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View Promises →Dabur India Limited — Q1 FY26
Dabur's Q1 FY26 consolidated revenue grew only 1.7% YoY due to unseasonal rains impacting the seasonal portfolio (beverages, glucose).
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Dabur's Q1 FY26 consolidated revenue grew only 1.7% YoY due to unseasonal rains impacting the seasonal portfolio (beverages, glucose). Ex-seasonal, growth was 7%. Domestic revenue grew 4.3% ex-seasonal, while international business delivered 13.7% constant currency growth. Operating profit and PAT grew ahead of revenue, supported by price increases and cost savings. Management expects high single-digit full-year growth, with Q2 likely double-digit due to a low base, though beverages remain under pressure. Key risks include sustained inflation in edible oils (projected ~8%) and competitive intensity requiring higher trade spends. The company is focusing on core brands, premiumization, and M&A in wellness to drive long-term growth.
डाबर की पहली तिमाही (अप्रैल-जून 2025) की कुल बिक्री में सिर्फ 1.7% की बढ़ोतरी हुई। इसकी वजह बेमौसम बारिश है, जिससे ड्रिंक्स और ग्लूकोज जैसे मौसमी उत्पादों की बिक्री प्रभावित हुई। अगर मौसमी उत्पादों को छोड़ दें, तो बिक्री 7% बढ़ी। भारत में बिक्री 4.3% और विदेशों में 13.7% बढ़ी। कंपनी का मुनाफा बिक्री से ज्यादा बढ़ा, क्योंकि उसने कीमतें बढ़ाईं और लागत बचाई। कंपनी को उम्मीद है कि पूरे साल बिक्री 7-9% बढ़ेगी और अगली तिमाही में 10% से ज्यादा बढ़ सकती है। हालांकि, खाने के तेल की कीमतें 8% तक बढ़ सकती हैं और प्रतिस्पर्धा बढ़ने से खर्च भी बढ़ेगा। कंपनी अपने मजबूत ब्रांडों, महंगे उत्पादों और सेहत से जुड़े कारोबार पर ध्यान दे रही है।
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Sustained inflation in edible oils
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Read Transcript →Quarter Snapshot
Domestic Volume Growth (ex-seasonal)
3-3.5%
N/A
Volume growth for the ex-seasonal portfolio, indicating underlying demand recovery.
Toothpaste Market Share
16.6%
+14 bps YoY
Gained market share in oral care, driven by herbal segment tailwinds and strong Red franchise growth.
Hair Oil Volume Market Share
19%
+214 bps YoY
Highest ever market share in hair oils, outperforming category growth.
International Business Growth (constant currency)
13.7%
+13.7% YoY
Robust double-digit growth across key geographies, with MENA up 10%, Sub-Saharan Africa up 20%, UK/EU up 40%.
What Changed vs Last Quarter
NEW
Q2 double-digit growth expected
Due to a favorable base (5.5% decline last year), Q2 is expected to deliver double-digit growth, though beverages may be low single-digit.
NEW
Operating margin to improve significantly in FY26
Management targets a significant improvement in operating margin for the full year, supported by premiumization and cost initiatives.
NEW
M&A focus on wellness brands
Company is scouting for M&A targets in wellness foods and health, with a path to profitability equitative to base margins.
UPDATED
Full-year high single-digit revenue growth
Management expects high single-digit consolidated revenue growth for FY26, with Q2 likely double-digit due to a low base.
DROPPED
Sustainable double-digit CAGR by FY28
Dabur aims to achieve sustainable double-digit CAGR in both top line and bottom line by financial year 2028.
DROPPED
Exit from tea, diapers, and Vita categories
Management plans to exit tea, baby diapers, and Vita (MFD) categories, which are margin-dilutive and contribute less than 1% of revenue.
NEW RISK
Sustained inflation in edible oils
Management flagged ~8% inflation in edible oils, which could pressure gross margins if not fully mitigated by price hikes and savings.
NEW RISK
Competitive intensity driving higher trade spends
Increased competition from Colgate and in hair oils has led to higher BTL spending, netting off from top line and pressuring gross margins.
NEW RISK
Unseasonal rains impacting seasonal portfolio
Unseasonal rains and a short summer severely impacted beverages and glucose, leading to a ~30% decline in glucose and low single-digit beverage growth.
NEW RISK
Reduced disclosure transparency
Analysts raised concerns about reduced disclosures in the investor presentation, which may hinder detailed performance tracking.
RISK GONE
Competitive intensity in beverages
Beverage segment faces heightened competition from Campa Cola and others, with management expecting only low to mid-single-digit growth in FY26.
RISK GONE
Gross margin pressure from inflation and recycled plastic mandate
Inflation and inability to fully pass through price increases led to 240bps gross margin contraction. Upcoming recycled plastic regulations could further pressure margins.
RISK GONE
Slow recovery in healthcare and beverages
Healthcare sales remain at FY21 levels, and beverages face structural challenges. Recovery is expected to be gradual, with no quick turnaround.
🤫 Topics management stopped discussing
Mentioned in Q2 FY25, Q4 FY25
Beverage segment faces heightened competition from Campa Cola and others, with management expecting only low to mid-single-digit growth in FY26.
Mentioned in Q1 FY25, Q2 FY25
Currency depreciation in Egypt and Turkey caused a translation loss of INR 181 crore in H1, impacting reported international profitability.
Mentioned in Q2 FY25, Q3 FY25
Management expects sequential improvement and mid-single-digit value growth in Q4, driven by price increases and volume recovery.
Mentioned in Q1 FY25, Q2 FY25
Management expects the home care portfolio to grow from INR 700 crore to INR 1,000 crore in a two- to three-year time frame.
Mentioned in Q2 FY25, Q3 FY25
Urban consumption growth has moderated to ~5%, impacting categories like juices and healthcare supplements.
Fast read
Guidance and risk preview
Management expects high single-digit consolidated revenue growth for FY26, with Q2 likely double-digit due to a low base.
Management flagged ~8% inflation in edible oils, which could pressure gross margins if not fully mitigated by price hikes and savings.
View Risks →