Dabur India Q1FY26 (Consolidated) results

• Dabur India’s consolidated revenues grew by 1.7% y-o-y to Rs. 3,405 crore impacted by unseasonal rains during peak summer months which impacted the performance of summer-centric portfolio, particularly in categories like beverages. Excluding this seasonal portfolio, the business grew by 7% in Q1. Revenue came in largely in line with our and average street expectation of Rs. 3,444 crore and Rs. 3,407 crore, respectively. During Q1FY26, Dabur reported market share gains across 95% of its portfolio. Rural continued its growth momentum and outpaced urban by 400 bps.
• Gross margins fell by 75 bps y-o-y to 47%, while OPM stood flat y-o-y at 19.6% aided by lower advertisement spends, beating our and average street expectation of 18.8%.
• Operating profit grew by 2% y-o-y to Rs. 668 crore and adjusted PAT increased by 2.9% y-o-y to Rs. 509 crore, ahead of our and average street expectation of Rs.484 crore.

Results (Consolidated)                                                                         Rs. crore

Actual vs estimates                                                   Rs. crore