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Swing Capital

Dabur India Ltd

NSE: DABUR BSE: 500096FMCG

Dabur is India’s leading FMCG, Ayurvedic and natural health care company with wide network distribution across world. [1]

₹458
52W: ₹401 — ₹577
PE 54.1 · Book ₹42.4 · +980% vs book
Market Cap₹81,217 Cr
Stock P/E54.1Price to Earnings
ROCE25.1%Return on Capital
ROE20.1%Return on Equity
Div. Yield1.74%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 87.9%
  • +Debtor days have improved from 23.8 to 18.4 days.

Weaknesses

  • −Stock is trading at 10.8 times its book value
  • −The company has delivered a poor sales growth of 5.48% over past five years.
  • −Working capital days have increased from 6.10 days to 85.8 days

Shareholding Pattern

Promoters66.25%
FIIs9.98%
DIIs18.46%
Public5.2%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.25%66.25%66.27%▲0.066.28%▲0.066.22%▼0.166.22%66.23%▲0.066.25%▲0.0
FIIs14.99%15.05%▲0.113.28%▼1.812.68%▼0.611.85%▼0.810.88%▼1.010.05%▼0.89.98%▼0.1
DIIs13.45%13.57%▲0.114.85%▲1.315.62%▲0.816.16%▲0.517.29%▲1.118.29%▲1.018.46%▲0.2
Public5.26%5.07%▼0.25.53%▲0.55.36%▼0.25.69%▲0.35.48%▼0.25.33%▼0.25.2%▼0.1

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales2,4142,0392,5142,1442,4481,9652,4702,2352,5472,132
Expenses1,8831,7032,0171,7401,9261,6801,9841,8111,9921,815
Operating Profit532337497403523284485424555317
OPM %22%16%20%19%21%14%20%19%22%15%
Net Profit428283405329418251407349439296
EPS ₹2.421.62.291.862.361.412.31.972.481.67

AI Insights

Revenue Trend

Mar 2026 revenue at ₹9,383Cr, up 3.4% YoY. OPM at 19%.

Debt Position

Borrowings at ₹611Cr. Debt-to-equity ratio: 0.08x. Healthy balance sheet.

Capex Cycle

CWIP at ₹108Cr (5% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 18.46% (+9.71pp change). FIIs: 9.98% (-9.41pp change). Promoters hold 66.25%.

Margin & Efficiency

ROCE declining from 45% (Mar 2015) to 25% (Mar 2026). Working capital days: 86.

Valuation

PE 54.1x with 25.1% ROCE. Price is 980% above book value of ₹42.4. Dividend yield: 1.74%.

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