Bajaj Consumer Care Limited (BAJAJCON)
₹472.00 +0.75% last close, 16 Oct
Q2 FY27 results
Bajaj Consumer Care Limited reported Q2 FY27 results on 14 Oct 2026: revenue ₹333 Cr (+25.6% year on year, -2.6% on the previous quarter), and net profit ₹70.2 Cr (+67.0% year on year); the operating margin was 24.7%.
| Q2 FY27 (₹ Cr) | Value | YoY vs Q2 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹333 | +25.6% | -2.6% |
| Operating profit | ₹82.3 | +71.5% | -1.3% |
| Net profit | ₹70.2 | +67.0% | -0.8% |
| EPS (₹) | 5.37 | +65.7% | -0.9% |
| Operating margin | 24.7% | — | — |
- Operating margin expanded 662 bps YoY
Quality of profit: of pre-tax profit of ₹86.8 Cr, ₹78.2 Cr (90%) came from the core business and the rest from other income and one-off items. Core profit (operating profit less interest and depreciation) moved +77.6% year on year.
Against its own trend: net profit of ₹70.2 Cr was -9.7% against the ₹77.6 Cr its recent growth pointed to (in line). This is a statistical baseline, not an analyst estimate.
Share price since the results: -9.2% (close before the filing to the latest close).
BAJAJCON delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 31.88% of the BAJAJCON shares traded on NSE were taken to delivery, against the stock's own 20-session average of 48.94%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 46.6% · 44.2% · 42.2% · 24.9% · 31.9%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Bajaj Consumer Care Limited announced the appointment of Mr. Jitendra Ananda Mahajan as an Independent Director, effective October 14, 2026. Mr. Mahajan brings over 30 years of FMCG experience across Marico, Britannia, and Diageo India, having overseen businesses exceeding US$1 billion. His expertise spans supply chain, manufacturing, procurement, digital technology, and operations. The appointment aims to support Bajaj Consumer's ongoing portfolio diversification and supply chain initiatives.
- Appointment of Mr. Jitendra Ananda Mahajan (DIN: 02602356) as Independent Director effective October 14, 2026
- Appointee holds over 3 decades of leadership experience across FMCG peers including Marico, Britannia, and Diageo India
- Track record includes managing scale consumer businesses exceeding US$1 billion in India and overseas
Bajaj Consumer Care reported standalone revenue from operations of ₹326.72 Cr for Q2 FY27, up 25.9% YoY from ₹259.41 Cr in Q2 FY26. Standalone net profit climbed 64.9% YoY to ₹70.53 Cr compared to ₹42.78 Cr in the corresponding prior-year quarter. For H1 FY27, net profit stood at ₹140.69 Cr on revenues of ₹661.83 Cr. Additionally, the Board appointed FMCG veteran Jitendra Mahajan as Independent Director following the resignation of K.S. Narayanan.
- Standalone revenue from operations reached ₹32,671.94 lakh (₹326.72 Cr), up 25.9% YoY
- Net profit surged 64.9% YoY to ₹7,052.83 lakh (₹70.53 Cr) from ₹4,278.05 lakh in Q2 FY26
- Profit before tax grew 68% YoY to ₹8,715.80 lakh compared to ₹5,188.76 lakh
- Advertising and sales promotion expenses stood at ₹4,073.55 lakh vs ₹3,808.27 lakh in Q2 FY26
- Board approved 5-year appointment of Jitendra Ananda Mahajan as Non-Executive Independent Director
Bajaj Consumer Care reported standalone revenue from operations of ₹326.72 Cr for Q2 FY27, up 25.9% YoY from ₹259.41 Cr in Q2 FY26. Standalone net profit climbed 64.9% YoY to ₹70.53 Cr compared to ₹42.78 Cr in the corresponding prior-year quarter. For H1 FY27, net profit stood at ₹140.69 Cr on revenues of ₹661.83 Cr. Additionally, the Board appointed FMCG veteran Jitendra Mahajan as Independent Director following the resignation of K.S. Narayanan.
- Standalone revenue from operations reached ₹32,671.94 lakh (₹326.72 Cr), up 25.9% YoY
- Net profit surged 64.9% YoY to ₹7,052.83 lakh (₹70.53 Cr) from ₹4,278.05 lakh in Q2 FY26
- Profit before tax grew 68% YoY to ₹8,715.80 lakh compared to ₹5,188.76 lakh
- Advertising and sales promotion expenses stood at ₹4,073.55 lakh vs ₹3,808.27 lakh in Q2 FY26
- Board approved 5-year appointment of Jitendra Ananda Mahajan as Non-Executive Independent Director
Bajaj Consumer Care Limited disclosed its Related Party Transactions (RPT) for H1 FY27 pursuant to SEBI Listing Regulations. Key operational transactions include Rs 649.55 lakh (~Rs 6.50 cr) in royalty expenses to promoter entity Bajaj Resources Private Limited, representing about 0.5% of TTM revenue. Goods sold to wholly owned subsidiary Bajaj Corp International (FZE) totalled Rs 729.80 lakh (~Rs 7.30 cr). Management compensation included Rs 431.44 lakh for MD Naveen Pandey and Rs 92.16 lakh for CFO Dilip Kumar Maloo during the half-year period.
- Royalty paid to Bajaj Resources Private Limited stood at Rs 649.55 lakh for H1 FY27
- Sales of goods to subsidiary Bajaj Corp International (FZE) amounted to Rs 729.80 lakh
- MD Naveen Pandey's remuneration for H1 FY27 totalled Rs 431.44 lakh
- CSR contribution to Kamalnayan Jamnalal Bajaj Foundation was Rs 194.17 lakh in H1 FY27
- Royalty expense paid to subsidiary Vishal Personal Care Limited was Rs 62.24 lakh
Bajaj Consumer Care reported standalone revenue from operations of ₹326.72 Cr for Q2 FY27, up 25.9% YoY from ₹259.41 Cr in Q2 FY26. Standalone net profit climbed 64.9% YoY to ₹70.53 Cr compared to ₹42.78 Cr in the corresponding prior-year quarter. For H1 FY27, net profit stood at ₹140.69 Cr on revenues of ₹661.83 Cr. Additionally, the Board appointed FMCG veteran Jitendra Mahajan as Independent Director following the resignation of K.S. Narayanan.
- Standalone revenue from operations reached ₹32,671.94 lakh (₹326.72 Cr), up 25.9% YoY
- Net profit surged 64.9% YoY to ₹7,052.83 lakh (₹70.53 Cr) from ₹4,278.05 lakh in Q2 FY26
- Profit before tax grew 68% YoY to ₹8,715.80 lakh compared to ₹5,188.76 lakh
- Advertising and sales promotion expenses stood at ₹4,073.55 lakh vs ₹3,808.27 lakh in Q2 FY26
- Board approved 5-year appointment of Jitendra Ananda Mahajan as Non-Executive Independent Director
Bajaj Consumer Care reported a strong Q2 FY27 performance, with consolidated net sales increasing 27.3% YoY to ₹332.7 crore. EBITDA jumped 71.0% YoY to ₹83.3 crore, expanding operating margins significantly to 25.0% from 18.6% in Q2 FY26. Consolidated Profit After Tax (PAT) grew 66.0% YoY to ₹70.2 crore, aided by 30%+ revenue growth in domestic hair oils and steady gross margin expansion to 59.9%. For H1 FY27, net sales rose 27.8% YoY to ₹674.1 crore, while PAT climbed 74.8% YoY to ₹140.9 crore.
- Consolidated Net Sales grew 27.3% YoY to ₹332.7 crore in Q2 FY27
- EBITDA increased 71.0% YoY to ₹83.3 crore, with EBITDA margin rising to 25.0% vs 18.6% in Q2 FY26
- Consolidated PAT rose 66.0% YoY to ₹70.2 crore
- H1 FY27 PAT grew 74.8% YoY to ₹140.9 crore on Net Sales of ₹674.1 crore (+27.8% YoY)
- Project Aarohan added 1 Lakh+ retail outlets and 1,100+ distribution partners across three phases
Bajaj Consumer Care reported standalone revenue from operations of ₹326.72 Cr for Q2 FY27, up 25.9% YoY from ₹259.41 Cr in Q2 FY26. Standalone net profit climbed 64.9% YoY to ₹70.53 Cr compared to ₹42.78 Cr in the corresponding prior-year quarter. For H1 FY27, net profit stood at ₹140.69 Cr on revenues of ₹661.83 Cr. Additionally, the Board appointed FMCG veteran Jitendra Mahajan as Independent Director following the resignation of K.S. Narayanan.
- Standalone revenue from operations reached ₹32,671.94 lakh (₹326.72 Cr), up 25.9% YoY
- Net profit surged 64.9% YoY to ₹7,052.83 lakh (₹70.53 Cr) from ₹4,278.05 lakh in Q2 FY26
- Profit before tax grew 68% YoY to ₹8,715.80 lakh compared to ₹5,188.76 lakh
- Advertising and sales promotion expenses stood at ₹4,073.55 lakh vs ₹3,808.27 lakh in Q2 FY26
- Board approved 5-year appointment of Jitendra Ananda Mahajan as Non-Executive Independent Director
Bajaj Consumer Care Limited has scheduled participation in the Avendus Spark INDX Conferences 2026 on Tuesday, September 8, 2026. The engagement will feature one-on-one and group meetings with institutional investors between 9:00 AM and 1:00 PM IST in Mumbai. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interactions.
- Participating in Avendus Spark INDX Conferences 2026 on Tuesday, September 8, 2026
- Meeting format includes both one-on-one and group meetings
- Scheduled meeting window is from 9:00 A.M. to 1:00 P.M. at Platina, BKC, Mumbai
- Company confirmed that no Unpublished Price Sensitive Information will be shared
Bajaj Consumer Care Limited announced the resignation of Mr. Rajesh Menon, Head - Supply Chain, Operations & IT (Senior Management Personnel), effective from the close of business hours on August 21, 2026. Mr. Menon served with the company for 5.5 years and tendered his resignation on May 15, 2026, completing a standard three-month notice period to pursue external opportunities. The company has confirmed there are no other material reasons behind the departure.
- Rajesh Menon stepped down as Head - Supply Chain, Operations & IT effective August 21, 2026.
- The resignation letter was tendered on May 15, 2026, serving a standard 3-month notice period.
- Mr. Menon had been associated with the company for over 5.5 years.
- No other material reasons were stated for the resignation other than external opportunities.
Bajaj Consumer Care Limited announced that Mr. Rajesh Menon, Head - Supply Chain, Operations & IT (designated as Senior Management Personnel), has resigned to pursue outside opportunities. His resignation was tendered on May 15, 2026, and he was relieved on August 21, 2026, following the completion of a standard 3-month notice period. Mr. Menon served at the company for 5.5 years, and the filing confirmed no other material reasons for his departure. The company has not yet announced an immediate successor for the role.
- Rajesh Menon steps down as Head - Supply Chain, Operations & IT effective closing hours of August 21, 2026
- Departure follows a completed 3-month notice period after resignation was tendered on May 15, 2026
- Associated with Bajaj Consumer Care for over 5.5 years prior to resignation
- Filing confirms no material reasons for resignation other than external opportunities
Bajaj Consumer Care Limited concluded its 20th Annual General Meeting on August 5, 2026, with all three resolutions passed by the requisite majority. While the adoption of FY26 financial statements received near-unanimous support (99.99%), resolutions regarding director re-appointment and remuneration faced notable dissent. Specifically, 10.12% of total votes were cast against the re-appointment of Mr. Kushagra Nayan Bajaj, and 10.67% were cast against the remuneration for Mr. Sumit Malhotra, primarily driven by institutional shareholders.
- Resolution 1 for adoption of FY26 Audited Financial Statements passed with 99.9998% votes in favor.
- Resolution 2 for re-appointment of Mr. Kushagra Nayan Bajaj passed with 89.8752% favor and 10.1248% dissent.
- Resolution 3 for remuneration to Mr. Sumit Malhotra passed with 89.3271% favor and 10.6729% dissent.
- Total of 9,25,13,321 votes were polled, representing approximately 70.8% of the total 13,06,18,321 shares.
- Institutional dissent was significant for Resolution 3, with 98,73,634 institutional votes cast against the remuneration proposal.
Bajaj Consumer Care concluded its 20th Annual General Meeting on August 5, 2026, where all three proposed resolutions were passed with the requisite majority. While the adoption of FY26 financial statements received near-unanimous support (99.99%), resolutions regarding director re-appointment and remuneration saw notable institutional dissent. Specifically, the re-appointment of Mr. Kushagra Nayan Bajaj and the remuneration for Mr. Sumit Malhotra faced approximately 10% total dissent, driven largely by institutional investors who cast over 26% of their votes against these items.
- Resolution 1 for adoption of FY26 Audited Financial Statements passed with 99.9998% assent from 295 members.
- Resolution 2 for re-appointment of Mr. Kushagra Nayan Bajaj as Director passed with 89.87% assent, but faced 10.12% dissent.
- Resolution 3, a Special Resolution for remuneration to Mr. Sumit Malhotra, passed with 89.32% assent.
- Institutional dissent was significant for Resolution 3, with 98,73,888 votes (27.5% of institutional votes polled) cast against it.
- A total of 1,22,874 shareholders were on record for the meeting held in Udaipur.
Bajaj Consumer Care reported a strong Q1 FY27 with revenue increasing 28% YoY to ₹341 crore, driven by low-teen volume growth in its flagship Almond Drop Hair Oil (ADHO). EBITDA doubled to ₹84.4 crore, reflecting a 24.7% margin, which is significantly higher than the TTM OPM of 19%. While gross margins dipped sequentially to 61.8% due to raw material volatility, they improved by 510 bps compared to the same quarter last year. The company remains focused on its FY29 target of 40% non-ADHO revenue, supported by the ₹120 crore Banjara's acquisition.
- Revenue grew 28% YoY to ₹341 crore, representing approximately 29% of TTM revenue.
- EBITDA doubled to ₹84.4 crore with a margin of 24.7%, up from 19% TTM average.
- ADHO volume growth accelerated to low teens on an MLH adjusted basis.
- Gross margins improved by 510 basis points YoY to 61.8% despite sequential raw material pressure.
- Advertising and promotion spends were maintained at 14.6% of revenue to support brand growth.
Bajaj Consumer Care has released the audio recording of its earnings conference call held on July 13, 2026, regarding the Q1 FY27 financial results. The call discussed the company's performance for the quarter ended June 30, 2026. This is a standard procedural disclosure following the announcement of quarterly results. Investors can access the recording on the company's website to hear management's detailed commentary on operational performance and the progress of their FY29 diversification strategy.
- Earnings conference call conducted on July 13, 2026
- Covers financial performance for the quarter ended June 30, 2026
- Management is working towards a 40% non-ADHO revenue target by FY29
- TTM Revenue as of the latest period stands at Rs 1,164 Cr
Bajaj Consumer Care reported a robust Q1 FY27 with consolidated net sales growing 28.3% YoY to ₹341.4 Cr. Profitability saw a significant jump, with EBITDA doubling to ₹84.4 Cr and PAT rising 84.8% to ₹70.7 Cr, driven by gross margin expansion to 61.8%. The core Almond Drop Hair Oil (ADHO) brand achieved early-teens volume growth, while the international business returned to double-digit EBITDA margins. The company successfully integrated the Banjara's acquisition, contributing to the non-ADHO portfolio growth.
- Consolidated Net Sales increased 28.3% YoY to ₹341.4 Cr, representing ~29% of TTM revenue.
- EBITDA surged 101.2% YoY to ₹84.4 Cr, with margins expanding significantly to 24.7% from 15.8% YoY.
- Profit After Tax (PAT) grew 84.8% YoY to ₹70.7 Cr, contributing ~37% of the TTM PAT in a single quarter.
- Gross margins improved to 61.8% from 56.7% YoY, despite a 40% QoQ spike in Light Liquid Paraffin (LLP) prices.
- International business registered a strong comeback with double-digit EBITDA margins and double-digit topline growth in Nepal and Bangladesh.
Financial Performance
Revenue Growth by Segment
Consolidated revenue for Q2 FY26 grew 13.3% YoY to INR 261.4 Cr. Standalone revenue grew 7.2% YoY to INR 241.6 Cr. Domestic business registered double-digit value growth, while the International Business (IB) saw high single-digit growth in Bangladesh but faced headwinds in GCC markets.
Geographic Revenue Split
Domestic operations contribute approximately 94% of consolidated revenue, while the International Business constitutes 6% of consolidated revenue as of fiscal 2025.
Profitability Margins
Consolidated Gross Margin for Q2 FY26 stood at 59.6%, an improvement of 690 bps YoY. Standalone Gross Margin was 59.3%, up 680 bps YoY. Consolidated PAT margin for Q2 FY26 was 16.2% (INR 42.3 Cr), up 32.8% YoY.
EBITDA Margin
Consolidated EBITDA margin for Q2 FY26 was 18.6% (INR 48.7 Cr), representing a 44.9% YoY increase. Standalone EBITDA margin was 20.5% (INR 49.6 Cr), up 42.3% YoY.
Capital Expenditure
The company maintains a low capital expenditure model with no large capex planned. It owns three manufacturing facilities and utilizes third-party units to maintain flexibility.
Credit Rating & Borrowing
The company maintains a healthy financial risk profile with nil debt as of March 2025. Liquid surplus was approximately INR 630 Cr, including marketable securities.
Operational Drivers
Raw Materials
Key raw materials include Light Liquid Paraffin (LLP), High-Density Polyethylene (HDPE), and Copra. LLP and HDPE costs are highly sensitive to crude oil price fluctuations.
Capacity Expansion
The company operates three owned manufacturing facilities in Himachal Pradesh, Uttarakhand, and Assam, supplemented by third-party manufacturing units. Specific MTPA capacity is not disclosed.
Raw Material Costs
Raw material costs are projected to remain range-bound, though rising copra prices constrained profitability in fiscal 2025. Gross margins improved by 690 bps in Q2 FY26 due to structured cost interventions.
Manufacturing Efficiency
Return on Capital Employed (ROCE) was healthy at 20% for fiscal 2025. The company uses a mix of owned and third-party units to optimize production costs.
Logistics & Distribution
Distribution is managed through a wide network of wholesalers and distributors. The company is focusing on increasing direct reach to consumers through modern trade and e-commerce.
Strategic Growth
Expected Growth Rate
5-9%
Growth Strategy
Strategy involves diversifying the product portfolio to reduce dependence on ADHO (target 40% non-ADHO revenue by FY29), scaling the Banjara's acquisition (Vishal Personal Care), and expanding the 'digital forward' portfolio which grew high teens in Q2 FY26.
Products & Services
Light Hair Oil (LHO), Coconut Oil, Hair Serums, Shampoos, Conditioners, Soaps, Body Lotions, and Skincare products.
Brand Portfolio
Bajaj Almond Drops Hair Oil (ADHO), Bajaj Brahmi Amla, Bajaj Coco Jasmine, Bajaj Kailash Parbat, Nomarks, Banjara’s, and Bajaj 100% Pure Coconut Oil.
New Products/Services
Recent launches include Almond Drop extensions (serums, shampoos, soaps) and the Bajaj Ethnic range. NPDs (New Product Developments) are expected to drive the 40% non-ADHO revenue target by FY29.
Market Expansion
Focusing on Modern Trade, E-commerce, and International markets like Bangladesh (high single-digit growth) and GCC (undergoing distributor transition).
Market Share & Ranking
The company is a leading manufacturer in the Light Hair Oil (LHO) segment with strong brand recall for Bajaj Almond Drops.
Strategic Alliances
Acquired 100% stake in Vishal Personal Care Ltd (Banjara’s) in May 2025 for approximately INR 120 Cr to strengthen the skincare and ethnic hair care portfolio.
External Factors
Industry Trends
The FMCG industry is seeing a shift toward premiumization and digital-first brands. Rural markets remain susceptible to downtrading during inflationary periods.
Competitive Landscape
Faces intense competition from both large FMCG players and unbranded local substitutes, particularly in the rural hair oil segment.
Competitive Moat
Moat is built on the strong brand recall of Bajaj Almond Drops and an extensive distribution network. Sustainability depends on successful diversification into non-ADHO categories.
Macro Economic Sensitivity
Highly sensitive to rural demand recovery and urban consumption trends. Inflationary pressures on crude oil directly impact the cost of LLP and HDPE.
Consumer Behavior
Shift toward larger packs (double-digit growth in Q2 FY26) and a revival in the digital-forward portfolio among urban consumers.
Geopolitical Risks
External headwinds in 'Rest of World' markets and distributor transitions in the GCC region have impacted international business performance.
Regulatory & Governance
Industry Regulations
Operations are subject to applicable labor laws and environmental obligations. The company is working toward measurable plans for a sustainable business to mitigate climate change risks.
Environmental Compliance
Formed a Board-level ESG committee to oversee priorities. Reported zero fatalities and zero lost time injuries (LTIFR) over the last four fiscal years.
Taxation Policy Impact
The company notes that government initiatives like tax relief could boost future consumer consumption. Specific corporate tax rates were not disclosed.
Risk Analysis
Key Uncertainties
Product concentration risk is high, with Bajaj Almond Drops Hair Oil (ADHO) contributing approximately 80% of total revenue.
Geographic Concentration Risk
94% of revenue is derived from the Indian domestic market, making it highly sensitive to Indian macroeconomic conditions.
Third Party Dependencies
The company relies on third-party manufacturing units to supplement its three owned facilities.
Technology Obsolescence Risk
Risk of falling behind in the e-commerce shift is being mitigated by a digital-forward portfolio that grew high teens in Q2 FY26.
Credit & Counterparty Risk
Minimal credit risk due to the cash-and-carry model for distributors in the general trade channel.
