Amid heightened geopolitical tensions in the Middle East that drove inflation, elevated freight costs, and impacted consumer demand in select markets, Dabur demonstrated agility in navigating the operating environment. We delivered a resilient performance during the fourth quarter of 2025-26 on the back of proactive supply chain diversification by way of opening alternative supply routes to key geographies, disciplined cost controls, and calibrated price increases, combined with strong brand-led consumer engagement.

That said, the gap between rural and urban growth has narrowed significantly compared to December 2025, reflecting a more balanced consumption recovery. We expect this convergence to continue. Within Urban India, e-commerce and Modern Trade have been driving demand, growing by 49% and 19% respectively. Quick Commerce is driving the online business, posting a growth of 54%. This channel was a major contributor to our Foods business, which grew by 30% in Q4. We will continue to double down on emerging channels, which serve as the incubators for Dabur's innovation and premium products. As part of this initiative, we have launched SIENS, Dabur's first online only Direct-to-Consumer nutraceutical brand, which is showing great consumer traction. We continue to invest heavily behind this brand.

Despite inflationary pressures, Dabur leveraged its strong brand superiority to deliver healthy growth across the key and highly competitive Home & Personal Care and Healthcare categories. The Company's business fundamentals remain robust, with brands across Honey, Health Juices, Digestives, Oral Care, Hair Care, Healthcare, Air Fresheners, and Foods reporting strong gains during the quarter.

In line with our payout policy, the Board has proposed a dividend of Rs 5.50 per share, aggregating to Rs. 975.50 Crore.