Dabur India Ltd: 1QF27 in Line; Better Trends

研报英文原文证据摘录

Dabur India Ltd: 1QF27 in Line; Better Trends

Update

July 3, 2026 06:55 PM GMT

Morgan Stanley India Company Private Limited+MDabur India Ltd | Asia Pacific Archana Menon, CFA

Equity Analyst

1QF27 in Line; Better Trends Archana.Menon@morganstanley.comShravan Vohra +91 22 6118-2215

Shravan.Vohra@morganstanley.com +91 22 6118-2039

Reaction to earnings Gaurav Varma

Research Associate

Unchanged In-line Largely unchanged Gaurav.Varma@morganstanley.com +91 22 6118-1033

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Key Takeaways

Rural growth continues to outpace urban growth. Dabur India Ltd (DABU.NS, DABUR IS)

1Q consol revenue growth was double-digits (MSe +10%, 4Q +7%); EBITDA India Consumer | India

Stock Rating Underweight

margins were stable (MSe 19.6%, similar YoY). PAT likely rose double-digits (MSe Industry View In-Line

+13%). Price target Rs425.00

Up/downside to price target (%) (4)

Domestic revenue growth is near double-digits (+8.5% in 4Q; MSe +9%). Shr price, close (Jul 3, 2026) Rs444.35

52-Week Range Rs577.00-403.35

International business likely grew by high-teens in INR terms. Sh out, dil, curr (mn) 1,774

Mkt cap, curr (mn) Rs788,144

On the outlook, management remains confident about improving consumption EV, curr (mn) Rs705,852

across international markets, while domestic rural and urban are sustaining Avg daily trading value (mn) Rs1,150

growth Fiscal Year Ending 03/26 03/27e 03/28e 03/29e

EPS (Rs)** 10.77 11.69 12.66 13.79

Our take: 1Q performance improved sequentially and was in line with our EPS (Rs)§ 10.77 11.80 13.10 14.54

expectation and management guidance (double-digit growth target for F27). Revenue, net (Rs mn) 130,453 141,248 151,476 162,565