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Informist, Saturday, Apr. 18, 2026

 

By Avishek Rakshit

 

KOLKATA – Persistent strong sales performance in the domestic market is expected to help Dabur India Ltd. overcome the blues it was facing in West Asia in the March quarter on account of Israel's continued attacks in Gaza and the joint US-Israel war on Iran.

 

In the consumer goods space, Dabur's exposure to global sales is one of the highest in the industry and makes up for 26% of its top line as against the usual norm of 10-20% for companies having international exposure. Dabur is not focussed on exporting goods from India to global markets but has plants in the United Arab Emirates, Egypt, Bangladesh, and other countries. Thus, global turmoil influences its sales performance to a large extent every quarter.

 

Dabur, the world's largest Ayurvedic and natural healthcare company, is expected to report a nearly 9% on-year increase in its consolidated net profit for the March quarter to INR 3.48 billion and its revenue is expected to increase by over 5% on year to around INR 30 billion, according to the average of estimates from 12 brokerages. However, on a trailing basis, the bottom line is expected to fall sharply by nearly 40% and the top line is expected to go down by over 16%. The company will detail its March quarter earnings and for the financial year 2025-26 (Apr-Mar) on May 7.

 

YES Securities (India) Ltd. has the highest net profit projection for Dabur at INR 3.57 billion and Prabhudas Lilladher Pvt. Ltd. has the lowest estimate at INR 3.33 billion. Nirmal Bang Equities Pvt. Ltd. has the highest top line estimate at INR 30.15 billion and Motilal Oswal Financial Services Ltd. has the lowest revenue estimate at INR 29.28 billion.

 

Owing to US-Israel's war on Iran which created a serious uncertainty of operations in West Asia, around 10% of Dabur's global sales have been negatively affected, sector analysts said. However, other key markets like Turkey, Bangladesh and the UK performed well and continued to grow in double digits in constant currency terms, sector analysts said. Dabur expects its overall international business to record low-single digit growth in rupee terms.

 

However, Dabur's domestic performance in the March quarter may see the company report an overall 4% volume-led revenue growth on the back of price hikes. In its business update, which Dabur releases every quarter as a preview to its quarterly financial performance, the company said that its home and personal care business sustained its internally targeted double-digit growth trajectory and is likely to have grown in mid-teens during the March quarter. Sector analysts attributed the growth to hair oil, shampoo, and home care product sales.

 

The company's foods and beverages portfolio is also expected to have registered growth, although lower than the home and personal care vertical, in low single digits, sector analysts said attributing the slow growth to lower out of home consumption rates as unseasonal rains in Jan-Mar kept the mercury lower. In its quarterly update, Dabur said its Real brand of fruit juices continued to outpace category growth and gained market shares across nectars, juices and coconut water.

 

Dabur said that in the healthcare vertical, Dabur Honey, Honitus, Health Juices and Hajmola franchises are expected to report robust double-digit growth. However, Dabur Glucose was impacted on account of unseasonal rains in key markets which may lead the overall healthcare business to report low single digit growth.

 

Although Dabur provides its quarterly business updates under four broad verticals – home and personal care, healthcare, foods and beverages, and international business, the company reports its earnings under different broader segments – consumer care business, food, retail, and others businesses.

 

Dabur is expected to report earnings before interest, tax, depreciation, and amortisation of around INR 4.56 billion, according to the average of estimates from 11 brokerages. Nirmal Bang's EBITDA estimate of INR 4.68 billion is the highest and Kotak Securities Ltd.'s estimate of INR 4.42 billion is the lowest.

 

On Friday, shares of the company settled at INR 442.85 on the National Stock Exchange, up 3.6% from the previous close. The shares are down over 13% since the company announced its December quarter earnings in January.

 

Of the 14 research reports on the company available with Informist, six have a 'buy' recommendation on the stock for an average target price of INR 577. Six brokerages have a 'hold' recommendation on the stock for an average target price of INR 532 and two have a 'sell' call on the scrip for an average target price of INR 528.

 

Following are the Jan-Mar earnings estimates for Dabur from 12 brokerages in descending order of the estimate of net profit in INR billion:

 

Broker Name	Net Sales	Net Profit	EBITDA
YES Securities (India) Ltd	30.14	3.57	4.66
JM Financial Institutional Securities Pvt Ltd	29.82	3.55	4.55
Systematix Shares and Stocks (India) Ltd	29.69	3.53	4.57
Nomura Equity Research	29.60	3.53	4.52
Nuvama Wealth Management Ltd	29.65	3.51	4.51
Elara Securities (India) Pvt Ltd	29.60	3.50	4.50
Motilal Oswal Financial Services Ltd	29.28	3.50	4.57
Anand Rathi Share and Stock Brokers Ltd	30.07	3.49
Nirmal Bang Equities Pvt Ltd	30.15	3.44	4.68
Equirus Securities Pvt Ltd	29.76	3.44	4.53
Kotak Securities Ltd	29.72	3.40	4.42
Prabhudas Lilladher Pvt Ltd	29.96	3.33	4.64
Average	29.79	3.48	4.56

 

End

 

Edited by Ashish Shirke

 

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