Dabur India logo

Dabur India

DABUR NSE

Key Fundamentals

MidcapPersonal CareConsumer Goods
Market Cap
₹67,898 Cr
Volatility
Moderate
P/E Ratio
33.66
EBITDA
₹3,052 Cr
Return on Equity
15.83%
Debt to Equity
0.11
Book Value
₹64.37
EPS
₹10.6
52W High
₹534
52W Low
₹368.05

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 70.1%

Weaknesses

1
  • The company has delivered a poor sales growth of 6.65% over past five years.

Growth Rate

Revenue Growth
5.18% higher than 3Y
Net Income Growth
7.37% higher than 3Y
Cash Flow Change
29.79% higher than 3Y
ROE
1.93% lower than 3Y
ROCE
3.15% higher than 3Y
EBITDA Margin (Avg.)
1.24% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk medium

Dabur India has a market capitalisation of about ₹68,022 crore and trades at a P/E of 35.1 and a P/B of 5.98, with a dividend yield of 2.14% backed by a 70.1% payout ratio. Operating returns are still healthy, with a 3-year average ROE of 18% and 17% last year, but growth has been slow: 5-year compounded sales growth is 7% and 5-year compounded profit growth is 2%. TTM figures are firmer, with sales up 7% and profit up 11%, while the stock has fallen 23% over the past year and 9% a year over five years.

Bull Case 7
  • The dividend payout ratio of 70.1% and dividend yield of 2.14% are high for Indian consumer staples, which points to steady cash generation and a shareholder-friendly capital allocation policy.
  • ROE has held in a narrow band of 17-21% across the 1, 3, 5 and 10-year periods (10-year average 21%, last year 17%), which suggests a durable brand franchise and capital efficiency even in weaker demand cycles.
  • TTM profit growth of 11% is well above the 3-year (4%) and 5-year (2%) compounded rates, which could signal margin recovery as input costs ease.
  • TTM sales growth of 7% is above the 3-year compounded rate of 5%, which suggests a possible pickup in volumes or pricing after a slow stretch.
  • After a 23% fall over one year and a 12% annual decline over three years, the P/E of 35.1 is lower than the premium multiples FMCG names have typically commanded, so some of the growth slowdown may already be priced in.
  • A market capitalisation of about ₹68,022 crore makes Dabur a large-cap with scale in Ayurvedic and herbal categories, giving it distribution reach and brand depth that smaller competitors lack.
  • A 70.1% payout alongside an ROE of about 17-18% suggests the business needs little reinvestment capital, which fits a low-leverage balance sheet. Debt-to-equity was not provided in the data, so this is unconfirmed.
Bear Case 7
  • Five-year compounded profit growth is only 2%, and 10-year profit growth is 4%, well below nominal GDP growth. This points to sustained margin pressure or weak operating leverage.
  • Sales growth has been slow: 6.65% over five years, 5% over three years and 5% over ten years. This suggests limited pricing power or share loss in core categories.
  • Shareholder returns have been weak: -23% over one year, -12% a year over three years and -9% a year over five years. The 10-year CAGR is only 3%, below fixed-income returns over the same period.
  • A P/E of 35.1 and P/B of 5.98 still build in a sizeable premium for a company whose 5-year profit growth is only 2%, which implies a high earnings multiple relative to growth.
  • ROE has slipped from a 10-year average of 21% to 19% over five years, 18% over three years and 17% last year, which suggests gradually lower returns on capital.
  • The 70.1% payout ratio leaves only about 30% of earnings to reinvest. That could limit investment in growth, acquisitions or brand spending when growth is already in single digits.
  • The 11% TTM profit growth follows several years of 2-4% compounded growth. It may reflect a low base or temporary cost tailwinds rather than a lasting change in trend.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

1d ago
Headwinds 3
  • Stock tests Covid-era lows Sep 22

    Dabur fell to ₹368 in September, below its Covid-19 low of ₹386, and is down 23-29% along with FMCG peers. The Nifty FMCG index is down about 18%, while the Nifty 50 is down 6.5%.

  • FSSAI audits 27 product lines Sep 17

    FSSAI widened its labelling crackdown on Dabur and ordered a statutory audit of 27 product lines. This creates regulatory and compliance risk across the portfolio.

  • Muted earnings, input cost pressure Sep 22

    Analysts say FMCG earnings stayed muted because of tepid volume growth and high inflation, which removed the valuation premium these stocks used to carry. Rising input prices remain a short-term headwind even with full input tax credit refunds.

Positives 4
  • Kotak upgrades to 'Add' Sep 16

    Kotak upgraded Dabur to 'Add' from 'Reduce' after a 25% fall over four months, with a fair value of ₹430 (down from ₹465) and expected FY27 revenue/EPS growth of 9-10% under India CEO Herjit Bhalla. The stock closed at ₹384, with a market cap of ₹67,942.55 crore. The source's IPO, Maharashtra store and mobile phone retail figures seem to belong to a different company and were left out.

  • GST boost, technical rebound Sep 22

    Dabur was among the FMCG companies showing better volume growth after the GST cuts. The stock also moved back above its 20-DMA after testing ₹350-360, with Supertrend, MACD and channel breakout signals.

  • Strong S&P Global ESG scores Sep 18

    S&P Global gave Dabur a Corporate Sustainability Assessment score of 85 and an ESG score of 86 on September 17, 2026, as part of its voluntary DJSI participation.

  • NSE rates Dabur ESG Leader Sep 3

    NSE Sustainability gave Dabur an independent ESG rating of 73, which puts it in the Leader category.

Neutral 4
  • NCLT approves Sesa Care merger Sep 26

    NCLT New Delhi approved the merger of Sesa Care into Dabur on September 24, 2026, with an appointed date of April 1, 2026. Dabur filed the order with BSE and NSE on September 26.

  • Analyst buy call at ₹383 Sep 16

    Vaishali Parekh of Prabhudas Lilladher recommended buying Dabur at ₹383, with a target of ₹405 and a stop loss of ₹370.

  • Investor meets on Sep 21-22 Sep 14

    Dabur will attend Anand Rathi and J.P. Morgan investor conferences in Mumbai on September 21-22, 2026.

  • KMP contact details updated Sep 11

    Dabur updated the contact details of its Key Managerial Personnel authorised for disclosures under SEBI LODR.

TL;DR: Dabur is trading near multi-year lows after a 23-29% fall amid broad FMCG weakness, slow volumes and input inflation, and the FSSAI audit of 27 product lines adds regulatory risk. On the positive side, the Kotak upgrade, early volume gains after the GST cuts, strong ESG ratings and the completed Sesa Care merger suggest the stock may be bottoming. The trend looks to be stabilising rather than getting worse. The next things to watch are the FSSAI audit results and whether volume-led growth shows up in the coming quarterly earnings.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
3,130
3,204
3,255
2,815
3,349
3,029
3,355
2,830
3,405
3,191
3,559
3,038
3,764
Expenses
2,526
2,543
2,588
2,348
2,694
2,476
2,673
2,403
2,737
2,603
2,825
2,577
3,024
Operating Profit
605
661
667
466
655
553
682
427
667
588
734
461
741
OPM %
19%
21%
20%
17%
20%
18%
20%
15%
20%
18%
21%
15%
20%
Other Income
110
117
127
129
129
152
129
141
144
140
126
175
173
Interest
24
28
36
35
33
47
44
39
35
40
31
40
37
Depreciation
97
98
97
107
109
111
109
117
114
115
117
122
121
PBT
593
651
661
453
642
546
658
412
663
573
711
474
756
Tax %
23%
22%
23%
25%
23%
24%
22%
24%
23%
22%
22%
24%
22%
Net Profit
457
507
506
341
494
418
516
313
508
445
554
362
586
EPS in Rs
2.62
2.91
2.9
1.97
2.82
2.4
2.95
1.81
2.9
2.55
3.16
2.08
3.33
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
7,795
7,780
7,614
7,722
8,515
8,685
9,562
10,889
11,530
12,404
12,563
13,193
13,552
Expenses
6,475
6,261
6,102
6,104
6,775
6,892
7,560
8,637
9,367
10,004
10,247
10,743
11,029
Operating Profit
1,320
1,518
1,512
1,617
1,740
1,792
2,002
2,252
2,162
2,400
2,316
2,450
2,524
OPM %
17%
20%
20%
21%
20%
21%
21%
21%
19%
19%
18%
19%
19%
Other Income
154
217
296
291
222
205
325
308
445
482
551
585
613
Interest
40
48
54
53
60
50
31
39
78
124
164
145
147
Depreciation
115
133
143
162
177
220
240
253
311
399
446
469
476
PBT
1,319
1,554
1,611
1,693
1,725
1,728
2,056
2,269
2,219
2,359
2,258
2,420
2,513
Tax %
19%
19%
21%
20%
16%
16%
18%
23%
23%
23%
23%
23%
—
Net Profit
1,068
1,254
1,280
1,358
1,446
1,448
1,695
1,742
1,701
1,811
1,740
1,869
1,947
EPS in Rs
6.07
7.11
7.25
7.69
8.17
8.18
9.58
9.84
9.64
10.4
9.97
10.68
11.12
Div. Payout %
33%
32%
31%
81%
34%
37%
50%
53%
54%
53%
80%
77%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
176
176
176
176
177
177
177
177
177
177
177
177
Reserves
3,178
3,995
4,671
5,530
5,455
6,429
7,487
8,205
8,796
9,689
10,623
11,242
Borrowings
734
805
975
938
699
522
509
1,030
1,174
1,365
950
1,287
Other Liabilities
2,019
1,956
1,910
2,058
2,106
2,209
2,661
2,872
3,505
3,885
4,479
4,773
Total Liabilities
6,106
6,932
7,732
8,702
8,437
9,337
10,833
12,284
13,652
15,116
16,230
17,480
Fixed Assets
1,877
1,667
1,958
2,028
1,969
2,253
2,243
2,308
3,579
3,815
3,990
3,938
CWIP
50
45
42
42
64
147
147
168
175
232
169
139
Investments
1,813
2,691
3,240
3,805
3,359
2,800
4,160
6,220
6,265
6,933
7,468
8,947
Other Assets
2,365
2,529
2,492
2,827
3,045
4,137
4,283
3,589
3,633
4,136
4,603
4,456
Total Assets
6,106
6,932
7,732
8,702
8,437
9,337
10,833
12,284
13,652
15,116
16,230
17,480
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
1,047
1,187
1,227
1,092
1,499
1,614
2,115
1,802
1,488
2,013
1,987
2,579
Investing
-876
-730
-807
-541
338
-517
-1,404
-1,273
-583
-971
-448
-1,279
Financing
-417
-374
-339
-577
-1,888
-1,043
-613
-490
-1,035
-1,161
-1,405
-1,236
Net Cash Flow
-245
82
81
-27
-51
54
97
38
-130
-119
133
64
Free Cash Flow
796
998
741
891
1,274
1,213
1,808
1,433
1,003
1,453
1,448
2,180
CFO/OP
97
97
102
88
106
107
122
97
92
104
103
122
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
33
38
31
33
36
34
21
22
27
26
26
20
Inventory Days
136
150
153
169
154
164
178
169
158
149
175
166
Days Payable
153
182
181
190
172
176
197
178
171
186
215
212
Cash Conversion Cycle
16
6
3
13
17
22
3
12
14
-10
-14
-26
Working Capital Days
-17
0
-7
-1
-5
9
-9
-14
-13
-17
-13
-42
ROCE %
36%
35%
31%
28%
28%
28%
27%
27%
23%
22%
20%
20%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

Others1.09%Govt.0.12%Promot.66.24%Public4.28%FIIs9.66%DIIs18.60%As ofJun 2026

Documents

Frequently Asked Questions about Dabur India

What does Dabur India Ltd do?
Dabur is India’s leading FMCG, Ayurvedic and natural health care company with wide network distribution across world. [1]
Where is Dabur India Ltd (DABUR) listed?
Dabur India Ltd trades as DABUR on the NSE and under code 500096 on the BSE.
Which sector does Dabur India Ltd belong to?
Dabur India Ltd is classified under the Consumer Goods sector, in the Personal Care industry.
What is the market capitalisation of Dabur India Ltd?
Dabur India Ltd has a market capitalisation of ₹67,898 Cr, which places it in the Large Cap band.
What is the PE ratio of Dabur India Ltd?
Dabur India Ltd trades at a PE ratio of 33.66, on earnings per share of ₹10.6, against a book value of ₹64.37 per share.
What is the 52-week high and low of Dabur India Ltd?
Over the last 52 weeks Dabur India Ltd has traded between ₹368.05 and ₹534.
Does Dabur India Ltd pay dividends?
Dabur India Ltd has a dividend yield of 2.17%.
What is the Return on Equity (ROE) of Dabur India Ltd?
Dabur India Ltd reported a return on equity of 15.83%. Its debt-to-equity ratio is 0.11.

Company Information

Dabur is India’s leading FMCG, Ayurvedic and natural health care company with wide network distribution across world. [1]

Website dabur.com
CEO Mr. Mohit Malhotra M.B.A.
Employees 5,341
Listed 1999-04-28
Face Value ₹ 1
Issued Size 1,77,36,90,172

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