Dabur delivered 11.6% consolidated revenue growth, supported by 20% growth in the international business (constant‑currency growth of 14.2%) and 10.7% India revenue growth (8% two‑year CAGR), with 5.5% volume growth (4% two‑year CAGR). Within India, home and personal care posted a healthy 11% growth, led by high‑teen growth in hair oils and shampoos. Oral care grew in mid‑single digits, vs 12% for Colgate and mid‑single‑digit growth for HUL. Healthcare grew ~7%, with health supplements witnessing a low‑single‑digit decline.
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HDFC Securities Instituional Equities
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HDFC Securities has maintained its Add rating on Dabur India Ltd., with a Sep‑27 taget price of Rs 425, based on 32 times price/earnings (~25% discount to its 5‑/10‑year avg. fwd. P/E.
Dabur delivered 11.6% consolidated revenue growth, supported by 20% growth in the international business (constant‑currency growth of 14.2%) and 10.7% India revenue growth (8% two‑year CAGR), with 5.5% volume growth (4% two‑year CAGR).
Within India, home and personal care posted a healthy 11% growth, led by high‑teen growth in hair oils and shampoos. Oral care grew in mid‑single digits, vs 12% for Colgate and mid‑single‑digit growth for HUL.
Healthcare grew ~7%, with health supplements witnessing a low‑single‑digit decline.
Beverages delivered mid‑teen growth, while foods and the Badshah portfolio recorded strong double‑digit growth.
The premium portfolio in India, contributing ~20% of sales, grew nearly four times faster than the regular portfolio.
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Across international markets, growth remained strong in Bangladesh (31%), Egypt (30%), Sub‑Saharan Africa (43%), Turkey (43%), Namaste and Nigeria (21% each), while MENA delivered 14% growth.
The brokeage expects an execution ramp‑up, with Dabur's enhanced liquidity position providing incremental support.
HDFC Securities has maintained its forecast of 8% revenue and earnings compound annual growth rate over FY26–29E.
The stock is trading at a forward P/E of ~29 times (a 33% discount to its last 5‑/10‑year averages), now below its –3 S.D. level, reflecting persistent execution concerns.
Under the new leadership, the brokerage expects sharper execution focus after a soft four‑year revenue CAGR of 5%.
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