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
