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Motilal Oswal Report
Motilal Oswal has maintained a ‘Neutral' rating on Dabur Ltd. with a target price of Rs 475, citing concerns around the company's historical weak execution despite a gradual recovery in growth outlook.
The brokerage noted that Dabur has been witnessing muted sales growth over the past two years. After delivering 1.3% growth in FY25, revenue growth improved modestly to 5% in FY26.
Management has revised India business revenue guidance from high single-digit to low double-digit, anticipating growth from both volume and pricing (largely equal split) for FY27.
While Motilal Oswal remains positive on India consumption, but highlighted that Dabur's historical weak execution continues to be a key concern.
The brokerage also flagged that general macro inflation and monsoon will be key monitorable for Dabur's FY27 performance.
While earnings estimates for FY27 and FY28 have been largely retained, Motilal Osawl has reiterated its Neutral rating on the stock with a target price of Rs 475 (based on 35x Mar'28E earnings per share).
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