NSE: DABUR · BSE: 500096
DABUR INDIA LTD
Sells branded fast-moving consumer goods in two main lines: a consumer care business covering hair oils, shampoos, oral care, and home care products (Odonil air fresheners, Sanifresh cleaners, honey), and a food business spanning Badshah masala, Real Activ juices, coconut water and other packaged foods. Consumer care is the dominant earner, contributing 82.3% of FY26 segment revenue at a 22.8% EBIT margin, while food contributes 15.3% at an 11.9% EBIT margin; a small retail segment (0.8% of revenue) is currently loss-making. The company earns across India and an international footprint spanning Bangladesh, the Middle East, Egypt, Turkey, Sub-Saharan Africa, the UK and the EU, with the international business growing 15.5% in INR in Q1 FY27 led by Bangladesh (+34.3%) and Egypt (+28.4%). Distribution runs through 8.5 million retail stores in India, with quick commerce now accounting for 75% of its e-commerce channel. Revenue is grown through roughly equal parts volume and pricing — Q1 FY27 India FMCG grew 9.5% on 5% volume, and HPC delivered 12.3% growth driven by hair oils, which gained 102 basis points of market share. The largest cost is raw materials at 42.5% of revenue, with crude-linked inputs flagged as the most exposed during inflationary periods. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Consumer care business (82%), Food business (15%), Other segments (1%), Retail business (1%), Unallocated other operating revenue (0%). Brand-led FMCG with high distribution intensity and rising international footprint.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 10,889 | 11,530 | 12,404 | 12,563 | 13,193 |
| EBITDA (ex other income) | 2,169 | 2,164 | 2,400 | 2,316 | 2,437 |
| margin % | 19.9 | 18.8 | 19.4 | 18.4 | 18.5 |
| Owners' profit | 1,739 | 1,707 | 1,843 | 1,768 | 1,895 |
| EPS, as reported (₹) | 9.84 | 9.64 | 10.40 | 9.97 | 10.69 |
| ROE % · ROCE % | 20.7 · 25.8 | 18.0 · 22.9 | 17.6 · 22.2 | 15.5 · 20.3 | 15.8 · 21.0 |
| Debt / equity (x) | 0.12 | 0.11 | 0.11 | 0.07 | 0.09 |
| Cash from operations | 1,802 | 1,488 | 2,013 | 1,987 | 2,579 |
| Capex | (5) | (509) | (564) | (570) | (420) |
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 | 3,029 | 3,355 | 2,830 | 3,405 | 3,191 | 3,559 | 3,038 | 3,764 |
| Profit before tax | 546 | 657 | 412 | 663 | 573 | 711 | 475 | 756 |
| Net profit | 418 | 516 | 313 | 508 | 445 | 554 | 362 | 586 |
| EPS (₹) | 2.40 | 2.95 | 1.81 | 2.90 | 2.55 | 3.16 | 2.08 | 3.33 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Consumer care business | 5,508 | 41.8 |
| Food business | 929 | 7.0 |
| Retail business | 55 | 0.4 |
| Other segments | 84 | 0.6 |
| Unallocated other operating revenue | 20 | 0.2 |
| CONSUMER CARE BUSINESS | 2,651 | 20.1 |
| FOOD BUSINESS | 466 | 3.5 |
| RETAIL BUSINESS | 25 | 0.2 |
| OTHER SEGMENTS | 40 | 0.3 |
| UNALLOCATED OTHER OPERATING REVENUE | 10 | 0.1 |
| Consumer Care Business | 2,705 | 20.5 |
| Food Business | 621 | 4.7 |
| Retail Business | 26 | 0.2 |
| Other Segments | 44 | 0.3 |
| Unallocated Other Operating Revenue | 9 | 0.1 |
| Total, before eliminations | 13,193 | 100.0 |
Exhibit 4: 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 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.4 | 35.3 | 6 of 15 | 64% |
| P/B | 5.4 | 6.7 | 4 of 13 | 75% |
| ROCE | 19.8 | 19.4 | 8 of 16 | 53% |
| ROE | 15.8 | 15.8 | 7 of 13 | 50% |
| Debt / Equity | 0.1 | 0.0 | 10 of 13 | 25% |
| EBITDA margin | 24.3 | 23.5 | 6 of 13 | 58% |
| Revenue growth | 10.6 | 13.4 | 10 of 14 | 31% |
| Profit growth | 15.3 | 9.4 | 5 of 13 | 67% |
| Market cap | 63864 | 9817 | 2 of 16 | 93% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Dabur India schedules analyst and institutional investor meet | board shareholder meetings | low | — | — |
| 8 Oct 2026 · Dabur India files quarterly demat compliance certificate for Q2 FY27 | compliance | minimal | — | — |
| 7 Oct 2026 · Notice on SEBI special window for physical shares dematerialisation | compliance | minimal | — | — |
| 6 Oct 2026 · Dabur Q2 FY27 update: Double-digit growth across segments | business updates | medium | — | — |
| 26 Sept 2026 · NCLT approves Sesa Care amalgamation with Dabur India | strategic transactions | medium | — | — |
| 25 Sept 2026 · NCLT approves Sesa Care amalgamation into Dabur India | strategic transactions | high | — | — |
| 22 Sept 2026 · Trading Window closure from Oct 1 to Nov 6, 2026 | compliance | minimal | — | — |
| 18 Sept 2026 · Dabur gets S&P Global ESG score of 86 | business updates | medium | — | — |
| 18 Sept 2026 · Dabur India receives ESG rating of 71.95, classified as Leader | business updates | medium | — | — |
| 14 Sept 2026 · Dabur to attend two investor conferences on Sep 21-22, 2026 | board shareholder meetings | low | — | — |
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.