Dabur India expects its India FMCG business revenue to grow by double digits year-on-year in the September quarter (Q2FY27), according to its update. Should investors cheer this? If double-digit means closer to 10%, then it may not be good enough. That’s because the 4.5% year-on-year price growth in Q1 is likely to have at least continued, if not accelerated, in Q2, indicating domestic volume growth of about 5.5%.
Note that revenue growth of 10% will be largely in line with Q4FY26 and Q1FY27, when growth stood at 9.5% each. Plus, commentary on various segments hardly brings any big surprises either.
Home and personal care (HPC), which accounted for almost half of FY26 domestic revenue, is likely to grow in the double digits (assumed to be closer to 10% here) in Q2, led by hair oils and shampoos. HPC grew 12.3% year-on-year in Q1, so Q2 expectations are not running too high.
Healthcare contributed 30% of FY26 domestic revenue, and is anticipated to grow in mid-single digit (meaning about 5%) with OTC and digestives being the main drivers of growth. For comparison, healthcare grew 5.5% in Q1, so Q2 is unlikely to bring excitement.
The only positive surprise in Q2 update is in food and beverages (F&B), accounting for 20% of FY26 domestic revenue. F&B is expected to record mid-teens growth in Q2 owing to a wider range of packaging formats across different price points and a less intense monsoon.