• Marico Bangladesh Ltd.(DSE: MARICO, CSE: MARICO), a subsidiary of India-based multinational company Marico Ltd., is considered to be amongst the top 3 FMCG multinational companies in Bangladesh.
  • Incorporated in 1999, the company is operating in the beauty and wellness space of Bangladesh since 2000.
  • MBL made its stock market debut in 2009 by getting listed on the Dhaka stock exchange (DSE) and Chittagong stock exchange (CSE)-the two bourses of Bangladesh.
  • The company offers a wide array of products in ten categories which are distributed by 790,000 outlets throughout the country.
  • MBL has reported sales revenue of BDT 1131 crore in FY21 while the amount was BDT 980 crore in FY20, a 15.4% growth in sales.
  • The company has received the eighth ICSB Award (silver) for excellence in corporate governance in the manufacturing category in 2020.

Company Overview


Marico Bangladesh Ltd. (MBL), a subsidiary of India-based multinational company Marico Ltd., is considered to be amongst the top 3 FMCG multinational companies in Bangladesh. Incorporated in 1999, the company is operating in the beauty and wellness space of Bangladesh since 2000. The company demands to add value to 1 out of 2 Bangladeshi’s life with its wide array of products in various categories that are distributed by 790,000 outlets throughout the country. MBL is considered to be the most profitable unit of Marico’s international business as it generates 45% of the revenue of the parent company’s overall global business in 25 countries.1 

Parachute Coconut Oil – the blockbuster brand of Marico with an 80% market share is leading the hair oil market of Bangladesh.2 The closest competitor of parachute in Bangladesh is Jui Coconut Hair Oil – a concern of Square Toiletries Limited that is holding 8% market share, and the rest is held by other small local and some foreign brands. Moreover, Tibet coconut oil- Khoniur chemicals ltd. and Kumarika-Hemas Consumer Brands Pvt. Ltd. Bangladesh also hold some market share.

The major players of Bangladesh hair oil market are listed below:

  • Marico Bangladesh Ltd.
  • Dabur
  • Kumarika
  • Emami Ltd.
  • Bajaj Corp Ltd.

Headquartered in Gulshan, Dhaka, Marico Bangladesh Ltd. has two factories and five depots in Bangladesh.

 The factories and depots of MBL along with their locations are illustrated below:


  • Factory 1:

Location: Mouchak, Kaliakoir, Gazipur.

  • Factory 2

Location: Sirirchala, Mahona, Bobanipur, Gazipur.



  • Dhaka Depot

Location: C/O-Hoque Brothers Carbibe Ltd.Shed No. 01, 173, 174, 175, 179 & Half of 180, Tongi I/A, Tongi, Gazipur.

  • Comilla Depot

Location: 214, Ashrafpur (EPZ Gate-1), Comilla.

  • Jessore Depot

Location: C/O A. Rahim Traders20, Loan Office Para, Jessore-7400.

  • Chittagong Depot

Location:  C/O Amin Textiles Limited Hathazari Road, Authur Depot, Chittagong.

  • Bogra Depot

Location: M/S. Shovon Enterprise Maltinagar, Bakshi Bazar Road Bogra - 5800.

The majority (90%) share of MBL is held by its parent company, Marico Ltd. and the rest 10% is held by different public and institutional investors (3.33% by Foreign Institutional Investors, 4.71% by Domestic Institutional Investors, and 1.96% by Public Investors) as on March 31, 2021.


Each member of the Marico family has a vision of achieving long-term growth and prosperity while also attempting to make a positive impact on the entire business ecosystem. The company plans to achieve the vision by improving the lives of all of its stakeholders which include investors, creditors, employees, consumers, and society at large. At Marico, they claim to have no employees rather a group of people who are determined to grow with the company. Marico’s culture allows the company to empower its human resources to think outside the box and execute innovative ideas. The company’s business model is based on focused growth across all of its brands and territories, which is driven by constantly enhancing customer value propositions, market expansion, and expanding its retail presence. Currently, 2,750 employees are working at Marico Bangladesh Ltd.3 

MBL made its stock market debut in 2009. In that year the company got listed on both Dhaka stock exchange (DSE) and Chittagong stock exchange (CSE) – the two bourses of Bangladesh. The company’s market category is “A” in both of the stock exchanges.nou.JPG

The CSR vision of MBL is anchored in its core purpose which is “Make A Difference”. The company perceives social responsibility as a moral and ethical duty rather than an obligation. As a part of its social responsibility, the company has partnered with Dhaka Ahsania Mission (DAM) and opened 75 centers offering education, life, and social skills for underprivileged communities. The company has received the eighth ICSB Award (silver) for excellence in corporate governance in the manufacturing category in 2020.4

Industry analysis

MBL is an active player in the FMCG (Fast Moving Consumer Goods) industry of Bangladesh. FMCG is also known as consumer packaged goods(CPG). These products are sold quickly and at a relatively low cost. The products include toiletries, packaged foods, dry goods, over-the-counter drugs, beverages, and other consumables.

In the ocean of volatile industries, FMCG industry is considered to be the most resilient to economic shocks, which has already been proved during the pandemic. The global FMCG market is expected to reach $1.54 trillion by 2025. In Bangladesh, the consumption expenditure has clocked at 97% of the national income as of 2015 while the domestic annual consumption stands at over $130 billion. Thus, Bangladesh represents a goldmine in the FMCG industry.

Key Drivers of the Industry

  1. Rise of the middle class: Bangladesh has one of the fastest-growing economies in the world. The country experienced an exemplary record of economic growth and poverty reduction in the past decade. Approximately, 2 million Bangladeshis are joining the ranks of the middle and affluent class (MAC) each year and the number is expected to be tripled by 2025.5
  2. Rural to urban immigration: Bangladesh is an overpopulated country where most of the job opportunities are centralised in a few urban areas. Consequently, more and more people have to come to big cities for their livelihood and the number is only set to increase. Thus, most of the consumption of the FMCG industry originates from these urban areas.
  3. Abundance of raw materials and cheap labor: Bangladesh has a favorable geographical feature that made the country a goldmine of raw materials. Moreover, the cheap labor of this overpopulated country has always attracted foreign companies of the FMCG industry to start operating in this region.
  4. Export processing zones (EPZ): EPZs are basically designed to diversify a country’s exports and create job opportunities. Bangladesh has eight EPZs that are impressively working for ensuring the country’s economic growth and poverty reduction. Thus, the EPZs are paving the way to increase export and eventually contributing to the country's FMCG industry.

Key Areas within the Industry

FMCG is a huge industry that encompasses a wide array of product segments. The most common and commercially important segments within Bangladesh are food & beverages, personal care, and household care.

Food and beverages: Food and beverages is one of the growing sectors of Bangladesh. It includes all the companies that are involved in processing the agricultural raw materials and transforming them into consumer food products. The industry employs a 2.45% labor force in Bangladesh. The food processing sector of Bangladesh is a $4.5 billion industry according to some industry analysts. Some of the key players of this sector are Pran, Nestle, Coca-cola, Square Food & Beverage Ltd., Akij Food & Beverage Ltd., and others.

Personal and home care: The personal care sector of Bangladesh was valued at $1.23 billion in 2020 which is expected to reach $2.12 billion by 2027. Moreover, the industry shows an incremental revenue growth opportunity of $960 million from 2020 to 2027. The major players of both the personal and home care industries are Unilever, Reckitt Benckiser Bangladesh Limited (RBBL), P&G, Marico Bangladesh Limited, and others.

A snapshot of Bangladesh hair-oil market

Once dependent on the local companies Bangladesh hair oil market is now dominated by foreign brands. The market size of domestic hair oil stood at USD 41.3 million in 2019 which is expected to reach USD 54 million by 2025. According to industry analysts, local businesses lost their market share due to weak distribution networks, lack of technological support and little access to affordable financing. On the contrary, foreign brands have such supports; therefore, the brands like Marico, Dabur, and Emami have gradually gained a dominating position in the hair-oil market of Bangladesh.

While 90% of Bangladesh’s hair-oil market share is held by foreign brands, 80% of it is dominated by Parachute – a key brand of Marico, alone. The majority share (46%) of the hair oil market is held by Coconut oil, 16% by light hair oil, 15% amla-based oil, 11% by cooling oils, and 12% by other oils.6


Financial performance

Marico Bangladesh Ltd. has reported sales revenue of BDT 1,131 crore, a 15.4% increase from the previous year; in FY21 while the amount was BDT 980 crore in FY20. The gross profit of MBL was BDT 667 crore in FY21 as against BDT 566 crore in FY20 which demonstrates a 17.7% growth. The cost of sales and other operating expenditures have also increased during this fiscal year. The operating profit of the company was BDT 428 crore in FY21 as against BDT 357 crore in FY20. MBL has reported an after-tax profit of BDT 311 crore in FY 21 as against BDT 265 crore last year which indicates a growth of 17.5%. MBL has shown an outstanding performance during FY21 with its revenue and profitability growth gained through extended sales coverage, supply-chain efficiencies, consumer-centric offerings, and aggressive investment in marketing and distribution. This might be the reason that the company experienced such profit growth in spite of bearing more expenses. The earnings per share (EPS) of the company was BDT 98.69 in FY21 while the EPS was BDT 84.01 in FY20 portraying a growth of 17.5%. The EPS history of the company shows a constant increase during the last five years. The company’s EPS was BDT 44.89 in FY16, BDT 45.72 in FY17, BDT 52.15 in FY18, and BDT 64.23 in FY19.7


MBL has reported a gross profit margin of 58.97% in FY21 as against 57.89% the year before. Moreover, the net profit margin of the company has also increased (27.49% in FY21 and 27.01% in FY20). The company has declared a total of 900% cash dividend in FY21 (700% interim and 200% final cash dividend) as against 950% last year. Despite experiencing outstanding growth in sales and profit MBL has declared less cash dividend to the stockholders as against the previous year which makes the fact evident that the company is increasing its retained earnings and planning to invest heavily in some upcoming projects. Since the face value of a share of the company is BDT 10, a stockholder will receive BDT 90 for each share as against BDT 95 last year.Capture5.JPG

The net asset value (NAV) of the company was BDT 51.95 in FY21 while the NAV of the company was BDT 44.05 last year. The Return on Equity (ROE) of MBL was 189.95% in FY21 as against 191.00% in FY20.  The reason behind this decrease in ROE in FY21 is that the company has increased its equity through retaining a huge amount of its profit. The company’s net operating cash flow per share (NOCFPS) was BDT 104.91 in FY21, as against BDT 95.66 in FY20, BDT 86.64 in FY19, and BDT 48.92 in FY18. The company has Cash & Cash Equivalent of BDT 39.64 crore in FY21 as against BDT 42.04 crore last year. The company’s current ratio and the debt-equity ratio were 1.03 and 2.54 respectively for the year ended 31 March 2021.

Business analysis

MBL’s business model is based on focused growth across all of its brands and territories, which is driven by constantly enhancing customer value propositions, market expansion, and expanding its retail presence across the country. Despite being a multinational company MBL manufactures 99% of its products locally according to the needs and wants of its target customers. Constant investment in market research and development has helped the company to come up with innovative products and hold a strong position in the market.

The product categories of MBL are illustrated below:

Category 1: Branded Coconut Oil (BCNO)

  • Parachute Coconut Oil
  • Parachute Advansed
  • Parachute Advansed Beliphool
  • Parachute Advansed Extra Care
  • Parachute Advansed Aloe Vera

Category 2: Value Added Hair Oil (VAHO)

  • Nihar Naturals Shanti Badam Amla
  • Nihar Naturals Joba Amla
  • Nihar Naturals 5 Seeds
  • Nihar Lovely

Category 3: Hair Dye

  • Hair Code Powder

Category 4: Hair Serum

  • Livon

Category 5: Male Grooming

  • Studio X No Gas Perfume Spray
  • Studio X Hair Gel
  • Studio X Face Wash
  • Studio X Styling Shampoo
  • Studio X Soap
  • Studio X Power Brightening cream


Category 6: Skin Care

  • Parachute SkinPure Body Lotion
  • Parachute SkinPure Petroleum Jelly
  • Parachute SkinPure Aloe Vera Gel
  • Parachute SkinePure Beauty Olive Oil
  • Parachute SkinPure Coco Olive Soap

Category 7: Baby Care

  • Parachute Just for Baby Oil
  • Parachute Just for Baby Lotion
  • Parachute Just for Baby Wash
  • Parachute Just for Baby Soap
  • Parachute Just for Baby Baby Powder
  • Parachute Just for Baby Toothpaste
  • Parachute Just for Baby Rash Cream
  • Parachute Just for Baby Face Cream

Category 8: Hygiene

  • Mediker Safe Life Hand Sanitizer
  • Mediker Safe Life Hand Wash
  • Mediker SafeLife Veggie Wash Vegetable Cleanser

Category 9: Edible Oil & foods

  • Saffola Active
  • Saffola Honey

Category 10: Hair Cleaning

  • Parachute Naturale Shampoo
  • Parachute Naturale Conditioner

Recent product launches

MBL believes in constant innovation and providing the best products that satisfy customers’ needs. Recently, the company has introduced some new products in the market. The products are demonstrated below:

Parachute Naturale Shampoo:

MBL launched Parachute Naturale Shampoo in 2020 which is enriched with the goodness of natural ingredients. The product was launched in three variants- Nourishing Care, Damage Repair, and Anti Hair Fall. The Nourishing Care variant is enriched with Aloe Vera, the Damage Repair variant is enriched with Hibiscus and the Anti Hair-Fall variant is enriched with Henna. Another variant was launched in Q4 of that year for the women who wear hijabs. This variant is enriched with coconut milk protein and green tea. The product also has a unique fragrance that lasts up to 2 days.


Parachute Just for Baby:

For making Marico a one-stop destination for customers, MBL added three new products in its Parachute “Just for Baby” segment. The products are- Parachute Just for Baby Face Cream, Baby Rash Cream, and Baby Toothpaste. MBL launched the products in February 2019.

Saffola Honey:

Suffola is a trusted brand of Marico which is delivering superior nutritional value for more than 60 years in its operational region In 2020 after the pandemic broke out, people became more conscious about their health and immunity. And that was the best time for MBL to launch suffola honey in the Bangladeshi market. The company launched suffola 100% pure honey in December 2020.8

Mediker SafeLife:

As a part of the company’s effort of expanding its portfolio, MBL entered the hygiene market with the launch of Mediker SafeLife brand in April 2020. The company launched three products in this segment which include- Mediker SafeLife Hand Sanitiser, Hand Wash and Veggie Wash.

Hair Code Mehedi Brown Powder Hair Colour:

Hair code, the country’s number one hair coloring brand, has launched a new product using a new color shade (Mehedi Brown).

Stock market performance

MBL has seen a positive momentum throughout the final three-quarters of FY21. Even though the consumption pattern of the customers suddenly changed in the first few months of 2020 due to Covid-19, MBL’s stock remained relatively stable during that period of turmoil. In October and December 2020, MBL’s stock price saw high growth. Despite the pandemic affecting the capital market of the country, MBL’s stock has shown a strong performance throughout the fiscal year. This might prove the market’s confidence in the company. MBL declared a 300% dividend in Q1, 200% in Q2, 200% in Q3, and 200% final cash dividend in its Q4. The payout ratio of the company was 91.20% in FY20-21 as against 113.09% in FY19-20.

On 22 January 2022, the trading price of MBL in DSE and CSE was BDT 2,346.80 and BDT 2352.00 respectively.

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Created by MD. TOUHIDUL ISLAM on 2022/01/25 13:29

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