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# Marico Paid ₹380 Crore for 60% of Plix. Then ₹1,012 Crore for 24%.
- URL: https://www.moatmarginresearch.com/marico-plix-stake-price/
- Published: 2026-10-06T03:23:14.000Z
- Updated: 2026-10-06T03:23:14.000Z
- Description: Marico's Plix filing implies a value of about ₹4,200 crore now, against about ₹630 crore for its first 60%. Plix's sales grew 5.6x in two years.
- Author: A K Karthikeyan
- Tags: Moat Insights

**Marico now owns 84.09% of Satiya Nutraceuticals, the company behind the nutrition and personal care brand Plix. Its filing shows the latest 24.09% cost ₹1,012.03 crore, while all 84.09% has cost ₹1,392.07 crore. That puts the first 60% at about ₹380 crore. Price for the whole company: about ₹630 crore then, about ₹4,200 crore now. Plix's sales explain most of the jump.**

## What the filing says

From Marico's disclosure (\[MAR\]):

|                       |                                                                                       |
| --------------------- | ------------------------------------------------------------------------------------- |
| Stake held before     | 60% (fully diluted), bought in tranches since 2023                                    |
| Agreed to buy now     | 38.18%, in tranches, from the founders and others                                     |
| Bought on 5 Oct 2026  | 24.09%, for ₹1,012.03 crore in cash                                                   |
| Stake now             | 84.09%                                                                                |
| Total paid for 84.09% | ₹1,392.07 crore                                                                       |
| Remaining 14.09%      | by July 2027; base consideration "up to ₹ 592 Crores", plus milestone-linked payments |

The stake bought from the founders and their relatives counts as related-party transactions, which the company says "are on an arm's length basis".

## What each price implies

Our arithmetic, value of 100% of Satiya Nutraceuticals:

|                           | Paid             | Stake  | Implied value of 100% |
| ------------------------- | ---------------- | ------ | --------------------- |
| First 60% (2023–2025)     | \~₹380 crore     | 60%    | \~₹633 crore          |
| Tranche bought 5 Oct 2026 | ₹1,012.03 crore  | 24.09% | \~₹4,201 crore        |
| Last 14.09% (base only)   | up to ₹592 crore | 14.09% | \~₹4,202 crore        |

The latest price is about 6.6 times the first. The base price for the last 14.09% matches today's, before any milestone payments.

## Why the price rose: sales

The same filing gives Plix's consolidated turnover:

| Year       | Turnover      |
| ---------- | ------------- |
| FY 2023-24 | ₹155.32 crore |
| FY 2024-25 | ₹432.84 crore |
| FY 2025-26 | ₹864.31 crore |

Sales rose about 5.6 times in two years (our arithmetic). The latest price values Plix at about 4.9 times FY26 sales. Most of the step-up in price follows the step-up in revenue.

## Moat and margin

**Focus moat: brand.** Marico says Plix has expanded its reach into "value-added foods and nutrition" and "personal care and wellness". A D2C brand that doubled its sales in a year has momentum. The open question is whether the brand keeps that pace inside a large company, and after the founders sell most of their stake.

**The margin side is missing.** The filing gives no profit or loss for Plix. At about 4.9 times sales, the price only makes sense if Plix can earn healthy margins at scale. Marico's results will show how much Plix adds to profit, not just to revenue.

**MoatSCORE:** Marico scores 5.65 on the Moat Screener, as published on 6 October 2026 (\[MS\]). It has not been re-scored for this deal.

## The bear case

- **Paying up late.** Marico paid about 6.6 times the earlier implied value for the same company.
- **No profit data.** The filing shows sales, not earnings.
- **Founders cashing out.** Most of the founders' stake is being bought now, with a last tranche in July 2027.

## The case for

- **Growth explains it.** Sales rose 5.6 times in two years, close to the rise in price.
- **Already in control.** Plix is already a Marico subsidiary; the price is for the rest of a known business.
- **Milestones.** Part of the last tranche depends on milestones, which ties some of the price to future performance.

## What to watch

1. Plix's revenue and profit in Marico's results and annual report.
2. The milestone terms and the final price for the last 14.09% in July 2027.
3. Whether founder-led growth continues after the stake sale.

## Sources

- **\[MAR\]** [Marico, disclosure on acquisition of further stake in Satiya Nutraceuticals (Plix), 5 Oct 2026](https://nsearchives.nseindia.com/corporate/marico%5F05102026201924%5FSeint%5F1.pdf) (NSE)
- **\[MS\]** [Moat & Margin, Moat Screener](https://www.moatmarginresearch.com/moat-screener/) and [How MoatSCORE works](https://www.moatmarginresearch.com/moatscore/)

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> Educational research, not investment advice. Every figure above is drawn from Marico's own filing, read from the primary document on 6 October 2026; implied values and multiples are our arithmetic and are labelled. MoatSCOREs are as published on the Moat Screener. No buy/sell recommendations, no price targets, no share prices. Moat & Margin is not a SEBI-registered Research Analyst or Investment Adviser.