Hindustan Unilever Ltd.
NSE: HINDUNILVR
Consumer Defensive · Household & Personal Products
₹1,814.70 last close on 23 Oct 2026 −0.74%
Research updated
Dabur India Ltd.
NSE: DABURConsumer DefensiveHousehold & Personal Products
- Last close
- ₹363.00
- Day change
- −₹5.00 (−1.36%)vs
- Market cap
- ₹66,417 crIndian rupees
- Research updated
- 1 report
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About Dabur India
Dabur India Ltd. is a leading fast-moving consumer goods (FMCG) company renowned for its extensive range of health and personal care products. It primarily focuses on manufacturing and distributing a diverse portfolio that includes ayurvedic medicines, natural supplements, hair care solutions, oral care products, skin care lines, and food items like juices and digestive foods. Dabur's offerings are infused with traditional Ayurvedic ingredients, marrying ancient practices with modern consumer demands. Founded in 1884, the company has established a strong presence in both the domestic and international markets through its commitment to natural and authentic health solutions. Operating within critical sectors like personal care, healthcare, and the food industry, Dabur efficiently caters to a growing demographic that leans towards wellness and holistic living. Its market significance stems from being a pioneer in Ayurveda-based products, positioning itself as a trusted brand synonymous with health and sustainability. By contributing to the FMCG sector's dynamic landscape, Dabur India Ltd. continues to expand its reach and impact, driven by innovation and a deep understanding of consumer needs.
- Sector
- Consumer Defensive
- Industry
- Household & Personal Products
- Listing
- NSE: DABUR
- Next results
- Chief executive
- Mr. Mohit Malhotra M.B.A.
- Employees
- 5,341
- Headquarters
- Ghaziabad, India
- ISIN
- INE016A01026
- Website
- dabur.com
Public research · Report of
Business model & financial foundation
Dabur India (NSE: DABUR), FMCG: Ayurveda, personal care and food: revenue of ₹13,193 crore in FY26 (+5.0% on FY25), an EBITDA margin of 18.6%, net profit of ₹1,895 crore and net cash of ₹8,426 crore.
- Revenue, FY26 (₹ crore)
- 13,193
- consolidated
- Revenue growth, FY26
- +5.0%
- on FY25
- EBITDA margin, FY26
- 18.6%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 1,895
- to owners
- Return on equity, FY26
- 16.5%
- on average equity
- Net debt, FY26 (₹ crore)
- -8,426
- Net debt including issuer treasury liquidity
- Market capitalisation (₹ crore)
- 68,847
- at the close of 13 Oct 2026
Company profile
Dabur sells Ayurvedic healthcare, home and personal care, and foods and beverages through an Indian distribution franchise and international subsidiaries. Domestic growth depends on consumer volumes, pricing and mix; international earnings add currency and geographic risk. Treasury income is material and is separated from operating EBITDA in this dossier.
| Item | Value |
|---|---|
| Legal name | Dabur India Limited |
| Exchange and ticker | NSE: DABUR; BSE: 500096 |
| ISIN | INE016A01026 |
| CIN | L24230DL1975PLC007908 |
| Sector | Consumer Defensive |
| Industry | FMCG: Ayurveda, personal care and food |
| Headquarters | Ghaziabad, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | G. Basu & Co. (since 2022 appointment) |
| Market capitalisation | ₹68,847 crore (13 Oct 2026) |
| Shares outstanding | 177.37 crore shares (FY26) |
| Price | ₹374.4 (close, 13 Oct 2026) |
| 52-week range | ₹368.0 - ₹534.0 (to 13 Oct 2026) |
| Website | https://www.dabur.com |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Dabur International Limited | 100% | Overseas consumer products |
| Dabur International FZE | 100% | Dubai international operations; material since April 2025 |
| Badshah Masala | 51% | Spices and culinary |
| Dabur Nepal | 97.5% | Nepal consumer products |
| Namaste Laboratories | 100% | Ethnic hair care in US and Africa |
| Hobi Kozmetik | 100% | Turkey personal care |
Full FY26 AOC-1 not retrieved; some holdings verified only from FY25-based rating rationale. Sesa CRPS interest is not equity ownership.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 66.23% | 66.25% | 66.24% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.10% | 9.98% | 9.66% | |
| Domestic institutions | 18.40% | 18.60% | 18.70% | |
| of which mutual funds | 7.28% | 7.10% | 7.16% | |
| Retail | 5.33% | 5.20% | 5.37% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Consumer care business | 10,864 | 82.3% | 2,476 | 90.6% |
| Food business | 2,016 | 15.3% | 239.6 | 8.8% |
| Retail business | 106.6 | 0.8% | -6.44 | -0.2% |
| Other segments | 167.5 | 1.3% | 22.4 | 0.8% |
| Unallocated other operating revenue (reconciling item) | 38.9 | 0.3% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Hindustan Unilever (HINDUNILVR) | Indian personal care and distribution scale |
| Marico (MARICO) | Hair oils and international consumer products |
| Emami (EMAMILTD) | Ayurveda and healthcare brands |
| Colgate-Palmolive India (COLPAL) | Oral care competitor |
| Godrej Consumer Products (GODREJCP) | Personal/home care and emerging-market overseas businesses |
| Nestle India (NESTLEIND) | Branded food economics |
| Tata Consumer Products (TATACONSUM) | Food and beverage portfolio |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 10,808 | 11,427 | 12,404 | 12,563 | 13,193 |
| Cost of revenue (vendor classification) * | 5,677 | 6,316 | 6,496 | 6,583 | 6,881 |
| Other operating costs (vendor classification) * | 1,811 | 1,835 | 2,190 | 2,296 | 2,394 |
| EBITDA (vendor classification) * | 2,532 | 2,561 | 2,827 | 2,748 | 2,849 |
| EBIT * | 2,301 | 2,288 | 2,469 | 2,405 | 2,546 |
| Finance costs | 32.2 | 69.1 | 124.2 | 163.5 | 145.4 |
| Profit before tax | 2,269 | 2,219 | 2,359 | 2,258 | 2,420 |
| Current plus deferred tax expense | 526.4 | 517.4 | 547.4 | 517.5 | 551.7 |
| Profit for year including non-controlling interest | 1,742 | 1,701 | 1,811 | 1,740 | 1,869 |
| Diluted earnings per share (₹) | 9.81 | 9.61 | 10.38 | 9.95 | 10.66 |
| Materials, traded purchases and inventory change | 6,447 | 6,535 | 6,824 | ||
| Employee benefits expense | 1,240 | 1,291 | 1,376 | ||
| Advertisement and publicity | 849.1 | 864.6 | 888.1 | ||
| Other expenses excluding advertisement and publicity | 1,468 | 1,556 | 1,653 | ||
| Operating EBITDA excluding other income | 2,400 | 2,316 | 2,452 | ||
| Other income | 482.4 | 550.1 | 599.8 | ||
| Depreciation and amortisation | 399.2 | 445.6 | 468.9 | ||
| Exceptional items signed effect on profit | 0.00 | 0.00 | -15.1 | ||
| Share of profit or loss of joint venture | -0.51 | 0.55 | -1.80 | ||
| Profit attributable to non-controlling interest signed | -31.4 | -27.2 | -26.3 | ||
| Profit attributable to owners of holding company | 1,843 | 1,768 | 1,895 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity * | 8,422 | 9,441 | 10,303 | 11,210 | 11,803 |
| Borrowings * | 1,030 | 1,174 | 1,365 | 950.1 | 1,287 |
| Cash and cash equivalents * | 255.9 | 146.8 | 247.6 | 184.2 | 199.4 |
| Trade receivables * | 646.2 | 848.8 | 898.7 | 888.5 | 715.4 |
| Inventories * | 1,911 | 2,024 | 1,947 | 2,300 | 2,322 |
| Trade payables * | 2,018 | 2,187 | 2,422 | 2,825 | 2,954 |
| Net property, plant and equipment * | 1,968 | 2,238 | 2,561 | 2,800 | 456.1 |
| Capital work in progress * | 167.5 | 171.1 | 209.1 | 166.4 | 137.5 |
| Total assets * | 12,284 | 13,654 | 15,123 | 16,232 | 17,480 |
| Net debt including issuer treasury liquidity | -7,308 | -8,426 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | 1,819 | 1,686 | 2,013 | 1,987 | 2,579 |
| Free cash flow (vendor definition) * | 1,428 | 979.3 | 1,450 | 1,417 | 2,158 |
| Cash dividends paid (outflow) | -972.3 | -921.3 | -965.8 | -974.8 | -1,419 |
| Cash purchases of PPE, CWIP and intangibles (outflow) | -369.2 | -485.7 | -563.9 | -569.5 | -420.1 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued equity shares outstanding at fiscal year end | 176.78 | 177.12 | 177.20 | 177.23 | 177.37 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 3,029 | 3,355 | 2,830 | 3,405 | 3,191 | 3,559 | 3,038 | 3,764 |
| Cost of revenue (vendor classification) * | 1,534 | 1,743 | 1,509 | 1,803 | 1,837 | 1,570 | 1,982 | |
| Other operating costs (vendor classification) * | 602.9 | 595.4 | 599.9 | 595.7 | 635.8 | 667.9 | 671.6 | |
| EBITDA (vendor classification) * | 704.3 | 810.4 | 568.0 | 811.4 | 874.5 | 635.9 | 913.5 | |
| EBIT * | 593.3 | 701.8 | 451.2 | 697.3 | 742.2 | 513.7 | 792.3 | |
| Finance costs | 47.4 | 44.2 | 39.3 | 34.6 | 39.7 | 31.1 | 40.0 | 36.6 |
| Profit before tax | 546.0 | 657.6 | 411.9 | 662.6 | 573.0 | 711.1 | 473.7 | 755.7 |
| Total current and deferred tax expense | 128.4 | 141.8 | 99.2 | 154.3 | 128.2 | 157.5 | 111.7 | 169.5 |
| Profit for the period including non-controlling interest | 417.5 | 515.8 | 312.7 | 508.3 | 444.8 | 553.6 | 362.0 | 586.2 |
| Diluted earnings per share (₹) | 2.39 | 2.94 | 1.80 | 2.89 | 2.55 | 3.15 | 2.07 | 3.33 |
| Materials, traded purchases and inventory change | 1,534 | 1,743 | 1,509 | 1,803 | 1,614 | 1,837 | 1,570 | 1,982 |
| Employee benefits expense | 338.8 | 335.2 | 294.4 | 337.8 | 347.9 | 351.8 | 338.2 | 369.4 |
| Advertisement and publicity | 225.6 | 226.7 | 176.4 | 202.0 | 233.6 | 238.0 | 214.5 | 229.5 |
| Other expenses excluding advertisement and publicity | 377.3 | 368.6 | 423.5 | 393.8 | 408.3 | 397.8 | 453.4 | 442.2 |
| Operating EBITDA excluding other income | 552.6 | 681.9 | 426.9 | 667.8 | 588.1 | 734.1 | 461.8 | 741.4 |
| Other income | 151.5 | 128.0 | 141.2 | 144.0 | 140.1 | 140.6 | 175.0 | 172.6 |
| Depreciation and amortisation | 111.0 | 108.6 | 116.9 | 114.1 | 115.4 | 117.2 | 122.2 | 121.2 |
| Exceptional items signed effect on profit | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -15.1 | 0.00 | 0.00 |
| Share of profit or loss of joint venture | 0.24 | 0.50 | 0.01 | -0.40 | -0.10 | -0.30 | -1.00 | -0.50 |
| Profit attributable to non-controlling interest signed | -7.48 | -6.56 | -7.40 | -5.62 | -7.76 | -6.36 | -6.60 | -4.72 |
| Profit attributable to owners of holding company | 425.0 | 522.4 | 320.1 | 513.9 | 452.6 | 560.0 | 368.6 | 590.9 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 13.7% | 5.7% | 8.6% | 1.3% | 5.0% |
| EBITDA margin | 19.4% | 18.4% | 18.6% | ||
| Net margin | 14.9% | 14.1% | 14.4% | ||
| Return on equity | 18.7% | 16.4% | 16.5% | ||
| Return on capital employed | 26.1% | 22.8% | 22.2% | 20.2% | 20.2% |
| Return on assets | 12.8% | 11.3% | 11.2% | ||
| Net debt (₹ crore) | -7,308 | -8,426 | |||
| Net debt / EBITDA | -3.15x | -3.44x | |||
| Interest cover | 71.5x | 33.1x | 19.9x | 14.7x | 17.5x |
| Asset turnover | 0.93x | 0.88x | 0.86x | 0.80x | 0.78x |
| Receivable days | 22 | 27 | 26 | 26 | 20 |
| Inventory days (on revenue) | 65 | 65 | 57 | 67 | 64 |
| Payable days (on revenue) | 68 | 70 | 71 | 82 | 82 |
| Cash conversion | 1.09x | 1.12x | 1.36x | ||
| Capex intensity | 3.4% | 4.3% | 4.5% | 4.5% | 3.2% |
| Free cash flow (₹ crore) | 1,450 | 1,200 | 1,450 | 1,417 | 2,158 |
| Dividend payout | 52.4% | 55.1% | 74.9% | ||
| EPS, diluted (₹) | 9.81 | 9.61 | 10.38 | 9.95 | 10.66 |
| Book value per share (₹) | 47.64 | 53.31 | 58.14 | 63.25 | 66.54 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including issuer treasury liquidity; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted earnings per share).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 13 Oct 2026); market data at the close of 13 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 13 Oct 2026; page updated 25 Oct 2026.
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