DSE : MARICO
Marico Bangladesh Limited — Financial statements
Soap, Detergents, And Cleaning Preparations; Perfumes, Cosmetics, and Other Toilet Preparations · Bangladesh
Last price 2642.5 BDT (At close: Oct 29, 2026) · Market cap 83.24B
Latest research: Marico Bangladesh valuation report: fair value BDT 1,926–3,930 (Oct 2026) · Copra cut the gross margin 10 points; EPS only 2% higher at BDT 211 in FY2027 on 100% payout
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Financial statements
Marico Bangladesh Limited (MARICO) reported revenue of 20.92B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 20.92B | 20.71B | 16.31B | 14.52B | 14.14B | 13.03B |
| Cost of Revenue | 10.93B | 10.50B | 6.60B | 6.12B | 6.83B | 5.98B |
| Gross Profit | 9.99B | 10.21B | 9.71B | 8.41B | 7.31B | 7.05B |
| Selling, General & Admin | 2.93B | 2.99B | 3.05B | 2.60B | 2.46B | 2.66B |
| Other Operating Expenses | -36.48M | -35.90M | -34.71M | -28.73M | -23.02M | -14.06M |
| Operating Expenses | 2.89B | 2.96B | 3.01B | 2.58B | 2.43B | 2.65B |
| Operating Income | 7.10B | 7.25B | 6.70B | 5.83B | 4.87B | 4.40B |
| Interest Expense | -285.74M | -284.49M | -94.21M | -167.03M | -25.59M | -17.15M |
| Interest & Investment Income | 128.39M | 296.28M | 850.04M | 579.86M | 162.98M | 126.64M |
| Currency Exchange Gain (Loss) | -19.84M | -18.81M | 118.86M | -398.79M | 21.24M | -19.87M |
| Other Non Operating Income (Expenses) | 2.00 | |||||
| EBT Excluding Unusual Items | 6.93B | 7.25B | 7.58B | 5.85B | 5.03B | 4.49B |
| Gain (Loss) on Sale of Investments | 352.16M | 352.16M | ||||
| Gain (Loss) on Sale of Assets | 843.45K | -561.35K | -1.04M | 4.30M | -2.58M | 37.48K |
| Other Unusual Items | 347.95K | 347.95K | -10.15M | 2.92M | 1.68M | |
| Pretax Income | 7.28B | 7.60B | 7.57B | 5.86B | 5.03B | 4.50B |
| Income Tax Expense | 1.03B | 1.11B | 1.67B | 1.25B | 1.16B | 943.41M |
| Net Income | 6.25B | 6.49B | 5.91B | 4.61B | 3.87B | 3.55B |
| Net Income to Common | 6.25B | 6.49B | 5.91B | 4.61B | 3.87B | 3.55B |
| Shares Outstanding (Basic) | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M |
| Shares Outstanding (Diluted) | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M |
| EPS (Basic) | 198.44 | 206.09 | 187.49 | 146.23 | 122.93 | 112.82 |
| EPS (Diluted) | 198.44 | 206.09 | 187.49 | 146.23 | 122.93 | 112.82 |
| Free Cash Flow | 3.77B | 5.36B | 4.44B | 5.91B | 4.88B | 3.29B |
| Free Cash Flow Per Share | 119.81 | 170.02 | 140.88 | 187.50 | 154.80 | 104.50 |
| Dividend Per Share | 197.50 | 207.50 | 384.00 | 20.00 | 75.00 | 80.00 |
| Gross Margin | 47.77% | 49.31% | 59.56% | 57.88% | 51.68% | 54.10% |
| Operating Margin | 33.95% | 35.02% | 41.10% | 40.15% | 34.46% | 33.80% |
| Profit Margin | 29.88% | 31.34% | 36.21% | 31.71% | 27.39% | 27.27% |
| Free Cash Flow Margin | 18.04% | 25.86% | 27.21% | 40.66% | 34.50% | 25.26% |
| EBITDA | 7.28B | 7.46B | 6.91B | 6.04B | 5.04B | 4.57B |
| EBITDA Margin | 34.82% | 36.01% | 42.37% | 41.59% | 35.68% | 35.06% |
| D&A For EBITDA | 181.11M | 204.10M | 206.92M | 209.66M | 172.63M | 164.84M |
| EBIT | 7.10B | 7.25B | 6.70B | 5.83B | 4.87B | 4.40B |
| EBIT Margin | 33.95% | 35.02% | 41.10% | 40.15% | 34.46% | 33.80% |
| Effective Tax Rate | 14.14% | 14.59% | 22.00% | 21.35% | 23.04% | 20.98% |
Balance sheet
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.74B | 1.57B | 3.09B | 1.89B | 2.23B | 505.19M |
| Short-Term Investments | 1.12B | 816.97M | 4.79B | 8.67B | 2.45B | |
| Cash & Short-Term Investments | 2.87B | 2.39B | 7.88B | 10.55B | 4.68B | 505.19M |
| Inventory | 3.98B | 3.53B | 2.95B | 3.35B | 2.53B | 2.33B |
| Other Current Assets | 832.11M | 707.30M | 1.31B | 1.11B | 2.76B | 2.83B |
| Total Current Assets | 7.68B | 6.63B | 12.14B | 15.01B | 9.97B | 5.67B |
| Property, Plant & Equipment | 1.64B | 1.65B | 1.65B | 1.76B | 1.57B | 1.27B |
| Other Intangible Assets | 6.53M | 7.08M | 7.64M | 242.27K | 553.05K | 51.88K |
| Long-Term Deferred Tax Assets | 5.27M | 3.86M | 68.82M | 12.49M | 13.85M | |
| Other Long-Term Assets | 113.58M | 56.39M | 38.11M | 63.17M | 81.06M | 87.30M |
| Total Assets | 9.45B | 8.35B | 13.84B | 16.91B | 11.64B | 7.05B |
| Accounts Payable | 1.44B | 1.14B | 1.43B | 4.24B | 2.55B | 741.07M |
| Accrued Expenses | 2.48B | 3.04B | 2.79B | 2.67B | 2.05B | 2.66B |
| Short-Term Debt | 450.00M | |||||
| Current Portion of Leases | 54.63M | 59.76M | 58.51M | 38.87M | 57.31M | 49.48M |
| Current Income Taxes Payable | 597.71M | 730.45M | 1.09B | 834.61M | 778.59M | 614.32M |
| Current Unearned Revenue | 111.13M | 152.49M | 631.77M | 183.57M | 244.70M | 108.86M |
| Other Current Liabilities | 18.57M | 176.72M | 103.90M | 108.67M | 2.30B | 63.52M |
| Total Current Liabilities | 4.70B | 5.30B | 6.10B | 8.52B | 7.98B | 4.24B |
| Long-Term Leases | 79.62M | 89.49M | 116.31M | 151.87M | 46.40M | 78.64M |
| Pension & Post-Retirement Benefits | 60.44M | 58.90M | 54.04M | 23.74M | 26.68M | 43.67M |
| Long-Term Deferred Tax Liabilities | 33.54M | |||||
| Other Long-Term Liabilities | -1.00 | 1.00 | ||||
| Total Liabilities | 4.84B | 5.45B | 6.31B | 8.70B | 8.05B | 4.36B |
| Common Stock | 315.00M | 315.00M | 315.00M | 315.00M | 315.00M | 315.00M |
| Additional Paid-In Capital | 252.00M | 252.00M | 252.00M | 252.00M | 252.00M | 252.00M |
| Retained Earnings | 4.04B | 2.33B | 6.97B | 7.64B | 3.02B | 2.12B |
| Shareholders' Equity | 4.60B | 2.90B | 7.53B | 8.21B | 3.59B | 2.69B |
| Total Liabilities & Equity | 9.45B | 8.35B | 13.84B | 16.91B | 11.64B | 7.05B |
| Total Debt | 134.25M | 149.25M | 174.82M | 640.74M | 103.71M | 128.12M |
| Net Cash (Debt) | 2.73B | 2.24B | 7.71B | 9.91B | 4.58B | 377.08M |
| Net Cash Per Share | 86.72 | 71.20 | 244.72 | 314.68 | 145.26 | 11.97 |
| Filing Date Shares Outstanding | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M |
| Total Common Shares Outstanding | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M | 31.50M |
| Working Capital | 2.98B | 1.33B | 6.04B | 6.49B | 1.99B | 1.44B |
| Book Value Per Share | 146.14 | 92.02 | 239.13 | 260.64 | 113.85 | 85.37 |
| Tangible Book Value | 4.60B | 2.89B | 7.53B | 8.21B | 3.59B | 2.69B |
| Tangible Book Value Per Share | 145.94 | 91.80 | 238.89 | 260.63 | 113.83 | 85.37 |
| Land | 176.75M | 176.75M | 176.75M | 176.75M | 176.75M | 176.75M |
| Buildings | 849.40M | 847.36M | 833.23M | 849.57M | 479.21M | 463.12M |
| Machinery | 2.29B | 2.20B | 2.10B | 1.99B | 1.74B | 1.59B |
| Construction In Progress | 17.53M | 49.89M | 23.58M | 47.07M | 384.68M | 124.03M |
Cash flow statement
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 6.25B | 6.49B | 5.91B | 4.61B | 3.87B | 3.55B |
| Depreciation & Amortization | 256.48M | 260.52M | 274.26M | 271.89M | 231.04M | 215.97M |
| Other Amortization | 1.85M | 1.85M | 314.51K | 460.21K | 463.61K | 1.37M |
| Loss (Gain) From Sale of Assets | -843.45K | 561.35K | 1.04M | -4.30M | 2.86M | -37.48K |
| Loss (Gain) From Sale of Investments | -352.16M | -352.16M | ||||
| Other Operating Activities | -58.85M | -132.34M | 431.51M | -234.98M | 215.60M | -18.47M |
| Change in Inventory | -1.69B | -580.70M | 400.87M | -822.92M | -196.12M | -351.98M |
| Change in Accounts Payable | 47.45M | -488.22M | -2.23B | 2.14B | 1.52B | 424.82M |
| Change in Other Net Operating Assets | -336.33M | 384.27M | -175.80M | 195.99M | -252.88M | -220.18M |
| Operating Cash Flow | 4.12B | 5.59B | 4.61B | 6.15B | 5.39B | 3.61B |
| Capital Expenditures | -348.34M | -229.92M | -168.53M | -243.71M | -517.62M | -313.76M |
| Sale of Property, Plant & Equipment | 261.17K | 4.30M | 37.48K | |||
| Sale (Purchase) of Intangibles | -1.28M | -7.71M | -1.15M | -1.20M | ||
| Investment in Securities | 2.08B | 4.33B | 3.87B | -4.60B | -2.12B | -184.20M |
| Other Investing Activities | 2.00 | 1.00 | ||||
| Investing Cash Flow | 1.73B | 4.10B | 3.70B | -4.84B | -2.64B | -499.12M |
| Short-Term Debt Issued | 450.00M | |||||
| Total Debt Issued | 450.00M | |||||
| Short-Term Debt Repaid | -450.00M | -250.00M | ||||
| Long-Term Debt Repaid | -94.64M | -66.40M | -72.56M | -65.42M | -227.45M | |
| Lease Payments | -97.49M | -94.64M | -66.40M | -72.56M | -65.42M | -227.45M |
| Total Debt Repaid | -97.49M | -94.64M | -516.40M | -72.56M | -65.42M | -477.45M |
| Net Debt Issued (Repaid) | -97.49M | -94.64M | -516.40M | 377.44M | -65.42M | -477.45M |
| Common Dividends Paid | -5.58B | -11.10B | -6.58B | -2.03B | -963.57M | -2.52B |
| Financing Cash Flow | -5.67B | -11.20B | -7.10B | -1.65B | -1.03B | -3.00B |
| Foreign Exchange Rate Adjustments | 179.59K | 191.08K | 260.24K | 377.47K | ||
| Miscellaneous Cash Flow Adjustments | -2.00 | -1.00 | 2.00 | -1.00 | ||
| Net Cash Flow | 176.98M | -1.52B | 1.21B | -341.68M | 1.72B | 108.79M |
| Free Cash Flow | 3.77B | 5.36B | 4.44B | 5.91B | 4.88B | 3.29B |
| Free Cash Flow Margin | 18.04% | 25.86% | 27.21% | 40.66% | 34.50% | 25.26% |
| Free Cash Flow Per Share | 119.81 | 170.02 | 140.88 | 187.50 | 154.80 | 104.50 |
| Levered Free Cash Flow | 1.51B | 3.61B | 2.44B | 4.51B | 6.35B | 1.96B |
| Unlevered Free Cash Flow | 1.69B | 3.78B | 2.50B | 4.62B | 6.37B | 1.97B |
| Free Cash Flow After Leases | 3.68B | 5.26B | 4.37B | 5.83B | 4.81B | 3.06B |
| Cash Interest Paid | 42.34K | 42.34K | 76.59M | 148.66M | 8.97M | 8.63M |
| Cash Income Tax Paid | 1.38B | 1.51B | 1.30B | 1.25B | 993.64M | 928.03M |
| Change in Working Capital | -1.98B | -684.66M | -2.01B | 1.51B | 1.07B | -147.34M |
Ratios
Fiscal year April - March; amounts in BDT.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 83.24B | 86.05B | 76.73B | 77.01B | 76.28B | 74.19B |
| Enterprise Value | 80.51B | 84.38B | 69.39B | 71.48B | 75.30B | 73.58B |
| Last Close Price | 2,642.50 | 2,633.29 | 2,044.82 | 1,878.43 | 1,860.46 | 1,739.61 |
| PE Ratio | 13.32 | 13.26 | 12.99 | 16.72 | 19.70 | 20.88 |
| Forward PE | 12.06 | 12.94 | 13.44 | 15.54 | 18.10 | 20.91 |
| PS Ratio | 3.98 | 4.16 | 4.71 | 5.30 | 5.40 | 5.69 |
| PB Ratio | 18.08 | 29.69 | 10.19 | 9.38 | 21.27 | 27.59 |
| P/TBV Ratio | 18.11 | 29.76 | 10.20 | 9.38 | 21.27 | 27.59 |
| P/FCF Ratio | 22.06 | 16.07 | 17.29 | 13.04 | 15.64 | 22.54 |
| P/OCF Ratio | 20.19 | 15.41 | 16.66 | 12.52 | 14.14 | 20.58 |
| PEG Ratio | 0.77 | 0.99 | 0.99 | 1.87 | 1.90 | |
| EV/Sales Ratio | 3.85 | 4.07 | 4.25 | 4.92 | 5.33 | 5.65 |
| EV/EBITDA Ratio | 10.96 | 11.31 | 10.04 | 11.83 | 14.93 | 16.10 |
| EV/EBIT Ratio | 11.33 | 11.63 | 10.35 | 12.26 | 15.46 | 16.71 |
| EV/FCF Ratio | 21.33 | 15.76 | 15.64 | 12.10 | 15.44 | 22.36 |
| Debt / Equity Ratio | 0.03 | 0.05 | 0.02 | 0.08 | 0.03 | 0.05 |
| Debt / EBITDA Ratio | 0.02 | 0.02 | 0.03 | 0.10 | 0.02 | 0.03 |
| Debt / FCF Ratio | 0.04 | 0.03 | 0.04 | 0.11 | 0.02 | 0.04 |
| Net Debt / Equity Ratio | -0.59 | -0.77 | -1.02 | -1.21 | -1.28 | -0.14 |
| Net Debt / EBITDA Ratio | -0.38 | -0.30 | -1.12 | -1.64 | -0.91 | -0.08 |
| Net Debt / FCF Ratio | -0.72 | -0.42 | -1.74 | -1.68 | -0.94 | -0.12 |
| Asset Turnover | 2.26 | 1.87 | 1.06 | 1.02 | 1.51 | 2.03 |
| Inventory Turnover | 3.48 | 3.24 | 2.09 | 2.08 | 2.81 | 2.77 |
| Quick Ratio | 0.61 | 0.45 | 1.29 | 1.24 | 0.59 | 0.12 |
| Current Ratio | 1.63 | 1.25 | 1.99 | 1.76 | 1.25 | 1.34 |
| Return on Equity (ROE) | 157.47% | 124.47% | 75.03% | 78.10% | 123.42% | 164.32% |
| Return on Assets (ROA) | 47.97% | 40.86% | 27.25% | 25.54% | 32.59% | 42.88% |
| Return on Invested Capital (ROIC) | 482.54% | 944.36% | 175.39% | |||
| Return on Capital Employed (ROCE) | 149.70% | 238.10% | 86.60% | 69.50% | 133.10% | 156.70% |
| Earnings Yield | 7.51% | 7.54% | 7.70% | 5.98% | 5.08% | 4.79% |
| FCF Yield | 4.53% | 6.22% | 5.78% | 7.67% | 6.39% | 4.44% |
| Dividend Yield | 7.85% | 7.60% | 15.77% | 0.82% | 3.10% | 3.40% |
| Payout Ratio | 89.19% | 171.04% | 111.47% | 44.05% | 24.88% | 70.91% |
| Total Shareholder Return | 7.85% | 7.60% | 15.77% | 0.82% | 3.10% | 3.40% |