Dabur India Limited
Dabur is India’s leading FMCG, Ayurvedic and natural health care companies with wide network distribution across world.
Leading FMCG Company Dabur India Limited is the fourth largest FMCG Company in India and the world’s largest Ayurvedic and Natural Health Care Company with a portfolio of over 250 Herbal/Ayurvedic products.
Business segments:
Home & personal care (48.6%)
Health care (31.4%)
Food & Beverages (20%)
Shareholding Pattern:
Financial Summary:
| Particulars | Mar-21 | Mar-22 | Mar-23 | Mar-24 | Mar-25 |
| Sales – | 9,562 | 10,889 | 11,530 | 12,404 | 12,563 |
| Sales Growth % | 10.10% | 13.88% | 5.89% | 7.58% | 1.28% |
| Expenses + | 7,560 | 8,637 | 9,367 | 10,004 | 10,247 |
| Operating Profit | 2,002 | 2,252 | 2,162 | 2,400 | 2,316 |
| OPM % | 21% | 21% | 19% | 19% | 18% |
| Other Income + | 325 | 308 | 445 | 482 | 551 |
| Net Profit + | 1,695 | 1,742 | 1,701 | 1,811 | 1,740 |
| EPS in Rs | 9.58 | 9.84 | 9.64 | 10.4 | 9.97 |
| Dividend Payout % | 50% | 53% | 54% | 53% | 80% |
Synopsis of Financials:
Q3 FY26 Performance Snapshot
Consolidated revenue: +6.1% YoY.
Domestic FMCG: +6% YoY with volume growth +3% YoY.
Profitability: Operating profit +7.7% YoY; PAT +10.1% YoY.
Final Outlook:
Dabur India is a strong and trusted FMCG company with stable earnings and well-known brands. Over the last few years, the company has grown steadily, but growth has slowed recently due to weak rural demand, inflation, and higher costs. Profits and margins remain stable, and the balance sheet is healthy with low debt. While the long-term business remains strong, short-term growth is moderate.
Recent Performance (Q3 FY26 )
- Revenue growth: +6.1% YoY
- Domestic FMCG growth: +6%, volume growth +3%
- Operating profit: +7.7% YoY
- Net profit: +10.1% YoY (after adjusting one-time cost, ~7%)
- Demand improved towards the end of the quarter after GST-related issues
Final Verdict: HOLD
Dabur is a safe and defensive FMCG stock, suitable for long-term stability. However, slow growth and limited margin expansion reduce near-term upside.
