Bajaj Consumer Care Limited — Q3 FY26
Bajaj Consumer Care delivered a standout Q3 FY26, with consolidated revenue surging 32.7% YoY to ₹306 crore, driven by strong volume growth in flagship brand Almond Drops Hair O...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
50%Questions answered3Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Sustainable growth rate and margin trajectory after strong Q3.
Asked by Abnish Roy, NUAMA
Management acknowledged the question but did not quantify sustainable growth or margin targets.
no specific growth rate givenno margin target provided
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Question
what is the sustainable growth rate given Q3 there was a GST transition impact... would you expect a slower growth rate say in Q4 and Q1? ... margins last two quarters 18% ... where do you see the journey towards higher margins?
Navin (CEO)
regarding pent-up demand... it is not a material impact... we are working towards... sustain a higher level of growth... margin... we will see further improvement on margins gradually and slowly our aspirations on margin profile is higher
Partial answer
Medium priority
Industry-wide revival in hair oil and strategic changes at Bajaj.
Asked by Abnish Roy, NUAMA
Answered industry revival and positive changes but avoided discussing unsuccessful changes.
did not specify which changes he is unhappy with
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Question
is this a industry-wide large company revival in hair oil or is it every company has its own reasons? ... strategic changes... what all has happened which are the ones you are happy with which are the ones you are not that happy?
Navin (CEO)
there is a certain amount of buoyancy in the category... we've been focused on our core brand ADHO. We've invested back a lot of margins in terms of higher advertising... that is something which is working for us.
Partial answer
Medium priority
Copra price correction and focus on coconut oil strategy.
Asked by Abnish Roy, NUAMA
Gave qualitative outlook but no quantitative copra correction figure.
no specific copra price numbers given
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Question
Copra from the peak how much has the correction been? ... would you like to also now focus a bit more on coconut versus your initial plan?
Navin (CEO)
market is expecting a sequential correction... crop seems to be good... we will also focus on coconut but it will not be a price route it would be more a brandled route
Answered
High priority
Why non-ADHO portfolio not benefiting from distribution expansion.
Asked by Rahan Sayyad, Trin Asset Managers
Provided specific outlet addition percentages and explained the reason for non-ADHO lag.
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Question
why is the nonth portfolio only growing a bit distribution currently to focus on the flagship brand and what is the specific timelines for this orders to start contracting with the rest of the hairare company?
Navin (CEO)
we've seen anywhere between 25 to 40% addition of outlets... at an overall level we've added more than 10% outlets to our direct reach... it has not benefited as much on coconut because we've also taken a strategy of correction
Partial answer
Medium priority
Structural challenges in international business, especially GCC and Africa.
Asked by Rahan Sayyad, Trin Asset Managers
Acknowledged issue but gave vague timeline and no concrete actions.
no specific timeline or plan details
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Question
has this been a recurring theme of unstable go to market issues particularly in GCC and Africa where revenues fell in 6%... are these purely operational or are we facing a fundamental brand set in this specific geography?
Navin (CEO)
the issue is more partner choice go to market... in markets where you're working with country distributors some of these changes have to be done more gradually... we are confident... we hope we will get there in the next subsequent couple of quarters.
Evasive
High priority
Price vs volume growth breakdown for ADHO.
Asked by Amit Purohit, Ara Capital
Refused to break down price and volume components, citing sensitivity.
declined to provide price vs volume split
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Question
what would be the price increase we would have taken in ADHOD and what would be the price growth?
Navin (CEO)
the difference was close to a double digit kind of a number... we would not want to further bifurcate into how much comes from which activity because I think that'll be too sensitive
Partial answer
Medium priority
Timeline for completion of GTM strategy (Arohan).
Asked by Amit Purohit, Ara Capital
Gave partial timeline but noted ongoing nature without end date.
no firm completion date given
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Question
when do you think that this will can get completed maybe in full of FYI 27 it would have be or first half of FI27 what is the timeline?
Navin (CEO)
some parts of the exercise will get concluded for example we've concluded it for a few states this year we will pick up the balance states and do that in next year but then some of part of the exercise like direct distribution expansion is something which is ongoing.
Answered
High priority
Number of direct outlets and future expansion plans.
Asked by Netic, NVR the Alpha Fund
Provided specific number of direct outlets.
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Question
what is the number of direct outlets that we have as on?
Navin (CEO)
we broadly do around six lakh outlets basically urban plus rural put together as a direct coverage.
Partial answer
Medium priority
Product mix between ADHO and non-ADHO and growth levers for ADHO.
Asked by Deepak, Unifi Capital
Provided approximate mix but not exact numbers; growth levers were qualitative.
mix given as thumb rule, not exact
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Question
I would want to understand the product mix between ADHO and nonADO currently... what are the strategic levers left for us to tap on so that we can grow higher than the industry growth rate.
Navin (CEO)
you can use the thumb rule of 8020... we are playing in the larger hair oil plus coconut oil space... we have significant headroom of growth and acquiring consumers in this larger space.
Evasive
High priority
How much of growth is from new outlets vs consumer demand.
Asked by Percy, IFL
Declined to estimate split, citing difficulty.
no quantification provided
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Question
how much of it is like new outlets that you have reached for the first time and you have placed the merchandise and how much do you think is coming from actual consumer demand?
Navin (CEO)
a large amount would be consumer demand... it's not that we are making our product available for the first time... it'll be very very difficult to determine... the net contribution
Evasive
High priority
Pricing and volume growth breakdown for the quarter.
Asked by Mihir Sha, Nura
Declined to break down growth into price and volume components.
refused to provide price vs volume split
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Question
if you can share the pricing and the volume growth overall for the quarter.
Navin (CEO)
yes at has grown in 20s... what we have already disclosed is that the volume growth is double digit. The rest you can try and dissect. You said we will not give more details than that.
Answered
Medium priority
Discrepancy in coconut oil growth vs market leader.
Asked by Mihir Sha, Nura
Clearly explained the reason for lower coconut growth due to pricing correction.
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Question
there seems to be a significantly stark difference in the growth profiles of Bajach coconut portfolio versus the market leaders growth... they are growing at closer to 60 plus%... where is the disconnect?
Navin (CEO)
we have taken corrections in terms of our pricing... we have reduced that difference of pricing between us and the market leader and that has resulted in our revenue growths being much lower and that's a conscious correction
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| ADHO grew in 20s (percentage) | 20% | 32.7% | Understated vs filing |
| Coconut hair oil grew high single digits value | 7% | 32.7% | Understated vs filing |
| Non-ADHO grew mid-single digits | 5% | 32.7% | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.