External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Revenue Performance: Dabur reported a 5.4% YoY increase in consolidated revenue, driven by balanced growth across geographies.</li><li>The India business grew 5.7% YoY, supported by a 2% volume uptick, while the international segment delivered a robust 7.7% growth in INR terms.</li><li>Among core categories, Home &amp; Personal Care led with an 8.9% rise, followed by Foods &amp; Beverages up 1.7% and Healthcare up 1.3%</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Revenue Performance: Dabur reported a 5.4% YoY increase in consolidated revenue, driven by balanced growth across geographies.The India business grew 5.7% YoY, supported by a 2% volume uptick, while the international segment delivered a robust 7.7% growth in INR terms.Among core categories, Home &amp; Personal Care led with an 8.9% rise, followed by Foods &amp; Beverages up 1.7% and Healthcare up 1.3%Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India - GST Tailwinds Set the Stage for Dabur’s Next Leg of Growth

<ul><li>Dabur’s consolidated sales grew 0.6% YoY, impacted by weak urban demand, food inflation, and an unfavourable season.</li><li>The India business declined by 3.4% YoY, while the international business delivered strong constant currency growth of 19.3% YoY in Q4FY25.</li><li>However, the management remains optimistic, citing improving macroeconomic conditions supported by easing inflation, tax cuts, and a favourable monsoon.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur’s consolidated sales grew 0.6% YoY, impacted by weak urban demand, food inflation, and an unfavourable season.The India business declined by 3.4% YoY, while the international business delivered strong constant currency growth of 19.3% YoY in Q4FY25.However, the management remains optimistic, citing improving macroeconomic conditions supported by easing inflation, tax cuts, and a favourable monsoon.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur India Ltd - Short-Term Challenges Persist; Downgrade to HOLD

Thematic (Sector/Industry)

<ul><li>The FMCG sector stands at the cusp of a structural reset as the GST Council rolls out GST 2.0.</li><li>The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and luxury goods.</li><li>Effective 22nd September, 2025, the timing ahead of the festive season is expected to spur affordability and lift consumption.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The FMCG sector stands at the cusp of a structural reset as the GST Council rolls out GST 2.0.The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and luxury goods.Effective 22nd September, 2025, the timing ahead of the festive season is expected to spur affordability and lift consumption.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumption Sector - GST 2.0: Powers the Next Leg of Growth and Reshapes the FMCG Landscape

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes</li><li>At an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25</li><li>However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).</li></ul>Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikesAt an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer (3QFY25 Results Preview): Challenges Persist

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Dabur’s 2QFY25 performance was largely in line with our estimate.</li><li>Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.</li><li>India revenue declined 8% YoY, while secondary sales grew by 2%.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur’s 2QFY25 performance was largely in line with our estimate.Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in emerging channels.India revenue declined 8% YoY, while secondary sales grew by 2%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Dabur - In-Line Quarter; Positive Commentary for 2HFY25

India

Dabur India Ltd. manufactures soaps, detergents, hair oils, tooth powders, antacids and processed foods. The Company sells its products worldwide.

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Dabur India Ltd (DABUR IN)

Dabur India - GST Tailwinds Set the Stage for Dabur’s Next Leg of Growth

The India business grew 5.7% YoY, supported by a 2% volume uptick, while the international segment delivered a robust 7.7% growth in INR terms.

Axis Direct

Dabur India Ltd - Short-Term Challenges Persist; Downgrade to HOLD

The India business declined by 3.4% YoY, while the international business delivered strong constant currency growth of 19.3% YoY in Q4FY25.

Axis Direct

Consumption Sector - GST 2.0: Powers the Next Leg of Growth and Reshapes the FMCG Landscape

The reform simplifies the existing four-tier structure (5%/12%/18%/28% + cess) into two slabs – 5% and 18% – with a 40% rate reserved for sin and...

Axis Direct

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

Dabur - In-Line Quarter; Positive Commentary for 2HFY25

Consolidated revenue declined 5% YoY (in line) primarily due to a temporary adjustment in General Trade (GT) inventory because of the growth in...

Motilal Oswal

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