1QFY27E update: The return of double-digit growth: Quick Note

Research evidence excerpt

1QFY27E update: The return of double-digit growth: Quick Note

Global Markets Research

Dabur India DABU.NS DABUR IN 3 July 2026

EQUITY: GENERAL CONSUMER

Rating1QFY27E update: The return of double-digit growth Remains Buy

Target price INR 600 RemainsQuick Note

Closing price INR 447 2 July 20261QFY27E business update: Consolidated sales growth in double-digits after 11 quarters;

PAT growth also in double-digits; valuations at 1-SD below 10-year average is comfortable

Dabur’s 1QFY27Ebusinessupdate highlights sequential improvement: Research Analysts

• Dabur expects its 1Q consolidated revenue growth in double-digits y-y – 11% y-y, India Consumer Related

in our view, which is slightly better than our expectation of 10% y-y. Mihir P. Shah - NFASL

mihir.shah1@nomura.com

• Management expects India sales growth near double-digits – likely 10% y-y, which is +91 22 403 74232

slightly better than our expectation of 9% y-y, led by a sequential improvement in Riya Patni - NFASL

demand. riya.patni@nomura.com

• Despite an increase in RM costs; Dabur expects its consolidated EBITDA margin to +91 22 405 33473

remain stable as cost pressures were mitigated through calibrated pricing actions.

Management expects its PAT to grow by double-digits – likely by 11.5% y-y, again

slightly better than our expectation.

Category-wise growth trend: Strong growth in HPC and Foods; Healthcare and

Juices see q-q improvement; International makes a strong comeback

• Home and Personal Care (HPC) (46%/34%ofIndia/consolidatedsalesinFY25):

Good performance continues

○ Dabur expects HPC to post near-teens growth at c.12.5% y-y, in our view,

largely in-line with our forecast.

○ Hair care portfolio (including shampoos) have grown in high-teens; a tad below