Dabur India Ltd. share price target

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.

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...

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.

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

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...

We recently downgraded Dabur to REDUCE, given its weak execution. Dabur, in its Q4FY25 business update, noted a mid-single-digit decline in the domestic business, which is a key business concern in our view.

With an upside potential of 15% from the CMP, we maintain our BUY rating on the stock.

Competitive intensity has increased in the domestic business and Dabur is doing retailer discounts to maintain market share

DABUR issued a 3QFY25 business update. Compared to consensus, we estimate a 1% sales miss and 2% operating income miss

With an upside potential of 10% from the CMP, we maintain our BUY rating on the stock.

Sales were in line with consensus and our estimates. EBITDA was 4% below consensus and 1% above our estimates

Dabur’s 2QFY25 performance was largely in line with our estimate. Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.

Dabur India (DABUR), in its 2QFY25 preview update, highlighted the impact of heavy rains and floods in parts of the country on out-of-home consumption, particularly for
beverages.

Sales and EBITDA miss on 2QFY25. Estimated sales miss of 11% and EBITDA miss of 25%