Dabur Q1 Results Review — Improved Margin Visibility For Rest Of FY26; Says Yes Securities Maintaining Buy

Dabur India's Q1 FY26 quarterly performance was impacted by unseasonal rains. Excluding this seasonal portfolio, consolidated business grew by 7% YoY and standalone business grew 4.3%. Sequential improvement in demand augurs for growth going forward.

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Dolat Capital Report

In recent quarters, Dabur India Ltd.’s recovery and stock price has been impacted by multiple factors. But with hope of better performance in FY26 (revenue growth to optically look better due to low base) and cheap valuations, we maintain our Buy rating but a revised target price of Rs 630, targeting ~48 times on FY’27E EPS.

Beyond FY27, company aims to sustain double-digit revenue growth trajectory through a strategic refresh but impact of ongoing competitive activity in non-alcoholic beverages cannot be ruled out.

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