Asia Essentials - 07 Jul 2026

研报英文原文证据摘录

Asia Essentials - 07 Jul 2026

Flashnote

03 July 2026

Household & Personal Products

Dabur India

Pre-1Q: Above estimate on international strength

Avi

Mehta, CFA

India largely in line; international surprises positively

• Double-digit consolidated sales growth, a stable Ebitda margin, and double-

digit PAT growth were key takeaways from Dabur's better-than-expected DABUR IN Neutral

Price (at 3 Jul 2026) INR444.05

pre-1Q update. 12-month target INR470.00

• India business performance was largely in line, with healthcare growing 12-month TSR (%) 7.8

a mid-single digit, home personal care at near-teens, and beverages Volatility Index Low

Market Cap (Local) (m) 792,513

witnessing sequential recovery. Positive surprise was led by the international Market Cap (USD) (m) 8,308

business, which saw high-teens INR growth despite headwinds in the Middle Free Float (%) 32

East. 30-day avg turnover (USD) (m) 9.8

Investment FundamentalsStable operating margin; PAT to grow at double-digit levels

Year end 31 Mar 2026A 2027E 2028E 2029E

Revenue (bn) 131.9 143.9 157.8 172.9

• Business trajectory improved sequentially, with rural continuing to outpace Revenue growth (%) 5.0 9.1 9.7 9.6

urban in India. Near-teens growth in the home and personal care segment EBIT (bn) 19.8 21.9 24.4 27.1

was led by high-teens growth in hair oils/shampoos and near double-digit EBIT growth (%) 6.0 10.4 11.6 10.8

Reported profit (bn) 19.0 20.8 22.9 25.1

growth in oral care. Healthcare to see mid-single-digit growth (pickup Adjusted profit (bn) 19.1 20.8 22.9 25.1

from a low-single digit seen in 4Q), with Hajmola, Pudin Hara, Honitus, etc. EPS rep [INR] 10.7 11.7 12.9 14.1

witnessing double-digit growth, while glucose saw sequential recovery. Food EPS rep growth (%) 7.1 9.8 10.2 9.5