Add Marico, target price Rs 785: HDFC Securities

HDFC Securities suggests adding Marico shares, targeting Rs 785. Marico's Q4FY25 results exceeded expectations, driven by strong domestic volumes. Foods and digital brands performed well. Profitability faced pressure from raw material inflation and advertising costs. The brokerage forecasts revenue, EBITDA, and PAT CAGRs of 9%, 11%, and 11% respectively for FY25-FY28E. Growth is expected from domestic business and international operations.