Dabur’s home and personal care biz shines, but overall growth is modest
Subscribe to enjoy similar stories.Dabur India Ltd’s March quarter (Q4FY26) numbers are steady, but not particularly exciting for a company that trades at relatively high valuations. Consolidated revenue grew 7.3% year-on-year to ₹3,038 crore, while full-year FY26 growth stood at 5% to ₹13,193 crore.Ebitda margin was flat year-on-year at 15.2% in Q4FY26. The quarter reflects that Dabur is still trying to find a stronger growth trajectory.
Volume growth stood at 6%. This is lower than peers Marico Ltd and Godrej Consumer Products Ltd that clocked 9% and 8% volume growth, respectively.On the brighter side, Dabur’s home and personal care (HPC) segment sustained its double-digit growth trajectory. HPC revenue increased by 17% year-on-year in Q4FY26, following 11% growth in Q3.
In Q4, hair oils were the standout performer with 28% growth; shampoos grew 20%.Home care grew 24%, supported by Odonil and Odomos. HPC’s performance helped offset weakness in other segments’ revenue such domestic healthcare (up 3.6%); F&B (up 3.2%); and international business (up 2.5%). Excluding the glucose portfolio, healthcare grew over 12.5%, led by honey, digestive products, and Ayurvedic juices.
Management also highlighted that GST rationalization helped organized players gain share from local unbranded competition, especially in categories like hair oils and healthcare. Rural demand continued to outperform urban markets, although the gap has started narrowing.Some segments faced temporary issues. For instance, the glucose portfolio declined 24-25% because of unseasonal rains in March, while the nectar beverage business also saw weaker demand.
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