NSE: BAJAJCON · BSE: 533229
BAJAJ CONSUMER CARE LTD
Makes and sells personal care products in India, primarily hair oils under the flagship Almond Drops Hair Oil (ADHO) brand, which the FY26 BRSR filing says make up 98 percent of turnover. A "growth portfolio" of non-ADHO brands, including the Banjara's brand at ~5 percent of revenue, delivered INR225 crore in FY26, with management targeting INR500 crore over three years. Distribution is being widened through Project Aarohan into new states; the company says this delivers a 200-300 bps growth delta in those markets and organised trade is now 30 percent of total sales. Q1 FY27 consolidated revenue was INR341 crore, with EBITDA at INR84.4 crore (24.7 percent margin) on a 61.8 percent gross margin. International sales span Nepal, Bangladesh, MENA, GCC and Africa, and the company merged with Vishal Personal Care Ltd effective May 1, 2026. The biggest cost line is materials (28.4 percent of FY26 revenue), followed by other operating expenses (29.5 percent) and employee costs (12.1 percent); management flags petroleum-related inputs (LLP, packaging) and edible oils (almond, mustard, copra) as volatile. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. ADHO (Almond Drops Hair Oil), Non-ADHO growth portfolio, International business. FMCG personal care, hair-oil-led brand business with growing non-ADHO and international extensions.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 880 | 961 | 984 | 965 | 1,165 |
| EBITDA (ex other income) | 174 | 141 | 155 | 128 | 221 |
| margin % | 19.8 | 14.7 | 15.8 | 13.3 | 19.0 |
| Owners' profit | 170 | 0 | 0 | 125 | 0 |
| EPS, as reported (₹) | 11.50 | 9.48 | 10.89 | 9.03 | 14.21 |
| ROE % · ROCE % | 21.0 · 25.5 | 17.6 · 21.2 | 18.7 · 22.6 | 16.7 · 20.3 | 25.2 · 30.2 |
| Debt / equity (x) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash from operations | 129 | 101 | 116 | 65 | 197 |
| Capex | (11) | (6) | (4) | (5) | (33) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 234 | 234 | 250 | 267 | 265 | 306 | 327 | 342 |
| Profit before tax | 39 | 31 | 38 | 46 | 51 | 56 | 78 | 87 |
| Net profit | 32 | 25 | 31 | 38 | 42 | 46 | 64 | 71 |
| EPS (₹) | 2.27 | 1.82 | 2.23 | 2.77 | 3.09 | 3.44 | 4.75 | 5.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| GODREJ CONSUMER PRODUCTS | 84,107 | 43.9 | 6.65 | 27.4 | 14.7 | 19.0 | 6.6 | 19.8 |
| DABUR INDIA LTD | 63,864 | 32.4 | 5.41 | 21.3 | 15.8 | 19.8 | 6.6 | 24.3 |
| COLGATE PALMOLIVE LTD. | 43,846 | 32.5 | 27.68 | — | 83.7 | 107.1 | — | 31.3 |
| CUPID LIMITED | 42,357 | 115.8 | 93.96 | 280.9 | 24.0 | 30.3 | — | 40.3 |
| GILLETTE INDIA LTD | 23,582 | 35.3 | 24.92 | — | 69.1 | 83.4 | — | 29.8 |
| P&G HYGIENE & HEALTH CARE | 22,332 | 28.2 | 29.64 | — | 113.7 | 134.4 | — | 20.1 |
| EMAMI LIMITED | 16,295 | 21.8 | 5.58 | 15.6 | 26.5 | 28.4 | 5.6 | 23.5 |
| HONASA CONSUMER LIMITED | 14,649 | 50.5 | 10.38 | 46.1 | 14.2 | 16.9 | — | 17.6 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 22.9 | 35.3 | 3 of 15 | 86% |
| P/B | 6.6 | 6.7 | 6 of 13 | 58% |
| ROCE | 30.0 | 19.4 | 6 of 16 | 67% |
| ROE | 25.2 | 15.8 | 5 of 13 | 67% |
| Debt / Equity | 0.0 | 0.0 | 1 of 13 | 50% |
| EBITDA margin | 26.8 | 23.5 | 4 of 13 | 75% |
| Revenue growth | 28.1 | 13.4 | 4 of 14 | 77% |
| Profit growth | 86.5 | 9.4 | 3 of 13 | 83% |
| Market cap | 4986 | 9817 | 9 of 16 | 47% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Independent director appointment put to shareholders via postal ballot | management changes | medium | — | — |
| 21 Oct 2026 · Q2 FY27 call: revenue up 2.7%, EBITDA margin at 25%, Q3 price hike planned | investor communications | medium | — | — |
| 16 Oct 2026 · Bajaj Consumer Care appoints Mr. Jitendra Mahajan as Independent Director | management changes | medium | — | — |
| 16 Oct 2026 · Bajaj Consumer Care Q2 FY26: Net profit up 66% YoY to Rs 70.6 cr | compliance | minimal | — | — |
| 15 Oct 2026 · Audio recording of Q2FY27 earnings call available on company website | investor communications | low | — | — |
| 14 Oct 2026 · Bajaj Consumer Care discloses Related Party Transactions for H1 FY27 | compliance | minimal | — | — |
| 14 Oct 2026 · Bajaj Consumer Care H1 FY27 profit up 71%, board changes announced | management changes | high | — | — |
| 14 Oct 2026 · Q2 results: profit up about 70 percent; independent director resigns, new one appointed | management changes | medium | — | — |
| 14 Oct 2026 · Bajaj Consumer Care Q2 FY27: Sales up 27%, PAT up 66% YoY | investor communications | medium | — | — |
| 14 Oct 2026 · Q2 FY27: Revenue up 26%, PAT up 71% YoY on restated basis | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.