39 |
| Dividend yield | +1.78% | +0.49% |
| 1Y price return | +1.6% | +13.1% |
| From 52w high | -19.3% | -5.1% |
| Analyst rating1 = Strong Buy, 5 = Strong Sell | 2.46 | — |
Highlighted value = better on the metric (lower for P/E, D/E, drawdown, analyst rating; higher elsewhere). Descriptive only.
Snapshots
DABUR India trades at ₹463.10, 6.8% below its 200-DMA of ₹496.76 and up only 1.61% over the past 12 months. Trailing PE of 43.64 and forward PE of 35.17 sit in the middle of the FMCG peer range (ITC at 18.9, HINDUNILVR at 49.6, NESTLEIND at 80.2), while ROE of 16.24% ranks 4th of 6 peers and D/E of 10.91 is notably higher than the asset-light structures typical of large-cap FMCG. Five-year earnings CAGR of 15.2% outpaces revenue CAGR of 7.3%, indicating margin expansion has been a key driver of earnings growth in recent years.
Marico (NSE: MARICO) trades at Rs 805.7, up 13.1% over 12 months and 7.4% above its 200-DMA of Rs 750.4. FY26 revenue grew 22% — the fastest annual pace in 14 years per company commentary — and Q4FY26 net profit rose 18% YoY to Rs 408 crore. The trailing PE of 59.4x sits at a 27.7% premium to the forward PE of 43.0x, with 38 analysts covering the stock, reflecting expectations of earnings acceleration.
Pros
- ✓Five-year earnings CAGR of 15.2% versus revenue CAGR of 7.3% indicates DABUR has expanded margins or improved capital efficiency over the period, with positive FCF in 4 of available years and ROE above 15% in 4 of available years.
- ✓Trailing PE of 43.64 is the second-lowest among the 6-member FMCG peer set (ranked 2nd of 6), below HINDUNILVR (49.6), BRITANNIA (51.1), TATACONSUM (78.9), and NESTLEIND (80.2), placing it at a relative valuation discount to most peers.
- ✓Dividend yield of 1.78% is present and maintained, and the Sesa Care merger (Hindi notice filed May 2, 2026) indicates active portfolio restructuring activity within the broader Dabur group.
- ✓RSI at 53.58 (neutral) and price above the 50-DMA of ₹451.75 reflect near-term stabilisation after a 10% three-month decline; nearest support levels are at ₹440.35 and ₹403.35.
- ✓ROE of 41.4% ranks 3rd of 6 FMCG peers and was sustained above 15% in 4 of the last 5 measurable years, with FCF positive in 4 of 5 years — indicating durable earnings quality over the measurement window.
- ✓Revenue growth of 22.1% over 5 years is among the stronger rates in the FMCG peer group; Q4FY26 revenue of Rs 3,333 crore was up 22% YoY, with management describing FY26 as the company's fastest annual revenue growth in 14 years.
- ✓Price momentum is positive: up 13.1% over 12 months, above both 50-DMA (Rs 786.6) and 200-DMA (Rs 750.4), with a drawdown of 5.1% from the 52-week high and RSI at 45.4 (neutral territory).
- ✓Forward PE of 43.0x represents a 27.7% compression from the trailing PE of 59.4x, reflecting analyst expectations of meaningful earnings growth; nearest technical support levels are mapped at Rs 760.6 and Rs 740.4.
Cons
- ✗Rural demand softness and elevated input costs cited by Business Standard (Apr 15, 2026) are near-term earnings headwinds for a company with 7.3% five-year revenue CAGR — top-line momentum is already modest.
- ✗D/E of 10.907 is significantly higher than FMCG sector norms; HINDUNILVR, NESTLEIND, and BRITANNIA operate with markedly lower leverage, exposing DABUR to greater financial cost sensitivity in a rising-rate environment.
- ✗Price is 6.8% below the 200-DMA of ₹496.76, the stock has delivered only 1.61% price return over 12 months, and drawdown from the 52-week high stands at 19.32% — medium-term price momentum remains negative.
- ✗Quality score of 47 and ROE of 16.24% both rank 4th of 6 in the FMCG peer group, below HINDUNILVR, NESTLEIND, and BRITANNIA on quality, and below HINDUNILVR, NESTLEIND, and BRITANNIA on return on equity as well.
- ✗5-year earnings growth of 14.5% lags 5-year revenue growth of 22.1% by 7.6 percentage points — profit margin of 12.95% shows that incremental revenue has not converted to profit at the same rate over this period.
- ✗Trailing PE of 59.4x is the 4th highest of 6 FMCG peers (above HUL at 46.1x and Britannia at 49.1x); the current valuation is contingent on the 27.7% forward-PE compression materialising through earnings growth.
- ✗Debt-to-equity of 12.4 is elevated relative to the asset-light FMCG norm; the debt trend is flat rather than declining, and FCF was not positive in every year across the 5-year measurement window.
- ✗Composite quality score of 52 ranks 3rd of 6 FMCG peers, behind NESTLEIND (61) and HINDUNILVR (58), despite carrying a higher ROE than HUL — the scoring captures structural factors such as leverage and margin consistency that ROE alone does not reflect.
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