Bajaj Consumer Care Limited has successfully implemented its scheme of arrangement with Vishal Personal Care Limited, with the demerger scheme becoming effective from May 1, 2026. The company has formally communicated this milestone to stock exchanges through official regulatory filings under SEBI Listing Regulations.

Regulatory Communication and Compliance

The company issued formal intimations to both BSE Limited and National Stock Exchange of India Limited on May 1, 2026, under Regulation 30 of SEBI Listing Regulations. This communication serves as an update to previous intimations dated July 24, 2025 and April 13, 2025, marking the completion of the regulatory disclosure process.

NCLT Approval and Implementation Timeline

The Hon'ble National Company Law Tribunal, Jaipur Bench sanctioned the scheme of arrangement, with the certified copy delivered by hand on April 22, 2026. The Board of Directors subsequently passed a resolution by circulation on April 29, 2026, acknowledging receipt of the NCLT order and approving the filing of requisite documents.

Scheme Structure and Legal Framework

The arrangement operates under Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. Vishal Personal Care Limited serves as the demerged company, while Bajaj Consumer Care Limited functions as the resulting company in this corporate restructuring.

Documentation and Transparency

Bajaj Consumer Care Limited has filed the certified copy of the NCLT order in prescribed Form INC-28 with the Registrar of Companies, Jaipur. The NCLT order has been made available on the company's official website at www.bajajconsumercare.com for stakeholder reference, ensuring transparency in the demerger process.

The formal communication was signed by Vivek Mishra, Head-Legal & Company Secretary (Membership No. A21901), completing all regulatory requirements for the scheme's effectiveness.

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.