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. 

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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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

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<li>
<a href="https://www.smartkarma.com/entities/dabur-india-ltd" target="_blank" data-smartkarma-citation="entities:242:1" rel="noopener">Dabur India Ltd (DABUR IN)</a> 's business is contracting in volume and value, with declining margins, masking structural weakness through recurring excuses and shifting narratives across seasons and quarters.</li>
<li>Disclosure standards have been reduced; management hides key metrics citing “competitive sensitivity,” obscuring true demand, volume trends, and domestic business performance.</li>
<li>Q2 guidance cut to mid-single-digit growth confirms prior double-digit guidance was untenable, exposing weak underlying demand and the market’s slow recognition of systemic underperformance.</li>
</ul>



Dabur India Ltd (DABUR IN) 's business is contracting in volume and value, with declining margins, masking structural weakness through recurring excuses and shifting narratives across seasons and quarters.
Disclosure standards have been reduced; management hides key metrics citing “competitive sensitivity,” obscuring true demand, volume trends, and domestic business performance.
Q2 guidance cut to mid-single-digit growth confirms prior double-digit guidance was untenable, exposing weak underlying demand and the market’s slow recognition of systemic underperformance.


Dabur India Ltd (DABUR IN) | Excuses Mount, Reduced Disclosures, Guidance Cut

<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

<ul>
<li>The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.</li>
<li>These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.</li>
<li>Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.</li>
</ul>


The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
These are supposed to be "next-generation GST reforms" with a promise of implementing reforms as a "Diwali gift" for consumers.
Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the "G" Day - Day of GST Reform Announcements.


A Trader's Guide To "G" Day | Positioning For "Next-Generation GST Reforms"

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nextbillion-technology-pvt-ltd-groww" target="_blank" data-smartkarma-citation="entities:34787:1" rel="noopener">Groww (1573648D IN)</a> raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.</li>
<li>With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Groww (1573648D IN) raised around US$747m in its India IPO. Groww, officially called Billionbrains Garage Ventures, is a direct-to-customer digital investment platform providing multiple financial products and services.
With Groww, customers can invest and trade in stocks (including via IPOs), derivatives, bonds, mutual funds and other products. Customers can also avail margin trading facility and personal loans.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Groww IPO Trading - Decent Overall Demand

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