Dabur India has reported its audited consolidated financial results for the quarter and financial year ended March 31, 2026, with the Board of Directors approving the results at its meeting held on May 07, 2026. The company posted a consolidated net profit of ₹1,868.69 crores for the full year, compared to ₹1,740.42 crores in the previous year. For Q4, consolidated net profit stood at ₹362.00 crores versus ₹312.73 crores in the corresponding quarter of the prior year — a 16% surge. The Board also recommended a final dividend of ₹5.50 per equity share (550% on par value of ₹1 each) for FY2025-26, aggregating ₹975.53 crores, subject to approval of members at the ensuing Annual General Meeting. Pursuant to Regulation 30, 47, and 52 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audited financial results were subsequently published in all editions of Mint (English) and Deshbandhu (Hindi) newspapers dated May 08, 2026, and are accessible on the company's webpage as well as the BSE and NSE websites.

Management Guidance

Following the results, management raised its FY27 revenue growth guidance target to double-digit from mid single-digit, anticipating growth from both pricing and volume. The HPC portfolio is expected to achieve double-digit growth in the next year, with oral care specifically targeted for strong double-digit growth in Q1. Management also expects sequential acceleration of growth in the India business, driven by stable consumption, GTM transformation, premiumization, and brand investments. Margins are expected to improve year-on-year, with inflation mitigation through price increases, product mix, savings, and premiumization initiatives. Food and Beverages are targeted for double-digit growth for the full year, contingent on favorable weather conditions.

The following table summarises the key guidance highlights:

Consolidated Financial Performance

Dabur India's consolidated revenue from operations for the full year came in at ₹13,192.57 crores, up from ₹12,563.09 crores in the previous year, reflecting a 5% growth. For Q4, revenue from operations stood at ₹3,038.02 crores compared to ₹2,830.14 crores in the corresponding quarter last year, a 7.3% jump. Total income for the year was ₹13,792.34 crores versus ₹13,113.19 crores previously. Profit before tax for the full year was ₹2,420.43 crores against ₹2,257.89 crores in the prior year. The operating margin for Q4 stood at 15.21% compared to 15.08% in the corresponding quarter, while the full-year operating margin improved to 18.59% from 18.44%. Net profit margin for the full year was 14.16% versus 13.85% previously.

The following table summarises the key consolidated financial highlights:

Management Commentary

Dabur India Ltd Global Chief Executive Officer Mr. Mohit Malhotra commented on the performance: "Amid heightened geopolitical tensions in the Middle East that drove inflation, elevated freight costs, and impacted consumer demand in select markets, Dabur demonstrated agility in navigating the operating environment. We delivered a resilient performance during the fourth quarter of 2025-26 on the back of proactive supply chain diversification by way of opening alternative supply routes to key geographies, disciplined cost controls, and calibrated price increases, combined with strong brand-led consumer engagement." India FMCG Business Operating Profit rose 12.5% during the quarter, reflecting strong execution in the domestic FMCG business and healthy underlying volume growth of 6%. In the fourth quarter, rural markets continued to outpace urban consumption with rural demand growing ahead of urban India by 350bps, though the gap between rural and urban growth has narrowed significantly compared to December 2025. Within Urban India, e-commerce and Modern Trade grew by 49% and 19% respectively, while Quick Commerce posted a growth of 54% and was a major contributor to the Foods business, which grew by 30% in Q4. Dabur also launched SIENS, its first online-only Direct-to-Consumer nutraceutical brand, as part of its initiative to double down on emerging channels.

Segment-Wise Performance

Across business segments on a consolidated basis, the consumer care business remained the largest contributor, generating revenue of ₹10,864.07 crores for the full year compared to ₹10,160.10 crores previously, with segment results of ₹2,475.53 crores versus ₹2,271.08 crores. The food business reported full-year revenue of ₹2,015.55 crores against ₹2,100.61 crores in the prior year, with segment results of ₹239.58 crores compared to ₹267.64 crores. The retail business recorded revenue of ₹106.56 crores for the year versus ₹115.47 crores previously, posting a segment loss of ₹6.44 crores against a loss of ₹0.79 crores in the prior year.

Category and International Business Performance

Dabur's Hair Care portfolio grew by about 27% during the quarter, led by the Hair Oils business which reported a 28% growth. The Home Care business posted an over 24% growth, while the Digestives business ended the quarter with around a 15% gain. Dabur's Skin & Salon business grew by over 12%, the toothpaste category was up by over 7%, and the OTC & Ethicals business ended Q4 with around a 7% jump. The Badshah portfolio recorded 12% growth during the quarter. Dabur reported market share gains across 95% of its portfolio, with a 154bps gain in Hair Oils market share, a 233bps rise in the Digestives market share, a 250bps gain in the Fruit Nectars category, a 136bps gain in the 100% juices category, and a 166bps gain in Air-freshener market share. Despite facing headwinds in the Middle East, Dabur's International Business grew by 2.5% during the quarter, led by Sub-Saharan Africa (20%), UK & EU (10%), Namaste US (6.2%), and Bangladesh (22%).

Board Approves Director Re-appointments

At the same Board meeting held on May 07, 2026, the Directors approved several key appointments based on the recommendations of the Nomination and Remuneration Committee. The decisions, filed under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, cover three directors and are subject to shareholder approval at the ensuing 51st Annual General Meeting.

The following table summarises the key details of the Board-approved director changes:

Mr. Rajiv Mehrishi

Mr. Rajiv Mehrishi (DIN: 00208189) has been approved for re-appointment as a Non-Executive Independent Director for a second term of five consecutive years, effective from September 01, 2026 to August 31, 2031. Mr. Mehrishi joined the IAS in Rajasthan Cadre in 1978 and brings over 47 years of experience spanning financial governance, corporate law, and public administration. During his career, he was involved in the enactment of the Competition Act and the re-writing of the Companies Act, 1956. He also played a pivotal role in setting up the Monetary Policy Committee (MPC) and the enactment of the Indian Bankruptcy Code (IBC), and served as the 13th Comptroller and Auditor General of India. Mr. Mehrishi is not related to any of the Directors of the Company and is not debarred from holding the office of a director by virtue of any order of SEBI or any other such authority.

Mr. Mukesh Hari Butani

The Board approved a modification to the tenure of Mr. Mukesh Hari Butani (DIN: 01452839) as a Non-Executive Independent Director. His second term, originally approved by shareholders at the 50th Annual General Meeting held on August 7, 2025, for five consecutive years from January 01, 2026 to December 31, 2030, has been modified to one year from January 1, 2026 to December 31, 2026. This modification follows a request from Mr. Butani owing to his other professional priorities and engagements and his intention of rationalising and reducing his overall Board commitments. All other terms and conditions of his appointment remain unchanged. Mr. Butani is not related to any of the Directors of the Company and is not debarred from holding the office of a director by virtue of any order of SEBI or any other such authority.

Mr. Saket Burman

The Board approved the re-appointment of Mr. Saket Burman (DIN: 05208674) as a Non-Executive Director, who is liable to retire by rotation at the ensuing AGM and, being eligible, has offered himself for re-appointment in accordance with Section 152(6) of the Companies Act, 2013. Mr. Burman is the Vice Chairman of Dabur India Limited and a fifth-generation member of the Burman family, founders of the company. He holds a Bachelor of Business Administration in Marketing and Finance from the University of Wisconsin-Madison and has founded and scaled multiple ventures across information technology, real estate, and general trading in the Middle East. At Dabur, he was appointed Vice Chairman in 2022 and serves on the boards of Dabur International Limited, Dabur Egypt Limited, Chowdry Associates, and other entities within Dabur's global network. He is also the Co-Founder and Chairperson of the Zero Prize, a national initiative launched in February 2026 with a prize corpus of ₹5 crore, scaling up to ₹10 crore, aimed at identifying and scaling solutions that reduce air, water, and land pollution in India. Mr. Saket Burman is related to Mr. Amit Burman, Mr. Mohit Burman, and Mr. Aditya Burman on the Board, all being promoters of the Company. He is not debarred from holding the office of a director by virtue of any order from SEBI or any other such authority.

Dividend Declaration and AGM

The Board of Directors has recommended a final dividend of ₹5.50 per equity share (550% on par value of ₹1 each) for FY2025-26, aggregating ₹975.53 crores, subject to member approval at the Annual General Meeting. Dabur India Ltd Group Director Mr. P. D. Narang stated: "In line with our payout policy, the Board has proposed a dividend of Rs 5.50 per share, aggregating to Rs. 975.50 Crore." The Board has fixed the date of the 51st Annual General Meeting of shareholders, which shall be held on Thursday, August 06, 2026, at 3:00 P.M. (IST) via Video Conferencing/Other Audio-Visual Means. Information regarding the book closure/record date and dividend payment date will be communicated in due course.

About Dabur India

Dabur India Limited is one of India's leading FMCG Companies with a 141-year legacy of quality and trust. Dabur products today reach 8 out of 10 Indian households. The company's portfolio includes three ₹1,000 crore brands, alongside three ₹500 crore brands and 16 brands in the ₹100–500 crore range. Dabur India's FMCG portfolio includes eight distinct Power Brands: Dabur Chyawanprash, Dabur Honey, Honitus, PudinHara, and Dabur Lal Tail in the Healthcare space; Dabur Amla and Dabur Red Paste in the Personal Care category; and Réal in the Food & Beverages space.

Dabur India finds itself under the spotlight as three prominent brokerages issue divergent ratings on the stock, reflecting contrasting views on the pace and sustainability of its recovery. While Jefferies maintains an optimistic stance backed by improving portfolio metrics, Citi and Investec strike a more cautious tone, highlighting lingering structural challenges.

Jefferies: Buy Rating Maintained at ₹610

Jefferies maintains a Buy rating on Dabur India with a target price of ₹610, pointing to a positive management outlook and strong domestic Home & Personal Care (HPC) growth as key indicators of improving portfolio relevance. The brokerage highlights 17% YoY domestic HPC growth as a standout metric, underscoring the company's strengthening position in a competitive segment. Jefferies expects revenue-led growth acceleration and margin expansion to support earnings momentum going forward.

Citi: Sell Rating at ₹490

Citi takes a contrarian view, maintaining a Sell rating on Dabur India with a target price of ₹490. The brokerage cautions that the visible recovery is occurring off a weak base, and that underlying category-level growth challenges persist. Citi questions the sustainability of the recent improvement, suggesting the stock's risk-reward remains unfavorable at current levels.

Investec: Hold Rating at ₹514 (Cut from ₹525)

Investec adopts a balanced stance, maintaining a Hold rating while trimming its target price to ₹514 from ₹525. The brokerage acknowledges that in-line growth is expected to be driven by pricing, but notes that sustained revenue and earnings delivery remains awaited. Investec also flags limited scope for meaningful medium-term margin expansion as a factor keeping the overall outlook balanced.

Divergent Views Reflect Broader Uncertainty

The contrasting brokerage assessments collectively paint a nuanced picture of Dabur India's near-term trajectory. Jefferies' optimism is anchored in HPC momentum and management execution, while Citi's caution centers on base-effect distortions and category headwinds. Investec's measured hold reflects a wait-and-watch approach, with the market likely to take cues from the consistency of the company's operational delivery in the periods ahead.