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The market expects Dabur to carry on much as it has.
At today’s share price, buyers are assuming Dabur grows about 5% a year, forever. Over the last ten years it actually grew about 5% a year. The two are close, so the share price does not need the business to improve or to stumble. It needs it to keep doing roughly what it already does.
- How it is valued: Discounted cash flow.
- What the price assumes: 5% growth, against 5% the model takes from its own record.
- Ten-year record: Between FY2018 and FY2026, Dabur's revenue went from ₹7,748 crore to ₹13,193 crore — it compounded at about 7% a year over 8 years.
- Biggest swing factor: Rural demand. Main risk: Weak rural demand.
01A 140-year-old Ayurveda company
Dabur was founded in Kolkata in 1884 by Dr S. K. Burman and is still controlled by the Burman family. It is one of India's largest consumer-goods companies, best known for Ayurvedic and natural products: Dabur Chyawanprash, Honey, Hajmola, Dabur Red toothpaste and Vatika hair oil.
It also sells Real fruit juices and has a sizeable international business in the Middle East, Africa and elsewhere. Rural households account for a large share of its sales.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Dabur, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Dabur's record, in plain numbers
Between FY2018 and FY2026, Dabur's revenue went from ₹7,748 crore to ₹13,193 crore — it compounded at about 7% a year over 8 years. Net profit grew from ₹1,358 crore to ₹1,869 crore, about 4% a year — slower than revenue, so margins narrowed. In FY2026 it kept 14.2% of revenue as net profit — against a low of 13.9% in FY2025 and a high of 18.7% in FY2019. The latest year added 5.0% to revenue, close to its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2018 | 7,748 | 1,358 | 17.5% |
| FY2019 | 8,533 | 1,597 | 18.7% |
| FY2020 | 8,704 | 1,448 | 16.6% |
| FY2021 | 9,562 | 1,695 | 17.7% |
| FY2022 | 10,889 | 1,742 | 16.0% |
| FY2023 | 11,530 | 1,701 | 14.8% |
| FY2024 | 12,404 | 1,811 | 14.6% |
| FY2025 | 12,563 | 1,740 | 13.9% |
| FY2026 | 13,193 | 1,869 | 14.2% |
04How Dabur gets valued — and why
Discounted cash flowThis business is valued on the cash it is expected to generate, discounted back at its cost of capital — with growth taken from its own ten-year record rather than from guidance.
05What decides Dabur's value
Rural demand
Monsoons and rural incomes swing volumes.
Healthcare brands
Ayurvedic health products earn the best margins.
Beverages
Juice sales depend on summer heat and competition.
International
Overseas markets add growth but carry currency risk.
06What could go wrong
- Weak rural demand. Poor monsoons cut spending.
- Competition. Patanjali and new brands target the same shoppers.
- Commodity costs. Honey, sugar and packaging costs affect margins.
07What the full Dabur valuation shows
Sign in free to see the complete Dabur valuation
- ✓Fair value per share — from a ten-year discounted cash flow, every step shown
- ✓The Workbench — change revenue growth, the discount rate or terminal growth and watch Dabur's value move
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against Hindustan Unilever, Marico and Godrej Consumer
- ✓Downloadable report — the full write-up, yours to keep
08Compare Dabur with peers
The same valuation, run side by side.
Dabur vs Hindustan UnileverAn Ayurveda-led portfolio against the FMCG benchmark.→Dabur vs MaricoThe nearest peer on rural reach and category mix.→Dabur vs Godrej ConsumerTwo mid-cap staples on the same durability test.→09Questions people ask about Dabur
What are Dabur's best-known brands?
Chyawanprash, Dabur Honey, Hajmola, Dabur Red, Vatika and Real juices.
Why does rural India matter to Dabur?
A large share of its sales comes from villages and small towns, so monsoons and farm incomes move demand.
Dabur or Marico — which is better value?
Two staples makers with rural exposure, compared side by side on their own page.
Is Dabur overvalued?
At ₹380 the market is pricing in roughly 5% sustained growth, against the ~5% its own record supports. That is close to what it has delivered, so the price is broadly consistent with the company simply continuing as it has.
What is the intrinsic value of Dabur?
It is computed from the filed financial statements using the method that fits this business (discounted cash flow), with every assumption shown alongside the result. The per-share figure and the full working are in the report.
How much debt does Dabur carry?
Debt to equity stands at 0.00, down from 0.03 at the start of the period — the balance sheet is a core input to the cost of capital used here.