Dabur India Ltd. share price target

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Management has guided High single digit to low double digit revenue growth for FY27 with flattish margins Dabur has given cautiously optimistic outlook in demand led by 1) Healthy demand outlook for HPC & F&B segment 2) Sustained margin guidance in an inflationary environment driven by cost savings and lower ad spends. 4Q numbers showed some pressure on sales in Healthcare, Foods and IBD while HPC grew sales by 16.8%....

With an upside potential of 17% from the CMP, we maintain our BUY rating on the stock

Dabur’s (DABUR) consolidated revenue grew ~7% YoY (flat base), with India business revenue up 10% YoY. Demand recovery was noted in steady double-digit growth in HPC in 2HFY26. India volume grew 6% (est: 4%, 3% in 3Q).

Dabur's Q3FY26 financial performance demonstrated stable operating momentum, driven by improving demand across categories. Growth was led by HPC, which benefited from premiumisation, strong performance of hair care and oral care, and continued market share gains. In the healthcare business, health supplements, honey and wellness products also posted sustained traction. The management has noted a gradual recovery in consumption, supported by resilience in rural markets,...

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Steady revenue growth driven by strong demand in core Ayurvedic and healthcare portfolio, supported by brand strength and wide distribution

Dabur’s (DABUR) 3QFY26 performance was broadly in line with our expectations. Consolidated revenue grew ~6% YoY. India business revenue grew 6% YoY, with volume growth at 3% (est: 5%).

Dabur India reported another quarter of too many moving parts, with the outlook likely to get better in the near term. The fact that it gained market share in 95% of its portfolio indicates market growth (also) is to be blamed for the unexciting Q2FY26 revenue print.

With an upside potential of 18% from the CMP, we maintain our BUY rating on the stock

Upgrade Dabur from HOLD to BUY with a revised TP at Rs. 630/share.

Dabur’s consolidated revenues grew 1.7% y-o-y to Rs. 3,405 crore hit by unseasonal rains during peak summer months which impacted the performance of summer-centric portfolio.

Compared to consensus, sales were inline but EBITDA 3% higher as A&P cuts more than offset the impact from commodity inflation

With an upside potential of 6% from the CMP, we maintain our HOLD rating on the stock

Dabur’s 1QFY26 performance was largely in line with our estimates. Cons. revenue increased ~2% YoY. Excluding the impact of seasonal portfolio, consol. sales grew by 7%.

Dabur’s Q4FY25 numbers were dragged by weak performance of the India business, while the international business delivered good performance.

The company's international business (~26% revenue mix) experienced remarkable growth, fuelled by double-digit gains in the Middle East and North Africa (MENA) region and in the markets of Egypt, the UK, the US, Turkey, and Bangladesh and...

With an upside potential of 6% from the CMP, we downgrade the stock from BUY to HOLD.

We retain REDUCE on Dabur India and keep our Mar-26E TP unchanged at Rs450, on 37x P/E, as we see weak business execution. The management, in consultation with McKinsey, has refreshed the company’s vision, with focus now on seven structural initiatives.

Dabur guides for at least high-single digit value growth in FY26 Dabur reported in-line numbers with mid-single digit volume decline led by seasonal delays, rising food inflation & urban demand weakness. We note that categories like Oral care, haircare, Chawyanprash and Honey have shown degrowth during the quarter. Dabur is looking at corrective steps in Beverages, introducing modern format products in healthcare, innovations in Hair oils & Chawyanprash and filling product gaps in oral care. However, we believe that...