Dabur India’s (Dabur’s) Q1FY26 performance was soft, with consolidated revenue rising ~2% y-o-y and OPM coming in flat y-o-y at 19.6% leading to a ~3% y-o-y growth in adjusted PAT. Company expects to deliver double-digit growth in Q2 on a low base and high single-digit growth for FY26 led by double-digit growth across the portfolio except beverages, which is likely to remain under pressure. OPM is expected to surge in FY26 driven by the company’s focus on premiumization, better mix, and portfolio contemporization.
OutlookStock trades at 48x/43x its FY26E/FY27E earnings, respectively. We maintain a Buy rating with a revised PT of Rs. 623.
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