Bajaj Consumer Care Limited has successfully implemented its scheme of arrangement with Vishal Personal Care Limited, marking a significant corporate restructuring milestone. The demerger scheme became effective from May 1, 2026, following completion of all regulatory requirements and approvals.

NCLT Approval and Timeline

The company received the certified copy of the order from the Hon'ble National Company Law Tribunal, Jaipur Bench on April 22, 2026, sanctioning the scheme of arrangement. The NCLT order was delivered by hand and represents the culmination of a regulatory process that began with earlier intimations dated July 24, 2025 and April 13, 2025.

Board Approval and Implementation

The Board of Directors passed a resolution by circulation on April 29, 2026, formally acknowledging receipt of the certified NCLT order and approving the filing of requisite documents to make the scheme effective. This resolution paved the way for the final implementation phase of the corporate restructuring.

Regulatory Compliance

Bajaj Consumer Care Limited filed the certified copy of the NCLT order in the prescribed Form INC-28 with the Registrar of Companies, Jaipur. This filing was completed to ensure compliance with the Companies Act, 2013 and the specific provisions outlined in the approved scheme of arrangement.

Scheme Structure

The arrangement involves Vishal Personal Care Limited as the demerged company and Bajaj Consumer Care Limited as the resulting company. The scheme has been structured under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013, ensuring full regulatory compliance.

The company has made the NCLT order available on its official website at www.bajajconsumercare.com for stakeholder reference. This development represents the successful completion of a complex corporate restructuring process that involved multiple regulatory approvals and compliance requirements.

Bajaj Consumer Care has received an upgraded target price from Elara Capital, which raised its price objective to ₹530 from the previous ₹400 while maintaining an Accumulate rating. The revision comes on the back of strong operational performance and strategic initiatives showing positive results.

Strong Revenue Performance

The company delivered robust financial performance with 30% year-on-year revenue growth. This impressive growth was primarily driven by strategic pricing adjustments and an improved product mix, demonstrating the company's ability to enhance value realization from its product portfolio.

Operational Expansion and Growth Drivers

The company achieved modest 5% volume growth, which was supported by strategic distribution network expansion. Project Arohan, the company's regional growth initiative, has been particularly effective in driving market penetration in targeted geographical areas. This project appears to be delivering on its promise of expanding the company's reach in regional markets.

Margin Improvement and Portfolio Diversification

Bajaj Consumer Care's operational efficiency gains are reflected in the improved EBITDA margin of 23.4%. The company's non-core portfolio is also scaling up, indicating successful diversification efforts beyond its traditional product categories. This diversification strategy is contributing to the overall business growth and risk mitigation.

Rating Rationale

Despite the strong operational performance and positive growth outlook, Elara Capital's Accumulate rating reflects the recent significant run-up in the stock price. The brokerage acknowledges the company's solid fundamentals and growth trajectory while being mindful of current valuation levels following the stock's recent performance.