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Dabur India Q2 FY27 results: net profit up 12.1% to ₹498.57 crore, revenue up 11.6%
Dabur India Limited reported consolidated revenue of ₹3,563 crore for Q2 FY27, up 11.6% from the year-ago quarter, with EBITDA of ₹632.44 crore and a net profit of ₹498.57 crore. Against the previous quarter, revenue fell 5.3% and profit fell 14.9%, while the EBITDA margin narrowed to 17.7% from 19.7%.
Key points
- Consolidated revenue of ₹3,563 crore rose 11.6% from ₹3,191 crore in Q2 FY26.
- EBITDA was ₹632.44 crore, up 7.5%, and the EBITDA margin fell 0.7 percentage points to 17.7%.
- Net profit was ₹498.57 crore, up 12.1%, and basic EPS was ₹2.85 against ₹2.55 a year earlier.
- Against Q1 FY27, revenue fell 5.3% to ₹3,563 crore and net profit fell 14.9% to ₹498.57 crore.
- In the first half, revenue was ₹7,327.46 crore, up 11.1%, and net profit was ₹1,084.73 crore, up 13.8%.
How did Dabur India perform in Q2 FY27?
Dabur India's consolidated revenue for the July–September 2026 quarter was ₹3,563 crore, up 11.6% from ₹3,191 crore in Q2 FY26, with total income up 12.1% at ₹3,734.96 crore. EBITDA rose 7.5% to ₹632.44 crore, but the margin narrowed 0.7 percentage points to 17.7% from 18.4%. Net profit was ₹498.57 crore against ₹444.79 crore, and basic EPS was ₹2.85 against ₹2.55.
Profit was lower than in the previous quarter. Revenue fell 5.3% from ₹3,764 crore in Q1 FY27, EBITDA fell 14.7% to ₹632.44 crore from ₹741.39 crore, and the margin narrowed 2.0 percentage points to 17.7%. Net profit fell 14.9% to ₹498.57 crore from ₹586.16 crore, and basic EPS fell 14.4% to ₹2.85 from ₹3.33. On the standalone basis, revenue was ₹2,432.87 crore, up 8.9%, and net profit was ₹387.84 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 3,563 | 3,764 | 3,191 | +11.6% | −5.3% |
| Other income | 171.89 | 172.56 | 140.13 | +22.7% | −0.4% |
| Total expenses | 3,089 | 3,181 | 2,758 | +12.0% | −2.9% |
| EBITDA | 632.44 | 741.39 | 588.07 | +7.5% | −14.7% |
| EBITDA margin | 17.7% | 19.7% | 18.4% | −0.7 pp | −2.0 pp |
| Profit before tax | 645.82 | 756.15 | 573.12 | +12.7% | −14.6% |
| Tax | 146.95 | 169.49 | 128.23 | +14.6% | −13.3% |
| Net profit | 498.57 | 586.16 | 444.79 | +12.1% | −14.9% |
| EPS (₹) | 2.85 | 3.33 | 2.55 | +11.8% | −14.4% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Dabur India's costs and profit?
Total expenses rose 12.0% to ₹3,089 crore from ₹2,758 crore in Q2 FY26, outpacing the 11.6% rise in revenue. Cost of materials increased 3.8% by ₹53.41 crore to ₹1,443 crore, employee cost rose 8.3% by ₹28.89 crore to ₹376.76 crore, and other expenses rose 13.9% by ₹89.35 crore to ₹731.21 crore. Finance costs fell 0.2% by ₹0.09 crore to ₹39.59 crore, and depreciation rose 3.1% by ₹3.52 crore to ₹118.92 crore.
Other income rose 22.7% by ₹31.76 crore to ₹171.89 crore from ₹140.13 crore, while profit before tax rose 12.7% by ₹72.70 crore to ₹645.82 crore. Tax expense rose 14.6% by ₹18.72 crore to ₹146.95 crore from ₹128.23 crore. There was no exceptional item in the quarter. Management said elevated crude prices and input-cost inflation pressured operating margins, with crude oil remaining elevated near US$ 100.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,443 | 1,390 | +53.41 | +3.8% |
| Employee cost | 376.76 | 347.87 | +28.89 | +8.3% |
| Finance costs | 39.59 | 39.68 | −0.09 | −0.2% |
| Depreciation | 118.92 | 115.40 | +3.52 | +3.1% |
| Other expenses | 731.21 | 641.86 | +89.35 | +13.9% |
| Total expenses | 3,089 | 2,758 | +330.81 | +12.0% |
| Other income | 171.89 | 140.13 | +31.76 | +22.7% |
| Tax | 146.95 | 128.23 | +18.72 | +14.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, consolidated revenue was ₹7,327.46 crore, up 11.1% from ₹6,595.9 crore in H1 FY26, and total income was ₹7,671.91 crore, up 11.5% from ₹6,880 crore. Profit before tax rose 13.4% to ₹1,401.97 crore from ₹1,236.14 crore, and net profit rose 13.8% to ₹1,084.73 crore from ₹953.08 crore.
Basic EPS for the first half was ₹6.18, up 13.4% from ₹5.45. The auditor's review report noted that the results also include the Group's share of a net loss after tax of about ₹0.30 crore for the quarter and about ₹0.80 crore for the six months in respect of a joint venture, based on interim financial information that had not been reviewed by its auditor.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 7,327 | 6,596 | +11.1% |
| Profit before tax | 1,402 | 1,236 | +13.4% |
| Net profit | 1,085 | 953.08 | +13.8% |
| EPS (₹) | 6.18 | 5.45 | +13.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
Total assets were ₹17,869.03 crore at 30 September 2026, against ₹17,479.91 crore at 31 March 2026, and total equity was ₹11,863.97 crore against ₹11,802.75 crore. Borrowings rose to ₹1,241.9 crore from ₹1,062.68 crore, while cash fell to ₹133.06 crore from ₹199.37 crore. Inventories stood at ₹2,384.82 crore against ₹2,321.63 crore, trade receivables at ₹1,060.3 crore against ₹715.41 crore, and trade payables at ₹3,044.96 crore against ₹2,954.34 crore.
Cash flow from operations for H1 FY27 was ₹709.37 crore, compared with ₹756.59 crore in H1 FY26. Investing cash flow was ₹138.21 crore against negative ₹18.43 crore, and financing cash flow was negative ₹972.5 crore against negative ₹649.16 crore. Capital expenditure was ₹157.63 crore in H1 FY27 against ₹168.72 crore a year earlier.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 17,869 | 17,480 |
| Total equity | 11,864 | 11,803 |
| Borrowings | 1,242 | 1,063 |
| Cash and equivalents | 133.06 | 199.37 |
| Inventories | 2,385 | 2,322 |
| Trade receivables | 1,060 | 715.41 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 709.37 | 756.59 |
| Cash from investing | 138.21 | −18.43 |
| Cash from financing | −972.50 | −649.16 |
| Capital expenditure | 157.63 | 168.72 |
Source: Company's results filing (XBRL).
How has Dabur India done over the last 8 quarters?
Revenue has risen year on year in each of the last eight quarters, while profit rose year on year in each of the last six quarters. Revenue peaked at ₹3,764.39 crore in Q1 FY27 and fell to ₹3,563.07 crore in Q2 FY27, while profit peaked at ₹586.16 crore in Q1 FY27 and fell to ₹498.57 crore. The EBITDA margin peaked at 20.6% in Q3 FY26 and fell to 17.7% in Q2 FY27. The lowest revenue in the period was ₹2,830.14 crore in Q4 FY25, when profit was ₹312.73 crore and the EBITDA margin was 15.1%.
Which businesses drove the quarter?
The consumer care business reported revenue of ₹2,953.29 crore, up 11.4% from ₹2,650.81 crore in the year-ago quarter, with EBIT of ₹658.86 crore against ₹595.18 crore and an EBIT margin of 22.3%. The food business reported revenue of ₹531.38 crore, up 14.1% from ₹465.84 crore, with EBIT of ₹63.86 crore against ₹56.62 crore and an EBIT margin of 12.0%.
The retail business reported revenue of ₹26.77 crore, up 7.2% from ₹24.97 crore, with a loss of ₹1.86 crore at the EBIT line against a loss of ₹2.7 crore. Other segments reported revenue of ₹43.2 crore, up 7.9% from ₹40.05 crore, with EBIT of ₹5.2 crore against ₹6.36 crore. Unallocated revenue was ₹8.43 crore, with EBIT of no exceptional item at the segment level.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Consumer care business | 2,953 | +11.4% | 658.86 | 22.3% |
| Food business | 531.38 | +14.1% | 63.86 | 12.0% |
| Retail business | 26.77 | +7.2% | −1.86 | -6.9% |
| Other segments | 43.20 | +7.9% | 5.20 | 12.0% |
| Unallocated | 8.43 | 0 | 0.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved an interim dividend of ₹3.50 per equity share of ₹1 face value for FY 2026-27, with the record date fixed as 10 November 2026 and payment from 25 November 2026. The board also approved the unaudited consolidated and standalone results for the quarter and half year ended 30 September 2026, the cash flow statement and the statement of assets and liabilities. The statutory auditors issued an unmodified opinion on the limited review.
The board accepted the resignation of Mohit Malhotra as Global Chief Executive Officer and Whole-time Director with effect from 13 November 2026. Herjit Singh Bhalla, Chief Executive Officer-India Business, was appointed as Additional Director and Whole-time Director for five years with effect from 14 November 2026, subject to regulatory approvals, and will continue to lead the India business. Gopal Krishna Jain was appointed as a Non-Executive Independent Director for two years from 31 December 2026, subject to shareholder approval by postal ballot, and Romesh Sobti was designated Lead Independent Director from 1 January 2027.
What did Dabur India's management say?
In its investor presentation on 5 November 2026, management said it was aiming for double-digit growth for FY 2027 under the next phase of strategy, “Fuelling Growth, Winning Together”. The stated priorities included accelerating core brands through digital and creator investment, premiumisation and contemporisation of the portfolio, bets in Health & Wellness, GTM 2.0 and Project Saksham distribution execution, portfolio rationalisation with fewer bigger bets, and strategic M&A. Management also set out targets including “+150 bps AdPro”, “2X Village Program outlet reach”, “100K Villages Directly serviced”, “40% Salience of FMCG company vs All India” and “23% Premium Portfolio” for FY28.
Management flagged that crude oil remains elevated near US$ 100, creating higher input costs and pressure on overall gross margins, and that WPI inflation remained elevated at 9.9% in September 2026 while GDP growth was projected at 7.2%, continuing to weigh on consumer sentiment. It also noted monsoon variability, with July–September rainfall at 87% of LPA, and said Q2 FY27 consolidated operating profit grew 7.5% with a 60 bps decline, well below 11.6% revenue growth. On capital allocation, management said Dabur Ventures was launched as an INR 500 Cr investment platform in October 2025, that it invested in a minority stake in luxury skincare company RAS Beauty, and that it is actively evaluating strategic acquisitions.
How did Dabur India shares react?
The result was announced after market on 4 November 2026. From the price when the filing appeared, the stock fell 2.2% after 5 minutes, 3.1% after 15 minutes and 3.9% after 30 minutes. Over the reaction day, measured from the previous close of ₹393.0 to the close of the first session that could trade on the news, it fell 1.8%. The Personal Care sector's median move over the same close was 1.7%, so the stock underperformed the industry by 3.5 percentage points.
Earlier results-day moves were mixed: the stock fell 1.6% on 29 July 2026, rose 4.3% on 7 May 2026, fell 0.7% on 29 January 2026 and fell 2.5% on 30 October 2025. Moves on 31 July 2025, 7 May 2025, 30 January 2025 and 30 October 2024 were 1.6%, negative 2.6%, 3.9% and 1.9% respectively.
| After the filing | Stock | Personal Care median |
|---|---|---|
| 5 minutes | −2.2% | |
| 15 minutes | −3.1% | |
| 30 minutes | −3.9% | |
| Reaction day | −1.8% | +1.7% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 29 July 2026 | −1.6% |
| 7 May 2026 | +4.3% |
| 29 January 2026 | −0.7% |
| 30 October 2025 | −2.5% |
| 31 July 2025 | +1.6% |
| 7 May 2025 | −2.6% |
| 30 January 2025 | +3.9% |
| 30 October 2024 | +1.9% |
Source: MarketPing price-reaction measurement.
How did other Personal Care companies do?
Five other Personal Care companies have filed for this quarter, and their median revenue growth was 12.3%. Two peers grew revenue slower than Dabur India and three grew faster than Dabur India. All five peers reported higher profit, based on a comparison covering five peers.
| Dabur India revenue growth (YoY) | +11.6% |
|---|---|
| Median of 5 other Personal Care companies | +12.3% |
| Companies with slower revenue growth than Dabur India | 2 of 5 |
| Companies with faster revenue growth than Dabur India | 3 of 5 |
| Companies whose net profit rose | 5 of 5 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Dabur India's revenue in Q2 FY27?
Revenue from operations was ₹3,563 crore, up 11.6% from ₹3,191 crore in Q2 FY26 (consolidated).
Did Dabur India make a profit in Q2 FY27?
Yes. Net profit was ₹498.57 crore, against a net profit of ₹444.79 crore in Q2 FY26.
What was Dabur India's EPS in Q2 FY27?
Basic earnings per share were ₹2.85, against ₹2.55 in Q2 FY26.
How did Dabur India shares react to the Q2 FY27 results?
On the reaction day the stock moved −1.8% from the previous close; the median Personal Care stock moved +1.7%.
When did Dabur India announce its Q2 FY27 results?
On 4 November 2026, in a filing to the BSE.
Sources
- Board Meeting Outcome for Unaudited Financial And Segment-Wise Results (Consolidated As Well As Standalone) For The Quarter And Half Year Ended September 30, 2026 And Declaration Of Interim Dividend For The Financial Year 2026-27 (BSE, 4 November 2026) · PDF
- Unaudited Financial And Segment-Wise Results For The Quarter And Half Year Ended September 30, 2026 And Declaration Of Interim Dividend For The Financial Year 2026-27 (BSE, 4 November 2026) · PDF
- Corporate Action-Board approves Dividend (BSE, 4 November 2026) · PDF
- The investor presentation (5 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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