Dabur India Limited (NSE: DABUR | BSE: 500096)
Source: Dabur India Limited Annual Report FY 2025-26 (Fiscal Year Ended March 31, 2026)
📋 Quick Facts: Company Snapshot
| Attribute | Disclosed Detail |
|---|---|
| Official Company Name | Dabur India Limited |
| Corporate Identity Number (CIN) | L24230DL1975PLC007908 |
| ISIN | INE016A01026 |
| NSE Symbol & BSE Scrip Code | NSE: DABUR | BSE: 500096 |
| Date of Incorporation / Founding Year | 1975 (Founding history spans nearly 142 years) |
| Registered Office & Corporate Headquarters | Registered Office: 8/3, Asaf Ali Road, New Delhi – 110002, India. Corporate Office: Dabur Corporate Office, Kaushambi, Sahibabad, Ghaziabad – 201010 (U.P.), India. |
| Telephone & Investor Relations Contact | Tel.: 011-71206000 | Email: investors@dabur.com, corpcomm@dabur.com |
| Chairman / Managing Director & CEO | Mr. Mohit Burman (Chairman) | Mr. Mohit Malhotra (Whole-Time Director & Global CEO) |
| Chief Financial Officer (CFO) & Company Secretary (CS) | Mr. Ankush Jain (Chief Financial Officer) | Mr. Ashok Kumar Jain (Executive VP – Finance, Group Company Secretary & Chief Compliance Officer) | Mr. Saket Gupta (Company Secretary) |
| Promoter & Holding Group | Promoter & Promoter Group (Holding 66.25% equity stake) |
| Industry / Sector Classification | Fast Moving Consumer Goods (FMCG) – Healthcare, Home & Personal Care, Foods & Beverages |
| Total Employees / Workforce | 7,743 employees across the globe representing 21 nationalities |
| Manufacturing Plants / Branches / Offices Count | 21 world-class manufacturing units (12 domestic manufacturing locations in India, 1 upcoming location in Tindivanam, Tamil Nadu, 8 overseas production locations, 3 Mother Warehouses, 26 C&FAs, 8 Bioresources Development farms) |
| Countries / States Served | Products reach households in over 120 countries; Domestic distribution spans 28 States and 8 Union Territories across 8.5 million retail stores. |
| Statutory Auditors | G. Basu & Co., Chartered Accountants |
| Registrar and Share Transfer Agent (RTA) | KFin Technologies Ltd. |
🏢 The Corporate Identity: Who They Are & Where They Came From
The Big Picture
Dabur India Limited stands as one of India’s most trusted consumer goods enterprises and the world’s largest Ayurvedic company. Guided by the enduring vision of being Dedicated to the Health & Well-Being of every Household and the mission of Ghar Ayurveda, Dabur bridges ancient natural wisdom with modern scientific rigor. Today, 8 out of 10 Indian households utilize at least one Dabur product, supported by an extensive distribution network that covers 8.5 million retail stores across India, making it the second most distributed company in the country. Operating as a transnational enterprise, Dabur takes its portfolio of health, personal care, and food brands to consumers across 120 countries.
The Founders, Promoters & Their Legacy
The enterprise is steered by a distinguished Board of Directors led by Chairman Mr. Mohit Burman, Vice Chairman Mr. Saket Burman, and professional executives including Whole-Time Director & Global CEO Mr. Mohit Malhotra and Group Director – Corporate Affairs Mr. P.D. Narang. The promoter group maintains a stable shareholding of 66.25% through entities such as VIC Enterprises Private Limited, Chowdry Associates, Gyan Enterprises Private Limited, Puran Associates Private Limited, Ratna Commercial Enterprises Private Limited, and Milky Investment and Trading Company.
The Journey: History & Evolution
Dabur’s journey began nearly 142 years ago as an Ayurveda-led endeavor founded on the belief that nature holds the key to better health and well-being. Over the decades, the company has successfully transitioned from classic herbal remedies into a multi-category transnational consumer goods corporation. Recent milestones include the groundbreaking of a state-of-the-art greenfield manufacturing facility in Tindivanam, Tamil Nadu, initiated by the Hon’ble Chief Minister of Tamil Nadu in February 2026, alongside targeted strategic investments such as the creation of Dabur Ventures—a ₹500 crore investment platform—and a minority equity investment in luxury skincare D2C brand RAS Beauty Private Limited.
The Corporate Umbrella
Dabur operates an expansive global subsidiary and joint venture framework spanning major international geographies including the Middle East, Africa, South Asia, Europe, and the Americas. Material subsidiaries include Dabur International Limited (Isle of Man), Dabur International FZE (UAE), Hobi Kozmetik (Turkey), Namaste Laboratories LLC (USA), Badshah Masala Private Limited (India), and numerous other manufacturing and marketing entities.
⚙️ The Business Engine: What They Do & Where They Operate
The Core Divisions
Dabur evaluates its operational segments under Ind AS 108 into Consumer Care Business, Food Business, Retail Business, and Other Segments. The following table details segment revenue, results, assets, and liabilities for FY 2025-26.
| Segment Description | Segment Revenue (₹ in Crores) | % Share of Total Revenue | Segment Results / PBIT (₹ in Crores) | Segment Assets (₹ in Crores) | Segment Liabilities (₹ in Crores) |
|---|---|---|---|---|---|
| Consumer Care Business | 10,864.07 | 82.35% | 2,475.53 | 5,998.22 | 2,416.46 |
| Food Business | 2,015.55 | 15.28% | 239.58 | 1,803.14 | 843.79 |
| Retail Business | 106.56 | 0.81% | (6.44) | 113.16 | 102.06 |
| Other Segments | 167.48 | 1.27% | 22.35 | 86.57 | 35.43 |
| Unallocated Other Operating Revenue | 38.91 | 0.29% | – | 9,478.82 (Unallocated Assets) | 2,279.42 (Unallocated Liabilities) |
| Total | 13,192.57 | 100.00% | 2,731.02 | 17,479.91 | 5,677.16 |
The Product & Service Catalog
Dabur’s portfolio is anchored by category-leading brands spanning Healthcare, Home Care, Personal Care, and Foods & Beverages. Key product lines include Health Supplements (Chyawanprash, Glucose, Honey, Malted Foods), Digestives (Hajmola, Pudin Hara), OTC & Ethicals (Honitus, Dabur Lal Tail), Hair Care (Vatika Hair Oils and Shampoos, Dabur Amla), Oral Care (Dabur Red Paste, Meswak, Babool), Home Care (Odonil air fresheners), Skin Care (Gulabari, Fem bleach), and Foods & Beverages (Real fruit juices, Real Activ, Real Cheers, Hommade culinary pastes, Badshah spices, and Dabur A2 Cow Ghee).
The Names You Know
The company houses an elite portfolio of 23 billion-rupee brands that have crossed the ₹100 crore annual milestone, underpinned by flagship power brands such as Real (₹1,500+ crore), Dabur Red Paste, Vatika, Dabur Amla, Dabur Honey, Namaste, Odonil, and Dabur Chyawanprash. Innovation is propelled by the Dabur Research and Development Centre (DRDC), holding multiple active patent applications, backed by ₹39.46 crores in R&D expenditure during FY 2025-26.
Mapping the Domestic & Global Reach
Dabur’s domestic business is supported by 1.52 million direct retail reach outlets and 8.5 million total retail touchpoints. The international business spans over 120 countries, contributing 27% of consolidated revenues and delivering a robust constant-currency growth of 6.2% in FY 2025-26. Key geographic regions in the international mix include the Middle East (27%), Africa (23%), Asia (19%), Europe (16%), and the Americas (15%).
The Brick & Mortar Footprint
Manufacturing operations are executed across 21 world-class facilities, comprising 12 established manufacturing locations in India—Alwar (Rajasthan), Baddi (Himachal Pradesh), Indore (Madhya Pradesh), Jammu (Jammu & Kashmir), Katni (Madhya Pradesh), Narendrapur (West Bengal), Newai (Rajasthan), Pantnagar (Uttarakhand), Pithampur (Madhya Pradesh), Sahibabad (Uttar Pradesh), Tezpur (Assam), and Umbergaon (Gujarat)—alongside the upcoming greenfield facility in Tindivanam (Tamil Nadu). International manufacturing spans 8 overseas locations across Turkey, Egypt, UAE, Nigeria, South Africa, Sri Lanka, Bangladesh, and Nepal.
📊 The Financial Health: The Numbers Simplified
Earnings, Expenses, & Take-Home Profits
The following table illustrates the Consolidated Statement of Profit and Loss for FY 2025-26 and FY 2024-25 as disclosed in the financial statements under Ind AS Schedule III.
| Particulars | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Revenue from Operations | 13,192.57 | 12,563.09 | +5.01% |
| Other Income | 599.77 | 550.10 | +9.03% |
| Total Income | 13,792.34 | 13,113.19 | +5.18% |
| Expenses | |||
| Cost of materials consumed | 5,602.74 | 5,263.68 | +6.44% |
| Purchases of stock-in-trade | 1,303.31 | 1,328.28 | -1.88% |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | (82.28) | (57.10) | +44.10% |
| Employee benefits expense | 1,375.64 | 1,291.23 | +6.54% |
| Finance costs | 145.40 | 163.50 | -11.07% |
| Depreciation and amortization expense | 468.93 | 445.60 | +5.24% |
| Advertisement and publicity | 888.06 | 864.64 | +2.71% |
| Other expenses | 1,653.26 | 1,556.02 | +6.25% |
| Total Expenses | 11,355.06 | 10,855.85 | +4.60% |
| Profit before share of loss from joint venture, exceptional items and tax | 2,437.28 | 2,257.34 | +7.97% |
| Share of loss of joint venture | (1.80) | 0.55 | N/M |
| Profit before exceptional items and tax | 2,435.48 | 2,257.89 | +7.87% |
| Exceptional items | (15.05) | – | – |
| Profit before tax | 2,420.43 | 2,257.89 | +7.20% |
| Tax expense (Current Tax & Deferred Tax) | 551.74 | 517.47 | +6.62% |
| Net Profit for the year | 1,868.69 | 1,740.42 | +7.37% |
| Profit attributable to Owners of the Holding Company | 1,895.03 | 1,767.63 | +7.21% |
| Profit attributable to Non-controlling interest | (26.34) | (27.21) | -3.20% |
| Other Comprehensive Income (net of tax) | 118.52 | 89.09 | +33.03% |
| Total Comprehensive Income for the year | 1,987.21 | 1,829.51 | +8.62% |
| Basic Earnings Per Share (EPS in ₹) | 10.69 | 9.97 | +7.22% |
| Diluted Earnings Per Share (EPS in ₹) | 10.66 | 9.95 | +7.14% |
Assets, Borrowings, & Net Worth
The following table sets forth the Consolidated Balance Sheet structure, detailing non-current and current assets, liabilities, borrowings, and equity.
| Particulars | As at 31 March 2026 (₹ in Crores) | As at 31 March 2025 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 2,839.92 | 2,799.88 | +1.43% |
| Capital work-in-progress | 137.48 | 166.41 | -17.38% |
| Investment property | 42.51 | 43.50 | -2.28% |
| Goodwill | 405.11 | 405.09 | +0.00% |
| Other intangible assets | 650.07 | 741.22 | -12.30% |
| Intangible assets under development | 1.31 | 2.58 | -49.22% |
| Investments in joint venture | 20.63 | 7.88 | +161.80% |
| Other non-current financial assets & investments | 4,357.16 | 5,393.82 | -19.22% |
| Non-current tax assets & other non-current assets | 139.76 | 136.91 | +2.08% |
| Total Non-Current Assets | 8,593.95 | 9,699.82 | -11.40% |
| Current assets | |||
| Inventories | 2,321.63 | 2,300.11 | +0.94% |
| Current investments, trade receivables & cash equivalents | 5,913.12 | 3,559.81 | +66.11% |
| Other current bank balances, financial & tax assets | 647.35 | 440.83 | +46.85% |
| Other current assets | 643.86 | 631.71 | +1.92% |
| Total Current Assets | 8,885.96 | 6,532.46 | +36.03% |
| Total Assets | 17,479.91 | 16,232.28 | +7.69% |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity share capital | 177.37 | 177.23 | +0.08% |
| Other equity | 11,242.15 | 10,623.46 | +5.82% |
| Non-controlling interest | 383.23 | 409.57 | -6.43% |
| Total Equity | 11,802.75 | 11,210.26 | +5.29% |
| Non-current liabilities | |||
| Non-current Borrowings | 15.96 | 304.03 | -94.75% |
| Non-current lease liabilities & other financial liabilities | 187.21 | 183.83 | +1.84% |
| Provisions & deferred tax liabilities (net) | 234.91 | 215.72 | +8.90% |
| Total Non-Current Liabilities | 438.08 | 703.58 | -37.74% |
| Current liabilities | |||
| Current Borrowings | 1,046.72 | 426.09 | +145.66% |
| Current lease liabilities | 43.46 | 38.33 | +13.38% |
| Trade payables (MSME & Others) | 2,954.34 | 2,825.34 | +4.57% |
| Other current financial liabilities | 396.88 | 367.10 | +8.11% |
| Other current liabilities, provisions & current tax liabilities | 797.68 | 661.58 | +20.57% |
| Total Current Liabilities | 5,239.08 | 4,318.44 | +21.32% |
| Total Liabilities | 5,677.16 | 5,022.02 | +13.05% |
| Total Equity and Liabilities | 17,479.91 | 16,232.28 | +7.69% |
Cash Flow: Tracking the Money Movement
The consolidated cash flow movements for the fiscal year ended March 31, 2026, compared to the previous year, are summarized below.
| Consolidated Cash Flow Particulars | FY 2025-26 (₹ in Crores) | FY 2024-25 (₹ in Crores) | Latest YoY (%) |
|---|---|---|---|
| Net cash flow from operating activities (A) | 2,578.62 | 1,986.75 | +29.79% |
| Purchase of Property, Plant and Equipment, CWIP, and Intangible Assets (CapEx) | (420.14) | (569.54) | -26.23% |
| Net cash used in investing activities (B) | (1,285.22) | (449.11) | +186.17% |
| Net cash used in financing activities (C) | (1,235.73) | (1,405.34) | -12.07% |
| Net increase / (decrease) in cash and cash equivalents (A+B+C) | 57.67 | 132.30 | -56.41% |
| Cash and cash equivalents at the beginning of the year | 111.97 | (21.18) | N/M |
| Impact of changes in exchange rates | 6.04 | 0.85 | +610.59% |
| Cash and cash equivalents at the end of the year | 175.68 | 111.97 | +56.90% |
Funding the Future: CapEx, CWIP & R&D Spending
During FY 2025-26, standalone capital expenditure stood at ₹284.02 crores, while consolidated capital expenditure reached ₹419.16 crores, directed toward manufacturing lines, automation, and infrastructure expansion such as the Tindivanam plant. Capital work-in-progress (CWIP) closed at ₹137.48 crores, and intangible assets under development stood at ₹1.31 crores. R&D expenditure for the year totaled ₹39.46 crores.
🗺️ The Corporate Family Tree: Structure & Investments
Subsidiaries, Associates, & Joint Ventures (Form AOC-1)
Dabur maintains an extensive network of domestic and international subsidiaries and joint ventures. The primary entities contributing to the consolidated financial statements are detailed below.
| Subsidiary / Joint Venture Entity | Relationship / Status | Country of Incorporation | % Shareholding / Voting Power |
|---|---|---|---|
| Dabur International Limited | Subsidiary | Isle of Man | 100% |
| Dabur International FZE | Subsidiary | UAE | 100% |
| Naturelle LLC | Step-down Subsidiary | UAE | 100% |
| Hobi Kozmetik | Step-down Subsidiary | Turkey | 100% |
| RA Pazarlama | Step-down Subsidiary | Turkey | 100% |
| Namaste Laboratories LLC | Step-down Subsidiary | USA | 100% |
| Badshah Masala Private Limited | Subsidiary | India | 51% |
| Dabur Nepal Private Limited | Subsidiary | Nepal | 97.5% |
| Dabur Egypt Limited | Step-down Subsidiary | Egypt | 100% |
| African Consumer Care Limited | Step-down Subsidiary | Nigeria | 100% |
| Forum I Aviation Private Limited | Joint Venture | India | 20% |
Strategic Investments & Treasury Holdings
Dabur maintains a robust treasury portfolio comprising non-current and current investments in Government Securities (G-Sec), State Development Loans (SDL), listed and unlisted bonds, non-convertible debentures, target maturity funds, and mutual funds totaling over ₹8,900 crores in financial investments.
👥 Power & Control: Who Pulls the Strings?
The Brain Trust: Board of Directors & Key Managerial Personnel (KMP)
The governance structure comprises experienced industry leaders, promoter directors, and independent members.
| Name of Director / KMP | Designation / Role | Category | DIN / Identification |
|---|---|---|---|
| Mr. Mohit Burman | Chairman | Promoter / Non-Executive Director | 00021963 |
| Mr. Saket Burman | Vice Chairman | Promoter / Non-Executive Director | 05208674 |
| Mr. Amit Burman | Director | Promoter / Non-Executive Director | 00042050 |
| Mr. Aditya Chand Burman | Director | Promoter / Non-Executive Director | 00042277 |
| Mr. P.D. Narang | Group Director – Corporate Affairs & Whole-Time Director | Executive Director | 00021581 |
| Mr. Mohit Malhotra | Whole-Time Director & Global CEO | Executive Director | 08346826 |
| Mr. Ajit Mohan Sharan | Lead / Independent Director | Non-Executive Independent Director | 02458844 |
| Mr. Mukesh Hari Butani | Independent Director | Non-Executive Independent Director | 01452839 |
| Mr. Rajiv Mehrishi | Independent Director | Non-Executive Independent Director | 00208189 |
| Mrs. Satyavati Berera | Independent Director | Non-Executive Independent Director | 05002709 |
| Mr. Romesh Sobti | Independent Director | Non-Executive Independent Director | 00031034 |
| Mr. Ravi Kapoor | Independent Director | Non-Executive Independent Director | 00185981 |
| Mr. Ashok Kumar Jain | Executive VP – Finance, Group Company Secretary & Chief Compliance Officer | Key Managerial Personnel | NA |
| Mr. Ankush Jain | Chief Financial Officer | Key Managerial Personnel | NA |
| Mr. Saket Gupta | Company Secretary | Key Managerial Personnel | NA |
Who Owns the Stock? Shareholding Pattern
The distribution of equity shareholding across investor categories as of March 31, 2026, is detailed below.
| Category of Shareholder | Number of Shareholders | Total Number of Shares Held | % of Shareholding |
|---|---|---|---|
| Promoter & Promoter Group | 26 | 1,17,50,04,985 | 66.25% |
| Insurance Companies | 28 | 17,77,20,958 | 10.02% |
| Foreign Portfolio Investors (FPI) | 655 | 17,69,38,775 | 9.98% |
| Mutual Funds | 35 | 12,59,09,430 | 7.10% |
| Individuals (including Trusts & HUF) | 457,840 | 8,01,63,422 | 4.52% |
| Bodies Corporates, AIF, NBFC, IEPF | 949 | 3,20,55,436 | 1.80% |
| NRIs, OCBs & Foreign Nationals | 10,087 | 49,16,851 | 0.27% |
| Financial Institutions / Banks | 4 | 9,80,315 | 0.06% |
| Total | 469,624 | 1,77,36,90,172 | 100.00% |
🎯 The Strategic Outlook: Future Plans & Potential Pitfalls
Competitive Advantages & Economic Moats
Dabur’s primary economic moats reside in its unparalleled 142-year heritage rooted in Ayurveda, an extensive retail footprint touching 8.5 million stores, and 23 billion-rupee brands commanding leadership across healthcare, personal care, and foods. Operational resilience is reinforced by achieving a Water-Positive Enterprise status (107% positivity) four years ahead of its 2030 target, shifting 65% of India operations’ energy consumption to renewables, and eliminating coal usage across all facilities.
What Could Go Wrong? Key Challenges & Business Risks
Enterprise risk management highlights several vulnerabilities, including compliance and regulatory pressures such as FSSAI’s HFSS (High Fat, Sugar & Salt) guidelines, geopolitical trade disruptions impacting key raw material and packaging costs (inflation risk), supply chain traceability risks in natural inputs like honey and medicinal herbs, and rapid technological shifts requiring rigorous data privacy and cybersecurity protocols under the DPDP Act.
The Next Chapter: Growth & CapEx Initiatives
Strategic expansion is anchored by seven core pillars: deepening investments in core power brands, accelerating premiumisation and contemporisation across categories, doubling down on Health & Wellness platforms, reinventing Go-to-Market execution via GTM 2.0 (Project Saksham), scaling digital-first brands through Dabur Ventures, executing disciplined cost optimization via Project Samriddhi, and fortifying manufacturing capacity with the construction of the new greenfield plant in Tindivanam, Tamil Nadu.
The Verdict: Strategic Outlook & Conclusion
Dabur enters the future with a fortified balance sheet, robust operating margins (18.6%), and a consolidated net profit of ₹1,895 crores. By successfully blending traditional Ayurvedic wisdom with digital transformation, green energy adoption, and disciplined financial allocation, Dabur remains exceptionally well-positioned to deliver sustainable, inclusive, and long-term value for all stakeholders.
Note: Financial ratios, margins, YoY growth percentages, and % revenue shares are calculated by IndianCompanies.in based on disclosed Ind AS financial statements.
Official Site: https://www.dabur.com