Dabur Q1: consolidated PAT +15% to ₹586 Cr on 11% revenue growth, margins expand
PAT +15.32% YoY · revenue +10.57% · margins expanding · inline vs street
₹3,764.39 Cr
+10.57% YoY
₹586.16 Cr
+15.32% YoY
14.89%
+0.6pp YoY
₹3.33
Dabur delivered a clean double-digit quarter, with consolidated revenue rising 10.6% YoY to ₹3,764.39 Cr and net profit for the period up 15.3% to ₹586.16 Cr (₹590.88 Cr attributable to owners, the '₹591 Cr' figure in the press). Profit outran the topline because margins widened: net profit margin improved to 15.57% from 14.93% a year ago while operating margin held at 19.69% vs 19.62%, so the earnings acceleration is operating leverage rather than a one-off — there were no exceptional items this quarter or in the base, making the +15% reported growth fully underlying. The large sequential jump (revenue +24%, PAT +62% QoQ) is the usual summer-portfolio seasonality of the June quarter and should not be read as a step-change.
Q1 FY-2027 vs prior quarters
The print confirms the July 3 pre-quarter guidance of double-digit revenue and PAT growth, which analysts had flagged as better-than-expected, and it delivers on management's May concall commitment to high-single-to-low-double-digit growth with year-on-year margin protection — both met. Growth was broad-based across the two core engines: consumer care revenue rose to ₹3,000.74 Cr (+11% YoY) with segment margin expanding, and the food business grew to ₹659.33 Cr (+6% YoY) with results up sharply to ₹94.25 Cr. Standalone (India) revenue grew 8.8% to ₹2,687.34 Cr with PAT up 11% to ₹452.41 Cr, so the consolidated number is being lifted by the international business — the same overseas operations now carrying the USFDA overhang.
The stock went into the print at ₹433.7, up 2.7% over the past month of trading.
For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.
Management has upgraded its full-year guidance to high-single to low-double-digit growth, driven by a combination of volume and price increases to combat inflation. They expect sequential acceleration in the India business and are committed to protecting and improving margins year-over-year through pricing actions, pre
— This quarter: met
The watch item from the quarter's corporate developments is the June US FDA import alert on the Silvassa plant and the earlier data-integrity observations; these sit against an international business that is outgrowing the domestic one, so any escalation would bite the consolidated line that is currently the stronger of the two. Debt rose (outstanding debt ₹2,328.71 Cr vs ₹1,456.71 Cr YoY, debt-equity 0.20 vs 0.13) but remains comfortably covered, with interest cover near 25x.
W1
USFDA import alert on the Silvassa plant (Jun 2026) — resolution and any hit to the faster-growing international business
W2
Whether the ~11% domestic/consolidated topline sustains beyond the seasonal June quarter, per management's full-year double-digit guide
W3
Margin trajectory: NPM held at 15.57% this quarter — verify the YoY expansion persists as summer tailwind fades
Clean digital filing, headers unambiguous, all checks tie. Consolidated PAT for the period ₹586.16 Cr; ₹590.88 Cr attributable to owners (the '₹591 Cr' press figure) after ₹4.72 Cr non-controlling interest. Includes ₹0.50 Cr share of JV loss. No exceptional items this quarter or year-ago (prior-year FY26 had ₹15.05 Cr), so reported YoY = adjusted YoY.
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