Dabur India Limited — Q4 FY25
Dabur's Q4 FY25 consolidated revenue grew 3.6% in consumer currency terms to INR 12,563 crore, with PAT of INR 1,768 crore.
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✓ 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.
96%Questions answered0Evaded / deflected12Questions auditedContradictedNumbers vs filing
Answered
High priority
What are McKinsey's initial suggestions and focus areas for Dabur?
Asked by Abneesh Roy, Nuvama Wealth
CEO provided specific categories to exit and strategic themes.
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Question
I think it will be quite helpful if you can share what are the initial suggestion areas of improvement, focus areas.
Mohit Malhotra, CEO
The ones which stand out is that we shall weed and feed our portfolio, and portfolio rationalization will happen. A clear exit path for some of the categories which have been non-performers have been identified to release capital.
Answered
High priority
What is the confidence level and volume growth guidance for India business in FY26?
Asked by Abneesh Roy, Nuvama Wealth
CEO gave explicit guidance of high single to double-digit value growth for full year.
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Question
In your case, what is the confidence level and what kind of number for India business you think is possible given base is very favorable?
Mohit Malhotra, CEO
We should also end the year with high single-digit, if not double-digit or near double-digit kind of a growth for the full year. That is the guidance that we can give looking at the macroeconomic situation at the moment.
Answered
High priority
What is the growth expectation for fruit juice business in FY26?
Asked by Abneesh Roy, Nuvama Wealth
CEO provided a specific growth range for the beverage portfolio.
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Question
What is the growth expectation FY 2026 in this part?
Mohit Malhotra, CEO
Growth expectations actually low to mid single-digit as far as this foods, our beverage portfolio is concerned.
Answered
High priority
How is the slowdown impacting rural vs urban, and are GT channel inventory issues resolved?
Asked by Prakash Kapadia, Spark PMS
CEO gave specific growth rates and inventory days, addressing both parts.
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Question
Can you help us understand, Mohit, the rural and urban side of the current slowdown which we are seeing? ... Is GT channel inventory issues over?
Mohit Malhotra, CEO
Our rural and tertiary is growing by around 13%-14%. That is what Nielsen tells us for the quarter four data. ... We corrected the inventory from 30 days to 41 days.
Partial answer
High priority
What is the timeframe for premiumization initiatives and will it impact margins?
Asked by Kunal Vora, BNP Paribas
CEO gave start quarter but no specific timeline; CFO added margin guardrails but no quantification.
no specific timeline givenvague on margin impact
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Question
What is the time frame you are looking at? Would this require investment in the medium term? Would this result in any kind of margin dips?
Mohit Malhotra, CEO and Ankush Jain, CFO
The journey should begin as we speak from this quarter onwards. ... We aspire to grow double-digit or near single-digit value growth and also increase our operating margins.
Answered
High priority
What went wrong in healthcare and beverages in recent years and is the worst behind?
Asked by Kunal Vora, BNP Paribas
CEO explained reasons and actions taken, implying worst may be behind.
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Question
If you can help me understand whether the worst is behind, what exactly went wrong in these two categories in the last couple of years?
Mohit Malhotra, CEO
In healthcare, CAGR is around 7-8%. ... In beverage business, our CAGR is again 10% plus levels. ... We have also corrected our RPI as compared to the Colas.
Answered
Medium priority
Which categories will grow faster than high single-digit to achieve overall target?
Asked by Kunal Vora, BNP Paribas
CEO named specific categories expected to grow faster.
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Question
Which are the categories in which you're confident that the growth could be even higher compared to high single digits?
Mohit Malhotra, CEO
We are more confident about HPC as we speak, home care, skin care, oral care. We are on a path of doing corrections in beverages and healthcare.
Answered
High priority
What caused the 250 bps gross margin contraction in standalone business?
Asked by Harit Kapoor, Investec
CFO and CEO attributed contraction to inflation and explained pricing actions.
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Question
There is a sharp kind of 250 basis points GM contraction. Do we attribute this largely to mix?
Ankush Jain, CFO and Mohit Malhotra, CEO
Inflation is the highest in this quarter in this year. Almost 80% of the inflation of the year has come in this quarter itself, which has impacted this almost 250 basis points itself.
Answered
Medium priority
What was the weighted average pricing in Q4 and expected in Q1?
Asked by Harit Kapoor, Investec
CEO gave specific pricing percentage for Q4 and flow-through to Q1.
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Question
How much of that, Mohit, was in quarter four? What would have been your weighted average pricing in quarter four?
Mohit Malhotra, CEO
Overall, it is around 3.5% sort of a price increase that we have taken in quarter four, which will flow through to quarter one.
Answered
Medium priority
How to reconcile premiumization in hair oils with bottom-end competition?
Asked by Harit Kapoor, Investec
CEO explained separate strategies for bottom and top end, no conflict.
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Question
In Hair Oils, it's a bit of a dichotomy because on the others, there is also a competitive intensity at the bottom end of the pyramid. How do we kind of marry both these things?
Mohit Malhotra, CEO
Premiumization is more urban linked for us. e-commerce, quick commerce, all these channels actually help us to get onto the premiumization journey. ... I don't see both of them conflicting with each other at all.
Answered
Medium priority
Why is oral care revenue down 70-80% sequentially?
Asked by Naveen Trivedi, Motilal Oswal
CFO corrected the magnitude and CEO explained the right comparison.
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Question
If I look at this, even sequentially also, I would assume that sequentially it is down close to 70%-80% versus quarter three. Is the understanding right?
Mohit Malhotra, CEO and Ankush Jain, CFO
Not 70-80%. I think it's 10-12% down. ... I think it is a year-on-year that you should be looking at rather than sequential.
Answered
Medium priority
How is Dabur pitching healthcare products to millennials/Gen Z?
Asked by Senthil Manikandan, iThought PMS
CEO gave specific formats and target audiences for modernization.
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Question
Particularly with respect to the healthcare vertical, if you can throw some insight into how we are pitching the products on the healthcare side to the millennials or Gen Zs.
Mohit Malhotra, CEO
We will be launching modern formats like gummies, powders, etc., which is more targeted towards the new generation. ... Also, we will be targeting new target audiences like geriatric, gym goers, etc.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Rural and tertiary growing by 13-14% per Nielsen Q4 | 14% | 3.6% | Overstated vs filing |
| Glucose growth of 10-11% | 11% | 3.6% | Overstated vs filing |
| Oral care growth of 22-23% in same quarter last year (base) | 23% | 3.6% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.