Dabur India Share Price Target 2026: India Inc has stepped into another week of Q4 earnings season. Close to 500 companies are scheduled to announce their Q4FY26 financial results between May 11 and 16. While some stocks are believed to maintain their positions because of fundamentals and structural tailwinds, others are facing difficulties.
Meanwhile, brokerage firm Morgan Stanley has initiated coverage on FMCG stock Dabur India, just a few days after the company announced its Q4 results.
At 12:11 PM today, shares of Dabur India were trading at Rs 479.80, down 1.62 per cent from the previous close.
Dabur India Share Price Target 2026
Brokerage firm Morgan Stanley has maintained underweight rating on Dabur India with a target price of Rs 425.
Key Takeaways:
- Target price: INR 425 vs INR 412
- MS lowers FY27/FY28 EBITDA margin assumptions by 10-20bp
- FY27/FY28 EPS estimates cut marginally by ~1%
- Brokerage actualises FY26 and introduces FY29 estimates
- PT increase driven largely by roll-forward of RI valuation model
- Bull, base and bear case valuations revised marginally higher
- All other valuation assumptions remain unchanged
- Maintain Underweight despite revised higher target price
Dabur India Q4
Dabur India Ltd on Thursday reported a 15.75 per cent year-on-year increase in its consolidated net profit to Rs 362 crore in the March quarter of FY 2025-26, driven by a broad-based performance.
The company had posted a net profit of Rs 312.73 crore in the January-March quarter a year ago, according to a regulatory filing.
Its revenue from operations jumped 7.34 per cent to Rs 3,038.02 crore in Q4FY26, compared to Rs 2,830.14 crore in the corresponding quarter of the preceding fiscal.
The company's total expenses stood at Rs 2,738.37 crore in the March quarter, up 7 per cent YoY.
Dabur India's total income rose 8.13 per cent YoY to Rs 3,213.05 crore.
Its standalone revenue from operations, which mainly consists of the domestic business, was also up 8.5 per cent to Rs 2,131.71 crore in the quarter under review.
"India FMCG Business operating profit rose 12.5 per cent during the quarter, reflecting strong execution in the domestic FMCG business and healthy underlying volume growth of 6 per cent," the company said.
Dabur's International Business grew by 2.5 per cent during the quarter despite facing headwinds in West Asia. This was led by Sub-Saharan Africa (20 per cent), the UK & EU (10 per cent), Namaste US (6.2 per cent) and Bangladesh (22 per cent), according to the company.
The FMCG firm, which owns brands such as Dabur Chyawanprash, Dabur Honey, Dabur Honitus, PudinHara, Lal Tail, Dabur Amla, Dabur Red Paste and Real, generates over 25 per cent revenue from global markets.
Commenting on the results, Global Chief Executive Officer Mohit Malhotra said, "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," he added.
On the market trends, Dabur said rural markets continued to outpace urban consumption clocking 350bps rise in demand in the March quarter.
"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," he said.
In urban India, new-age channels such as e-commerce and Modern Trade have been driving demand, growing by 49 per cent and 19 per cent, respectively, in the March quarter.
"Quick Commerce is driving the online business, posting a growth of 54 per cent. This channel was a major contributor to our Foods business, which grew by 30 per cent in Q4," he said, adding "we will continue to double down on emerging channels, which serve as the incubators for Dabur's innovation and premium products."
For the entire FY26, Dabur India's profit was up 7.37 per cent to Rs 1,868.69 crore. The total consolidated income rose 5.17 per cent to Rs 13,792.34 crore.
Meanwhile, Dabur India also informed the stock exchanges that its board, in a meeting held on Thursday, recommended a final dividend of Rs 5.50 per equity share having a face value of Re 1 each for the financial year 2025-26.
(With PTI inputs)