Dabur India, one of India’s leading FMCG companies, reported steady momentum in its domestic business for the March quarter of FY26, with India operations helping offset challenges in key international markets. Growth in the home market remained resilient despite macro uncertainties.
India FMCG recovers, growth outlook positive
The company said its India FMCG business witnessed a sequential recovery in demand and is likely to post high single-digit growth during the quarter.
The home & personal Care (HPC) segment continued its strong trajectory, expected to deliver mid-teen growth, driven by robust performance in hair oils, shampoos, and home care categories, which are projected to grow in the twenties.
Key brands such as Dabur Amla, Vatika Shampoo, Dabur Almond, Odonil, Odomos, Meswak, and Gulabari are expected to report healthy volume-led growth, with most of the portfolio outperforming category growth and gaining market share.
Healthcare portfolio shows mixed trends
In the healthcare segment, products including Dabur Honey, Honitus, Health Juices, and the Hajmola franchise are likely to deliver strong double-digit growth.
However, Dabur Glucose was impacted by unseasonal rains in key markets during March, weighing on overall performance. As a result, the healthcare business is expected to post low single-digit growth for the quarter.
F&B segment sees gradual recovery
The foods & beverages (F&B) vertical showed sequential improvement and is expected to register low single-digit growth.
Sub-segments like Foods, Real Activ Juices, and Coconut Water maintained strong momentum, clocking ~20% growth rates. The Real brand continued to outperform its category, gaining market share across nectars, juices, and coconut water.
The out-of-home portfolio, however, remained impacted due to unseasonal weather conditions.
Channel performance remains strong
Organised trade channels,including modern trade, e-commerce, and quick commerce—continued to maintain growth momentum. General trade also showed signs of steady recovery, supporting overall domestic performance.
International business impacted by West Asia disruptions
Dabur’s international business faced headwinds, particularly in West Asia, where geopolitical tensions, linked to the US-Israel-Iran tensions, led to demand disruptions and supply chain constraints.
However, other key markets such as Turkey, Bangladesh, and the UK delivered double-digit growth in constant currency terms. Overall, the international business is expected to post low single-digit growth in rupee terms.
Gradual recovery ahead
Dabur expects mid single-digit consolidated revenue growth, with operating profit likely to grow ahead of topline performance.
The company remains optimistic about a progressive recovery in domestic demand, supported by improving consumption trends. At the same time, it continues to closely monitor geopolitical developments and is taking proactive measures to mitigate potential risks to operations and cost structures.