Earnings Review
Dabur PAT, revenue rise in mid single-digits on GST blues
This story was originally published at 19:13 IST on 30 October 2025
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--Dabur Jul-Sept consol net profit INR 4.53 bln
--Analysts saw Dabur Jul-Sept consol net profit at INR 4.54 bln
--Dabur Jul-Sept consol revenue INR 31.91 bln
--Analysts saw Dabur Jul-Sept consol revenue at INR 32.12 bln
--Dabur India to pay INR 2.75 per share interim dividend
--Dabur Jul-Sept consol net profit INR 4.53 bln vs INR 4.25 bln year ago
--Dabur Jul-Sept consol revenue INR 31.91 bln vs INR 30.29 bln year ago
--Dabur Apr-Sept consol net profit INR 9.66 bln vs INR 9.25 bln year ago
--Dabur Apr-Sept consol revenue INR 65.96 bln vs INR 63.78 bln year ago
--Dabur India interim dividend record date is Nov 7
--Dabur Q2 consol consumer care ops revenue INR 26.51 bln vs INR 24.88 bln
--Dabur Q2 consol food business revenue INR 4.66 bln vs INR 4.67 bln yr ago
--Dabur Jul-Sept consol operating margin 18.43% vs 18.24% year ago
--Dabur board OKs launching investment platform Dabur Ventures
--Dabur: Capital allocation for Dabur Ventures up to INR 5 bln
--Dabur: Saw steady growth across key verticals in India during Jul-Sept
--Dabur Jul-Sept consol revenue up 5.4% on year
--Dabur Jul-Sept India FMCG volume up 2% on year
--Dabur Jul-Sept international revenue up 7.7% on year
--Dabur Jul-Sept international revenue up 5.5% on year in constant currency
--Dabur Jul-Sept consol EBITDA INR 7.28 bln vs INR 7.04 bln year ago
--Dabur Jul-Sept consol EBITDA margin 22.8% vs 23.2% year ago
--Dabur: 66% portfolio benefitted from GST rate reduction
--Dabur: Toothpaste sales up 14% on year in Jul-Sept
--Dabur: Shampoo sales grew in high-single digit in Jul-Sept
--Dabur: Dabur Honey reported double-digit growth in high twenties
--Dabur: Jul-Sept foods portfolio grew in double digits
--Dabur: Food, beverages ops better than industry despite headwinds in Q2
--Dabur: Saw sustained growth momentum in key international markets in Q2
--Dabur: Business in Nepal impacted during Q2 on account of political unrest
By J. Navya Sruthi
MUMBAI – Dabur India Ltd. reported mid single-digit on-year growth in revenue and profit in the September quarter on account of sales disruptions due to the implementation of lower goods and services tax rates. The company's bottom line was largely in line with analysts' estimates, while revenue was slightly lower.
The consolidated net profit of the company rose over 6% on year to INR 4.53 billion, in line with analysts' estimate of INR 4.54 billion. The year-on-year rise in net profit was the highest in the five consecutive quarters. The company's revenue rose 5.4% year on year to INR 31.91 billion, slightly below analysts' estimate of INR 32.12 billion.
"Despite a dynamic economic environment and transitional GST headwinds, we delivered robust topline and bottomline growth, reaffirming our leadership across core categories. Our India business reported market share gains across 95% of the portfolio, a clear testament to our focused brand investments and deep consumer connect," its Chief Executive Officer Mohit Malhotra said in a release.
The company's consolidated operating margin for the quarter was 18.43%, up from 18.24% a year ago. The company has announced an interim dividend of INR 2.75 per share and fixed Nov. 7 as the record date.
The consumer goods industry faced sales disruptions in the September quarter due to the GST rate cut. After the government announced a prospective cut in the GST in August, trade channels in the consumer goods industry faced temporary disruption as consumers deferred purchases to benefit from lower prices, which came into effect only on Sept. 22.
The world's largest Ayurvedic and natural healthcare company said it passed on the benefit of reduced GST rates to consumers, benefiting 66% of its portfolio. Now 86% of the company's portfolio falls in the 5% tax bracket, according to the company's presentation.
The company's consolidated net profit rose over 4% on year to INR 9.66 billion in Apr-Sept, while revenue for the period increased was over 3% to INR 65.96 billion.
Dabur India's board approved the launch of an investment platform, Dabur Ventures, and allocated up to INR 5 billion in capital. "Our approach will be to invest in new-age future-forward businesses in the spaces of Personal Care, Health Care, Wellness Foods, Beverages, and Ayurveda. This initiative underscores our commitment to innovation-led growth, while accelerating our premiumisation journey and opening doors to emerging consumer spaces that define the future of our industry," Mathotra said.
The company's consolidated earnings before interest, tax, depreciation, and amortisation during the quarter were INR 7.28 billion, up 3.4% on year. The EBITDA margin was 22.8% during the quarter, down from 23.2% a year ago.
SEGMENT-WISE PERFORMANCE
Dabur India's consolidated revenue from the consumer care business during the quarter was INR 26.51 billion, up nearly 7% on year. The consolidated revenue from the food business was INR 4.66 billion, largely steady from INR 4.67 billion a year ago. "The second quarter saw steady growth across key verticals like health supplements, toothpaste, hair care, skin care, and home care," the release said. The company's fast-moving consumer goods volume in India grew 2% on year during the quarter.
Toothpaste sales were up 14% on year in the September quarter. Sales from the vertical continued to outpace category growth in toothpastes and gained market share. Shampoo sales grew in high single digits in the September quarter. Dabur honey reported double-digit growth in the high twenties, the company said.
The company's food portfolio grew in double digits, led by strong growth in coconut milk, edible oils, and fats. However, the 'Real Juices' portfolio was impacted during the quarter on account of heavy rainfall. But the growth in food and beverages operations was better than the industry despite headwinds during the quarter.
INTERNATIONAL BUSINESS
Dabur's international revenue during the quarter rose 7.7% on year and 5.5% on a constant-currency basis. It saw a sustained growth momentum in key international markets in the September quarter. The company's business grew by over 17% in Dubai, 16% in the US and Bangladesh, over 18% in Turkey, and around 48% in the UK. However, business growth in Nepal was 15% lower due to political unrest, the company said.
Thursday, Dabur India shares ended at INR 501.55 on the National Stock Exchange, down 1.3% over Wednesday. The company announced its September quarter results after market hours. End
Edited by Saji George Titus
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