After years of looking like the FMCG stock that investors only remembered during hair oil aisle visits, Bajaj Consumer Care has suddenly decided it wants attention. And not the polite kind.
The company crossed ₹1,153 crore in annual revenue for the first time, posted 32% consolidated growth in Q4, expanded margins sharply, and basically spent the entire concall reminding everyone that hair oil is not dead. Apparently, even in a world obsessed with serums, scalp masks, and Korean beauty routines, people still want almond drops in their hair.
Management sounded unusually confident, almost suspiciously confident. They say the turnaround work is done, margins are back, Project Aarohan is working, and the non-ADHO portfolio could become a ₹500 crore business in three years.
Read on, because the story gets more interesting once raw material inflation enters like the villain in the second half.
2. At a Glance
Revenue up 21% – Finally crossed ₹1,000 crore, and management behaved like they unlocked a secret achievement badge.
Q4 standalone revenue up 28% – Hair oil seasonality apparently forgot to show up.
EBITDA up 131% – Margins suddenly found religion.
Gross margin at 63% – Pricing power plus pack tweaks did the heavy lifting.
PAT up to ₹64 crore – Profits stopped hiding behind raw material excuses.
Organized trade now 30% of sales – Modern trade and e-commerce are officially carrying some weight.
Non-ADHO portfolio at ₹225 crore – The company is trying very hard to prove it is more than one hair oil brand.
International business weak – Nepal and Bangladesh worked, the rest behaved like forgotten homework.
3. Management’s Key Commentary
“We have ended this year delivering a net revenue of INR1,153 crores at a growth of 21%.”
(Translation: After years of slow-motion FMCG drama, Bajaj Consumer finally crossed ₹1,000 crore and wants everyone to clap.)
“We have delivered a gross margin of 60% and a full year EBITDA margin of 19.5%.”
(Translation: Management found the pricing lever, squeezed the pack sizes, and somehow consumers still stayed loyal.) 😏
“Our gross margin stood at 63% for the quarter.”
(Translation: When revenue management works, CFOs suddenly become motivational speakers.)
“ADHO has delivered a stupendous year with a full year revenue growth in the 20s.”
(Translation: Almond Drops Hair Oil is still paying everyone’s salary here.)
“We have delivered a revenue of INR225 crores from the non-ADHO portfolio.”
(Translation: They are trying very hard to convince investors this is not a one-brand company anymore.)
“We will be further focusing on growing this portfolio to around INR500 crores in size over the next three years.”
(Translation: Coconut oil, Banjaras and future launches are now expected to do some heavy lifting.)
“The war in the Gulf has created extreme volatility in the prices of LLP and packaging material.”
(Translation: Just when margins started looking pretty, crude-linked inputs walked in with a baseball bat.)
“We feel confident about our ability to maintain margins in the current approximate range.”
(Translation: There will be price hikes, pack changes, and probably some creative math, but they do not want margins collapsing again.)
“I don’t believe hair oil is a sunset sector.”
(Translation: Please stop asking if Gen Z has killed the category. Management is tired of hearing it.)
