DABUR · Fast Moving Consumer Goods · filed 4 Nov 2026
Dabur India Ltd. reported revenue of ₹2,433 cr for July to September 2026, +8.9% on the year and −9.5% on the quarter.
Operating profit (EBITDA) was ₹459 cr, a margin of 18.9%, −12 bps on the year and −108 bps on the quarter. Operating costs grew +9.0%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹388 cr, +11.2% on the year and −14.3% on the quarter, with earnings per share of ₹2.19. Profit before other income, one-offs and tax grew 7.7%, so 4 points of the headline growth came from outside the core business.
Of the 13 companies in Pharmaceuticals that have reported Q2 FY27 so far, Dabur India Ltd. ranks 9th on revenue growth; the sector median is +12.9%. Its margin moved −12 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.
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, Cash behind the profit, 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 | ₹764 cr | ₹473 cr | ▲ 61.7% |
| Inventory | ₹1,476 cr | ₹1,365 cr | ▲ 8.1% |
| Cash | ₹7.9 cr | ₹13.5 cr | ▼ 41.3% |
| Bank balances | ₹8.6 cr | ₹8.1 cr | ▲ 5.5% |
| Short-term borrowings | ₹806 cr | ₹516 cr | ▲ 56.3% |
| Trade payables | ₹2,891 cr | ₹2,625 cr | ▲ 10.1% |
| Net block | ₹1,900 cr | ₹1,963 cr | ▼ 3.2% |
| Capital work in progress | ₹147 cr | ₹108 cr | ▲ 35.3% |
| Equity | ₹7,405 cr | ₹7,527 cr | ▼ 1.6% |
| Total assets | ₹12,218 cr | ₹11,773 cr | ▲ 3.8% |
Receivables at 27 days of sales (+9 days against the last year end). Inventory at 53 days of sales (−0 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% |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹2,235 cr | ₹2,687 cr | ₹2,433 cr |
| YoY | — | — | +9% |
| EBITDA margin | 19.0% | 19.9% | 18.9% |
| Other income, % of PBT | 24% | 23% | 26% |
| Exceptional items | — | — | — |
| Tax rate | 22% | 22% | 22% |
| Net profit | ₹349 cr | ₹452 cr | ₹388 cr |
| YoY | — | — | +11% |
| Core profit YoY | — | — | +8% |
| EPS | ₹1.97 | ₹2.55 | ₹2.19 |
| 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 ₹2,433 cr (+8.9% on the year) and net profit of ₹388 cr (+11.2% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +7.7% on the year, against +11.2% for reported profit.
None of the 13 checks that could run raised a question.
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