Dabur India Limited: In-line Q1; awaiting volume-led growth durability

Research evidence excerpt

Dabur India Limited: In-line Q1; awaiting volume-led growth durability

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

30 July 2026

Dabur India Limited Neutral

DABU.NS, DABUR IN

In-line Q1; awaiting volume-led growth durability Price (29 Jul 26):Rs433.70

▼Price Target (Sep-27):Rs485.00

Prior (Jun-27):Rs525.00

DABUR’s Q1FY27 print was broadly in-line, with consolidated Revenue/EBITDA/

PAT growing 11%/11%/15% y/y. Domestic FMCG revenue grew 9.5% (vol: +5%; off Consumer, Retail, Media

a low base), powered by HPC (hair oils +18%, shampoos strong double-digit), Latika Chopra, CFA AC

whereas glucose and beverages were dented by unseasonal April rains. International (91-22) 6157-3584

revenue grew 15.5% in INR terms, led by strong Turkey/Egypt/Bangladesh prints, latika.chopra@jpmorgan.com

though MENA was softer amid geopolitical volatility. For FY27, management Himanshu Singh

reaffirms DD consolidated revenue growth with sequential acceleration, aided by (91-22) 6157-3610

himanshu.x6.singh@jpmorgan.com

favourable currency in international markets, though the guide is increasingly price-

Saransh S Gokhale

led and volumes may face pressure in an inflationary environment. Management is

(91-22) 6157 3578

confident of double-digit PAT growth in line with revenue if the geopolitical situation saransh.gokhale@jpmchase.com

de-escalates (easing crude-linked inflation). Despite DABUR underperforming peers J.P. Morgan India Private Limited, J.P. Morgan

(-5% vs NIFTY flat over 3m) and valuations supportive, we believe durable Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI

improvement in volume growth remains key for the stock to work. Neutral.

• DD growth guide reaffirmed- though likely price-led. Q1 India FMCG Key Changes (FYE Mar)