DABUR · Fast Moving Consumer Goods · filed 4 Nov 2026
Dabur India Ltd. reported revenue of ₹3,563 cr for July to September 2026, +11.6% on the year and −5.3% on the quarter. That is faster than this quarter has grown in recent years (−0.1% on average), so the year-on-year number is not just the season. Over the last four quarters revenue comes to ₹13,924 cr, +8.9% on the four before.
Operating profit (EBITDA) was ₹632 cr, a margin of 17.7%, −68 bps on the year and −192 bps on the quarter. Over the last 8 quarters the margin has ranged from 15.1% to 20.6%, averaging 18.3%. Operating costs grew +12.6%, faster than revenue at +11.6%, so operating profit grew less than sales.
Net profit was ₹499 cr, +12.1% on the year and −14.9% on the quarter, with earnings per share of ₹2.85. Profit before other income, one-offs and tax grew 9.4%, so the profit growth came from the business itself. The tax rate of 23% is in line with its recent average. Profit over the last four quarters totals ₹2,001 cr, +12.3% on the four before.
Of the 13 companies in Pharmaceuticals that have reported Q2 FY27 so far, Dabur India Ltd. ranks 8th on revenue growth; the sector median is +12.9%. Its margin moved −68 bps on the year against a sector median of +12 bps.
Pharma quarters swing with US generic launches and price erosion, while India formulations grow more steadily. Currency gains and other income can be material, so headline profit needs a check against operating profit.
On earnings per share of ₹11.42 over the last four quarters, the stock at ₹375.25 trades at 32.9 times trailing earnings.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, IPO money used as stated, Related-party transactions, Promoter pledges and allotments, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,060 cr | ₹715 cr | ▲ 48.2% |
| Inventory | ₹2,385 cr | ₹2,322 cr | ▲ 2.7% |
| Cash | ₹133 cr | ₹199 cr | ▼ 33.3% |
| Bank balances | ₹425 cr | ₹363 cr | ▲ 17.2% |
| Long-term borrowings | ₹6.2 cr | ₹16.0 cr | ▼ 61.3% |
| Short-term borrowings | ₹1,236 cr | ₹1,047 cr | ▲ 18.1% |
| Trade payables | ₹3,045 cr | ₹2,954 cr | ▲ 3.1% |
| Net block | ₹2,747 cr | ₹2,840 cr | ▼ 3.3% |
| Capital work in progress | ₹163 cr | ₹137 cr | ▲ 18.5% |
| Equity | ₹11,864 cr | ₹11,803 cr | ▲ 0.5% |
| Total assets | ₹17,869 cr | ₹17,480 cr | ▲ 2.2% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹709 cr | ₹757 cr |
| Capital expenditure | −₹156 cr | −₹169 cr |
| Investing cash flow | ₹138 cr | −₹18.4 cr |
| Financing cash flow | −₹973 cr | −₹649 cr |
| Dividends paid | −₹976 cr | −₹932 cr |
Operating cash flow was 0.65× profit. Receivables at 26 days of sales (+7 days against the last year end). Inventory at 59 days of sales (−5 days).
Other matter: “The Statement also includes the Group's share of net loss after tax of ₹ 0.30 crores and ₹ 0.80 crores, and total comprehensive loss of ₹ 0.30 crores and ₹ 0.80 crores for the quarter and six months ended on… Read in full
The Statement also includes the Group's share of net loss after tax of ₹ 0.30 crores and ₹ 0.80 crores, and total comprehensive loss of ₹ 0.30 crores and ₹ 0.80 crores for the quarter and six months ended on 30 September 2026, in respect of a joint venture, based on their interim financial information, which have not been reviewed by their auditor, and have been furnished to us by the Holding Company's management.
Filing p. limited review report p.1-2
NCLT approved the scheme of amalgamation of Sesa Care Private Limited with Dabur India Limited in hearing held on September 24, 2026, certified copy received on October 12, 2026, effective upon filing with ROC with appointed date April 01, 2026. (p. consolidated note 4)
Allotted 4,638 equity shares of face value Re. 1 each to eligible employees pursuant to exercise of options under Dabur Employee Stock Option Scheme, 2000 during Q2 FY27. (p. consolidated note 2)
Tax: Consolidated tax expense of ₹146.95 crore (current tax ₹154.86 crore, deferred tax credit ₹7.91 crore) on Profit before tax of ₹645.52 crore
| Metric | Q2 FY27 | Q1 FY27 | Q2 FY26 |
|---|---|---|---|
| India growth YoY | 10.7% | — | 10.7% |
| Gross margin | 48.84% | 50.13% | 49.44% |
| Healthcare Business Revenue (₹ crore) | 645 | — | — |
| Home & Personal Care Business Revenue (₹ crore) | 1,245 | — | — |
| Food & Beverages Business Revenue (₹ crore) | 379 | — | — |
| International Business Revenue Growth (INR) | 20% | — | — |
Worked out from filed numbers. Gross Margin: (Revenue from operations ₹3,563.07 crore - Material cost ₹1,822.74 crore) / ₹3,563.07 crore * 100
not disclosed
Dabur is an FMCG and Ayurvedic healthcare company; US FDA drug plant status disclosures do not apply to its product range.
Operated under elevated input-cost pressures across commodities, managed via premiumisation and strategic pricing.
Input-cost pressures managed through price/mix without impairing volume growth.
Portfolio includes four ₹1,000 crore-plus brands, four ₹500-1,000 crore brands, and 15 brands in the ₹100-500 crore range across HPC, Healthcare, and Foods.
Highly diversified consumer product portfolio across multiple domestic and international categories.
Read using the Pharmaceuticals framework (named in the filing read). Primary valuation lens: P/E excluding one-time exclusivity gains.
Read more closely in this sector: Status of each US-filed plant · Price erosion stated · One-product dependence.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Interim Dividend Payout | 620.88 | FY2026-27 | unchanged or first given |
| Gender Diversity Target | 21.00 | FY2027-28 | unchanged or first given |
| Hazardous Substance Elimination Target | 100.00 | FY2026-27 | unchanged or first given |
| CSR Lives Transformed Annual Target | 5.00 | Annual target | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Consumer care business | ₹2,953 cr | ▲ 11.4% | ₹659 cr | ▲ 10.7% |
| Food business | ₹531 cr | ▲ 14.1% | ₹63.9 cr | ▲ 12.8% |
| Retail business | ₹26.8 cr | ▲ 7.2% | −₹1.9 cr | — |
| Other segments | ₹43.2 cr | ▲ 7.9% | ₹5.2 cr | ▼ 18.1% |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,255 cr | ₹2,815 cr | ₹3,349 cr | ₹3,029 cr | ₹3,355 cr | ₹2,830 cr | ₹3,405 cr | ₹3,191 cr | ₹3,559 cr | ₹3,038 cr | ₹3,764 cr | ₹3,563 cr |
| YoY | — | — | +7% | −5% | +3% | +1% | +2% | +5% | +6% | +7% | +11% | +12% |
| EBITDA margin | 20.5% | 16.6% | 19.6% | 18.3% | 20.3% | 15.1% | 19.6% | 18.4% | 20.6% | 15.2% | 19.7% | 17.7% |
| Other income, % of PBT | 19% | 28% | 20% | 28% | 20% | 34% | 22% | 24% | 18% | 37% | 23% | 27% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 23% | 25% | 23% | 24% | 22% | 24% | 23% | 22% | 22% | 24% | 22% | 23% |
| Net profit | ₹506 cr | ₹341 cr | ₹494 cr | ₹418 cr | ₹516 cr | ₹313 cr | ₹508 cr | ₹445 cr | ₹554 cr | ₹362 cr | ₹586 cr | ₹499 cr |
| YoY | — | — | +8% | −18% | +2% | −8% | +3% | +6% | +7% | +16% | +15% | +12% |
| Core profit YoY | — | — | +6% | −26% | −1% | −16% | +1% | +10% | +11% | +10% | +12% | +9% |
| EPS | ₹2.90 | ₹1.97 | ₹2.82 | ₹2.40 | ₹2.95 | ₹1.81 | ₹2.90 | ₹2.55 | ₹3.16 | ₹2.08 | ₹3.33 | ₹2.85 |
| Flags | · | · | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Dabur India Ltd. reported revenue of ₹3,563 cr (+11.6% on the year) and net profit of ₹499 cr (+12.1% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +9.4% on the year, against +12.1% for reported profit.
None of the 14 checks that could run raised a question.
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