Dabur India Limited (DABUR)
₹385.00 +0.44% last close, 16 Oct
Q2 FY27 results
📅 Next results: 04 Nov 2026 (board meeting)Dabur India Limited's board meets on 4 Nov 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, Dabur India's revenue was ₹3,764 Cr (+10.6% year on year, +23.9% on the previous quarter), and net profit ₹586 Cr (+15.3% year on year); the operating margin was 19.7%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹3,764 | +10.6% | +23.9% |
| Operating profit | ₹741 | +11.0% | +60.8% |
| Net profit | ₹586 | +15.3% | +61.9% |
| EPS (₹) | 3.33 | +14.8% | +60.1% |
| Operating margin | 19.7% | — | — |
DABUR delivery percentage and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.82% of the DABUR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 57.56%. That is lower than usual for this stock. Volume was 0.3 times its average, well below normal. In DABUR futures, open interest fell 0.66% while the futures price fell 0.13%: long unwinding (longs closing out).
Delivery in the last 5 sessions: 53.3% · 55.5% · 66.9% · 49.6% · 44.8%
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
Dabur India Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Registrar and Share Transfer Agent KFin Technologies confirms that all dematerialisation requests received between July 1, 2026, and September 30, 2026, were processed within 15 days of receipt. The security certificates have been verified, cancelled, and the depositories updated in the register of members. This is a standard quarterly administrative filing with no financial impact.
- Regulation 74(5) certificate submitted for the quarter ended September 30, 2026
- Covers dematerialisation activities for the period from July 1, 2026, to September 30, 2026
- RTA KFin Technologies confirmed requests were processed within 15 days of receipt
Dabur India released its pre-quarterly business update for Q2 FY27, guiding for double-digit consolidated revenue growth driven by strong domestic FMCG acceleration. International business is expected to post high-teens growth in INR terms despite headwinds in the Middle East, while Food & Beverages is projected to rise in mid-teens. Operating margins faced pressure from elevated commodity inflation, though partly offset by price hikes and cost initiatives, keeping PAT growth on track for double digits.
- Consolidated revenue and consolidated PAT both expected to deliver double-digit growth in Q2 FY27
- Hair Oils and Shampoos portfolio projected to achieve high-teens growth, marking the fourth straight quarter of double-digit expansion
- International business expected to grow in high-teens in INR terms, driven by double-digit growth in Egypt, Turkey, USA, UK, and Bangladesh
- Food and Beverages portfolio expected to deliver mid-teens growth, with Beverages growing in early teens
- Distribution reach expanded to 8.5 million retail outlets, with rural demand outpacing urban markets
Dabur India Limited has announced that the Hon'ble NCLT, New Delhi Bench, has sanctioned the Scheme of Amalgamation between Sesa Care Private Limited and Dabur India. The order, pronounced on September 24, 2026, sets the Appointed Date as April 1, 2026. The merger integrates Sesa Care's ayurvedic personal care business into Dabur, supporting Dabur's portfolio expansion strategy into premium hair oils. The scheme will become effective upon filing the certified order copy with the Registrar of Companies within 30 days.
- NCLT sanctioned the Scheme of Amalgamation between Sesa Care and Dabur India on September 24, 2026
- Appointed Date for the amalgamation is set as April 1, 2026
- Both companies are directed to file certified copies of the order with the RoC within 30 days of receipt
- Authorised share capital of Sesa Care as on 31.12.2025 stood at Rs 20,00,00,00,000
- Authorised share capital of Dabur India stands at Rs 2,07,00,00,000 divided into 207 crore equity shares of Rs 1 each
Dabur India has received approval from the Hon'ble NCLT New Delhi Bench for the Scheme of Amalgamation with Sesa Care Private Limited, with an Appointed Date of April 01, 2026. The transaction was first announced in October 2024, when Dabur acquired 51% of Sesa Care's paid-up Cumulative Redeemable Preference Shares from True North. Sesa Care (estimated enterprise value ~₹320 Cr, or ~2.4% of Dabur's TTM revenue of ₹13,552 Cr) strengthens Dabur's premium Ayurvedic hair care portfolio. The merger will formally become effective once statutory filings with the Registrar of Companies are completed.
- NCLT New Delhi Bench sanctioned the Scheme of Amalgamation in its hearing on September 24, 2026
- Appointed Date of the Scheme is April 01, 2026
- Scheme previously approved by Dabur India's equity shareholders and unsecured creditors on May 2, 2026
- Transaction initiated in October 2024 with the acquisition of 51% CRPS of Sesa Care from True North
Dabur India Limited announced that it received its Corporate Sustainability Assessment (CSA) results from S&P Global on September 17, 2026. The company was assigned a CSA score of 85 and an ESG Score of 86 as part of the Dow Jones Sustainability Indices (DJSI) evaluation. Participation in the assessment was voluntary. The update carries no direct financial or operational impact on Dabur's TTM revenue of ₹13,552 crore or its balance sheet.
- Corporate Sustainability Assessment (CSA) score assigned at 85
- ESG Score assigned at 86 by S&P Global
- Evaluation conducted voluntarily under the Dow Jones Sustainability Indices (DJSI) process
- Information received by Dabur on September 17, 2026
Dabur India Limited announced that it received an unsolicited ESG rating of 71.95 from Niche Ninety-Nine Capability and Certifications (OPC) Private Limited. Based on this assessment, the company has been classified under the 'Leader' category for its environmental, social, and governance practices. The rating agency independently compiled the report from public domain data without engagement or mandate from Dabur. This filing is informational and does not alter the company's financial operations or revenue trajectory (TTM revenue: Rs 13,552 Cr).
- Assigned an ESG rating score of 71.95 by Niche Ninety-Nine Capability and Certifications (OPC) Private Limited
- Company placed in the 'Leader' category based on public domain data assessment
- Information received by Dabur on September 17, 2026
- Company confirmed it did not formally engage the rating agency for this assessment
Dabur India Limited announced its participation in two upcoming investor group conferences in Mumbai. The company will attend the Anand Rathi Annual Flagship Conference G-200 Summit on September 21, 2026, and the J.P. Morgan India Conference on September 22, 2026, both running from 11:00 AM to 5:00 PM. Dabur confirmed that no unpublished price sensitive information (UPSI) will be shared during these interactions. With a current market cap of Rs 65,819 crore and TTM revenue of Rs 13,552 crore, this is a routine institutional interaction.
- Participation in Anand Rathi G-200 Summit on September 21, 2026 (11:00 AM to 5:00 PM)
- Participation in J.P. Morgan India Conference on September 22, 2026 (11:00 AM to 5:00 PM)
- Both conferences will be conducted physically in Mumbai with investor groups
- Company confirmed that no unpublished price sensitive information will be disclosed
Dabur India Limited has announced its participation in two institutional investor group conferences scheduled in Mumbai. The company will attend the Anand Rathi Annual Flagship Conference G-200 Summit on September 21, 2026, and the J.P. Morgan India Conference on September 22, 2026. Both sessions will run from 11:00 A.M. to 5:00 P.M. in a physical format, with company officials confirming that no unpublished price sensitive information (UPSI) will be shared.
- Attending Anand Rathi G-200 Summit at Hotel Taj Santacruz, Mumbai on September 21, 2026 (11:00 AM - 5:00 PM)
- Attending J.P. Morgan India Conference 2026 at Hotel The St. Regis, Mumbai on September 22, 2026 (11:00 AM - 5:00 PM)
- Meetings will be held physically in an Investors Group format
- Company confirmed that no unpublished price sensitive information will be disclosed
Dabur India Limited has submitted updated contact details for its Key Managerial Personnel (KMP) authorized to determine event materiality and make stock exchange disclosures pursuant to Regulation 30(5) of SEBI LODR. Mr. Ashok Kumar Jain, EVP (Finance) & Group Company Secretary and Chief Compliance Officer, continues as the authorized personnel for exchange disclosures alongside other top executives. This filing is entirely procedural and has no impact on the company's financial operations or earnings. Dabur currently maintains a market cap of ₹65,364 Cr with TTM revenue of ₹13,552 Cr.
- Filing made under Regulation 30(5) of SEBI LODR Regulations, 2015 on September 11, 2026
- Updates previous communication dated January 30, 2025 regarding KMP contact details
- Lists 5 Key Managerial Personnel authorized for materiality determination and disclosures
- Mr. Ashok Kumar Jain authorized specifically for making disclosures to the Stock Exchanges
Dabur India Limited has been assigned an ESG rating score of 73 by NSE Sustainability Ratings & Analytics Limited, placing the company in the 'Leader' category. The rating was received on September 2, 2026, and was conducted independently by the rating agency based on publicly available information. The disclosure serves as an informational update on sustainability performance with no direct impact on financial metrics or operational capacity.
- Assigned an ESG score of 73 by NSE Sustainability Ratings & Analytics Limited
- Categorized under the 'Leader' rating classification based on the score
- Information received by the company on September 02, 2026
- Rating was prepared independently without direct commercial engagement by Dabur
Dabur India has informed the exchanges that the flash floods occurring at the Nepal-Tibet border on August 26, 2026, have not impacted the core operations of its subsidiary, Dabur Nepal Private Limited. The subsidiary's manufacturing facilities in Kathmandu and Birganj continue to be fully operational. Only 3 distributor offices in the affected border zone are seeing minor operational impact, with the company estimating the overall financial impact to be negligible.
- Flash floods occurred at Nepal-Tibet border on August 26, 2026
- Manufacturing plants in Kathmandu and Birganj valley region remain fully operational
- Operations of only 3 local distributors likely to experience minor disruptions
- Overall estimated operational and financial impact is negligible
Dabur India received an update regarding its ongoing litigation against an FSSAI order dated August 03, 2026, which prohibited the use of '100%' claims in select food products and restricted their sale. The Delhi High Court, in its hearing on August 24, 2026, re-notified the matter for listing on December 16, 2026. The interim stay previously granted on August 07, 2026, against FSSAI's order will continue in force until the next hearing date.
- FSSAI issued an order on August 03, 2026, prohibiting '100%' labeling and sales of select Dabur food products.
- Delhi High Court had granted an interim stay against the FSSAI order on August 07, 2026.
- Delhi High Court re-notified the matter at the August 24, 2026 hearing, setting the next date for December 16, 2026.
- The stay order remains in force until December 16, 2026, allowing uninterrupted sales of the affected products.
Dabur India has announced that the Hon'ble NCLT New Delhi Bench has reserved its order for the Second Motion Petition regarding the Scheme of Amalgamation between Sesa Care Private Limited and Dabur India on August 24, 2026. Statutory authorities have formally recorded their no-objection to the sanctioning of the scheme. The transaction consolidates Sesa Care (EV ~INR 320 Cr) into Dabur, bolstering its ayurvedic hair care portfolio. The final written order from NCLT is awaited for formal implementation.
- Hon'ble NCLT reserved the order for formal pronouncement on August 24, 2026
- Statutory authorities have submitted their no-objection to the scheme of amalgamation
- Scheme involves the merger of Sesa Care Private Limited into Dabur India Limited
- Company received the update at 03:30 PM on August 24, 2026
Dabur India Limited has allotted 4,638 equity shares of Rs 1 each to employees following the exercise of options under the Dabur Employees Stock Option Scheme 2000. This allotment increases the total paid-up equity share capital from Rs 177,39,52,388 to Rs 177,39,57,026. The dilution caused by this issuance is negligible, representing approximately 0.0000026% of the total share capital. This is a routine administrative update with no material impact on the company's financial position or valuation.
- Allotment of 4,638 equity shares of face value Rs 1 each approved on August 12, 2026
- Total paid-up equity capital increased to Rs 177,39,57,026
- The new shares rank pari passu with existing equity shares in all aspects
- The resolution for allotment was passed by the Nomination & Remuneration Committee at 10:11 a.m.
Dabur India Limited has been assigned an ESG rating of '63' by ESG Risk Assessments and Insights Limited, placing the company in the 'Strong' category. The rating was independently prepared by the agency using publicly available data, as Dabur did not formally engage them for this assessment. This disclosure follows SEBI's Regulation 30 requirements for ESG reporting. While not a direct financial metric, such ratings are increasingly used by institutional investors to evaluate non-financial risk and sustainability performance.
- Assigned an ESG Rating of 63 by ESG Risk Assessments and Insights Limited
- Classified under the 'Strong' rating category based on the assessment score
- Rating was independently prepared based on public domain data without company engagement
- Information was officially received by the company on August 11, 2026, at 7:25 p.m.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 1.3% YoY to INR 12,563 Cr in FY25. Home & Personal Care (HP&C) constitutes ~35% of revenue; International business contributes 26.1% and grew 7.5% YoY in FY25. In FY24, HP&C grew 8% while Foods & Beverages (F&B) remained stable despite double-digit growth in the foods sub-segment due to weak beverage performance.
Geographic Revenue Split
Domestic India business accounts for ~74-75% of revenue. International business contributes ~25-26% of overall revenue, with high double-digit growth witnessed in the Middle East during FY24.
Profitability Margins
Gross margin stood at 47.6% in FY25. Operating margin was 18.6% in FY25, down from 19.5% in FY24 due to lower cost absorption and higher operational spending. 9M FY25 operating margin recovered to 19.4%. PAT margin was 13.9% in FY25 compared to 14.6% in FY24.
EBITDA Margin
Operating margin (OPBDIT/OI) was 19.4% for 9M FY25, remaining steady YoY. FY24 margin was 19.4% compared to 18.8% in FY23, an improvement of 60 basis points driven by moderating input cost inflation.
Capital Expenditure
Annual maintenance capex is projected at INR 300-500 Cr. A specific greenfield plant in Tamil Nadu is being set up at a cost of INR 400 Cr to be incurred over 5 years, funded entirely through internal accruals.
Credit Rating & Borrowing
CRISIL AAA/Stable and CRISIL A1+ ratings maintained. Interest coverage ratio was 20.51 times in FY25, down from 33.60 times in FY24. Total debt to OPBDIT stood at 0.6 times in FY24.
Operational Drivers
Raw Materials
Key raw materials include agricultural commodities and packaging materials; specific names not listed, but they faced 8% inflation in H1 FY25 which was offset by a 5% price increase and INR 60 Cr in saving initiatives.
Import Sources
Sourced globally and domestically to support 14 manufacturing units in India and 8 overseas units in UAE, Sri Lanka, South Africa, Nepal, Egypt, Bangladesh, Turkey, and Nigeria.
Capacity Expansion
Current manufacturing footprint includes 22 locations globally. Expansion includes a new multi-category plant in Tamil Nadu (INR 400 Cr investment) to enhance penetration in South India.
Raw Material Costs
Raw material prices declined in FY24 leading to margin expansion to 19.5%, but inflation returned in FY25. The company uses saving initiatives (INR 60 Cr in H1) to mitigate cost spikes.
Manufacturing Efficiency
Operating efficiency is maintained through a 'Power Brand' focus and a distribution network of 7.7 million retail outlets. Saving initiatives of INR 60 Cr targeted for the current fiscal.
Logistics & Distribution
Distribution network covers 7.7 million retail outlets as of March 2023. The company organizes its sales force by zones to ensure deep rural and urban penetration.
Strategic Growth
Expected Growth Rate
5-7%
Growth Strategy
Growth will be driven by the 'Power Brand' strategy (focusing on 9 key brands), expanding the distribution network, and a INR 500 Cr outlay for 'Dabur Ventures' to acquire digital-first brands. The merger with Sesa Care will expand the ayurvedic hair care portfolio, while the Badshah acquisition (51% for INR 587 Cr) drives entry into the branded spices market.
Products & Services
Chyawanprash, Honey, Honitus, Pudin Hara, Lal Tail, Real Juices, Amla Hair Oil, Red Toothpaste, Vatika Shampoo, Badshah Spices, and Sesa Ayurvedic Oil.
Brand Portfolio
Dabur, Vatika, Real, Hajmola, Pudin Hara, Honitus, Lal Tail, Dabur Red, Dabur Amla, Dabur Chyawanprash, Dabur Honey, Badshah, Sesa.
New Products/Services
Expansion into branded spices via Badshah Masala and premium ayurvedic hair oils via Sesa Care. Digital-first brands under Dabur Ventures are expected to contribute to future high-growth categories.
Market Expansion
Focus on South India via the new Tamil Nadu plant and increasing rural reach where demand is currently outperforming urban markets.
Market Share & Ranking
Maintains leading market positions in health supplements (Chyawanprash/Honey), digestives, and ayurvedic OTC categories.
Strategic Alliances
Joint Venture with Forum 1 Aviation (20% stake). Acquisition of 51% in Badshah Masala with a path to 100% in 5 years.
External Factors
Industry Trends
Shift toward herbal and natural products (growing at a faster rate than traditional FMCG). Dabur is positioned as a leader in this 'Ayurvedic' trend but faces increasing competition from MNCs launching 'natural' variants.
Competitive Landscape
Intense competition from organized players (MNCs like HUL, Nestle) and unorganized local players in the herbal segment.
Competitive Moat
Strong brand equity in Ayurveda (Dabur name) and a massive distribution moat of 7.7 million outlets. Sustainability is driven by the 'Power Brand' focus which ensures high marketing support for market-leading products.
Macro Economic Sensitivity
Highly sensitive to food inflation which subdues urban demand and GDP growth which influences rural consumption patterns.
Consumer Behavior
Increasing health consciousness is driving demand for immunity boosters (Chyawanprash) and natural personal care, though high inflation is causing temporary down-trading in urban areas.
Geopolitical Risks
Operations in Turkey, Egypt, and Nigeria expose the company to currency devaluation and political instability risks.
Regulatory & Governance
Industry Regulations
Subject to FSSAI standards for food and AYUSH regulations for ayurvedic products. Compliance with plastic waste management and workplace safety (zero fatalities reported).
Environmental Compliance
Maintains a board-level ESG committee; 50% of the board consists of independent directors.
Taxation Policy Impact
Effective September 22, 2025, 86% of Dabur's portfolio moved to the 5% GST category from 12% and 18%, which is expected to support volume growth.
Legal Contingencies
Pending GST demand of INR 320 Cr (challenged by the company). US litigation regarding hair relaxer products at Namaste Laboratories LLC (subsidiary); management claims the portfolio is <1% of revenue.
Risk Analysis
Key Uncertainties
Outcome of US hair relaxer litigation and the INR 320 Cr GST show-cause notice could impact cash flows. Potential for 10-15% impact on quarterly earnings if liabilities materialize.
Geographic Concentration Risk
Significant dependence on the North and West Indian markets, though expanding in South India via the Tamil Nadu plant.
Technology Obsolescence Risk
Risk of digital-first D2C brands disrupting traditional categories; mitigated by the INR 500 Cr Dabur Ventures fund.
Credit & Counterparty Risk
Superior liquidity with INR 6,604 Cr in cash and liquid investments as of Sept 2024 ensures low counterparty risk.
