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
| Metric | Q2 FY26 | YoY Growth | Commentary |
|---|---|---|---|
| Consolidated Revenue | ₹3,238 Cr | +5.4% | GST hiccup trimmed pace |
| India FMCG | ₹2,450 Cr | +5.7% | Toothpaste, Hair Oils led |
| International Biz | ₹788 Cr | +7.7% | UK & Turkey sizzled |
| Operating Profit | ₹625 Cr | +6.4% | Cost savings yoga |
| PAT | ₹500 Cr | +6.5% | Margins intact |
| Honey Growth | 28% | — | Sweet dominance continues |
| Toothpaste Growth | 14% | — | Herbal wave strong |
| Hair Oil Market Share | +232 bps | — | Oiled and loyal customers |
Dabur managed growth despite GST hangover and monsoon-induced beverage blues — a rare FMCG asana balancing both taxes and tonics.
Analyst Questions
Q:What’s the GST impact?A:₹100 crore hit, about 3–4%.(Translation: Small tax change, big mood swing.)
Q:Which categories benefit most?A:Toothpaste, hair oil, and Ayurvedic meds.(When taxes fall, Ayurveda rises.)
Q:Chyawanprash lagged?A:Winter’s short; category’s cold. New sugar-free, women-focused variants warming up.
Q:Dabur Ventures logic?A:₹500 crore for digital-first bets — basically, ancient herbs meet modern apps.
Q:Rural vs urban?A:Rural’s growing faster (8.5% vs 3%). Urban gets premiumization; rural gets sachets.
Guidance
