Dabur India Limited
Dabur is India’s leading FMCG, Ayurvedic and natural health care company with wide network distribution across world. The company is one of India’s leading FMCG companies, with products reaching 8 out of 10 Indian households. Its portfolio comprises 3 brands with revenues above Rs. 1,000 Cr, 3 brands above Rs. 500 Cr, and 16 brands in the Rs. 100-500 Cr revenue range.
Business Segments
1) India FMCG Business (70% in FY26 vs 71% in FY25):
a) Consumer Care (55% in FY26 vs 55% in FY25)
b) Foods & Beverages (15% in FY26 vs 16% in FY25)
2) International Business (27% in FY26 vs 26% in FY25): [2] [6]
The company’s international operations include its organic overseas business along with acquired entities such as Hobi Group and Namaste Laboratories LLC. Its products are available across 120+ countries across the Middle East, Africa, South Asia, the USA, and Europe.
Hair Care: 20% in FY26 vs 18% in FY25
Oral Care: 19% in FY26 vs 19% in FY25
Beverages: 15% in FY26 vs 16% in FY25
Health Supplements: 14% in FY26 vs 15% in FY25
OTC and Ethicals: 8% in FY26 vs 9% in FY25
Home Care: 8% in FY26 vs 7% in FY25
Others: 16% in FY26 vs 16% in FY25
Shareholding Pattern (Sep. 2026)
Financial Summary
| Particular | Mar-22 | Mar-23 | Mar-24 | Mar-25 | Mar-26 |
| Sales – | 10,889 | 11,530 | 12,404 | 12,563 | 13,193 |
| Sales Growth % | 13.88% | 5.89% | 7.58% | 1.28% | 5.01% |
| Expenses + | 8,637 | 9,367 | 10,004 | 10,247 | 10,743 |
| Operating Profit | 2,252 | 2,162 | 2,400 | 2,316 | 2,450 |
| OPM % | 21% | 19% | 19% | 18% | 19% |
| Net Profit + | 1,742 | 1,701 | 1,811 | 1,740 | 1,869 |
| EPS in Rs | 9.84 | 9.64 | 10.4 | 9.97 | 10.68 |
| Dividend Payout % | 53% | 54% | 53% | 80% | 77% |
Synopsis of Financials
- Profitability: Despite input inflation and international cost pressure, management stated they delivered “healthy margin performance” via premiumization, productivity, and disciplined cost management. Reported:
- “Operating margin grew by 11%”
- “PAT increased by 15%” (both ahead of topline)
Final Outlook
Summary
Dabur is an established FMCG company with a diversified product portfolio, a wide distribution network and a growing international business. Its FY26 performance showed moderate sales growth, while Q1 FY27 delivered a stronger result, with revenue growing 10.6% and net profit increasing 15%.
The balance sheet shows rising reserves and investments, while the quarterly operating margin improved to 20%. However, inflationary pressures, geopolitical uncertainty and the need to sustain revenue growth remain important considerations. Its P/E of 32.6x also means investors should assess whether future growth justifies the valuation.
Recent Performance – Q1 FY27
What does this mean?
- Revenue growth improved: Sales increased 10.57% year-on-year to ₹3,764 crore.
- Profit grew faster than sales: Net profit increased approximately 15% year-on-year, reaching ₹586 crore.
- Operating margin improved: The quarterly operating margin reached 20%, compared with 15% in the same quarter of the previous year.
- The business showed resilience: Despite input-cost inflation and international cost pressure, management highlighted premiumization, productivity and cost discipline as factors supporting profitability.
