Motilal Oswal's research report on Dabur
Dabur’s 1QFY25 performance was largely in line with our estimates. Consolidated revenue increased 7% YoY (in line), while constant currency (cc) growth was 10%. India volume grew by 5% YoY, with most categories seeing a pickup in QoQ growth, except the beverage portfolio (affected by heatwaves). International business grew 18% YoY in cc. GM improved 120bp YoY to 47.8% (in line). Conversely, high A&P spending (up 15% YoY) restricted EBITDA margin expansion at 25bp YoY to 19.6% (est. 19.6%). EBITDA growth was 8% YoY.
Outlook
We value Dabur at 55x Jun’26E EPS (earlier 50x) to arrive at our TP of INR750. We reiterate our BUY rating on the stock.
For all recommendations report, click here
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