Dabur India Limited Overview
Dabur India is India's fourth-largest listed FMCG company by its own description, and the world's largest Ayurveda-based consumer products business. Founded in 1884, it converts a 140-year-old Ayurvedic heritage into a modern portfolio of eight Power Brands (Dabur Chyawanprash, Dabur Honey, Honitus, PudinHara, Dabur Lal Tail, Dabur Amla, Dabur Red Paste and Réal) and a long tail of category leaders such as Hajmola, Vatika, Odonil, Odomos, Meswak and Badshah spices. Its products reach roughly eight of ten Indian households, and it sells in over 120 countries through 21 manufacturing facilities. FY2026 consolidated revenue was ₹13,193 cr with an 18.6% operating margin and ₹1,869 cr of attributable profit. About 27% of revenue is international. The investment case rests on natural/herbal tailwinds, rural reach and cash generation, offset by a decade of mid-single-digit growth, a de-rating, and US product-liability exposure.
| Field | Detail |
|---|---|
| Legal name | Dabur India Limited |
| Former names | Corporate-history databases record incorporation in 1975 as Vidogum Ltd, later renamed Dabur India Ltd |
| Founded | 1884, Calcutta (Kolkata), by Dr. S.K. Burman; the brand name is a portmanteau of "Daktar" (doctor) and "Burman" |
| Incorporation jurisdiction | India (Companies Act) |
| Registered office | 8/3, Asaf Ali Road, New Delhi 110002, India (FY2025-26 Annual Report, Corporate Information) |
| Corporate headquarters | Dabur Corporate Office, Kaushambi, Sahibabad, Ghaziabad 201010, Uttar Pradesh, India |
| International hub | Dabur International Ltd, Dubai, UAE (international business HQ) |
| Stock exchanges & tickers | BSE: 500096; NSE: DABUR; Bloomberg: DABUR:IN |
| ISIN | INE016A01026 |
| CUSIP | Not applicable (no US listing) |
| Face value | ₹1 per share; approximately 177.3 crore shares outstanding |
| Fiscal year end | 31 March |
| Statutory auditor | G. Basu & Co. (FY2025-26 Annual Report) |
| Internal auditor | PricewaterhouseCoopers Services LLP |
| Website | www.dabur.com |
| Market capitalisation | ₹67,171 cr at ₹379 close on 5 October 2026 (Screener) |
| Promoter holding | 66.24% (June 2026 shareholding pattern); no promoter pledge reported |
| Credit ratings | CRISIL AAA/Stable and A1+ (reaffirmed 20 Nov 2025); ICRA AAA/Stable and A1+ (reaffirmed 12 Mar 2026) |
| Chairman | Mohit Burman (non-executive, promoter family) |
| Global CEO | Mohit Malhotra (Whole-Time Director & Global CEO since 17 Feb 2026) |
| CEO – India Business | Herjit S. Bhalla (joined 23 Apr 2026) |
| CFO | Ankush Jain (CFO since 1 April 2021 per MarketScreener; not reconfirmed in the FY2026 report pages reviewed) |
The entity profiled is Dabur India Limited, the listed Indian FMCG and Ayurvedic healthcare company controlled by the Burman family. The name and type supplied ("Dabur India Ltd.", "Public company") match exactly: the company is actively listed on both major Indian exchanges and is a constituent of the BSE 200, BSE 500, Nifty 500 and BSE FMCG indices, and is in the NSE F&O segment.
Employee counts are reported inconsistently across sources and are not consistently disclosed on a consolidated basis in the materials reviewed. MarketScreener lists 4,768 employees (appears to be a standalone permanent-employee figure from a prior BRSR), while Tracxn reports 10,677 employees as of 31 May 2026 (likely consolidated, including international subsidiaries). Both figures are presented with this discrepancy flagged.
What the company does
Dabur manufactures, markets and distributes branded fast-moving consumer goods with a strong natural and Ayurvedic positioning. Its business spans four broad domestic verticals and an international business:
Healthcare: Health supplements (Dabur Chyawanprash, Dabur Honey, Dabur Glucose, Shilajit), digestives (Hajmola, PudinHara), OTC and ethicals (Honitus cough and cold, Dabur Lal Tail baby massage oil, classical Ayurvedic medicines).
Home & Personal Care (HPC): Oral care (Dabur Red Paste, Meswak, Babool), hair care (Dabur Amla, Vatika, Anmol and Sesa hair oils, Vatika shampoos), skin care (Gulabari, Fem, Oxylife), and home care (Odonil air fresheners, Odomos mosquito repellent, Sanifresh toilet cleaner).
Foods & Beverages: Réal fruit juices and nectars, Réal Activ functional beverages and coconut water, Hommade culinary pastes, Badshah ground and blended spices, and new carbonated/flavoured drinks (Réal Cheers).
International: Operations in the Middle East and North Africa (MENA), Sub-Saharan Africa (SSA), Turkey (Hobi), the United States (Namaste Laboratories, ethnic hair care), the UK and Europe, Bangladesh, Nepal and other South Asian markets.
Retail and others: A small retail segment and an "others" segment covering guar gum, pharma and miscellaneous businesses.
Company's own description
In its press releases and FY2025-26 Annual Report, Dabur describes itself as "India's leading science-based Ayurveda major" and one of India's leading FMCG companies, with eight distinct Power Brands. The FY2026 strategy section states that its flagship brands (Dabur Red, Réal, Dabur Chyawanprash, Dabur Honey, Hajmola, Dabur Amla, Odonil and Vatika) contribute over 70% of revenue. The FY2026 AGM presentation positioned the company as one of India's top four FMCG companies, with products in 8 out of 10 households and 27% international revenue saliency, and noted that e-commerce contributed about 9% of the business.
Business and revenue model
| Revenue type | Share of revenue | Comment |
|---|---|---|
| Branded product sales (FMCG) | ~99% | Consumer Care + Food segments (FY2026: ₹12,880 cr of ₹13,193 cr, derived) |
| Retail operations | ~0.8% | Retail segment, ₹107 cr in FY2026 |
| Other (guar gum, pharma, others) | ~1.3% | ₹167 cr in FY2026 |
| Services / subscription / licensing | Not material | — |
Dabur's revenue model is overwhelmingly product sales of branded consumer goods; there is no material service, subscription or licensing revenue. Revenue is recognised on sale to distributors, modern-trade accounts, e-commerce platforms and institutional buyers, net of trade schemes and discounts (scheme netting is material; ICRA noted "optical gross margin dilution from higher scheme netting in competitive categories" in FY2026).
Value-chain position
Dabur is a vertically integrated brand owner. Upstream, it sources herbs and agricultural inputs (including through its own cultivation programmes covering 15,567 acres of medicinal and aromatic plants in FY2026), honey, fruit pulp/concentrates, edible oils (coconut/mustard), and petrochemical-derived inputs (plastics, LLP, SLES). Midstream, it manufactures in 12–13 proprietary Indian plants plus 81+ third-party manufacturing units (FY2026 Annual Report, logistics section) and 8 overseas markets. Downstream, it distributes through 3 mother warehouses and 26 C&F agents to a network of distributors and stockists covering general trade (kirana stores, chemists), modern trade, e-commerce and quick commerce, and a rural sub-stockist network.
Customers and end-markets
Direct customers are distributors, super-stockists, modern-trade chains, e-commerce/quick-commerce platforms (Amazon, Flipkart, Blinkit, Zepto, Swiggy Instamart and others), institutional and CSD (Canteen Stores Department) channels, and export distributors. End consumers span urban and rural India, with rural demand outpacing urban for 18 consecutive quarters as of Q1 FY2027 (CEO commentary, July 2026). End-markets include oral care, hair oils, shampoos, skin care, air fresheners, mosquito repellents, health supplements, digestives, OTC medicines, juices and spices.
Independent characterisation
Dabur is best understood as a natural/Ayurveda-anchored mid-cap FMCG company with a defensible but slowly growing core and an above-average international mix. Its moat lies in category leadership in niches where large multinationals are weaker (chyawanprash, honey, digestives, herbal toothpaste, hair oils), deep rural distribution, and Ayurvedic credibility. Its weaknesses are a revenue CAGR of only about 6.6% over FY2021–FY2026, a beverages business vulnerable to weather and competition from carbonated drinks, and a recent tendency to post headline growth below peers such as Marico, which overtook Dabur in revenue in FY2026 (₹13,611 cr vs ₹13,193 cr). The business is highly cash generative (operating cash flow of ₹2,579 cr in FY2026, 122% of operating profit per Screener) and essentially net-cash, giving it optionality for M&A that it is now deploying through Dabur Ventures and bolt-on acquisitions.
Strategy
Stated strategy (FY2025-26 Annual Report, "Strategy for a Future Ready Dabur")
The annual report describes FY2026 as a year of "steady and meaningful progress on its Vision plan" and anchors strategy around seven pillars:
-
Deepening investments in core Power Brands — flagship brands contribute over 70% of revenue; focus on penetration, new usage occasions and share gains in urban and rural India.
-
Premiumisation and contemporisation — post-wash hair formats (serums, conditioners, masks), benefit-led oral care (whitening, gum care), modern healthcare formats (gummies, powders, effervescents), and Réal Activ functional nutrition.
-
Health & Wellness as a growth platform — extending Hajmola and PudinHara beyond core, functional health juices, Shilajit in contemporary formats, Ayurvedic solutions for stress, sleep, metabolism and heart health.
-
Portfolio rationalisation — exits from Vedic Tea, diapers and Dabur Vita; SKU streamlining.
-
GTM 2.0 — improving channel-partner ROI, expanding coverage of organised food outlets, A-class grocers, chemists and E&D outlets, reallocating resources to direct coverage, sales-force digitisation.
-
Strategic M&A — Dabur Ventures (₹500 cr) for founder-led, digital-first brands in nutraceuticals, wellness foods and premium personal care.
-
Operating model reinvention — supply-chain re-engineering, smarter sourcing, digitisation of manufacturing, planning, logistics and finance.
Strategic initiatives in the last 24 months
| Initiative | Date | Detail | Targets / status |
|---|---|---|---|
| Tindivanam greenfield plant | Aug 2024 MoU; Feb 2026 groundbreaking | ₹400 cr over five years | Operations by end FY2027 |
| Sesa Care acquisition and merger | Oct 2024; NCLT sanction Sept 2026 | Premium Ayurvedic hair oil | Merger appointed date 1 Apr 2026 |
| Dabur Ventures | Oct 2025 | ₹500 cr investment platform; minority-to-majority path | Returns expected above 6–7% treasury yield long-term |
| RAS Beauty investment | Mar 2026 | ~₹60 cr minority stake | First Ventures deal |
| Global CEO / India CEO structure | Feb–Apr 2026 | Dual leadership | Accelerate international growth |
| Siens by Dabur | Q4 FY2026 | D2C nutraceutical brand | New launches 2.6% of Q1 FY2027 revenue (with Réal Cheers) |
| GTM 2.0 | FY2026 onwards | Distribution transformation | Coverage and throughput metrics not quantified publicly |
| Premiumisation | Ongoing | Premium brands growing ~2x the regular portfolio (Q1 FY2027) | — |
| Quick commerce push | Ongoing | Q-commerce +54% in Q4 FY2026 | E-commerce ~9% of sales |
| Sugar reduction (Réal) | Since 2018 | 21% reduction vs 2018 achieved | Further cuts in FY2027 |
Sustainability commitments
Net Zero by FY2045 (SBTi-validated targets), water positivity (achieved 107% in FY2026, ahead of the FY2030 target), plastic-waste positivity maintained annually, 60% renewable energy across consolidated operations by FY2030 (65% India and 53% global achieved in FY2026), 21% women in management by FY2028 (15.2% achieved).
Cost programmes
Management cited "cost-cutting" as a driver of FY2026 profit growth exceeding revenue growth. Specific multi-year cost-saving targets were not disclosed. Kaizen projects delivered ₹2.98 cr of quantified savings in FY2026, and energy-efficiency capex was ₹14.9 cr.
Medium-term targets and guidance
| Guidance item | Source / date | Detail |
|---|---|---|
| Double-digit growth by FY2027–28 | FY2024-25 Annual Report (reported by Business Standard) | Sustainable double-digit growth via power brands, wellness, rural |
| FY2026 sales growth | Q1 FY2026 call (Aug 2025) | High-single-digit sales growth with "meaningful" margin expansion (subsequently not met: actual +5.0%) |
| H2 FY2026 | Q3 business update (Jan 2026) | Mid-single-digit consolidated revenue growth; operating profit and PAT growth ahead of revenue |
| FY2027 | Q3 FY2026 call (Jan 2026, per Axis Securities) | Volume-led growth as coconut oil and SLES inflation moderates |
| Q1 FY2027 commentary | July 2026 | Rural demand recovery subject to monsoon and inflation; near-term margin headwinds from elevated crude prices (HDFC Securities, May 2026) |
Products & Services
Dabur's portfolio includes 3 brands with revenue above ₹1,000 cr, 3 brands between ₹500 cr and ₹1,000 cr, and 16 brands in the ₹100–500 cr range (company disclosure summarised by Screener). Pricing is not disclosed product-by-product; Dabur prices at MRP with promotional schemes, and roughly 66% of the portfolio received GST rate cuts in September 2025.
Healthcare (Consumer Care segment)
| Brand / product | Description & capabilities | Target customer | Recent developments |
|---|---|---|---|
| Dabur Chyawanprash (Power Brand) | Ayurvedic immunity jam of amla and herbs; market leader | Families, winter-season immunity buyers | Market share +234 bps in Q2 FY2026; ChyawanShakti Gummies launched FY2026 |
| Dabur Honey (Power Brand) | Branded honey; market leader | Urban health-conscious households | Honey and Honitus grew ~28% in Q2 FY2026 (company call) |
| Honitus (Power Brand) | Ayurvedic cough syrup/lozenges | Adults and children with cough/cold | Double-digit growth in Q2 FY2026 |
| PudinHara (Power Brand) | Mint-based digestive/stomach relief | Mass consumers | Repositioned on "effective cooling relief", digital partnership with Zepto (FY2026 Annual Report) |
| Dabur Lal Tail (Power Brand) | Ayurvedic baby massage oil | New parents | Dabur Lal Gold premium variant launched FY2026 |
| Hajmola | Digestive tablets and candy | Mass, youth | Double-digit growth in FY2026; +7% in Q3 FY2026 |
| Dabur Glucose / Glucoplus-C / Glucolyte | Glucose powders; Glucolyte functional hydration launched FY2026 | Summer, active consumers | Glucolyte new in FY2026 |
| Shilajit franchise (incl. Himalayan Shilajit Gold) | Resin and drops formats | Men's wellness | Premium range ~10% of Shilajit portfolio (FY2026 AR) |
| Ayurvedic health juices (incl. Dia Control Juice) | Aloe vera, amla, giloy etc.; Dia Control for blood sugar | Lifestyle-condition consumers | Health juices +25% in Q2 FY2026; Dia Control launched FY2026 |
| OTC & Ethicals (classical Ayurvedic medicines) | Ashokarishta, Dashmularishta, etc. | Ayurvedic practitioners and chemists | ~7% growth in Q4 FY2026 |
| Siens by Dabur | Digital-first, science-led nutraceutical brand | Urban, online consumers | Launched Q4 FY2026; with Réal Cheers contributed to new launches being 2.6% of Q1 FY2027 revenue |
Home & Personal Care (Consumer Care segment)
| Brand / product | Description & capabilities | Target customer | Recent developments |
|---|---|---|---|
| Dabur Red Paste (Power Brand) | Ayurvedic toothpaste | Mass, rural and urban | Toothpaste +14.3% in Q2 FY2026; ~10% in Q3 FY2026; first product line at Tindivanam plant |
| Meswak | Premium herbal (miswak) toothpaste | Premium herbal consumers | Strong double-digit growth (Axis Securities, Jan 2026) |
| Babool | Value herbal toothpaste | Value segment | Part of oral care portfolio |
| Dabur Herb'l | Herbal toothpaste variants | Urban | Double-digit growth (Axis, Jan 2026) |
| Dabur Amla (Power Brand) | Amla hair oil, category leader in perfumed hair oils | Mass | Hair oils +28% in Q4 FY2026; hair-oil share +193 bps (Q3 FY2026) and +232 bps (Q2 FY2026) |
| Vatika (hair oil and shampoo) | Natural hair oils and shampoos; Vatika Bio-Infusions premium launch FY2026 | Urban women | Shampoos +23% in Q1 FY2027 |
| Anmol hair oil | Value coconut-based hair oil | Value consumers | To be made at Tindivanam |
| Sesa | Ayurvedic hair oil (premium) | Hair-fall-concern consumers | Acquired 2024; merged into Dabur India 2026 |
| Gulabari | Rose-water-based skin care | Women, mass | Initial product at Tindivanam plant |
| Fem | Bleach, depilatory creams; entered female disposable razors in FY2026 | Women | Now the only depilatory player across all formats (FY2026 AR) |
| Oxylife | Bleach and facial skin care | Women | Advanced skincare launches FY2026 |
| Odonil | Air fresheners (blocks, gels, sprays) | Households | Air-freshener share +127 bps in Q2 FY2026 |
| Odomos | Mosquito repellent cream and allied formats | Households | Home care +24% in Q4 FY2026 |
| Sanifresh | Toilet cleaner | Households | Part of home care |
Foods & Beverages (Food segment)
| Brand / product | Description | Target customer | Recent developments |
|---|---|---|---|
| Réal (Power Brand) | Packaged fruit juices and nectars | Urban households | Sugar reduced 21% vs 2018 levels; further cut in Réal Mixed Fruit and Guava planned FY2027 |
| Réal Activ | No-added-sugar juices, coconut water (<20 kcal) | Health-conscious urban consumers | Réal Activ Coconut Water launched FY2026 |
| Réal Cheers | Beverage extension (new format) | Youth | Launched FY2026 |
| Hommade | Ready-to-cook pastes and culinary | Urban homemakers | Part of culinary |
| Badshah Masala | Ground and blended spices | Western India, export | +12% in Q4 FY2026; +13.3% revenue and ~11% volume in Q1 FY2027; exit run-rate ₹400 cr |
| Dabur A2 Cow Ghee | Premium ghee | Premium households | Launched FY2026 |
International portfolio (selected)
| Brand / product | Market | Description |
|---|---|---|
| Vatika (Rosemary, Aquaboost, Shea Butter, Avocado shampoo ranges) | MENA, Europe | Premium hair care launches FY2026 |
| Dabur 1884 | UK | Heritage wellness range (Cleanse/Energize/Immunity teas, Multiflora Honey, Organic Ghee, Himalayan Pink Salt), launched FY2026 |
| Rosemary + Biotin hair range | International | Hair oil, shampoo, conditioner, FY2026 |
| Dabur Miswak Mint | MENA | Toothpaste with Al Arak tree extract |
| Herbolene | International | Body lotion range |
| Vatika Menz | International | Male grooming entry |
| ORS Olive Oil (Namaste Laboratories) | USA | Ethnic hair care incl. relaxers (litigation-exposed) |
| Hobi | Turkey | Hair and personal care |
Discontinued products
In FY2026, Dabur exited Vedic Tea, adult and baby diapers, and Dabur Vita, citing limited scalability and profitability (FY2025-26 Annual Report, Strategy section).
Financial Narrative
Sources: Company results releases (revenue, PAT for FY2024–FY2026), Screener/C-MOTS consolidated data (all years), FY2025-26 Annual Report. FY2021 is included as a base year for growth and CAGR calculations.
Income statement (consolidated, ₹ cr)
Notes: EBIT derived as operating profit minus depreciation. FY2026 PAT including NCI was ₹1,895.03 cr; FY2025 ₹1,767.63 cr. Dabur's own release reported FY2024 net profit of ₹1,842.68 cr (this appears to include NCI; Screener shows ₹1,811 cr attributable) — a source discrepancy flagged here. Diluted EPS is marginally below basic (e.g., Q2 FY2026 diluted ₹2.55 vs basic ₹2.55; H1 FY2026 diluted ₹5.44 vs basic ₹5.45). Dividends per share for FY2021–FY2023 are drawn from prior company announcements and are consistent with Screener's payout ratios (50%, 53%, 54%).
Margins and growth (derived)
Revenue CAGR FY2021–FY2026: 6.65% (derived; matches Screener's five-year sales growth). Ten-year revenue CAGR: ~5% (Screener). Five-year profit CAGR: ~2% (Screener).
Commentary. The five-year record is one of steady but unspectacular top-line growth with gradual margin erosion. FY2022 benefited from post-COVID demand for immunity products. FY2023 saw severe input-cost inflation (EBITDA margin fell ~190 bps) and the first-time consolidation of lower-margin Badshah. FY2024 recovered on easing inflation. FY2025 was the weakest year: a Q2 inventory correction in general trade drove a revenue decline in that quarter, the full year grew only 1.3%, and attributable PAT fell 3.9%. FY2026 was a recovery year (revenue +5.0%, PAT +7.4%) despite the GST transition in Q2, weather disruption to beverages and Middle East headwinds in Q4. The rising importance of other income (₹585 cr in FY2026, ~24% of PBT) means a significant portion of reported profit comes from treasury returns rather than operations — a quality-of-earnings point. Depreciation nearly doubled from FY2021 to FY2026 reflecting capex, acquired intangibles (Badshah) and leases. Finance costs peaked at ₹164 cr in FY2025 and remain an order of magnitude higher than in FY2021, reflecting acquisition-related liabilities and working-capital borrowings in subsidiaries.
Quarterly trajectory (consolidated, ₹ cr)
(Source: Screener quarterly consolidated data; reconciled to company releases for Q1 FY2026 ₹508.29 cr, Q2 FY2026 ₹444.79 cr, Q3 FY2026 ₹553.61 cr, Q4 FY2026 ₹362.00 cr and Q1 FY2027 ₹586.16 cr.)
Q1 FY2027 (quarter to June 2026) was the third straight quarter of double-digit profit growth: revenue +10.6% to ₹3,764.39 cr, attributable PAT +15.3% to ₹586.16 cr, EBITDA margin 19.7%, India FMCG +9.5% with ~5% underlying volume growth, international +15.5%. Standalone (largely India) revenue was ₹2,687 cr (+8.8%), operating profit ₹536 cr (+10.4%) and PAT ₹452 cr (+11.0%).
Balance sheet (consolidated, ₹ cr, as at 31 March)
(Source: Screener/C-MOTS. Total equity including NCI was ₹11,802.75 cr at FY2026 and ₹11,210.26 cr at FY2025 per the results filing.)
Items not separately retrieved: Cash and cash equivalents on a standalone line basis; short-term vs long-term split of borrowings; goodwill and intangibles as separate lines; working capital. The step-up in fixed assets in FY2023 (₹2,308 cr to ₹3,579 cr) reflects goodwill and brand intangibles recognised on the Badshah acquisition. Management stated on the Q2 FY2026 call (October 2025) that Dabur held approximately ₹7,000 cr of treasury funds on its balance sheet; against borrowings of ₹1,287 cr at FY2026, this implies a net cash position of roughly ₹5,700 cr (derived from management's approximate figure). Net debt/EBITDA is therefore negative.
Cash flow (consolidated, ₹ cr)
(Source: Screener/C-MOTS. Capex derived as CFO minus FCF.)
Dividends paid in cash-flow terms were not separately retrieved; financing outflows (₹1,236 cr in FY2026) are dominated by dividend payments.
Key ratios (derived unless stated)
Commentary on ratios. Returns have structurally declined: ROCE fell from 27% (FY2021–FY2022) to 20% (FY2025–FY2026), and ROE from ~22% to ~17%. Three drivers stand out: (1) margin compression since FY2022; (2) a growing, low-yielding treasury book (₹8,947 cr of investments at FY2026, earning ~6–7% per management) that dilutes returns on equity; and (3) acquired goodwill and intangibles from Badshah. The cash conversion cycle has turned increasingly negative (to -26 days in FY2026), reflecting stretched payables (212 days) — a strength in cash terms, though some of this improvement reflects supplier-financing practices common in Indian FMCG. Asset turnover has drifted down steadily as the balance sheet has grown faster than revenue. Leverage is negligible.
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Segment Overview
| Segment | Contents | Key products |
|---|---|---|
Consumer Care Business | Domestic and international HPC and healthcare | Dabur Chyawanprash, Honey, Hajmola, PudinHara, Honitus, Lal Tail, Dabur Amla, Vatika, Red Paste, Meswak, Babool, Odonil, Odomos, Sanifresh, Gulabari, Fem, Oxylife, Namaste, Hobi, Sesa |
Food Business | Juices, beverages and culinary | Réal, Réal Activ, Réal Cheers, Hommade, Badshah spices, Dabur A2 Cow Ghee and food-adjacent items |
Retail Business | Retail stores | H&B Stores Ltd (subsidiary; retail outlets) |
Other Segments | Guar gum, pharma and others | Guar gum derivatives, small pharma lines |
Unallocated | Other operating revenue not attributable to segments | Scrap sales, export incentives etc. |
Segment revenue (INR Cr)
| Segment revenue (INR Cr) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Consumer Care Business (INR Cr) | 9,194 | 9,262 | 9,942 | 10,160 | 10,864 |
Food Business (INR Cr) | 1,461 | 1,982 | 2,179 | 2,101 | 2,016 |
Retail Business (INR Cr) | 77 | 111 | 123 | 115 | 107 |
Other Segments (INR Cr) | 123 | 138 | 123 | 150 | 167 |
Unallocated operating revenue (INR Cr) | 33 | 38 | 37 | 37 | 39 |
Total revenue from operations (INR Cr) | 10,889 | 11,530 | 12,404 | 12,563 | 13,193 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Segment metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Consumer Care YoY growth (%) | — | 0.7 | 7.3 | 2.2 | 6.9 |
Food YoY growth (%) | — | 35.7 | 9.9 | -3.6 | -4.0 |
Retail YoY growth (%) | — | 43.7 | 11.2 | -6.4 | -7.7 |
Consumer Care share of revenue (%) | 84.4 | 80.3 | 80.2 | 80.9 | 82.3 |
Food share of revenue (%) | 13.4 | 17.2 | 17.6 | 16.7 | 15.3 |
Results by Segment and Segment Margins & Growth (%)
| Segment result metric | Q1 FY2026 | Q1 FY2027 |
|---|---|---|
Consumer Care revenue (INR Cr) | 2,704.92 | 3,000.74 |
Consumer Care result (INR Cr) | 644.10 | 723.15 |
Consumer Care result margin (%) | 23.8 | 24.1 |
Food revenue (INR Cr) | 620.86 | 659.33 |
Food result (INR Cr) | 80.46 | 94.25 |
Food result margin (%) | 13.0 | 14.3 |
Retail result (INR Cr) | -0.50 | -0.69 |
Other segments result (INR Cr) | 6.84 | 7.21 |
Group Entities
| Entity | Jurisdiction | Role |
|---|---|---|
Dabur International Ltd (DINTL) | Isle of Man / operating from Dubai | Holding company for international business |
Dabur Egypt Ltd | Egypt | Manufacturing and sales, North Africa |
Dabur Nigeria Ltd | Nigeria | Manufacturing and sales, West Africa |
Hobi Kozmetik | Turkey | Personal care (hair/skin) |
Namaste Laboratories LLC | USA | Ethnic hair care (ORS Olive Oil); hair-relaxer litigation defendant |
Dermoviva Skin Essentials Inc. | USA | Skin care; litigation co-defendant |
Asian Consumer Care Pvt Ltd | Bangladesh | Manufacturing and sales |
Dabur Nepal Pvt Ltd | Nepal | Manufacturing (juices, healthcare) |
H&B Stores Ltd | India | Retail segment |
Badshah Masala Pvt Ltd (51%) | India | Spices; remaining 49% to be acquired after five years |
Sesa Care Pvt Ltd | India | Ayurvedic hair oil; amalgamated into Dabur India (NCLT sanction Sept 2026, appointed date 1 April 2026) |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Revenue from operations (INR Cr) | 9,562 | 10,889 | 11,530 | 12,404 | 12,563 | 13,193 |
Operating profit / EBITDA before other income (INR Cr) | 2,002 | 2,252 | 2,162 | 2,400 | 2,316 | 2,450 |
Other income (INR Cr) | 325 | 308 | 445 | 482 | 551 | 585 |
Depreciation & amortisation (INR Cr) | 240 | 253 | 311 | 399 | 446 | 469 |
Operating income / EBIT excl. other income (INR Cr) | 1,762 | 1,999 | 1,851 | 2,001 | 1,870 | 1,981 |
Finance costs (INR Cr) | 31 | 39 | 78 | 124 | 164 | 145 |
Profit before tax (INR Cr) | 2,056 | 2,269 | 2,219 | 2,359 | 2,258 | 2,420 |
Net profit attributable to owners (INR Cr) | 1,695 | 1,742 | 1,701 | 1,811 | 1,740 | 1,869 |
EPS basic (INR) | 9.58 | 9.84 | 9.64 | 10.40 | 9.97 | 10.68 |
Dividend per share declared (INR) | 4.75 | 5.20 | 5.20 | 5.50 | 8.00 | 8.25 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Revenue growth (%) | — | 13.9 | 5.9 | 7.6 | 1.3 | 5.0 |
EBITDA margin (%) | 20.9 | 20.7 | 18.8 | 19.3 | 18.4 | 18.6 |
EBIT margin (%) | 18.4 | 18.4 | 16.1 | 16.1 | 14.9 | 15.0 |
PBT margin (%) | 21.5 | 20.8 | 19.2 | 19.0 | 18.0 | 18.3 |
Net margin (%) | 17.7 | 16.0 | 14.8 | 14.6 | 13.9 | 14.2 |
Effective tax rate (%) | 18 | 23 | 23 | 23 | 23 | 23 |
Attributable PAT growth (%) | — | 2.8 | -2.4 | 6.5 | -3.9 | 7.4 |
Income Statement and Margin Analysis (%)
| Quarterly metric | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 |
|---|---|---|---|---|---|---|---|---|---|
Revenue from operations (INR Cr) | 3,349 | 3,029 | 3,355 | 2,830 | 3,405 | 3,191 | 3,559 | 3,038 | 3,764 |
Operating profit (INR Cr) | 655 | 553 | 682 | 427 | 667 | 588 | 734 | 461 | 741 |
OPM (%) | 20 | 18 | 20 | 15 | 20 | 18 | 21 | 15 | 20 |
Attributable net profit (INR Cr) | 494 | 418 | 516 | 313 | 508 | 445 | 554 | 362 | 586 |
EPS (INR) | 2.82 | 2.40 | 2.95 | 1.81 | 2.90 | 2.55 | 3.16 | 2.08 | 3.33 |
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View Subscription PlansBalance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Total assets (INR Cr) | 10,833 | 12,284 | 13,652 | 15,116 | 16,230 | 17,480 |
Equity attributable to owners (INR Cr) | 7,664 | 8,382 | 8,973 | 9,866 | 10,800 | 11,419 |
Total borrowings (INR Cr) | 509 | 1,030 | 1,174 | 1,365 | 950 | 1,287 |
Investments incl. treasury (INR Cr) | 4,160 | 6,220 | 6,265 | 6,933 | 7,468 | 8,947 |
Fixed assets incl. intangibles (INR Cr) | 2,243 | 2,308 | 3,579 | 3,815 | 3,990 | 3,938 |
Capital work in progress (INR Cr) | 147 | 168 | 175 | 232 | 169 | 139 |
Cash Flow and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Cash from operating activities (INR Cr) | 2,115 | 1,802 | 1,488 | 2,013 | 1,987 | 2,579 |
Capital expenditure (INR Cr) | 307 | 369 | 485 | 560 | 539 | 399 |
Free cash flow (INR Cr) | 1,808 | 1,433 | 1,003 | 1,453 | 1,448 | 2,180 |
Cash from investing activities (INR Cr) | -1,404 | -1,273 | -583 | -971 | -448 | -1,279 |
Cash from financing activities (INR Cr) | -613 | -490 | -1,035 | -1,161 | -1,405 | -1,236 |
CFO to operating profit (%) | 122 | 97 | 92 | 104 | 103 | 122 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE on average owners' equity (%) | 21.7 | 19.6 | 19.2 | 16.8 | 16.8 |
ROA on average total assets (%) | 15.1 | 13.1 | 12.6 | 11.1 | 11.1 |
ROCE as reported by Screener (%) | 27 | 23 | 22 | 20 | 20 |
Debt to equity (x) | 0.12 | 0.13 | 0.14 | 0.09 | 0.11 |
Interest coverage EBIT over finance cost (x) | 51.3 | 23.7 | 16.1 | 11.4 | 13.7 |
Asset turnover revenue over average assets (x) | 0.94 | 0.89 | 0.86 | 0.80 | 0.78 |
Debtor days (Screener) | 22 | 27 | 26 | 26 | 20 |
Inventory days (Screener) | 169 | 158 | 149 | 175 | 166 |
Payable days (Screener) | 178 | 171 | 186 | 215 | 212 |
Cash conversion cycle days (Screener) | 12 | 14 | -10 | -14 | -26 |
Dividend payout ratio (Screener, %) | 53 | 54 | 53 | 80 | 77 |
Geography (FY2026) Overview
| Geography (FY2026) | Share of consolidated revenue (%) | Derived revenue (INR Cr) |
|---|---|---|
India | 73 | 9,631 |
International total | 27 | 3,562 |
of which Middle East (approx.) | 8 | 1,055 |
Region Margins & Growth (%)
| International metric | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 |
|---|---|---|---|---|
International revenue growth INR terms (%) | 7.7 | 11.1 | 2.5 | 15.5 |
International constant-currency growth (%) | 5.5 | — | — | — |
Country / Business Details
| Country / business | Period | Growth (%) | Source |
|---|---|---|---|
Dubai | Q2 FY2026 | 12 CC (over 17% per press release) | Q2 FY2026 call and press release |
Nigeria | Q2 FY2026 | 10 CC | Q2 FY2026 call |
United Kingdom | Q2 FY2026 | 37 CC | Q2 FY2026 call |
Namaste (USA) | Q2 FY2026 | 11 CC | Q2 FY2026 call |
Turkey | Q2 FY2026 | 37 CC | Q2 FY2026 call |
Bangladesh | Q2 FY2026 | 13 CC | Q2 FY2026 call |
Sub-Saharan Africa | Q4 FY2026 | 20 | Q4 FY2026 release |
Namaste (USA) | Q4 FY2026 | 6.2 | Q4 FY2026 release |
Bangladesh | Q1 FY2027 | 34.3 | Q1 FY2027 release |
Egypt | Q1 FY2027 | 28.4 | Q1 FY2027 release |
Region Margins & Growth (%) (Q2 FY2026 growth (%)–Q1 FY2027 growth (%))
| Domestic vertical | Q2 FY2026 growth (%) | Q4 FY2026 growth (%) | Q1 FY2027 growth (%) |
|---|---|---|---|
Home & Personal Care | 8.9 | double-digit | 12.3 |
Healthcare | — | — | 5.5 |
Foods & Beverages | — | 30 (foods) | 7.2 |
India FMCG total | 5.7 | 9.5 | 9.5 |
India underlying volume growth | 2 | 6 | 5 |
“—” = not publicly disclosed.
Market Metric Details
| Market metric | Value |
|---|---|
Price (5 Oct 2026 close) | ₹379 |
52-week high / low | ₹534 / ₹368 |
Market capitalisation | ₹67,171 cr |
One-year price change | approx. -23% |
Three-year price CAGR | -12% |
Five-year price CAGR | -9% |
Ten-year price CAGR | 3% |
Valuation Metric Details
| Valuation metric | Dabur (current) |
|---|---|
P/E TTM (x) | 33.9 |
P/B (x) | 5.9 |
Dividend yield (%) | 2.18 |
EV/EBITDA TTM, derived (x) | 24.3 |
EV/Sales TTM, derived (x) | 4.5 |
Source Details
| Source | Date | View / target |
|---|---|---|
Simply Wall St consensus narrative | ~Aug 2026 | Fair-value/price-target estimate ~₹525 (trimmed from ~₹527) |
Axis Securities | 30 Jan 2026 | BUY, target ₹595 |
HDFC Securities | 8 May 2026 | Revenue CAGR of 8.2% expected FY2026–28E; EBITDA margin recovery |
BoB Capital / Baroda | 1 Aug 2025 | Expected 8% sales and 9% EBITDA growth in FY2026 |
Dividend metric
| Dividend metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
Dividend per share (INR) | 4.75 | 5.20 | 5.20 | 5.50 | 8.00 | 8.25 |
Payout ratio (%) | 50 | 53 | 54 | 53 | 80 | 77 |
Credit Ratings
| Rating agency | Long-term rating | Short-term rating | Outlook | Date |
|---|---|---|---|---|
CRISIL | AAA | A1+ | Stable | 20 Nov 2025 |
ICRA | AAA | A1+ | Stable | 12 Mar 2026 |
Moody's / S&P / Fitch | Not rated | — | — | — |
Analyst Conclusions
Management guidance (latest)
-
FY2027: volume-led growth as key input inflation (coconut oil, SLES) moderates (Q3 FY2026 call); rural recovery dependent on monsoon and inflation (Q1 FY2027).
-
Medium-term: ambition of double-digit growth by FY2027–28 (FY2025 annual report).
-
Margins: operating profit and PAT to grow ahead of revenue (Q3 FY2026 update); near-term crude-related headwinds (May 2026 commentary).
-
Capital allocation: ₹500 cr Dabur Ventures; additional treasury available for acquisitions; payout ratio near 77–80%.
Consensus growth expectations
HDFC Securities projects 8.2% revenue CAGR over FY2026–28E with EBITDA margin recovery. Q1 FY2027 growth (+10.6% revenue, +15.3% PAT) ran ahead of this run-rate.
Bull case
-
Earnings inflection is underway: Q1 FY2027 marked the third consecutive quarter of double-digit profit growth, with India volume growth of ~5–6% (vs 2% in Q2 FY2026), HPC +12.3% and international +15.5%. If sustained, FY2027 EPS could grow low-to-mid teens, and the 34x P/E is low versus Dabur's 47x five-year forward average.
-
Structural tailwinds plus self-help: GST cuts on ~66% of the portfolio, rural outperformance for 18 quarters, premium brands growing 2x, e-commerce at ~9% of sales with q-commerce +54%, and share gains in hair oils and chyawanprash point to improving franchise health. The dual-CEO structure and GTM 2.0 add execution capacity.
-
Capital optionality: ~₹5,700 cr net cash (derived), AAA ratings and a 77% payout give downside protection (2.2% yield) and firepower for accretive acquisitions, while Badshah (₹400 cr run-rate) and Sesa show that bolt-ons can scale.
Bear case
-
Structural growth deficit: Five-year revenue CAGR of 6.65% and profit CAGR of ~2%, with Marico growing 26% and overtaking Dabur in FY2026. Guidance has repeatedly been missed (FY2026 high-single-digit target delivered at 5%), and declining ROCE (27% to 20%) suggests diminishing returns on capital.
-
Tail risk from the US hair-relaxer MDL: 12,129 active cases and advancing discovery, with Namaste and Dabur International named. Settlements across the industry could be material relative to Namaste's scale and, in an adverse scenario, to group earnings. No provision has been disclosed.
-
Margin and earnings-quality pressure: Q4 margins of ~15%, crude-linked packaging inflation, beverage volatility, FSSAI claims restrictions, Middle East disruption (~8% of revenue), and dependence on treasury income (~24% of PBT) leave limited cushion if demand softens again.
Catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Expected timing | What to watch |
|---|---|---|
| Q2 FY2027 results and interim dividend | 4 Nov 2026 | Sustained double-digit growth; India volume >5%; margin trend |
| Hair-relaxer MDL milestones | 16 Oct 2026 (expert discovery close); 16 Nov 2026 (summary judgment/Daubert motions) | Any settlement disclosures, provisions, or adverse rulings for Namaste |
| Winter season (Chyawanprash, Honey, Honitus) | Q3 FY2027 | Healthcare vertical acceleration (only +5.5% in Q1 FY2027) |
| FSSAI "100%" claims litigation | Delhi HC hearings | Label-transition costs; precedent for beverage marketing |
| Sesa integration post-NCLT | H2 FY2027 | Hair-care margin and growth |
| Dabur Ventures and M&A | Ongoing | Size and valuation discipline of next deal |
| Tindivanam commissioning | End FY2027 | Supply-chain savings in South India |
| Middle East stability | Ongoing | International growth and currency |
| FII flows | Quarterly | Whether foreign ownership stabilises from 9.66% |
| Badshah remaining 49% | ~FY2028 | Valuation and funding of buyout |
Analyst verdict
Dabur India enters the second half of FY2027 at an unusual juncture: its operating trajectory is clearly improving while its share price sits near a multi-year low. The fundamentals have turned. After a weak FY2025 (revenue +1.3%, profit −3.9%), FY2026 delivered +5.0% revenue and +7.4% profit, and Q1 FY2027 accelerated to +10.6% revenue and +15.3% profit on 5% underlying India volume growth, broad-based HPC strength and a 15.5% rebound in international. Share gains in hair oils and chyawanprash, rapid quick-commerce growth and premiumisation suggest the core franchise is healthier than the stock's 23% one-year decline implies.
Yet the market's scepticism is not irrational. Over five years Dabur has compounded revenue at only ~6.6% and profit at ~2%, while ROCE has slid from 27% to 20%. Management has missed its own growth guidance, Marico has overtaken Dabur on revenue, and a meaningful portion of profit comes from treasury income. The US hair-relaxer MDL, now above 12,000 cases with discovery advancing, is an unquantified tail risk that institutional investors appear to be discounting, alongside FSSAI labelling scrutiny and Middle East exposure.
On balance, at roughly 34x trailing earnings, ~24x EV/EBITDA (derived), a 2.2% dividend yield and a net-cash balance sheet, Dabur offers an asymmetric set-up for patient investors if the recent quarterly momentum proves durable: two to three more quarters of high-single-digit to double-digit growth would likely re-rate the multiple toward its historical range. The key swing factors are the winter healthcare season, the trajectory of the hair-relaxer litigation, and the discipline of the newly enlarged M&A programme. We would characterise the stock as a recovery candidate with identifiable legal tail risk — attractive on a 12–24 month view for investors who can tolerate litigation headlines, but dependent on management finally converting its double-digit growth ambition into delivered numbers.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure / since | Prior roles & education | Age |
|---|---|---|---|---|
Mohit Malhotra | Whole-Time Director & Global CEO | Joined 1994 as management trainee; CEO from April 2019; Global CEO from 17 Feb 2026 | CEO Dabur International (Dubai); CEO India Business; graduate of Pune University; Executive Master's in International Business, IIFT New Delhi | ~57 (MarketScreener) |
Herjit S. Bhalla | CEO – India Business (Senior Management Personnel) | Joined 23 April 2026 | Unilever 2000–2016 (incl. Marketing Director, Moscow 2009–2012); COO Metro Cash & Carry India 2016–17; Hershey MD India 2018, then VP India & AEMEA, VP Canada & AMEA, VP Canada & Global Customers; B.Com (Hons) Delhi University 1997, MBA MDI Gurugram 2000 | 49 |
Ankush Jain | Chief Financial Officer | Since 1 April 2021 (MarketScreener) | Not detailed in sources reviewed | ~50 |
P.D. Narang | Whole-Time Director, Group Director – Corporate Affairs | Long-serving | Not detailed | — |
A.K. (Ashok Kumar) Jain | EVP (Finance), Group Company Secretary & Chief Compliance Officer | Long-serving | Former CFO (2012–2021 per MarketScreener) | — |
Saket Gupta | Company Secretary | Since Feb 2022 (MarketScreener) | Not detailed | ~40 |
Rahul Awasthi | Global Head of Operations | Named in 2024 Tamil Nadu MoU release | Not detailed | — |
Executive Director – Group Head Corporate Strategy | Leads Dabur Ventures | Name not captured in sources reviewed | — | — |
“—” = not publicly disclosed.
Board of Directors
| Director | Role | Classification |
|---|---|---|
Mohit Burman | Chairman | Non-executive, promoter |
Saket Burman | Vice Chairman | Non-executive, promoter |
Amit Burman | Director | Non-executive, promoter |
Aditya Chand Burman | Director | Non-executive, promoter |
Mohit Malhotra | Whole-Time Director & (Global) CEO | Executive |
P.D. Narang | Group Director – Corporate Affairs | Executive |
Mukesh Butani | Lead Independent Director | Independent |
Ajit Mohan Sharan | Director | Independent |
Rajiv Mehrishi | Director (former Comptroller & Auditor General of India) | Independent |
Ravi Kapoor | Director | Independent |
Romesh Sobti | Director (former MD & CEO, IndusInd Bank) | Independent |
Satyawati Berera | Director | Independent |
Directors' Remuneration
| Executive | Fixed pay & perquisites | Performance bonus | Total (INR Cr) | Change |
|---|---|---|---|---|
Mohit Malhotra | Increased YoY (amount not itemised in source) | 1.63 (vs 3.25 in FY2025) | 15.35 | -3.1% |
P.D. Narang | Not itemised | Reduced | — | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
Aug 2022 | Mohit Burman becomes Chairman (succeeding Amit Burman) | Promoter rotation |
17 Feb 2026 | Malhotra redesignated Global CEO; Bhalla appointed CEO India effective 15 Apr 2026 | Sharper focus on international expansion while dedicating leadership to India |
23 Apr 2026 | Bhalla assumes charge | Reports to Malhotra |
Major Shareholders
| Holder category (June 2026) | Share (%) |
|---|---|
Promoters (Burman family entities) | 66.24 |
Domestic institutions incl. mutual funds and insurers | 18.60 |
Foreign institutions | 9.66 |
Government | 0.12 |
Public / retail | 5.37 |
Competitive Landscape
Competitors by Segment
| Segment / category | Key competitors | Comment |
|---|---|---|
Hair oils | Marico (Parachute, Nihar, Hair & Care), Emami (Navratna, Kesh King), Bajaj Consumer Care (Almond Drops), HUL (Indulekha) | Dabur leads perfumed/amla oils; gaining share (+193–232 bps in FY2026) |
Shampoos | HUL (Clinic Plus, Sunsilk, Dove), P&G (Head & Shoulders, Pantene), L'Oréal | Dabur (Vatika) is a challenger |
Oral care | Colgate-Palmolive India, HUL (Pepsodent, Close-Up), Patanjali (Dant Kanti) | Dabur is a strong #2/#3 with herbal positioning |
Chyawanprash, honey, Ayurvedic OTC | Patanjali, Emami (Zandu), Baidyanath (private), Himalaya Wellness (private), Apis (honey) | Dabur is the category leader; Patanjali is the most aggressive challenger |
Digestives | Patanjali, regional players, Emami (Zandu) | Hajmola leads |
Juices & beverages | PepsiCo (Tropicana), Coca-Cola (Minute Maid, Maaza), ITC (B Natural), Paper Boat (Hector), Raw Pressery | Réal is the leading packaged juice brand but losing to carbonates and weather |
Spices | MDH, Everest, Catch (DS Group), Tata Sampann, Aashirvaad (ITC), regional brands | Badshah is a regional player |
Home care | Reckitt (Mortein, Harpic), Godrej Consumer (Good Knight, aer, HIT), SC Johnson | Odonil leads air fresheners; Odomos leads creams |
Skin care / depilatories | HUL, Reckitt (Veet), Emami | Fem/Oxylife niche leaders in bleach |
International (MENA hair care) | Unilever, P&G, L'Oréal, local brands; Marico in MENA/Bangladesh | Vatika is a strong regional brand |
Peer Comparison FY2026
| Benchmark metric | Dabur | Marico | Godrej Consumer | Emami |
|---|---|---|---|---|
Revenue (INR Cr) | 13,193 | 13,611 | 15,178 | 3,780 |
Revenue growth (%) | 5.0 | 26 | — | -0.8 |
EBITDA margin (%) | 18.6 | — | — | 25.5 |
Net profit (INR Cr) | 1,869 | 1,813 | — | 775 |
Net margin (%) | 14.2 | 13.3 | — | 20.5 |
R&D intensity (%) | 0.34 | — | — | — |
