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Informist, Saturday, Oct. 24, 2026

 

By Gunjan Rajput

 

NEW DELHI - Dabur India Ltd. is expected to report a strong year-on-year rise in its consolidated net profit for the September quarter, supported by healthy revenue growth in its domestic and international businesses. However, elevated input cost and higher advertising expenditure are likely to weigh on operating margins, according to analysts.

 

The fast-moving consumer goods maker's consolidated net profit is expected to rise nearly 11% year-on-year to INR 5.02 billion, according to estimates from 18 brokerages. The highest estimate for the company's net profit is INR 5.25 billion by Nirmal Bang Institutional Equities Pvt. Ltd. and the lowest is INR 4.78 billion by 360 ONE Capital Market Pvt. Ltd.

 

The company's consolidated revenue is expected to rise nearly 12% year-on-year to INR 35.61 billion, according to estimates from 18 brokerages. The highest estimate for revenue is INR 36.06 billion by Nirmal Bang and the lowest is INR 35.03 billion by Nuvama Wealth Management Ltd. From the trailing quarter, the bottom line is expected to fall over 15% and the top line is expected to go down over 5%.

 

Dabur's domestic business is expected to remain a key growth driver, with revenue likely to rise 8-9% year-on-year, according to brokerages. This is supported by sustained demand in the home and personal care segment and a recovery in foods and beverages. Domestic volume growth is expected to be around 4-6% year-on-year, according to brokerage estimates. The home and personal care segment is likely to report a 10% year-on-year growth, led by hair care, while healthcare is expected to see a 6% growth, and foods and beverages a 10% growth, according to HDFC Securities Ltd.

 

The company's international business is also expected to support revenue growth, with analysts projecting a rise of 12-17% year-on-year growth in rupee terms. Strong performance in markets, like Egypt, Turkey, Bangladesh, the US and the UK, along with currency benefits, are likely to support growth, according to brokerage reports.

 

Dabur's operating profit is expected to rise over 9% year-on-year to INR 6.42 billion, compared with INR 5.88 billion in the year-ago quarter, according to estimates from 15 brokerages. The operating profit is calculated by subtracting other incomes from the earnings before interest, tax, depreciation and amortisation. However, Dabur's profitability and operating margins are likely to be impacted by the increase in raw material costs, and advertising expenditure. The company's operating profit margin is expected to narrow around 17.6-18.5%, according to analysts. The company had posted an operating profit margin of 18.4% in the year-ago quarter.

Analysts will closely watch Dabur's domestic volume growth, demand trend across home and personal care, healthcare, and foods and beverages segments, besides raw material costs, pricing actions, and the performance of the international business.

 

Dabur India is scheduled to released its September-quarter results on Nov. 4. Friday, shares of the company ended at INR 363 on the National Stock Exchange, down 1.4%. The shares are down nearly 15% since the company reported its June quarter results on Jul. 29.

 

Of the 18 brokerage reports on the company available with Informist, 15 have a 'buy' or equivalent recommendation on the stock with an average target price of INR 529. This is nearly 46% higher than the current market price. Three brokerages have a 'hold' or equivalent recommendation on the stock with an average target price of INR 464.

 

Following are earnings estimates for Dabur India for the September quarter from 18 brokerages, in the descending order net profit estimates, in INR billion:

 

Broker Name	Net Sales	Net Profit	EBITDA
Nirmal Bang Equities Pvt. Ltd.	36.06	5.25	6.67
Axis Securities Ltd.	35.21	5.19	6.55
YES Securities (India) Ltd.	35.96	5.13	6.34
Anand Rathi Share and Stock Brokers Ltd.	35.42	5.10
JM Financial Institutional Securities Pvt. Ltd.	35.39	5.09	6.37
Nuvama Wealth Management Ltd.	35.03	5.07	6.30
HDFC Securities Ltd.	35.54	5.04	6.37
Equirus Securities Pvt. Ltd.	35.82	5.04	6.48
Emkay Global Financial Services Ltd.	36.04	5.02	6.38
Antique Stock Broking Ltd.	35.72	5.01	6.39
Systematix Shares and Stocks (India) Ltd.	35.71	5.01	6.35
Motilal Oswal Financial Services Ltd.	35.97	4.98	6.51
Asit C. Mehta Financial Services Ltd.	35.49	4.95	6.55
Prabhudas Lilladher Pvt. Ltd.	35.42	4.95	6.45
Kotak Securities Ltd.	35.48	4.92	6.33
Mirae Asset Sharekhan Ltd.	35.42	4.92
Elara Securities (India) Pvt. Ltd.	35.51	4.88	6.30
360 ONE Capital Market Pvt. Ltd.	35.74	4.78
Average	35.61	5.02	6.42

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Biswadip Mitra

 

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