Dabur India Limited — Q2 FY26
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.
neutral
medium
✓ 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.
79%Questions answered1Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
GST volume impact in Q2 and October disruption
Asked by Abneesh Roy, Nuama Wealth Management
CEO provided specific percentage and INR impact, and addressed the timeline for normalization.
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Question
Could you clarify how much was the GST volume impact in Q2? The market leader said 2%. In October month, are you still facing reasonable disruption and do you see normalcy coming in November?
Mohit Malhotra, CEO
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. ... There will be a carry forward impact in the month of October, and I think first 15, 16 days of October will also be impacted.
Answered
High priority
GST cut benefit categories and LUP percentage
Asked by Abneesh Roy, Nuama Wealth Management
CEO gave a specific percentage for LUP and listed categories that will benefit.
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Question
If you could tell us one ballpark number in terms of the GST rate cut portfolio, how much is the LUP where the grammage increase will happen?
Mohit Malhotra, CEO
LUP for us contribute to around 27% of the overall business where we are doing grammar increases. ... The categories which I think will get negatively impacted first of all would be oral care in my view, I think that will be a big upside.
Partial answer
Medium priority
Beverages competition with Campa Cola and dealer incentives
Asked by Abneesh Roy, Nuama Wealth Management
CEO explained the benefit but did not quantify dealer incentives or compare with Campa Cola.
no specific incentive comparisonvague on gap bridging
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Question
With the GST rate cut which has benefited you, how does this help in fighting say Campa Cola? ... how does your dealer incentive compare with say Campa and would you need to change that?
Mohit Malhotra, CEO
With the GST production, the RPI is coming down. Therefore the juices will become more affordable relative to the beverages. ... We also have greased up the trade in terms of the incentives that we are giving and we hope that we be able to bridge the gap not totally, but to a certain extent.
Partial answer
Medium priority
Toothpaste LUP, inverted duty structure impact
Asked by Abneesh Roy, Nuama Wealth Management
CEO gave market share gain but did not provide toothpaste-specific LUP; CFO addressed input tax but not fully.
LUP percentage not given for toothpaste specificallydeferred input tax question to CFO
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Question
How much is LUP? Second is inverted duty structure is a big problem for market leader in toothpaste. ... how does this help you in toothpaste?
Mohit Malhotra, CEO and Ankush Jain, CFO
Overall, oral care category has been growing. ... We've gained market share, the 60 basis points. ... As far as the input tax credit, I will ask Ankush to take that question.
Evasive
High priority
Volume improvement post mid-October due to GST reduction
Asked by Mihir Shah, Nomura
CEO did not provide any specific volume improvement data, only vague statements.
no quantitative improvement givendeferred to wait and watch
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Question
Post mid-October, have you seen any material improvement in volumes because of the GST reduction?
Mohit Malhotra, CEO
A little bit of improvement will be there due to the festive season. I think it's still a wait and watch situation. ... Still, a little bit of issues are there as far as the old prices are concerned with the trade.
Answered
High priority
Chyawanprash sales performance and recovery steps
Asked by Mihir Shah, Nomura
CEO explained the impact and detailed multiple initiatives to revive the category.
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Question
Can you talk about how should we think about this category? Is the category still appears to be impacted and what can bring back the category growth going forward?
Mohit Malhotra, CEO
I think Chyawanprash has got impacted a couple of years due to the season, and the winter season has been contracted. ... A lot of initiatives happening on Chyawanprash.
Answered
High priority
Winter portfolio loading timing and Q3/Q4 sales expectation
Asked by Mihir Shah, Nomura
CEO clearly stated the shift in loading and the expected benefit in Q3.
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Question
Would that be sitting in the 2Q sales, or can one expect the winter loading to happen in 3Q, 4Q, and better sales to be seen in quarter 3 and quarter 4?
Mohit Malhotra, CEO
Winter loading actually got pushed out because GST transitions were happening from quarter 2 to quarter 3. ... If the winter is going to be harsh, we expect this quarter to be good relatively.
Answered
Medium priority
Dabur Ventures categories and investment outlay
Asked by Mihir Shah, Nomura
CEO provided the outlay amount and the focus on digital-first brands within existing categories.
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Question
Which category should one think that will get attracted to this and what is the kind of investments that you have planned out?
Mohit Malhotra, CEO
The INR 500 crore outlay that we kept for the next couple of years, and the INR 500 crore is meant for digital-first brands. ... We'll be flexible on it in the company wherein we will be allocating capital.
Answered
Medium priority
Distributor days as of 30th September
Asked by Percy Panthaki, IIFL Securities
CFO gave a specific number.
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Question
Can you tell me as of 30th September what was the distributor days?
Ankush Jain, CFO
The distributor days as of 30th September is around 22 days.
Partial answer
High priority
Two-year CAGR performance and growth expectation
Asked by Percy Panthaki, IIFL Securities
CEO explained various headwinds but did not directly interpret the 2% CAGR or give a forward growth expectation.
did not directly address the 2% CAGR interpretationlisted multiple factors without quantifying each
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Question
Even if I adjust for this 4% impact of GST that you mentioned, the two year CAGR comes to about 2%. How do we interpret this performance?
Mohit Malhotra, CEO
Besides the GST impact, firstly there's been other impact on the weather. ... These macros actually kind of suppressed the business growth.
Answered
High priority
Business outlook, rural/urban demand, and unorganized shift
Asked by Prakash Kapadia, Kapadia Financial Services
CEO gave a specific growth guidance and discussed rural/urban dynamics and unorganized shift.
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Question
Is there a case, maybe not immediate quarter, but over the next few quarters to get to double digit goals and is there a shift from unorganized?
Mohit Malhotra, CEO
For the balance of the year we look at mid- to high-single-digit growth backed by low to mid volume growth. ... That's the kind of guidance that we are looking at going forward for the next half of the year.
Answered
High priority
Guidance clarification and upside risk to mid-high single digit
Asked by Alay Mehta, Macquarie Capital
CEO clarified the guidance and acknowledged upside potential to high single digit.
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Question
Could there be an upside risk here? ... Just wanted to appreciate how are you looking at this guidance and how should we see it?
Mohit Malhotra, CEO
I'm giving you a kind of a mid to high to be not faltering here, but a high single is what we should be achieving. ... a high single digit should look quite possible for us and backed by mid single volume growth.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Beverage business grew 1.5%-2% in Q2 | 1.5% | 5.4% | Understated vs filing |
| Honey grew 28% in last quarter | 28% | 5.4% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.