Dabur India Limited Takeaways from JPM India Consumer CEO Fireside Chat Series

Research evidence excerpt

Dabur India Limited Takeaways from JPM India Consumer CEO Fireside Chat Series

J P M O R G A N Asia Pacific Equity Research

27 May 2026

Dabur India Limited Neutral

DABU.NS, DABUR IN

Takeaways from JPM India Consumer CEO Fireside Price (27 May 26):Rs445.45

Chat Series Price Target (Jun-27):Rs525.00

We hosted Mr. Mohit Malhotra, Global CEO, and Mr. Ankush Jain, CFO, at the JPM Consumer, Retail, Media

ACIndia Consumer CEO Fireside Chat Series. The CEO reiterated the company’s Latika Chopra, CFA

aspiration for high-single-digit (HSD) to low-double-digit (LDD) consolidated (91-22) 6157-3584

revenue growth in FY27, led by balanced volume and pricing growth. Dabur is latika.chopra@jpmorgan.com

navigating a sharp commodity-led inflation spike (1QFY27 at ~10% vs. 4QFY26 at Himanshu Singh

~3%) by shifting its growth mix toward pricing (over volume, mid-single-digit price (91-22) 6157-3610

hike in Q1, with more likely to follow if inflation persists at high levels) and himanshu.x6.singh@jpmorgan.com

accelerating productivity initiatives. Strategically, the company is focusing on Saransh S Gokhale

premiumization, urban expansion, new format launches (serums, value-added hair (91-22) 6157 3578

saransh.gokhale@jpmchase.com

oils, no-sugar nectars, premium toothpaste, etc.) and TAM expansion. It remains open J.P. Morgan India Private Limited, J.P. Morgan

to exploring growth-/value-accretive inorganic opportunities. Hair care, oral care, Tower, Santacruz(E), Mumbai - 400098, SEBI

Registration: INH000001873, (91-22) 6157-3000.

OTC healthcare, home care and foods are expected to outperform. FY27 margins are

expected to hold steady, as 1H will likely witness COGS inflation headwinds and 2H

should see a recovery. Over the medium term, the scope for margin enhancement Style Exposure