Dabur India Q2FY26 Concall Decoded: “Ayurveda Meets GST Chaos — and Still Finds Its Calm”

So, the government reduced GST and Dabur’s hair oils, honey jars, and toothpaste tubes suddenly felt lighter — not in weight, but in tax. While FMCG peers cried “trade disruption!”, Dabur’s CEO Mohit Malhotra calmly chanted “long-term positivity” like it was straight out of the Bhagavad Gita. The quarter saw rain gods, GST gremlins, and Nepal protests all team up — yet Dabur held its ground. 📿

“Perform your duty without attachment to results,” says the Gita — and Dabur seems to be doing just that. Stay tuned, it gets juicy (pun intended).

At a Glance

• Revenue up 5.4%: GST storm didn’t drown growth, just made it sip slower.
• India FMCG +5.7%: Toothpaste smiled brightest with 14% surge.
• International +7.7% (INR): Turkey, UK, and Dubai lifted spirits — Nepal protested.
• Operating Profit +6.4%: Tight cost yoga kept margins flexible.
• PAT +6.5%: Profit found Zen — mildly better than caffeine.
• Hair Oil +232 bps share gain: Still the OG “oil your head, not your stress.”

Management’s Key Commentary

“66% of our portfolio benefits from GST rate reduction.”
(Translation: Government finally did what our promo team couldn’t — cut prices across the board.)

“Toothpaste grew 14%, led by Dabur Red.”
(Consumers brushing nationalism into oral hygiene — Swadeshi smiles all around.)

“Honey volumes up 28%.”
(When sugar is sin, honey becomes salvation.) 🍯

“We launched Dabur Ventures with ₹500 crore capital.”
(Because nothing says ‘Ayurvedic legacy’ like a venture fund chasing Gen Z start-ups.)

“International business grew 7.7%, despite Nepal’s turmoil.”
(Ayurveda can’t heal politics, apparently.)

“Operating profit grew faster than revenue.”
(Translation: We may not sell more, but we sure spend less.)

“We’re focusing on premiumization.”
*(Dabur wants to move from rural kitchens to Instagram skincare routines.) 😏

Numbers Decoded