Marico Buys 4700BC for ₹227 Cr: Investec Sets ₹833 Target on Popcorn Deal

It’s Tuesday, January 27, 2026, and if you’ve noticed 4700BC popcorn popping up in places that aren’t a cinema lobby, there’s a massive reason why. Marico has officially signed the paperwork to buy a 93.3% stake in Zea Maize (the folks behind 4700BC) from PVR Inox.

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The deal is worth about ₹226.8 crore. The thing is, Marico isn’t just buying a snack; they’re buying a seat at the premium gourmet table. Or nothing.

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The Popcorn Pivot: Field Notes

It’s an ongoing situation where the “Saffola” company is trying to prove it can do more than just cooking oil and hair care. Here’s the ground reality:

• The Growth Spurt: 4700BC has been on a tear. Revenue jumped from ₹48 crore in FY23 to nearly ₹100 crore (₹99.66 cr) in FY25. The thing is, most people still think of it as “movie popcorn.” Marico’s job is to take it to every Kirana store and supermarket in India. Those too.

• Brokerage Buzz: Investec is keeping their “Buy” rating with a target of ₹833. They’re calling it a “strategically coherent bolt-on.” The thing is, Marico has a distribution engine that 4700BC could never build on its own. Let’s be real—PVR is good at movies, but Marico is the king of the shelf. Or nothing.

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• The 25% Goal: Morgan Stanley is watching closely too. Marico wants 25% of its domestic revenue to come from “growth segments” like foods and premium personal care by FY27. This acquisition bumps that revenue run rate up by about 6% instantly. And here’s the kicker—Marico has the option to buy the remaining stake in three years if the brand hits its milestones.

• PVR’s Exit Strategy: For PVR Inox, this is a clean exit from a non-core business. They invested about ₹95 crore over the years and are walking away with a 24.5% IRR. They’re using the cash to pay down debt and focus on their screens. Those too.

Marico’s Snack Attack Tracker (Jan 2026)

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And Here’s the Kicker…

Marico has been quietly building a “Digital First” empire. They’ve got Beardo, Just Herbs, Plix, and True Elements. Adding 4700BC means they now have a premium brand in almost every high-margin snacking and wellness category. The thing is, if they can maintain the “gourmet” vibe while scaling to 5 million outlets… that ₹833 target might even be conservative. Or nothing.

One side comment—Chirag Gupta, the founder, is staying on to lead the business. It’s an ongoing situation where the original “creative spark” stays, but the “FMCG muscle” moves in. Those too.

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End…

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