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Revenue
₹3,191 Cr
verified against source
Revenue YoY
5.4%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Dabur's Q2 FY26 consolidated revenue grew 5.4% YoY, with India FMCG up 5.7% and international business up 7.7% in INR terms. Operating profit and PAT grew ahead of revenue at 6.4% and 6.5% respectively, supported by price increases and cost savings. The quarter was disrupted by the GST rate cut announcement, which caused a temporary trade destocking impact of ~INR 100 crore (3-4% of sales). HVC portfolio grew 8.9%, Fitkari portfolio 14%, and Honey 28%, while beverages remained flat due to weather. Management guided for mid-to-high single-digit revenue growth in H2, backed by winter season tailwinds, GST benefits, and rural recovery. Key risks include lingering GST transition effects in October, potential US tariffs, and geopolitical issues in Nepal.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects second-half revenue growth in mid-to-high single digits, backed by low-to-mid single-digit volume growth.
- Management indicated margins will be better than top line, supported by cost savings of ~INR 60 crore in H1 and continued initiatives.
- Capital allocation of INR 500 crore for minority/majority stakes in digital-first brands within existing categories (HPC, healthcare, foods).
Risks flagged
- Management noted that old-price inventory is still being flushed out, impacting October sales for the first 15-16 days.
- CFO highlighted a 1.25-1.5% gap between output and input GST rates, which could require price increases or cost renegotiations.
- Nepal business declined 15% due to political disturbance; US tariffs impacted Badshah exports. Management noted these as unforeseen headwinds.
Key quotes
- GST impact is in the range of around INR 100 crore, give or take for us, which is in the range of around 3%-4% for us.
- We are looking at saving initiatives also in the first half, saving initiatives in the range of around INR 60 odd crores.
- We are pleased to announce the launch of Dabur Ventures with capital allocation of INR 500 crore over the next few years.
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