Hair Oil Volume Market Share Gain
154 bps
+154 bps YoY
Hair oil portfolio grew 28% YoY, outpacing category and gaining 154 bps in volume market share.
DABUR
Consumer
2026-04-??
Dabur India Ltd — Q4 FY26
Dabur India delivered a solid Q4 FY26 with consolidated revenue growth of 7.3% YoY, driven by a strong domestic FMCG performance of 9.5% (volume growth 6%).
✓ Verified against BSE filing
2-Min Summary
Dabur India delivered a solid Q4 FY26 with consolidated revenue growth of 7.3% YoY, driven by a strong domestic FMCG performance of 9.5% (volume growth 6%). The HPC portfolio was the standout, growing 17% with hair oils up 28% and home care up 24%. Healthcare ex-glucose grew 12.5%, while beverages saw sequential recovery. Management revised FY27 revenue guidance upward to low double-digits (from high single-digit), supported by price increases to offset 10% input cost inflation. EBITDA grew 8.2% and PAT 15%. Key risks include Middle East geopolitical headwinds impacting international business (2.5% growth) and potential El Niño disrupting summer-sensitive categories. Margin expansion is targeted through pricing, premiumization, and cost savings, though crude-linked inflation remains a watchpoint.
Key Numbers
Odonil Market Share Gain
243 bps
+243 bps YoY
Odonil grew 20% during the quarter, gaining 243 bps market share driven by aerosols and gel pockets.
Hajmola Market Share Gain
233 bps
+233 bps YoY
Hajmola franchise posted 12.7% growth, gaining 233 bps market share in the digestive portfolio.
Quick Commerce Salience in E-commerce
75%
+25pp QoQ
Quick commerce now constitutes 75% of e-commerce sales, up from 50% in Q3, growing at 50% rate.
Management Guidance
FY27 revenue guidance revised to low double-digit growth
Management upgraded from high single-digit to low double-digit revenue growth for FY27, driven by price increases and volume growth.
revenueDomestic business margin expansion targeted
Management aims to improve margins year-on-year through pricing, premiumization, and cost savings, despite 10% input cost inflation.
marginsHPC portfolio expected to sustain double-digit growth
HPC portfolio is expected to grow at least double-digit in FY27, with hair oils, shampoos, and home care continuing strong momentum.
growthInternational business expected to return to double-digit growth
Despite Middle East disruptions, management expects international business to grow in double digits, aided by rupee depreciation and price increases.
growthKey Risks
Middle East geopolitical headwinds impacting international business
War in West Asia is causing supply chain disruptions, inflation, and demand decline in the Middle East, which constitutes 30-35% of international business.
high · management_commentaryEl Niño risk to summer-sensitive categories
Unseasonal rains could impact beverages and glucose portfolios, which are heavily dependent on summer demand.
medium · analyst_questionInput cost inflation may pressure margins if price increases lag
Crude-linked raw material and packaging costs are rising ~10%, and while price increases are planned, sustained inflation could erode margins if not fully passed through.
medium · data_observationNielsen data showing FMCG growth moderation
Management noted a dichotomy between strong company results and Nielsen data showing sequential FMCG growth moderation, which could indicate broader demand slowdown.
low · management_commentaryNotable Quotes
We are quite unhappy with this performance because entire HPC portfolio has grown by 17% with this being an outlier... oral care only where we've seen a muted performance of around 6-7% growth.
We are committed to increasing our margins going forward... we will prioritize our margin to our media going forward while we are committed to doing more media.
If the summer turns out to be acute this will do very well. If not because of the low basis still we'll be better off than last year in any case.