Marico buys 24.09% more of Plix for Rs 1,012.03 crore

Marico Limited bought a further 24.09 percent of Satiya Nutraceuticals, the Plix parent, for Rs 1,012.03 crore on 5 October, lifting its stake from 60 to 84.09 percent. That values Plix at about Rs 4,200 crore, 4.9 times FY26 revenue. Stake purchase (NSE filing): - Paid: Rs 1,012.03 crore in cash - Stake: 60% to 84.09%; the last 14.09% is due July 2027 at up to Rs 592 crore plus milestones - Plix revenue: Rs 864.31 crore in FY26, up 99.7% from Rs 432.84 crore Filed after the 5 October close, so 6 October was the first reaction session. Marico opened at its high of Rs 796.95, fell to Rs 784.50 and closed up 0.53 percent on NSE. Marico [][***** shares closed at Rs 784.37 on 6 October on StockGro (NSE Rs 794.15), 10.7 percent below the NSE 52-week high. P/E 54.02; sector P/E near 30. My view: hold, not a fresh entry, as in my 6 October post. Rs 1,012.03 crore for 24.09 percent and up to Rs 592 crore for 14.09 percent both imply about Rs 4,200 crore. Revenue doubled in FY26; 4.9 times holds only if growth repeats, and no profit is disclosed. Cash is no strain (CRISIL: AAA), but at 1 percent of the Rs 1.03 lakh crore market cap the deal does not change the 54x trailing P/E. It closed after Q2 ended: Q2 results still carry 60 percent, and Q3 FY27 shows 84.09 percent. Holders stay. Fresh money waits for about Rs 700 crore of Q2 operating profit, my 6 October gate, and a Plix margin from management. Support Rs 780.00 held on 6 October (low Rs 784.50); resistance Rs 814.00 (5 October high). My exit is a close below Rs 780.00, or Q2 operating profit growth under 20 percent. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.