Shares of FMCG major Dabur India rose 4% to their day’s high of Rs 488 on the BSE on Friday after it reported a consolidated net profit of Rs 369 crore for the quarter ended March 2026, marking a 15% increase from Rs 320 crore in the same period last year.
Revenue from operations during Q4FY26 rose 7.3% year-on-year to Rs 3,038 crore, compared with Rs 2,830 crore in the corresponding quarter of the previous fiscal. According to the company filing, Dabur’s India FMCG business registered 9.5% growth during the quarter. Operating profit increased 12.5%, supported by strong execution in the domestic FMCG segment and underlying volume growth of 6%.
For the full financial year 2025-26, revenue rose 5% to Rs 13,193 crore, while annual net profit grew 7.4% to Rs 1,869 crore. On a sequential basis, however, net profit declined 34% from Rs 560 crore reported in Q3FY26. Revenue also fell 15% quarter-on-quarter from Rs 3,559 crore recorded in the October-December quarter.
Dabur reported healthy growth across major categories in the March quarter. The Hair Care portfolio expanded 27%, while Hair Oils grew 28%. Home Care recorded growth of over 24%, Digestives rose around 15%, and both the Skin & Salon business and Badshah portfolio grew 12% each. Toothpaste and OTC & Ethicals businesses posted growth of more than 7%.
Dabur share price: Should you buy, sell or hold?
Morgan Stanley has retained an ‘Underweight’ rating on Dabur India with a target price of Rs 412, a downside of 12.3% from current levels. Morgan Stanley expects margins to remain protected despite rising costs and noted that rural demand continues to outperform urban markets. However, the brokerage remains cautious as the company’s portfolio continues to face seasonality and weather-related risks, even though near-term earnings support remains intact.
Goldman Sachs has maintained a ‘Neutral’ rating on Dabur India while raising the target price to Rs 515 from Rs 490, upside of 9.5%. The brokerage said Dabur’s Q4 performance was aided by a low base, with both revenue and EBITDA posting high single-digit growth. Growth was led by the India business, which saw an improvement in standalone performance. Goldman Sachs noted that management expects growth momentum to improve further with the help of price hikes.
However, input cost inflation remains elevated, with raw material costs seeing pressure of around 10%. The company plans to offset this through pricing measures and operational efficiencies. Management has guided for high single-digit to low double-digit growth in FY27, while the brokerage modestly raised its EPS estimates to reflect the improved growth outlook.
Nomura has maintained a ‘Buy’ rating on Dabur India with a target price of Rs 600, implying an upside potential of 28%. The Japanese brokerage highlighted that nearly 30% of Dabur’s products are priced at Rs 10 or Rs 20, where shrinkflation has been introduced to protect margins. According to the brokerage, these measures are expected to support double-digit revenue growth, compared with the company’s earlier guidance of high single-digit growth.
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