Dabur Q3 Review: Inline Results, Gradual Recovery Expected, Says Nirmal Bang — Maintains 'Buy' On The Stock

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Nirmal Bang Report

Dabur India Ltd.’s Q3 FY25 results were largely in line with expectations barring a marginal beat in Ebitda, which was nevertheless flattish YoY  The management has called out mid-single digit revenue growth in the near term, better than preceding quarters, but also subdued on an absolute basis.

While Q4 is a seasonally weak margin quarter, the management expects Ebitda margin in FY26 to recover on the back of pricing, mix improvement, premiumisation and cost saving initiatives.

There is no material change to our EPS forecasts. Maintain Buy with a target price of Rs 620, 16% upside to current market price.

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